Oxford Street will be closed to cars for a “shopping carnival” on Saturday, the first time it has been traffic-free outside the run-up to Christmas.

The event, which is expected to attract half a million shoppers, is aimed at winning back the British visitors who have abandoned the West End because of the recession.

West End retailers say that while healthy numbers of foreign tourists have kept the tills ringing, day-trippers from around Britain have been slower to come back. They hope to tap into this year's trend for holidaymakers to take cut-price “staycations” in Britain rather than flying to expensive foreign destinations.

Britain's premier shopping street will become a pedestrian oasis from Marble Arch at noon on Saturday until 5pm. It is only the sixth time Oxford Street has been shut to traffic.

The event is being tied in with this year's many West End anniversaries, including the centenary of Selfridges, the 250th year of Hamleys, the 125th for Jaeger and the 50th year of the Oxford Street Christmas lights.

Retailers hope to generate a carnival atmosphere with dozens of events for families, including a re-creation of this week's big Hollywood film, Night at the Museum Two. About 100 artists will be dressed as characters from the movie, including Attila the Hun, Ivan the Terrible and Napoleon. There will also be a 13 metre-high tyrannosaurus rex skeleton roaring at shoppers.

Other stunts include an attempt to break the pass-the-parcel record with a five-foot present designed by conceptual artist Daniel Higgs that can only be “passed” on a trolley and contains prizes worth thousands of pounds including a diamond necklace.

The Marble Arch flagship branch of Marks & Spencer is extending the chain's “penny bazaar” sale for an extra day to mark the company's 125th anniversary.

The New West End Company, which represents traders in Oxford Street, Regent Street and Bond Street, has spent £300,000 organising the day, including a publicity blitz as far north as Newcastle. Chief executive Richard Dickinson said he hoped to attract 500,000 shoppers.

Mayor Boris Johnson said: “With London now cheaper than New York there has never been a better time to visit the West End and get great value on each and every pound.”

Motorcyclists campaigning against West End parking fees intend to sabotage the carnival. Bikers want Westminster to abolish a £1.50-a-day charge instead of cutting it to £1 and plan to fill Oxford Street car park.

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