 Small businesses are being offered rent-free shops on London's famous Oxford Street to boost the area and prevent more American candy shops from opening. It is being run by Westminster City Council as well as the New West End Company and is called Meanwhile On: Oxford Street. The £10 million scheme offers a 70% reduction in business rates, a fit-out of stores, marketing and business support. Around 35 brands are expected to be supported over a period of three years, with the first small business expected to open this autumn. Each brand will be offered support for a period of six months. Applications are welcomed from 'innovative, cutting-edge and up-and-coming brands who will offer something exciting and new'. Stores can be used for single occupancy or as a themed-concept store shared between multiple brands. Geoff Barraclough, cabinet member for planning and economic development, said: 'The West End has recovered quickly from the pandemic but there are still too many vacant units and poor-quality occupants. Oxford Street is London's most famous shopping district (Picture: PA) Shops will benefit from free rent for six months and it is hoped up to 35 brands will be helped by the scheme (Picture: Getty Images) '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.' This scheme builds upon a pilot scheme which saw Kitty McEntee, founder of Lab Tonica, having a short-term pop up by the council on Regent Street in 2021. Lab Tonica now has a permanent concession in Selfridges. 'As a new start up, this was an incredible experience and helped to fast-track the launch of my brand, providing a multitude of marketing and){kind=link}
NEWS… BUT NOT AS YOU KNOW IT
Small businesses are being offered rent-free shops on London’s famous Oxford Street to boost the area and prevent more American candy shops from opening.
It is being run by Westminster City Council as well as the New West End Company and is called Meanwhile On: Oxford Street.
The £10 million scheme offers a 70% reduction in business rates, a fit-out of stores, marketing and business support.
Around 35 brands are expected to be supported over a period of three years, with the first small business expected to open this autumn.