Oxford Street landlords are receiving 30 per cent of the rental prices today that they commanded in 2008, while 89 shops on the street are vacant, for lease or closing.

Locals say the strip is in desperate need of help but, with no united voice or leadership strategy along its 4.3-kilometre length from Whitlam Square to Bondi Junction, it is in danger of declining further.

High rents driving retailers away: 89 shops on Oxford street are vacant, for lease or closing. Credit:Andrew Quilty

While it is hoped the Woollahra Council-commissioned Activate Oxford Street draft road map and the Paddington Society's redevelopment proposal will drive rejuvenation of the area, a more radical solution has come from developer Theo Onisforou, who has proposed a change in council control over the street's hardest-hit retail area.

Blighted by shopfront vacancies, the section between Barcom Avenue and Queen Street is controlled by Woollahra Municipal Council on the northern side and the City of Sydney on the southern side.