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News - 15 September 2005
|Philip Green - an unlikely impresario|
London’s Oxford Street shows desperation
Celebrities, politicians and leading business figures join forces to try to tempt shoppers back to central London after the July 7th bombing but the lack of consumer confidence may thwart their best efforts.
Music stars including Rachel Stevens, Charlotte Church and Liberty X have formed an unlikely alliance with Marks & Spencer’s Stuart Rose and Philip Green of Bhs to announce a celebratory street party on October 1st, which will see Oxford Street closed to traffic for the first time in its entire history.
London suffered the double whammy of the terrorist bombings in July and the general downturn in consumer confidence which has led to drastically reduced spending on the high street across the whole of the country. Two months after the bombing footfall is still down by 18% and spending is estimated to be £750m less than anticipated.
The event, which is being organised by radio station Heart 106.2 with backing from Transport for London, Westminster City Council and the New West End Company smacks of desperation at a time when many commentators are of the opinion that the worsening state of consumer confidence will just have to run its course and there is little that can be done to reverse it.
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