New West End pushes for PO BID
The New West End Company, which works as the business voice for 600 retailers in London's Bond, Oxford, and Regent Street, aims to get landlords in the area to support the creation of a Property Owner Business Improvement District.
If it happens, it would be the UK's largest Property Owner Business Improvement District. The aim is to raise around £15.9m to encourage real estate development in the area. The New West End Company says the BID would represent West End landlords across local, national and international issues.
The New West End Company not only represents retailers but also landlords, and says that a number of property owners have already been contributing voluntarily to the business improvement district (BID) in the past decade. The new PO BID would more formally represent them, it says.
Funds raised by the membership of the PO BID would be used for a number of projects designed to boost business across the area. The plan comes after the introduction of the Business Improvement District (Property Owners) (England) Regulations in 2014, and ballot papers will go out in November.
Jace Tyrrell, New West End Company’s Deputy Chief Executive, will take leadership of the PO BID should property owners support the move. He said: “Property owners are an essential component of a successful West End, so it is high time that their interests are better represented in the debates over the future of one of the UK’s most powerful economic powerhouses."
Sue West, Operations Director at Selfridges, supports the move: “It is important as a business community that we work together to strengthen our appeal to both the domestic and global shopper, ensuring London’s West End maintains its reputation, as a world retail destination. The West End has a fantastic heritage and energy and as a community, one we are lucky to have - it is therefore imperative we continue to drive a clear vision and strategy to benefit all of our businesses, with the support of the New West End Company."
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