Small businesses invited to take over empty shops on Oxford Street, rent free

Small businesses are being offered the chance to take over a shop on Oxford Street, rent-free, as part of a new project launched today by Westminster City Council, in partnership with New West End Company.

Called ‘Meanwhile On: Oxford Street’, the programme invites applications from “innovative, cutting-edge and up-and-coming brands who will offer something exciting and new to one of the world’s most iconic shopping streets”.

The businesses selected can use this high-profile space to bring their brand’s story to life, for example through new technologies such as virtual or augmented reality, interactive exhibitions and in some cases, by bringing the production process to the customer by installing machines in store, opening visitor’s eyes to how clothes and other materials are made.

Meanwhile On: Oxford Street will activate empty spaces previously taken up by “low quality occupiers” such as American candy stores. The programme forms part of Westminster City Council’s wider Fairer Economy plan to invest in high streets throughout the borough.

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. These opportunities will be 100 per cent rent-free for brands, with a minimum reduction of business rates of 70 per cent.

Stores will either be available for single occupancy or as a themed concept store shared between multiple brands. Additionally, brands will benefit from store design, mentoring, management and marketing support from independent retail consultants, Someday Studios, and Westminster City Council.

This represents an “exciting” package of support for small businesses seeking the opportunity to trade in London’s West End for the first time. Although the Meanwhile On: Oxford Street, is a brand-new programme, it builds on pilot schemes which have shown that the model works successfully.

Cllr Geoff Barraclough, Cabinet Member for Planning and Economic Development, commented: “The West End has recovered quickly from the pandemic but there are still too many vacant units and poor-quality occupants.

“That’s why we’ve set up Meanwhile On: Oxford Street to help fill the gaps with upcoming brands showcasing their innovative new ideas. I am excited to welcome new brands to one of the most famous streets in Europe, and support them with free rent, reduced business rates and help with promoting their businesses.”

By Matthew Neville – Senior Correspondent, Bdaily

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