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This article is a pretty good summary of the bizarre situation, probably not what the author intended.
Currently the street is full of buses and taxis, at peak times those travel at less than 3mph
therefore not really serving any purpose for short distance travel along the street, he suggests they serve travellers who just cross town, maybe, but he also mentions that they are
mostly empty. So there is public transport that doesn't work currently but somehow the street can only be pedestrianized if this non functioning situation is solved or at least replicated on neighbouring streets.
This creates a situation were you can't improve one aspect unless you solve an impossible riddle of how to get and endless stream of empty busses through a narrow section of town.
Or let's just go with Oliver and say fuck it, if I can't ride my velocipede down the street nobody
should enjoy it, let's fill it all with American Candy, Crossrail is witchcraft anyway.
Not quite sure what the solution for Oxford street is, but the status quo is not good for anyone. I hate cycling down it for a start.
As a shopping destination it's falling well behind westfields and needs to be more attractive for locals and tourist, traffic and pollution in the mix is not ideal.
But traffic management is vital for the area. A seriously complex situation, in the end it'll be some sort compromise some how.