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Delivering our New West End PROGRESS ON OUR 2020 VISION The Power of Partnership New West End Company is a global business partnership of 600 retail, restaurant, hotel and property owners across 74 streets in the world’s top shopping and leisure destination anchored by Bond Street, Oxford Street and Regent Street. We work in partnership delivering transformational projects, sustainable place management, destination marketing, advocacy, inward investment and commercial insights. We are an influential business voice, active in our wider community and a key partner in delivering a new West End. www.newwestend.com 04 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION 05 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION The West End is the engine room of the national economy London’s West End makes a huge contribution to our city’s and home to one of the finest retail offers in the world. economy and New West End Company is to be commended As custodians of this unique global centre, Westminster City for the fantastic job it has done in supporting the area’s “ Council is wholly committed to working with our partners “ to maintain and enhance the West End’s standing. businesses and attracting visitors from around the world. Through our work with equally dedicated stakeholders such I am committed to doing all I can to help this exciting and as New West End Company, the West End Partnership vibrant area of London continue to thrive. continues to make great strides in delivering a coordinated Sadiq Khan vision for the area which builds on both the energy and Mayor of London expertise of its members. Our working partnership with ” New West End Company is key to ensure Westminster’s prosperity is shared by our residents and businesses alike, advocating the West End with one united voice. Councillor Nickie Aiken Leader of Westminster City Council ” 07 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION Foreword DELIVERING OUR NEW WEST END Since being established in 2000, New West End Company has a solid reputation amongst our membership and stakeholders across London as a champion for the businesses we represent; providing street management, marketing, advocacy and insights to attract customers and investment to our district, keeping them here longer and drawing them back again. Last year, this was validated as 92% challenging trading conditions as it of voting members elected to renew continues to evolve and improve at an New West End Company for a fourth term incredible pace. The Elizabeth line will as the Occupier Business Improvement open at the end of this year bringing District (BID) for London’s West End & millions more visitors into the district, Mayfair. This not only guaranteed £25 and the £10m public realm development million of business investment into the scheme on Bond Street will be area over the next three years, but completed this autumn, as the upgrade to demonstrated a clear mandate from Hanover Square continues to take shape. Sir Peter Rogers, Chairman the 600 businesses we represent and We continue to work closely with the Mayor, confidence in our delivery. Westminster City Council and Transport London is an outstanding global city and for London to deliver a collaborative the West End remains an attractive vision for the Oxford Street District destination for investors, occupiers and Transformation including Oxford Circus visitors. Our members represent the best and improvements to Regent Street in retail, hotels, dining, leisure and real with close to £100m earmarked for estate. However, these are challenging these works. times for bricks and mortar retail, which New West End Company has a clear has been under pressure for some time in strategy for delivering on behalf of our the UK. A prolonged consumer downturn, members in partnership with increased fixed costs including a stakeholders and we remain focussed disproportionately high increase in on making London’s West End & Mayfair business rates and wages, fluctuations in the world’s first choice for visitors, the value of the pound and the seemingly business and investors. unstoppable rise of digital sales has created a difficult landscape for our This report updates you on the progress members over a protracted period. made towards our 2020 shared vision. The next year offers our district many We look forward to continuing our work opportunities to fight back against together, seeing in our next chapter. Jace Tyrrell, Chief Executive 08 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION 09 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION One Vision Our Strategic Objectives To make London’s West End & Mayfair the world’s To secure the West End & Mayfair’s future as the world’s first choice for visitors, businesses and investors. number one retail and leisure district; To be an effective champion and influencer of policies that deliver economic growth; Our Prime Purpose To be an authoritative global voice on London’s West End & Mayfair; To attract customers and clients to the West End & Mayfair, to keep them here longer and to draw them back again. To evidence our impact over time with increased spend and enhanced values. 