London’s West End will receive £25 million over the next five years, after retailers voted to keep New West End Company in control of management and promotions in the area.
With 85% of votes in its favour, the company will continue to invest in Bond Street, Oxford Street, Regent Street and 22 connecting streets in the West End.
Naming building on the legacy of London 2012 as the company’s main challenge, New West End Company’s chief executive Richard Dickinson said: “The hard work begins here; it’s vital we continue to drive forward the West End as the world’s retail heartland.
“The retail market place is more competitive than ever, and we can’t afford to relax. “We must continue to evolve, to strengthen the West End’s offering even more, and to help our businesses continue to be successful.”
According to figures from New West End Company, the annual spend in the area has increased from £5.5 billion to over £7.5 billion since the company began managing it in March 2005.
The company also claims to have attracted 10 million more shoppers and invested £3 million in sponsorship back into the West End.
Commenting on New West End Company’s success, Hamley’s Head of Retail and Marketing Nigel Wheatley said: “It has achieved much in the past few years.
“We must continue to work together as we collectively push the politicians and authorities to support the West End as a key retail driver for the economy.”