Revitalizing Vacant Spaces with Innovative Experiences

  • Westminster City Council partners with New West End Company for Meanwhile On: Oxford Street program
  • Rent-free stores offered to up-and-coming businesses on Oxford Street
  • 70% reduction on business rates and substantial support provided
  • Brands must offer unique experiences to Oxford Street’s audience
  • Someday Studios appointed for three-year project delivery
  • First store opening this Autumn, aiming to support 35 brands over three years

Westminster City Council and New West End Company have launched Meanwhile On: Oxford Street, a program offering rent-free stores and reduced business rates to up-and-coming businesses. The initiative aims to activate vacant spaces previously occupied by low-quality occupiers like American candy stores. Selected brands must fund their own operational costs but will receive support in developing their brand. Someday Studios and FormRoom are involved in the project, with the first store set to open this Autumn. Around 35 brands are expected to benefit over three years.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Westminster City Council’s partnership with New West End Company for a new programme called Meanwhile On: Oxford Street, which aims to support up-and-coming businesses by offering rent-free spaces and reduced business rates. It includes details about the selection criteria, the appointment of Someday Studios and FormRoom, and quotes from relevant authorities.
Noise Level: 3
Noise Justification: The article provides relevant information about a new program aimed at supporting up-and-coming businesses on Oxford Street by offering them rent-free spaces for six months and reduced business rates. It also includes quotes from relevant sources and details about the program’s goals and expected outcomes.
Financial Relevance: Yes
Financial Markets Impacted: The program may impact retail companies in the Oxford Street area by providing opportunities for new businesses to launch their first physical spaces, potentially affecting competition and sales in the area.
Financial Rating Justification: The article discusses a partnership between Westminster City Council and New West End Company to support up-and-coming businesses with rent-free store space and reduced business rates on Oxford Street. This could impact retail companies in the area by providing opportunities for new brands to enter the market, potentially affecting competition and sales in the area.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text

Reported publicly: www.retailsector.co.uk