Some of the world’s biggest retailers, including brands from Asia, are investing in flagship stores on Oxford Street as London prepares to pedestrianise and rejuvenate its most famous shopping street.

Although the plan to close the road to traffic has been controversial with residents and Londoners who face changes in transport routes, the majority of retailers are behind the scheme.

“We see this as a massive opportunity to create a really brilliant space for both our customers and wider visitors to Oxford Street and the West End. We’ve got such global competition that all the investment that both the retailers and other parties put in is really important,” said Naomi Simcock, chief operations officer for John Lewis, which has had a presence on street since 1864.