Small businesses are being offered six months free rent to take up shop in London’s famous Oxford Street as Westminster City Council looks to restore pride to its beleagured high street.
London’s flagship shopping district has become littered with American-style candy stores, that began springing up in 2017 and have been described as an “eyesore” by council leaders.
The council is instead hoping to fill the spaces taken up by “low quality” stores with up to 35 small businesses keen to reach a larger audience.
The campaign is aimed at businesses looking to launch their first store or physical space. Selected brands will be given a prime store location for an initial six-month period, rent-free and with a minimum reduction of business rates of 70 per cent.
The scheme, in conjunction with business consultants New West End Company, is estimated to cost more than £10 million. The first store is expected to open in autumn.
Stores will either be available for single occupancy or as a “themed concept store” shared between multiple brands.
Councillor Geoff Barraclough said there has been “indicative expressions of goodwill from landowners that suggest that [stores] shouldn’t be a problem to find”.
He told the Standard: “There’s an element of pride in this, of fixing our High Street.
“But there will be more interesting shops with more interesting things to come and look at. It’s great to come to Zara and Primark and IKEA but also it’s interesting to see some new and different brands that will sell things that you normally can’t get in the shops.”
Successful businesses will have to “offer something unique” and “have the potential to go on to launch a long-term store independently”.
Brands will receive store design and mentoring from independent retail consultations Someday Studios.
The council said previous pilot schemes such as with Lab Tonica founder Kitty McEntree and sustainable children’s clothes brand Petit Pli have proved that the model works successfully.
Interested businesses have to submit an application by August 30.
Mr Barraclough said: “Six months might be good market research [for businesses] and then they might decide to get back online with a more diversified offer.
“One of the traders from last time moved to Selfridges and took a concession or they may be doing so well that they actually say, ‘Well, actually we can stay, we can pay commercial rent’ - that would be the best outcome.”
Westminster council’s much-anticipated proposals show wider pavements, redesigned crossings and new trees for the mile running from Tottenham Court Road to Marble Arch.
