The venture was set up as a business-led partnership with the prime objective of improving retail trading performance in Oxford Street, Regent Street and Bond Street.
Working with the relevant public agencies, the New West End Company has achieved tangible results in its first year -sales in London have outperformed the UK from December 2005 to February 2006, according to the British Retail Consortium.£1.3 million shoppers have been attracted to special traffic-free events such as the Dress to Impress day.
Street crime is also down by more than 15 per cent and a joint action plan has been launched with Westminster Council to reduce traffic congestion.
John Lewis Oxford Street managing director Noel Saunders said: 'The West End is one of the best-known and most popular shopping retail destinations in the world but it is increasingly facing newer and stronger competition. The New West End Company has established an excellent platform for inward investment and is delivering meaningful change in the renewal of the West End.'
Retailers have invested a total of£6 million in the project, with an additional£12 million coming from the property sector and the Mayor of London. The company will run for a three-year period initially.
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