// New West End Company says West End businesses will invest £40m into services to enhance the district post-Covid
// It comes on top of other initiatives such as the £150m from Westminster City Council to invest in Oxford Street & surrounds
// The New West End Company also had its mandate renewed for a further five years.
The main lobby group representing retailers across London’s West End has said it will invest £40 million into services to enhance and progress the district as it recovers from Covid-19.
The New West End Company has said the five-year investment was approved by 98 per cent votes across its 600 retail, leisure, hospitality businesses and property owner members that operate on Oxford Street, Bond Street, Regent Street and in Mayfair.
The New West End Company also had its mandate renewed for a further five years.
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It said the fresh investment would focus on rebuilding customer and investor demand and support the recapitalisation of businesses to help return the district to £10 billion annual turnover.
This will be enabled by creating a year-round programme of campaigns and events “in a safe and welcoming environment highlighting our diversity, sustainability and richness to ensure the West End remains the number one consumer destination for experiences, not just for Christmas, but all year around”.
There also plans to build a data and insights platform with access to information across economic performance and environmental best practice, and to deliver the first Zero Emissions Transport Zone in London by 2025.
The fresh investment is in addition to other initiatives already confirmed, such as the £150 million that Westminster City Council is investing to regenerate Oxford Street and surrounds – in particular the 25m artificial hill and viewing platform that will be built at Marble Arch.
“Our plan, guaranteeing £40 million of investment across our district, focuses on the areas where we know we can make a difference at this critical time,” New West End Company chief executive Jace Tyrrell said.
“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 £150 million investment being made by Westminster City Council.
“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.”
The West End and the rest of central London has been hit hard by the Covid-19 pandemic, with the tourist numbers and office workers on which it depends having diminished over the past year amid lockdowns, stay-at-home orders and travel restrictions.
Last week, Westminster City Council started its work on an “ambitious” renovation of London’s Oxford Street and the surrounding area.