Following a Centre for Cities report, which ranked Oxford as one of the UK’s best performing high streets, Vail Williams shares an insight into Oxford’s retail trends, following a flurry of city-centre lettings.

The property consultant and Thames Tap partner has oversight of nearly 75 per cent of the city’s high street and acts for a range of landlords, including University of Oxford’s Lincoln College, St Edmund Hall, and Russell Acott Limited.

According to the Centre for Cities report, four key factors drive strong high street performance: higher incomes, strong retail density, visitor appeal and a robust local economy supported by tourism. Oxford delivers on all fronts.

The city has one of the most resilient retail profiles in the UK, with a compact catchment area and high levels of visitor spending driven by tourism and leisure.

Oxford boasts 1.7 shops per 1,000 people — ahead of Cambridge (1.6) and well above London (0.8). Despite this high retail density, available space on Oxford’s high street remains limited.

While CoStar recently reported that Oxford had hit a record high in retail vacancies, our experience – and the data from Centre for Cities – paints a different picture.

In fact, retail vacancy rates in Oxford have held steady at around nine per cent, well below the national average. Only Cambridge (8.5 per cent) and London (7.4 per cent) perform better.

This data is reflected in our own experience on the ground here, where we have seen a solid level of retail enquiries throughout 2025, which has seen retail take-up levels return to pre-Covid performance, which is encouraging to see.

Partner Mike Watson said: “Whilst it has arguably taken more effort to identify suitable parties in the wake of the pandemic, especially whilst keeping an eye on tenant mix from a placemaking perspective, the performance of Oxford’s retail market has been strong.

“Landlords now have the freedom to ‘curate’ tenant mixes, ensuring a vibrant and complementary blend of independents and specialists.”

Oxford retail rents

Historic Oxford’s brand remains extraordinarily strong. Retail stock levels are low, letting activity is brisk, and headline rents have rebounded to pre‑Covid levels.

Headline rents here are typically ‘on application’, reflecting the premium pricing for central, city‑centre retail units and can fluctuate significantly from one property to another depending on pitch.

You can expect to pay anything from £320 per sq ft for super prime retail stock down to £60 per sq ft ITZA (in terms of Zone A) and footfall.

Investors are focused on flight to quality, with landlords actively improving their buildings and selecting tenants that enhance Oxford’s character.

Vail Williams recently completed five lettings on behalf of established landlord clients, including Lincoln College and St Peter’s College, demonstrating the city’s continued appeal.

These lettings reflect a strong mix of craft, food & beverage, and specialist retail, tailored to maintain footfall diversity.

Retail units to let in Oxford

When it comes to retail space in Oxford, one prominent location with high footfall which is now available is 114 High St, spanning  977 sq ft on the ground floor, with a 315 sq ft basement, quoting at £60,000 pa.

Discover more Oxford retail properties to let here.

Quality over quantity

Oxford welcomes around eight million visitors each year, driving strong demand for retail space. With availability tight, landlords play a crucial role in curating high-quality tenants to preserve the city’s distinctive retail character.

“Landlords are investing in building upgrades with a clear focus on attracting high-calibre tenants. This reinforces Oxford’s vibrant retail identity,” adds Mike. “We expect this trend to continue, with strong demand, limited availability, and curated tenant mixes driving the market — and rents — upward.”

Oxford City Council has taken a proactive role in strengthening its high streets, implementing the 2022 City Centre Action Plan. Key initiatives include:

  • Pedestrianising Market Street and St Michael’s Street
  • Investing £8 million to rejuvenate the Covered Market
  • Supporting independents and activating vacant shopfronts
  • Integrating retail, hospitality, public space, culture, and housing to create a vibrant mixed-use core

As Cllr Susan Brown, leader of Oxford City Council, recently commented in their own release about the Centre for Cities report: “The city centre constantly changes to reflect national trends away from retail and toward hospitality and experience, but we are also keen to preserve traditional retail and independents alongside.”

At Vail Williams, we’re focused on high-quality assets and curated tenancy strategies – helping to preserve Oxford’s unique character and appeal to both local communities and the millions of annual visitors who flock to the city each year.

Oxford retail market outlook: a resilient year ahead

Oxford’s high street is in excellent shape: low vacancy rates, strong retail density, and a powerful combination of tourism and progressive public policy continue to drive performance.

With several recent city-centre lettings secured – and more opportunities on the horizon – the retail outlook for Oxford remains strong for the rest of 2025, a sentiment which was reflected by Oxford City Council’s leader recently too.

She said: “We cannot rest on our laurels, but I am really pleased to see Oxford recognised as one of the best performing city centres in the UK.”

To discuss retail opportunities in Oxford or learn more about market trends, contact Mike Watson at Vail Williams.

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