The New West End Company, which represents 600 businesses on Oxford Street, Regent Street, Bond Street and in Mayfair, has announced details regarding a collective planned £5bn capital investment into London’s West End.
It revealed the investment is to be spread across 22 existing and new West End developments, aimed at not only helping to “bounce back from a pandemic that ravaged the retail, hospitality and commercial property sectors”, but to also attract the “modern consumer”.
It said over £220m of the total investment will be dedicated to open public spaces. It also added that its traditional bricks and mortar stores are to be complemented with brands that “fulfil the needs of a consumer looking for a more diversified and immersive experience”.
Some 76% of the West End developments listed will be mixed use, including the launch of Outernet London – the first of a global network of the world’s most advanced immersive media, entertainment and culture districts – and plans to turn Cavendish Square into a health and wellbeing destination.
James Raynor, CEO, Grosvenor Britain and Ireland, said: “Over the last year, we’ve seen an incredible response to interventions like outdoor dining, pavement widening and public art schemes.
“But to secure the West End’s future we need to think bigger and bolder. Only continued investment in the evolution of the place and political support to entice back international visitors will see it able to contribute to the UK economy as it has in past years.”
He added: “In Mayfair, our development pipeline alone represents c£1bn of future investment in the destination’s recovery and resilience to climate change. Our commitment to net zero and schemes like the redesign of Grosvenor Square and South Molton Triangle will play a major part in re-establishing the area’s draw to climate conscious and experience-driven consumers.
“We will also continue to advocate for initiatives that will help the local community and businesses get back on their feet post-Covid including reducing traffic pollution and enhancing air quality.”
Jace Tyrell, chief executive at New West End Company, said: “London’s West End has long held a place as one of the globe’s leading commercial hubs, but this unprecedented level of billions in capital investment will cement our spot as the most iconic and diverse consumer district in the world. As Covid restrictions ease, we are now looking ahead to a high street that aligns to our 21st century customer.”