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skinny
I'm sure it's not what you meant, as 'pedestrianisation' is often used in a loose way meaning something like 'civilising' a street, but if Oxford Street became pedestrianised, you wouldn't be able to ride a bike along there any more--not necessarily because it might be prohibited, but simply because there wouldn't be any space for riding.
Oxford Street clearly needs changes, but I don't think pedestrianisation is the answer.
(I do think it's worth making that distinction, by the way, and not nit-picking, so apologies in advance if you think it is.)