In the news

Sadiq Khan warns business rate rise could force thousands of London firms to close

Tue 21 February 2017

Evening Standard – Sir Peter Rogers, Chairman – Thousands of London firms could be forced to close if the Government “blunders on” with plans to increase business rates, Sadiq Khan has warned.

The Mayor accused ministers of giving businesses in the capital “a kick in the teeth”, with more than 7,500 expected to see a 45 per cent rise in their bills this April.

Sir Peter Rogers, chairman of the New West End Company, said the Government should heed “widespread pleas from businesses of all sizes” and the London Chamber of Commerce said there is “real concern about the future of London businesses.”

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Revealed: the diesel ‘T-charge’ zone which comes into force from October

Mon 20 February 2017

Evening Standard – Steven Medway, MD Trading Environment – Sadiq Khan today urged Londoners to “ditch dirty diesel” vehicles now as he announced that a new T-charge to price the filthiest models out of the city centre would start on October 23.

The new toxicity levy will mean the most polluting cars will have to pay a total of £21.50-a-day to drive into central London during weekdays.

Steven Medway, managing director trading environment at the New West End Company added: “We are extremely supportive of any measures that accelerate a shift towards electric vehicles and help price dirty vehicles off our street.”

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Tottenham Court Road station’s £500 million revamp completed as entrances open

Fri 10 February 2017

Evening Standard – Jace Tyrrell, Chief Executive – The £500 million rebuilding of Tottenham Court Road station was completed today with the opening of step-free access to both the Central and Northern lines. It becomes the 71st Tube station to provide step-free access, making the network easier for older and disabled passengers.

Jace Tyrrell, chief executive of the New West End Company, a leading business voice for the area, said: “It is reassuring to see vital changes like these being made to key Tube stations in the district as the Elizabeth line gears up to bring a further 60 million people annually to the West End.”

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Boom time for London’s West End stores as Chinese shoppers get the (text) message

Wed 1 February 2017

Evening Standard – Jace Tyrrell, Chief Executive – Chinese shoppers have been descending on London’s stores in their droves of late to pounce on bargain buys, and insiders put the  surge down to an unlikely source — text messages.

Figures compiled for the Evening Standard by the New West End Company (NWEC) and Premier Tax Free show sales to Chinese shoppers in the West End were up 153.8% year on year for the week beginning January 23. That’s a 17.2% increase on the previous week.

Average transaction values were 46.6% higher year on year.

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Luxury retailers hope Chinese new year tourists will leave them crowing

Mon 30 January 2017

The Guardian – Jace Tyrrell, Chief Executive – As the year of the monkey gives way to the year of the rooster on Saturday, Britain’s retail industry is hoping for more visitors from the world’s second-largest economy. Flight bookings from China to the UK are up 88% on 2016 for the Chinese New Year holiday period, which runs from 18 January to 1 February, according to market research firm ForwardKeys.

The New West End Company, which represents retailers on London’s premier shopping districts of Oxford Street and Regent Street, said sales to Chinese shoppers were up 121% year on year in the week ahead of the main holiday period.

“To put this into perspective, domestic and European spend in the same period were up by just 10.2% and 12.6% respectively,” said Jace Tyrrell, chief executive of New West End Company.

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Chinese keep buying London property despite Brexit

Thu 29 December 2016

Financial Times – Jace Tyrrell, Chief Executive –  For many international real estate investors, London is no longer the place to be. Since the UK voted to leave the EU in June, investment flows into London commercial property have dropped to less than half their level of a year earlier. But one group of investors is proving markedly less pessimistic: buyers from China and Hong Kong, who have continued to snap up trophy assets in the City of London and the West End, largely undeterred by Brexit.

Jace Tyrrell, chief executive of the New West End Company, a group that brings together retailers and property owners in London’s West End, says about 15 per cent of the area is now Chinese-owned, after a sell-off of property by Irish groups hit by the financial crisis. “[Chinese investors] tend to hold for a long time in London. We don’t see that much flipping,” he says.

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