London's West End to receive £25 million investment
Londons West End is to receive £25 million of investment over the next five years after retailers and hoteliers in the area voted to keep New West End Company as the management and promotional company for the shopping district.With 85% of votes in favour of New West End Company continuing in its role, the company has confirmed plans for continued investment and improvement in Bond Street, Oxford Street and Regent Street as well as 22 connecting streets.
According to New West End Company, the district attracts an annual spend of over £7.5 billion, up from £5.5 billion since the company’s inception in March 2005.
Richard Dickinson, chief executive of New West End Company, said the company’s challenge was to build on the legacy of London 2012 and to turn "billions of viewers into millions of pounds in sales and investment" over the next few years.
He added: "We are ready to roll out our plans to combat increased competition from international overseas markets, Europe and locally, as well as the internet, to ensure the retail district grows share of wallet from domestic and international shoppers."
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