The decline of Oxford Street risks becoming a blueprint for the downfall of Britain's high streets if the government does not support regeneration efforts, retail leaders have warned.
Pennycook, former chairman of Fenwick, said the government must encourage high street renewal. "Without incentives for regeneration, these places get hollowed out," he said. "Perhaps a secondary benefit of the Oxford Street discussion is it brings the issue closer to home. What will we collectively do?"
Retail leaders said high street demise would hit tax revenue as employment and taxes fall. HSBC's Dave McCarthy said joined-up government thinking was needed on the bigger picture. "Without government stepping in, tax and employment will fall and society will suffer," he said.
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