The New West End Company has outlined a £40m investment plan to help the district recover from the pandemic’s impact, as its mandate is renewed for another five years.
The group, which represents 600 businesses on Oxford Street, Bond Street, Regent Street and across Mayfair, will focus on rebuilding customer and investor demand and supporting the recapitalisation of businesses, to return the district to £10bn annual turnover.
NWEC said 98% of West End retail, leisure and hospitality businesses and property owners voted to invest £40m into services to revitalise the area.
The business improvement district’s initiatives will include working with Transport for London and Westminster City Council to deliver the first Zero Emissions Transport Zone in the capital by 2025.
It will also invest in street cleaning, security services and digital infrastructure for visitors, and lobby for further changes in regulations around global competitiveness, tax-free shopping, business rates, tourist visas and Sunday trading reform.
NWEC also intends to continue campaigning for changes in planning, licensing and development policy for post Covid-19 retail and leisure requirements.
Jace Tyrrell, chief executive at New West End Company, said: “Our plan, guaranteeing £40m of investment across our district, focuses on the areas where we know we can make a difference at this critical time.
“We will continue to strive to meet the challenges we face to restore the West End’s international status, working with others to fully achieve the benefits of the £150m investment being made by Westminster City Council.”
Matthew Green, Westminster City Council cabinet member for business, licensing and planning, said the renewed BID mandate will help “deliver a vibrant retail, hospitality and leisure destination that supports a thriving economy and jobs for Westminster residents”.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
