New West End Company sets targets for 2020

Retail lobby group New West End Company, which represents more than 600 businesses across Bond Street, Oxford Street, and Regent Street, has outlined targets for 2020, including the reduction of traffic, increasing dwell time, and boosting commercial income.

The 2020 plans were announced as the New West End Company celebrated its 10th anniversary, highlighting how it has invested 50 million pounds in the area over the past 10 years, which has helped the UK’s top shopping district to achieve a 90 percent increase in turnover.

The New West End Company’s 2020 vision was announced by the group’s newly appointed chief executive Jace Tyrrell who joined in April. With the top priorities being to reduce vehicle reduction of all traffic in the core West End area by 50 percent, as well as the creation of a further 2,000 jobs and apprenticeships, and increase sales by 10 percent from major campaigns and events in the area.

Other initiatives include increasing visitor dwell time by 30 minutes, which the New West End Company hopes will help boost commercial income overall by 4.5 million pounds per year by 2020.

It highlighted that the commercial targets will be supported by the opening of the Elizabeth line, which is estimated to boost retail sales to 10 billion pounds annually and bring 60 million more visits to the area on a yearly basis.

New West End Company, chief executive, Jace Tyrrell,said: “We have achieved so much over the past 10 years, 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 UK, generating 8.48 billion pounds 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; all vital elements to maintain the unique environment that has made the West End world renowned.”

The Mayor of London, Sadiq Khan, added: “London’s vibrant West End is an important contributor to the city’s economy, supporting jobs and attracting visitors from across the world. Over the last ten years, the New West End Company has done a first-class job of supporting this area’s interests. 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.”

Images: New West End Company website