There is much to be optimistic about in the capital – something I heard first-hand at MIPIM 2024. Alongside New West End Company colleagues, I had the pleasure of shining a spotlight on the once-in-a-lifetime transformation that is happening on Oxford Street, with the launch of our new report, ‘Oxford Street: 2030’, which we created in partnership with Colliers.
The report explores this transformation in detail, convening senior stakeholders from across the district and local government to give their own expert assessment of what the future holds for the nation’s high street. Over the course of these conversations, one thing that was abundantly clear was just how much the street means to everyone who has a stake in it – whether they are an owner, an occupier, a temporary custodian, or a visitor.
A core component of the street’s transformation is the public realm, with work set to begin on the landmark £90 million Oxford Street Programme in the near future, and recent forecasts from Colliers putting its value at up to £2.8 billion in additional sales in the first five years following completion. It is clear that we are at a pivotal turning point, which will have a positive impact on not just Oxford Street but the entire district – I look forward to going on that journey with you.
The highly anticipated Spring Budget on 6 March was yet another missed opportunity to reinject growth into the national economy, with the failure to reinstate tax-free shopping. Despite our disappointment, we will continue to engage with Government, Treasury and Shadow Cabinet, to make clear the scale of the opportunity that tax-free shopping represents, not only in the West End, but nationwide – in particular, the creation of a net new visitor market from the European Union. Read our full statement on the Budget here.
As we embark on a new BID year, the team at New West End Company and I eagerly anticipate sharing our upcoming initiatives to further strengthen our partnership with our members in the year ahead.
