West End retailers vote to commit a further £40m investment over the next five years
The New West End Company has revealed that 98% of West End retail, leisure and hospitality businesses and property owners have voted to invest £40m into services to enhance and progress the district over the next five years, as it recovers from the impact of the pandemic.
The renewed mandate and five-year investment will be focused on rebuilding customer and investor demand and supporting the recapitalisation of businesses, returning the district to £10bn annual turnover, and securing its status as an economic powerhouse to the UK economy.
Key areas that will be focused on include creating a year-round programme of campaigns and events in a safe and welcoming environment, building a world-renowned data and insights platform with access to information across economic performance and environmental best practice, and a Zero Emissions Transport Zone in London by 2025.
Jace Tyrrell, Chief Executive at New West End Company, said: “We are hugely grateful to West End businesses for trusting us to deliver for them and with them for a further five years working with our partners at Westminster City Council, the Mayor Office, and with local neighbourhoods in and around our district.
“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.”
Westminster City Council Cabinet Member for Business, Licensing and Planning, Matthew Green, added: "I'm delighted that West End businesses have overwhelmingly voted to renew the New West End Company's Business Improvement District (BID) mandate. It's important that we all work together to transform Central London’s consumer economy and deliver a vibrant retail, hospitality and leisure destination that supports a thriving economy and jobs for Westminster residents.
“A renewed BID mandate will help achieve this and I look forward to continuing the council's partnership with the New West End Company."
The New West End Company represents over 600 businesses on Oxford Street, Bond Street, Regent Street and in Mayfair.