£96m Investment Plans to Revitalize West End, Coastal Towns, and High Streets
The retail sector has been hit hard by the Covid-19 pandemic, with businesses struggling to bounce back. However, there is a glimmer of hope as several funding initiatives are being launched to support the revival of retail. One notable initiative is New West End Company’s (NWEC) £40 million investment into London’s West End district.
The West End has faced significant challenges during the pandemic, with a steep decline in foot traffic due to the absence of tourists and office workers. To address this issue, NWEC plans to invest in services and initiatives to boost the district’s recovery. This investment comes on top of Westminster City Council’s £150 million investment to regenerate Oxford Street and its surrounding area.
NWEC’s five-year investment plan is focused on rebuilding customer and investor demand, as well as supporting businesses in their recapitalization efforts. The goal is to achieve an annual turnover of £10 billion and solidify the West End’s position as a vital economic hub in the UK. The investment will fund year-round campaigns and events that showcase the West End’s diversity, sustainability, and vibrancy. The aim is to position the district as a top consumer destination not just during the Christmas season, but throughout the entire year. Additionally, NWEC plans to establish a world-renowned data and insights platform, providing access to information on economic performance and environmental best practices. The district is also set to become the pioneer of the first Zero Emissions Transport Zone in London by 2025. Other areas of investment include street cleaning, security services, and quick wins that will yield immediate results.
In addition to the investment in the West End, the UK government has launched a £56 million “welcome back” fund. This fund aims to encourage the return of consumers to coastal towns and high streets as lockdown restrictions ease. Local councils can use the funds to enhance the visual appeal of these areas, making them more enticing for visitors. This may involve improvements to green spaces, the addition of outdoor seating, and the introduction of pop-up food stalls. Furthermore, the funding can be utilized for marketing campaigns and special events to drive foot traffic.
Although the fund is available for both coastal and inland towns, the emphasis will be on coastal areas. With international travel still uncertain, resort towns could experience a surge in domestic tourists. Despite restrictions last year, people flocked to towns with beaches, and if this trend continues in 2021, it could significantly boost trade.
The investment plans for the West End, coastal towns, and high streets demonstrate a strong commitment to rejuvenate the retail sector. By providing financial support and implementing various initiatives, the aim is to restore these areas to their former glory. As restrictions ease and consumer confidence rebuilds, these investments will play a pivotal role in driving economic recovery and securing the future of retail in the UK.
Useful links:
1. New West End Company
2. UK Government
