Our news

NEW WEST END COMPANY’S RESPONSE TO THE SPRING BUDGET

Thu 9 March 2017

Statement from Sir Peter Rogers, Chairman of New West End Company:

“We are disappointed by the Chancellor’s announcement. He has missed the opportunity to deal with a major concern for London businesses. The short term relief he announced will have no impact on the majority of the companies in London and the West End which will suffer massive tax increases on April 1st. This will mean closures and job losses.

“The current system is good for civil servants but bad for business. We hope that this Parliament will be the last one to oversee a business rate revaluation. We will push for the Chancellor’ review to take a more fundamental look at how the business tax system can more effectively respond to the government’s duty to finance local services with the need for all businesses to pay their fair share. The review should look beyond digital businesses to ensure that all companies, particularly multi-nationals, make a fair contribution to Britain’s tax take.

“New West End Company is happy to work with the government and others to explore a more effective and equitable system.”

West End Annual Insights Breakfast Summary

Fri 3 March 2017

New West End Company this week hosted the annual West End Insights breakfast as the Hotel Café Royal on Regent Street, delving into the issues and trends that shaped 2016 and the challenges and opportunities that lie ahead for the West End.

With guest speakers including Rajesh Agrawal, Deputy Mayor for Business, Richard Holt, Head of Global Cities Research at Oxford Economics, Muriel Zingraff-Shariff, UK Country Manager at Premier Tax free, Alex McCulloch, Associate Partner at CACI and Kyle Monk, our own Head of Insight, the session spanned from the macroeconomic backdrop to international trends, London consumer focus and the West End specific outlook.

View Macro Presentation – Oxford Economics

View International Presentation – Premier Tax Free

View London Presentation – CACI

View West End Presentation – New West End Company

TFL Consultation: Proposed changes to buses in Central London

Mon 23 January 2017

New West End Company represents retailers and property owners in Bond Street, Oxford Street and Regent Street.  The consultation on changes to bus routes represents a step in the right direction towards revitalising the heart of our nation’s retail capital on Oxford Street. We nonetheless hope that this consultation is just the starting point in this regard and options for further reductions of up to 100% during certain periods of the day are also brought forward in the next few months to meet the aspirations of the Mayor and shared by our members.

Our retailers and property owners strongly support the creation of vehicle free areas during specific periods within the day and evening across Oxford Street. We would also like to see the delivery of the 40% reduction outlined in this consultation to commence as soon as possible this year and believe this would also offer best value to the taxpayers and demonstrate tangible delivery of the Oxford Street transformation.

North American brands fuel London’s “West End Powerhouse”, set to contribute $14bn (£11bn) to UK GDP by 2020

Mon 5 December 2016

New York, 6 December 2016 – New West End Company, the leading business voice for London’s West End retail heartland, confirmed that it is on track to be the first retail district in the world to generate $14 billion USD (£11 billion GBP) annual turnover by 2020, in New York today. The West End already generates $11.8bn USD (£8.8bn GBP) in annual sales from its six hectares – totaling more GVA (Gross Value Added) than the City of London and equal to the whole country of Wales. Much of this is attributed to the recent openings of prime North American flagship stores, and waiting for the imminent completion of the new Elizabeth line (Crossrail), which is expected to open at the end of 2018.

MIPIM Asia: London’s ‘West End Powerhouse’ to contribute £11bn to UK GDP by 2020 •

Tue 29 November 2016

• ASEAN countries represented 52% of all non-EU spend on Bond Street, London
• Golden Week sales were up 300% YoY in September 2016
• Chinese tourists generate around £337 million in additional revenue to the UK every year
• New West End Company is a co-founder and advocate of the UK Chinese Visa Alliance (UKCVA), the business-led group committed to easing the UK Chinese visitor visa system

London, 28 November 2016 – New West End Company confirms that London’s West End is on track to be the first retail district in the world to generate £11 billion annual turnover by 2020. London’s West End already generates £8.8bn in annual sales – in just six hectares – totaling more GVA than either The City of London or the whole of the country of Wales.

New West End Company’s Response to Autumn Statement

Wed 23 November 2016

Jace Tyrrell, Chief Executive, New West End Company, said: “The Chancellor had an opportunity today to heed the calls of business and political groups, MPs and thousands of businesses throughout London to introduce a more realistic cap on business rate rises for London businesses. It will be a huge disappointment to the West End’s retailers that the reduction announced today is so insignificant that it will have little impact on the £885m additional tax that London businesses are due to find each year by April. We will, alongside numerous other organisations, continue to press for business rates reform to ensure the capital’s businesses can continue to thrive for the benefit of the entire country.