[1] After the city's expansion, it was the location for a significant tram and bus terminus for several routes, and buses with "Penny Lane" displayed were common throughout Liverpool.

At the other end from its junction on Smithdown Road, the street leads down to the University of Liverpool's student halls of residence near Sefton Park.

Following the privatisation of UK buses, the Merseyside Passenger Transport Executive bus depot was demolished and replaced with a shopping precinct, supermarket, and pub.

[8] Officials said they would modify the proposal to exclude Penny Lane as it was generally accepted that most people associate the street with the Beatles song rather than the slave trade.

[9] In the wake of the June 2020 George Floyd protests, which formed part of the international Black Lives Matter movement, Penny Lane's street signs were defaced.

[10][11] Research corroborated by the city's International Slavery Museum subsequently found no historical evidence linking its name to the slave trade.