London’s West End to benefit from £5 billion worth of investment
New West End Company, the organisation which represents 600 businesses on Oxford Street, Regent Street, Bond Street and in Mayfair, has announced details of a collective planned £5 billion investment into London’s West End through a series of development projects.
The news comes as the shopping district looks to bounce back from the coronavirus pandemic.
The investment will be spread across 22 existing and new West End developments with an emphasis on public realm projects.
In a statement, the organisation said the projects will see the area’s retail stores being complemented by brands that offer an immersive experience. The launch of Outernet London – the first of a global network of the world’s most advanced immersive media, entertainment and culture districts – and plans to turn Cavendish Square into a health and wellbeing destination are just two examples.
Jace Tyrell, chief executive at New West End Company, said: “London’s West End has long held a place as one of the globe’s leading commercial hubs, but this unprecedented level of billions in capital investment will cement our spot as the most iconic and diverse consumer district in the world. As Covid restrictions ease, we are now looking ahead to a high street that aligns to our 21st century customer.”
New West End Company said the district is currently at a significant disadvantage compared with other international shopping destinations, such as Paris, which offers visitors preferable visa terms.
Tyrell added: “Some of the work is already underway, but – as it stands – those that are placing their financial faith in the West End are working with one hand tied behind their back. With support from the Government, we need to make the West End as attractive as possible to both domestic and international visitors, showing them why London is the place to shop, dine, explore and experience over alternatives such as Paris or Milan. This means exploring a simplified visa process to entice overseas visitors back to British shores.”
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