One of London retail’s key representatives is returning to Australia with news that New West End Company CEO Jace Tyrrell is to step down after six years at the helm of the central London Business Improvement District.
The Spring Statement on Wednesday proved a mixed bag for many. Chancellor Rishi Sunak cut fuel duty, lifted the level at which people start paying national insurance and promised a 1p cut in income tax within two years.
Investment is continuing to flood into London’s West End to support a major regeneration of the UK capital’s premier shopping district following the pandemic. A new scheme will see £1 billion pumped into the region.
The West End’s recovery is under way and turnover should reach its pre-pandemic level of £10 billion by 2024. It should also beat pre-Covid levels by as much as 14% — or a further £1.4 billion — by 2025. .
The easing of Plan B Covid restrictions in England over the past week has seen consumers returning to London’s West End, which is home to the flagship stores of many of the fashion sector’s biggest retail names.
London’s West End is to get a major financial boost. The capital’s key retail and entertainment hub is to receive £190 million in Westminster Council funding to revitalise the area during its post-pandemic recovery.
Figures on Wednesday revealed that despite general trends showing UK consumers shunning busy shopping destinations, London West End footfall was higher on Tuesday than it had been exactly a week earlier.