London’s West End shopping district is set to undergo a major transformation through a £1 billion investment as part of the ‘West End 2027’ plan. The Heart of London Business Alliance (HOLBA), representing over 600 businesses and property owners in the area, aims to revitalize the district following the impact of the COVID-19 pandemic.
The plan, falling under the Business Improvement District (BID) scheme, includes 40 potential projects that will support the West End’s recovery and establish it as a thriving global cultural and commercial hub. Among the immediate-priority projects are the creation of an Arts Quarter between the National Gallery, Leicester Square, and Piccadilly Circus, as well as the transformation of Green Park to provide an exceptional welcome for visitors. Additionally, Charing Cross Road is set to become a tree-lined boulevard to accommodate the expected increase in footfall.
Ros Morgan, CEO of HOLBA, is committed to ensuring that the West End emerges stronger post-pandemic. The plan aims to integrate art into the built environment and bring culture onto the streets, creating inviting spaces for workers and tourists as footfall increases.
This investment follows the announcement of the New West End Company’s (NWEC) £5 billion capital investment plan over the next five years. It is predicted that the West End will swiftly recover, achieving a turnover of £8.6 billion within the coming year. Moreover, Westminster City Council has allocated £190 million in funding to revitalize the area, focusing on the redesign of Oxford Street and improving the pedestrian-friendliness of The Strand/Aldwych.
According to a report by Colliers, a property consultancy firm working with the NWEC, the West End is anticipated to surpass its pre-pandemic turnover of £10 billion by 2024 and exceed this figure by an additional £1.4 billion by 2025. Although sales in the district have increased by 30% in 2021 compared to 2020, it is still below pre-pandemic levels due to the absence of international shoppers in popular areas such as Regent Street, Bond Street, and Mayfair.
The NWEC is lobbying the government for increased support in attracting overseas tourists to the UK. They propose simplifying the visitor visa system and reconsidering the abolishment of tax-free shopping. Furthermore, the NWEC advocates for an extension of Sunday trading hours as part of its revitalization plans for the district.
The investment in London’s West End reflects a determination to restore its standing as one of the world’s premier shopping and cultural destinations. With support from both the public and private sectors, the district is poised for a robust recovery and a prosperous future.
Useful links:
1. Visit London – West End Shopping District
2. Westminster City Council – West End
