The biggest transformation in more than 50 years is about to be unleashed on Oxford Street.

In the next 1,000 days some £2.9billion is set to be spent to "catalyse the birth of a new West End", the New West End Company has said.

The organisation – which represents Oxford, Bond and Regent Street businesses – said the money will go to ensure Oxford Street and the shops around it retain their place as a global shopping and leisure destination.

New West End Company chief executive Jace Tyrrell said: "The new deal will see the West End secure ‘International Centre’ status which will lead to a generational shift in how Oxford Street is used.

"Customers will be so spoilt: the rise of brand temples will offer more than just products but experience and reasons to visit; new green pedestrian spaces will emerge; a super speed Crossrail will connect Heathrow Airport to the West End in less than 30 minutes; a vibrant Oxford Street will allow visitors to experience the very best retail, leisure and hospitality."

The move to “International Centre” classification is set to be ratified in 2020 – allowing big changes in how businesses can use the street.

That could mean the arrival of showrooms, cultural spaces, food and leisure activities as well as the traditional shop fronts – and allow community events and evening attractions too.

A quarter of a billion pounds is set to be spent on two new public piazzas at Oxford Circus and Marble Arch as well as "vastly wider and more comfortable" footpaths.

Another £1 billion is being spent in new developments and refurbishments on Oxford Street shops.

Then there's Derwent London’s Soho Place – the first new theatre in the West End for 50 years – alongside Selfridges’ planned permanent cinema in Oxford Street West offering experiences beyond shopping.

There's also the arrival of Crossrail and the Elizabeth Line in 2021 – meaning Oxford Street is just two hours from Paris and Amsterdam.

"The next five years will see extraordinary change in the district, more than in the last 50 years," Tyrrell said.

"We are truly witnessing a transformative moment for the most renowned shopping destination in the world.”

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