west end retail 2020 · 2016-05-26 · west end retail 2020 becoming the world’s number one...

West End Retail 2020 Becoming the world’s number one retail destination

Cllr Philippa RoeLeader of Westminster City Council

Chair, West End Partnership

The success of the West End is of paramount importance to Westminster City Council, with

exciting planning underway to build on the area’s historic and successful economic legacy. Through

better and greater collaboration with our partners, including New West End Company and the West

End Partnership, drawing on their skills and unique knowledge of the area, we are creating a blueprint that will invigorate the West End, bringing greater

economic prosperity not just to London, but the country as a whole, while making a tangible

difference to the lives of people who live, visit and work in the West End.

Sadiq Khan Mayor of London

London’s vibrant West End is an important contributor to the city’s economy, supporting

jobs and attracting visitors from across the world. Over the last ten years the New West End Company

has done a first-class job of supporting this area’s interests. In line with my pledge to be the most

business-friendly Mayor of London ever, I will do all I can to ensure the West End thrives.

03 WEST END RETAIL 2020 BECOMING THE WORLD’S NUMBER ONE RETAIL DESTINATION


London’s West End is a much treasured part of British heritage and culture and a leading global shopping and leisure destination. The iconic symbolism of the West End attracts millions of visitors from around the world each year to shop across our district in Bond Street, Oxford Street and Regent Street.

New West End Company is a leading voice for the West End’s retail and property sector which makes a multi-billion pound contribution to the UK economy. Over the past decade New West End Company has worked in partnership with members, partners and stakeholders to invest £50m into the area, driving the transformation of London’s retail heartland. We are proud of what has been achieved during this time.

Today, we are on the verge of even greater change. The imminent opening of the Elizabeth line will increase gross

development value by at least £2.5bn, boosting retail sales in the area by £10bn annually for the first time – an average of £27m each day. The new line will bring an estimated 60m more visits to the West End, adding to the 200m already made to the area annually.

However, other factors have also been at play over the last ten years: changing consumer shopping trends and the evolution of online retail; purpose-built shopping destinations in Asia and the Middle East; greater competition in London’s retail offer; increased business costs, heightened security threats, more pressure on public spaces and air quality, all combine to threaten our future growth.

It is in this context, and as a core supporter of the West End Partnership and its 2030 vision, that we have developed our renewed West End Retail 2020 strategy.

A new era for London’s West End

Sir Peter Rogers, Chairman

Jace Tyrrell, Chief Executive

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Sir Peter RogersChairman

Jace TyrrellChief Executive


Our vision for a New West End

To make the West End’s retail district the world’s first choice for shoppers, retailers and investors.

Our key delivery commitments over the next five years:

1. To secure the West End as the world’s number one retail district

2. To be an effective champion and influencer of policies to deliver economic growth

3. To be an authoritative voice on global retail districts

4. Evidence our impact over time with increased sales and enhanced values


Mike Brown MVOCommissioner, Transport for London

New West End Company is a key partner as we continue to support the West End’s extraordinary

productivity and global competitiveness. The opening of the Elizabeth line in 2018 will be a significant

moment, bringing thousands to world class stations at Bond Street and Tottenham Court Road. Working

together, with Westminster City Council and other partners, we have a unique opportunity to transform the look and feel of Oxford Street and the wider West

End, making it even more attractive as a shopping, entertainment and leisure destination.

Paul Lorraine UK General Manager, Longchamp & President of The Regent Street Association

New West End Company plays a key part in uniting the West End’s retail heartland, as

President of The Regent Street Association I have seen the part they play raising awareness of this

world leading street both in the UK and abroad.


New West End Company, Europe’s largest retail led Business Improvement District (BID), was established to drive forward Bond Street, Oxford Street and Regent Street to become the world’s top shopping and leisure destination.

Through collaboration with both our members and key partners over the past 10 years – including Westminster City Council, Transport for London, The Mayor of London, Metropolitan Police and the Street Associations – we have acted as a catalyst for delivery and change within the West End’s retail heartland.

The journey so far

£50m investment made by New West End Company over the last 10 years

15m shoppers joined our traffic-free events

£8m raised in sponsorship, generating £500m incremental spend

£100m worth of UK and global media coverage achieved

London Luxury Quarter launched and new brand identities created for key West End streets

1.6m visitors attracted by digital platforms

Tourist spend up to £3.3bn each year 1

20% reduction in bus traffic achieved

300 business events, seminars and networking receptions held

£15m leveraged for public realm improvements

100 way-finding signs installed across the West End

Source: 1. HDH


Marks & Spencer has long supported the New West End Company and is delighted to

continue that support. The West End is one of the world’s great

centres of retail excellence, attracting customers from around the world and around the corner.

