Business group The New West End Company (NWEC) has said that 98 percent of its retail, leisure, hospitality businesses and property owners have voted to invest 40 million pounds into the popular shopping district as it recovers from the pandemic.

It comes as NWEC, which represents 600 businesses on Oxford Street, Bond Street, Regent Street and in Mayfair, has had its mandate renewed for a further five years.

The investment “will be focused on rebuilding customer and investor demand and supporting the recapitalisation of businesses, returning the district to 10 billion pound annual turnover”.

Key areas the investment will be used for include creating a year-round programme of campaigns and events; building a data and insights platform with access to information across economic performance and environmental best practice; and delivering the first Zero Emissions Transport Zone in London by 2025.

New investment to help West End’s recovery

“Our plan, guaranteeing 40 million pounds of investment across our district, focuses on the areas where we know we can make a difference at this critical time,” NWEC chief executive officer Jace Tyrrell said in a release. “We will continue to strive to meet the challenges we face to restore the West End’s International status, working with others to fully achieve the benefits of the 150 million pounds investment being made by Westminster City Council.”

Tyrrell continued: “We are hugely grateful to West End businesses for trusting us to deliver for them and with them for a further five years working with our partners at Westminster City Council, the Mayor Office, and with local neighbourhoods in and around our district.”

It comes as physical shopping destinations look to revamp their offering as the pandemic continues to accelerate consumers’ shift to online shopping.

Last week, work began on an “ambitious” renovation of London’s Oxford Street and the surrounding area.

Westminster City Council announced plans in February to “revive” the luxury shopping hotspot which has been hit hard by store closures and plummeting footfall during the pandemic.

The council said it has already invested 150 million pounds into the project, which is expected to last for over five years.