LONDON — The New West End Company, an industry group that represents retailers trading on and around London’s Bond, Oxford and Regent Streets, is celebrating its tenth anniversary by looking to the future.
On Friday, chief executive officer Jace Tyrrell unveiled the group’s rollout plans for 2020. Key targets include reducing vehicular traffic by 50 percent in the West End; executing a 10 million pound, or $14 million, Bond Street improvement plan; a 500 million pound, or $733 million, capital investment for the area; 10 global retail launches, and the creation of 2,000 positions in the West End, in association with Recruit London, in addition to apprenticeships.
Other initiatives include increasing sales by 10 percent from marketing campaigns and increasing shoppers’ “dwell time” by 30 minutes.
“We have achieved so much over the past 10 years,” said Tyrell. “But our businesses are facing greater trading challenges and there is still more to deliver. London’s retail heartland is an integral economic asset to the U.K., generating 8.48 billion pounds [$12 billion] annually in sales and employing 160,000 people. It is crucial that we continue to improve the area and policies are adopted that attract shoppers, improve air quality, create jobs and secure investment.”
The company has teamed with West End Partnership, Westminster City Council, Transport for London, and London’s newly elected Mayor Sadiq Khan on the initiatives.
“In line with my pledge to be the most business-friendly mayor of London ever, I will do all I can to ensure the West End thrives,” he said.
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The New West End Company reported last December that it won its bid to become one of the first U.K. Property Owner Business Improvement Districts. The status secures a 16 million pound, or $22.8 million, investment plan, that will be carried out in the next five years.
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