Oxford Street and other areas of Central London such as Bond Street and Piccadilly due to "pickpocketing, fraud and theft". The advent of closed-circuit television has reduced the area's attraction to scam artists and illegal street traders. Every Christmas, Oxford Street is decorated with festive lights. The tradition of Christmas lights began in 1959, five years after neighbouring Regent Street. There were no light displays in 1976 or 1977 because of economic recession, but the lights returned in 1978 when Oxford Street organised a laser display, and have continued every year since. Current practice involves a celebrity turning the lights on in
Regent Street the Crown Estate, which owns most of Regent Street on behalf of the Queen, started a major redevelopment programme. In 2013 the Estate sold a quarter of the Regent Street Quadrant 3 building to the Norwegian Oil Fund, while later that year, Hackett London bought the lease for the Ferrari store on Regent Street for £4m. Smaller shops have been replaced by larger units; the street is now the flagship location of several major brands, including Apple and Banana Republic. The largest part of the plan was the reconstruction of the Quadrant close to Piccadilly Circus, which was completed in