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The Cheapside Business Improvement District Business Plan the Cheapside Business Improvement District Business Plan

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The Cheapside Business Improvement District Business Plan the Cheapside Business Improvement District Business Plan Proposed by: Ruth Duston PROJECT DIRECTOR The Cheapside Initiative City of London PO BOX 270, Guildhall Cheapside London EC2P 2EJ E: [email protected] Business W: www.incheapside.com T: 020 7332 3572 Improvement District BUSINESS PLAN The Cheapside Business Improvement District Business Plan The Cheapside Business Improvement District Business Plan Foreword The City Corporation has worked side by side with the Cheapside Initiative since 2007 in seeking to promote the area as a retail and leisure destination of choice. The proposed Cheapside BID will provide a vehicle for developing enhanced relationships between businesses themselves and the City Corporation and will build on the good work already undertaken, to ensure that the benefits for businesses and their staff are maximised. The activity proposed by the Cheapside BID has been designed to complement and build upon the exemplary services already As a partnership, the provided by the City Corporation and will create a long term sustainable Cheapside Initiative has partnership that adds real value to this part of the City. a clear vision to create a The City of London is renowned as home to the world’s site located in the City of London with a central avenue of world class destination leading financial and corporate institutions, with Cheapside retail and catering linking Cannon Street Station through to placed at the heart of The City. The Cheapside Initiative has Watling Street. The site is scheduled for completion by the within the square mile. Its sought to generate a step change in current perceptions of end of 2016 and will make a significant contribution to the objective is to establish a this historic part of London, creating a strong business and vitality and character of the area, increasing connectivity, retail voice. The aim of the BID is to continue to reposition footfall and overall activity. This will be complemented by sustainable environment, Cheapside as a lively and engaging location that can be other new developments such as the refurbishment of the enjoyed seven days a week. historic 27 Poultry site in a joint development between the complimented with a Sidell Group and Soho House to provide a new and exciting high quality public realm, Cheapside has become one of The City of London’s most hotel, catering and leisure destination. prestigious shopping destinations, offering visitors a excellent transport links fusion of contemporary shops and restaurants – helping to The City of London Corporation has listened to our views and transform the area into a seven day destination. Cheapside in collaboration with the Cheapside Initiative and business and an attractive leisure is unique, set against a backdrop of one of the most historic community, proposals for a Cheapside BID have been and retail offer. parts of London and surrounded by world-famous landmarks. developed. These are contained within this Business Plan, which we are pleased to present for approval through the Once a medieval trading market, Cheapside has transformed forthcoming BID ballot. into a first class retail location. This retail revolution represents a major business opportunity, anchored by two major hubs – One New Change and Royal Exchange. This has been further complemented over the last five years with over nine new developments providing home to a number of high profile corporate occupiers. This is set to be further enhanced with the redevelopment of the former Bucklersbury House - The Bloomberg Place Project. This exciting new development will include the development of two office buildings, a bespoke headquarters building for Bloomberg LP of (approximately 515, 000 sq. ft). and a speculative building (230,000 sq. ft) on a three-acre Anne O’Neill Alastair Moss Chairman, City of London Corporation, The Cheapside Initiative Ward Member for Cheap 3 4 The Cheapside Business Improvement District Business Plan The Cheapside Business Improvement District Business Plan Background BIDs by their very nature In 2007 The Cheapside Initiative was established as a voluntary business partnership. Over the course of time, the core promote a collective corporate membership and local partners have committed both time and resources to support the delivery of both strategic and operational activity that has added real value to the local area. working approach that However, in order to make the partnership sustainable in the longer term, businesses proposed that a more robust delivery allows businesses model be developed that would supersede the voluntary partnership structure. This would enable the partnership to direct influence over the generate a higher level of income, and encourage a greater level of external funding and contributions to be leveraged in to help shape and inform longer term business planning and project implementation. Currently the partnership is restricted to activity delivered over the planning only 12 months ahead with a very limited budget to undertake key activities. lifetime of the BID. What is a BID? A Business Improvement District (BID) is a geographical • BID levy money is ring-fenced for use only in the BID area area in which the local businesses have voted to invest collectively to improve their environment. BIDs are • Businesses guide what they want for the area business-led organisations funded by a mandatory levy on • Business cost reduction, for example reduced crime all eligible businesses following a successful ballot. and joint procurement BIDs by their very nature promote a collective working • Mediate with Local Councils, Transport for London, approach that allows businesses direct influence over the the Police and other public bodies activity delivered over the lifetime of the BID. The Mayor and • Increased footfall and staff retention GLA strongly endorse the concept of BIDs and their role in Place promotion the ‘place shaping’ agenda. • • Facilitated networking opportunities with Each BIDs mandate is tailored according to the specific neighbouring businesses needs of their area, however, generally speaking there are common themes such as: 5 6 The Cheapside Business Improvement District Business Plan The Cheapside Business Improvement District Business Plan How do we know what The BID Offer Cheapside Needs? A BID for Cheapside has been proposed by the City of London Corporation guided by the views of the business A Perception Analysis was undertaken in early 2014, which community. It will be financed and delivered in partnership was seen as an important first step in the transition of the with the commercial sector, providing additional activities Cheapside Initiative to the Cheapside BID, led by the City of which are not provided by the local authority. London Corporation as the BID proposer. The consultation was designed to gauge the views and highlight the key issues for The City of London Corporation will act as the BID proposer, businesses and occupiers in the area. and the BID body responsible for delivering the Business Plan and ensuring a transparent process is established The consultation canvassed opinion on possible delivery to monitor spend and measure success. It will also be objectives for the BID, which included gathering responses to responsible for collecting the BID levy. the following five key areas: However, BIDs are guided by the business community, • Employment, Enterprise and Training working as a collective voice. A Memorandum of Understanding (MoU) will be agreed between business and Signage and Way finding • the City of London Corporation setting out the collaborative • Tourism and Culture arrangements which will be put in place to ensure delivery of the Business Plan. • Business Awareness and Networking • Marketing and Promotion Businesses in the BID area will continue to receive all usual local authority services in addition to the measures In addition to the formal consultation a series of symposium identified in the Business Plan. All BID activity will be style events were undertaken with the business community, measured against Key Performance Indicators so that which allowed direct feedback on some of the delivery topics. impact can be recorded and reported back to member businesses. The Cheapside BID ballot will be held in March Over half the business community have participated in a 2015 and if a majority vote is received, the BID will go live variety of symposiums and the recent perception analysis on 1st May 2015. The proposed BID first term will be 4 years and over 93% of the respondents supported the concept of and 11 months to ensure we align with the financial year. a BID for Cheapside, which would increase investment and help to position and promote the area to a greater extent. As members of the business community who will vote on the BID, the feedback from the Perception Analysis identified The Cheapside Initiative has developed over its lifetime a a number of projects you would like to see your BID levy range of valuable partnerships with local stakeholders, invested into. Therefore the BID proposes to deliver the delivery agents and businesses in the area and benefits following projects over the next 4 years and 11 months: from a unique insight into what the area needs, which with the feedback generated to date from businesses will help shape the BID moving forward. 7 8 The Cheapside Business Improvement District Business Plan The Cheapside Business Improvement District Business Plan 1. 2. Employment, Enterprise & Training Environment, Signage & Way finding THE CHEAPSIDE BID WILL: TOTAL SPEND: £245,717
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