Two of our most important flagship stores have been part of what

makes the West End special for many years. We are delighted to

continue this support and work with the New West End

Company for our customers and colleagues alike.

Steve Rowe Chief Executive, Marks & Spencer


Sources: 1. HDH, 2. Global Blue, 3. TfL 2015, 4. Savills, 5. London Datastore

Where we are today

Bond Street, Oxford Street and Regent Street drive the UK retail sector.

Our growth rate is double that of the rest of London’s and we continue to build on this each year.

90% increase in turnover in ten years, growing from £4.7bn in 2005 to £8.8bn in 2014

1

600 stores including 244 flagships and 218 international brands

An average of £24m is turned over on a daily basis

Average international sales value 35% higher than elsewhere in the UK

2

640,000 daily visitors enter the West End through its six underground stations

3

96% of retailers would recommend the West End as a place to trade

4

150,000 workers employed in the West End alone, 3.3% of London’s total workforce

5


However, challenges remain.

Source: 1. New West End Company Charter for Growth, 2. Savills Global Retail Destination Index 2016

West End businesses contribute £28bn to London’s GDP and pay £2.1bn in taxes (excluding corporation tax)

1

£200m is raised in business taxes every year across Bond Street, Oxford Street and Regent Street, but 96% is kept by the Treasury

Only 7% of London’s taxes are retained by the Mayor to be reinvested in London’s development

1

Costs on businesses are set to rise even further with the impact of the 2017 business rate revaluation, national living wage and apprenticeship levy

We fall behind other global retail destinations on public realm investment and the quality of our facilities and amenities

2

Air quality continues to be a key concern to the health and safety of shoppers, workers and residents

2


David L Shaw OBEHead of the Regent Street Portfolio, The Crown Estate

Chairman, Property Steering Group

The Crown Estate has been a supporter and member of New West End Company from the start.

What is good for the West End is good for Regent Street. The recent success in the creation of a Property Owners

BID to run alongside the Retailers BID is a great step forward. Now New West End Company not only can

cover all the key short term objectives of “safe & clean” and destination marketing but look to the future through investment in public realm and seeking

to attract overseas inward investment from retailers and property owners alike. New West End Company

continues to be a force for good for the West End Community both in the short and medium term.


Our 2020 strategy

An influential business voice

01. Champion West End retail sector to all levels of Government

02. Maximise stakeholder support for policy changes to improve commercial performance

Drive retail trade

03. Lead campaigns that drive global competitiveness and prosperity; business rates reform, extended Sunday trading hours and remove barriers for tourism spend

04. Improve air quality by delivering freight and waste consolidation

05. Deliver world quality street management and shoppers services

06. Implement an integrated destination marketing and commercial revenue plan

Enhance asset values

07. Campaign for policies that create jobs and long-term economic growth

08. Improve the public realm of key shopping streets; including traffic reduction, upgrade of public spaces and improved pedestrianisation access

09. Maximise the benefits of the Elizabeth line

10. Promote the West End to investors and occupiers, enhancing the area’s reputation and investment opportunity globally


Working with our businesses and partners, we have ten key milestone targets to achieve in the next five years:

10 key targets for 2020

50% vehicle reduction of all traffic reduction in the core West End

£10m Bond Street improvement plan delivered

£4.5m commercial income raised annually to match retail BID levy

Increase visitor dwell time by 30 minutes

£3m direct spend generated a year from ‘By Appointment’ service

£500m capital investment and 10 new global retail openings

£100m in media coverage

2000 new West End jobs created with Recruit London and local apprenticeships

10% sales uplift from major events and campaigns

85% member satisfaction


Andy StreetManaging Director, John Lewis

It’s critical that we all work together to make the step change

needed to future proof the West End as a key international

shopping destination. This can only happen through close

collaboration with all retailers in the sector addressing the future

major challenges that the area faces as well as having a very clear vision of what the West

End can be if we all work hard and invest in it. New West End

Company is one of the drivers to make this happen.


New West End Company’s BID area.

London Luxury Quarter – a joint initiative with Heart of London Business Alliance.

Published by New West End Company, Morley House, 320 Regent Street, London W1B 3BEInformation correct at the time of printing. May 2016 Data © OpenStreetMap contributors. Licensed under the Open Data Commons Open Database License. Design © Mapbox. Licensed according to the Mapbox Terms of Service.

Elizabeth line will:

Bring 60m more visits to the West End per year by 2020 1

Increase gross development value by at least £2.5bn 2

Boost retail sales to £11.25bn annually 1

Sources: 1. HDH, 2. TFL


Delivering with our partners

For further information please contact

Jace TyrrellChief Executive

T 020 7462 0680E [email protected]

@newwestendnewwestend.com

west end retail 2020 · 2016-05-26 · west end retail 2020 becoming the world’s number one...

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