Plans to ban vehicles from one of London's most iconic shopping streets have taken a significant step forward. The newly formed Oxford Street Development Corporation Board has held its inaugural meeting at City Hall, convened by London Mayor Sir Sadiq Khan.
First Meeting Signals Major Milestone
The gathering marks a crucial phase in the Mayor's long-standing ambition to transform large sections of Oxford Street into a car-free zone. Sir Sadiq Khan has consistently championed a vision to rebrand the area as a premier pedestrian destination focused on shopping, leisure, culture, and major public events.
"The meeting is a major milestone in our work to revitalise the nation's high street and create a truly world-class leisure destination," the Mayor stated.
Regeneration Body Formally Established
The Oxford Street Development Corporation (OSDC) was formally established at the start of January 2026 following government legislation. This body is now tasked with overseeing a comprehensive regeneration programme. Its remit includes:
- Large-scale public realm upgrades.
- Extensive pedestrianisation of the district.
- Repositioning the area to attract new occupiers and development capital.
Nabeel Khan, formerly of Lambeth Council and delivery vehicle Be First, has been appointed as the OSDC's chief executive. He brings a track record in large regeneration projects and affordable housing delivery.
Market Momentum and Future Plans
The push for regeneration comes amid accelerating leasing momentum reported by landlords, following several years of post-pandemic vacancy and short-term lets. Recent market data indicates retailers are now racing to secure space ahead of anticipated improvement works. Property firm Savills forecasts a record number of store launches on the street by the end of 2026.
Sir Sadiq Khan added: "Bringing the diverse knowledge and insight of our new Board members together with Nabeel Khan's regeneration expertise will help us to unlock Oxford Street's true potential, as we continue building a better and more prosperous London for everyone."
The OSDC is scheduled to meet again in February 2026 to refine its priorities. Key discussion points will include the sequencing of works, land assembly issues, and private-sector partnership structures.
Supporters argue the corporation model provides the long-term governance needed to turn Oxford Street’s recovery into sustained, property-led renewal. Meanwhile, critics are watching closely for potential impacts on traffic displacement and trading during the construction phase.
