Mike Watson, partner at property consultancy Vail Williams, has said Oxford continues to benefit from constrained supply, strong tourist footfall and high barriers to entry.
He also believes that the future is in conscious placemaking, rather than blanket regeneration. Mike, whose clients include several key stakeholders on Oxfords High Street, said “There is a shift towards more coordinated stewardship at a time when fragmented ownership can easily dilute long-term vision.
“Demand remains focused on smaller, character-led retail units, particularly those suited to independent operators, premium brands and food and beverage occupiers seeking prominent city centre locations.”
Collaboration in retail
Lincoln College, All Souls College and Brasenose College are working together under the umbrella of The City Centre College Group, to deliver a unique retail offer in the form of the Oxford Market Quarter- an essential element of the city’s independent retail output, this being alongside Oxford City Council’s own reinvention of the Covered Market, which is part of the Quarter.
Mike, with almost 30 years commercial property experience in the city, said “The ambition is to champion independent and artisan retailers, at a time when many UK high streets have become increasingly homogenised.
“The focus of the Oxford Market Quarter is on revitalising and delivering a range of quality retailers and hospitality, focusing on longevity and relevance, from high-end fashion and footwear, to a distinctive food and beverage offer with retailers that trade on craftsmanship and experience.”
Oxfords layout
Mike said Oxfords challenge now was configuring evolution without eroding the city’s historic character, which has been a key part of its sustained success. On the edge of the city, locations such as the Oxford Retail Park provide large-format retail with national brands, closer to the centre however, and offers are more nuanced, with a mix of major brands alongside long-established names.
Mike said “This gradual shift is not accidental. It reflects what visitors and locals increasingly expect from Oxford- that it does not act as a replica of every other UK high street, but offers something rooted in place”
Challenges
Despite the success, challenges are emerging. Mike said that many independent retailers in Oxford felt the pressure of rising rents and business rates- “that tension cannot be ignored. The success of Oxford’s High Street has always been built on small, distinctive traders, but the financial challenges they face are becoming increasingly burdensome.
“Future regeneration must recognise these challenges, as well as the fact that heritage is not just architectural, it is economic and cultural too.”
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