11 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION The Elizabeth Line Opportunity This December, the Elizabeth line will open at two Over the next few years, we will be working with members and stations in the West End transforming the district by partners to minimise the risk and maximise the opportunity of bringing millions more visitors to our district each year the Elizabeth line through; and over £4bn boost to annual spend in our area by 2022. Advocating for growth enabling policies to the West End’s regulatory and trading environment To ensure we are ready for this unprecedented change, Leading on the delivery of transformational projects across New West End Company, with The Fitzrovia Partnership and the district to reduce traffic and improve air quality Heart of London Business Alliance, commissioned ARUP, global experts in infrastructure and the built environment, Delivering world quality street management services which to produce a report that examines the impact the Elizabeth line maintain a clean and safe environment throughout the will have on the West End. increase in visitor numbers Providing access to new data and insights for a deeper The report explores the growth in footfall, customer understanding of existing and new customers catchment and spend in the area, when we can expect it, how different people will move across our district and the Building commercial partnerships to deliver marketing opportunities to capitalise on this growth. Download the campaigns and events which drive additional footfall and report at www.newwestend.com/elizabethlinereport enhance the global profile of Lond on’s West End 300,000,000 300,000,000 Total West End station entry and exit growth: 2016 to 2031, annual figures Elizabeth line Service: December 2019 Onwards 250,000,000 250,000,000 200,000,000 200,000,000 150,000,000 150,000,000 100,000,000 100,000,000 50,000,000 50,000,000 Source: TfL Railplan Data; Arup analysis 2016 2017 2018 20192016 20202017 20212018 20262019 20312020 Note:2021 TfL forecast2026 numbers assume2031 full year of Bond Street Bond Street 39,923,000 40,400,000 40,832,000 5539,,459923,,000 6540,,247400,,000 6940,,318832,,000 7255,,937459,,000 7565,,385247,,000 69operation.,318,000 The72 future,937,000 year figures75,385, 000presented left TCR TCR 39,669,000 40,142,000 39,513,000 5839,,093669,,000 6540,,737142,,000 6839,,325513,,000 7158,,426093,,000 7465,,419737,,000 68are,325 therefore,000 71a result,426,000 of multiple74,419 year,000 forecast, weighted by currently monthly usage (e.g. current Oxford Circus Oxford Circus 84,485,000 85,493,000 89,258,000 8784,,410485,,000 9285,,344493,,000 9589,,949258,,000 10087,,410980,,000000 10592,,344212,,000000 95,949,000 100,980,000 105,212,000 demand between Jan to April; plus future demand Total (3 stations) Total (3 stations) 164,076,000 166,035,000 169,603,000 200164,,962076,,000 223166,,328035,,000 233169,,593603,,000 245200,,344962,,000 255223,,016328,,000 233with,593 new,000 line245 between,344,000 May to255 December).,016,000 12 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION 13 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION Progress on our 2020 Targets Achieve 85% Member Satisfaction by 2020 Black = 2020 Target Red = Progress to Date 92% Occupier Renewal Ballot Support December 2017 £10m Addition Income £10m By Appointment Spend in Retail & Hotels £3.6m £2.4m Increase Dwell Time by 20% from base 2,000 West End Jobs & Apprenticeships 2018 Baseline Set (PwC) 575 Placements £120m Transformation Schemes Delivered Bond Street – On Track for Delivery Autumn 2018 Customer Promoter Score 20% Increase on Key Categories Hanover Square – Scheme Commenced £11m Funds Raised Oxford Street Transformation – £100m Funding Earmarked & 2018 Baseline Set (PWC) Consultations Complete 200 New & Refurbished Businesses Freight & Waste Consolidation Across 74 Street 110 Complete Bond Street Scheme Complete £100m Media Coverage Political Commitment to Devolve & Reform Business Rates £46m £10m Reduction West End Businesses & £19m Relief Fund 15 DELIVERING OUR NEW WEST END PROGRESS ON OUR 2020 VISION Our 2020 Strategy Advocacy & Management & Marketing & Insights Services Commercial An influential, Authoritative Improved Environment, Attracting Customers, Business Voice Enhancing Values Inward Investment 1 Champion the West End & 5 Deliver world quality
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