Cheapside businesses have voted overwhelmingly to establish the City of London’s first Business Improvement District (BID) with 84 per cent of voters endorsing the proposal.
As the private sector is asked to play a greater role in the public sphere, BIDs are performing an increasingly important function by providing a collective voice to business communities.
There are now over 40 BIDs established throughout London, and many are taking a leading role in delivering ‘placeshaping’ strategies that are capable of bringing genuine benefits to the geographical districts they serve.
Ruth Duston, who led the Cheapside ballot campaign, said: “This is a historic moment for the City of London.
“The role of the modern BID is not just about improving areas, but increasingly they are powerful business alliances focused on CSR, the socio-economic agenda, community engagement, matching skills and training to jobs, and opportunities such as procurement.
“This recent addition to the London BID platform is a clear example of businesses working collectively.”
The Cheapside BID was proposed by the City of London to complement and build upon the achievements of the Cheapside Area Strategy and the Cheapside Initiative, which have succeeded in bringing significant change to the business and retail environment through the involvement of land owners, developers and occupiers.
The new BID aims to develop a marketing strategy to support the development of Cheapside as an office and retail destination.
It will promote various initiatives designed to reinforce local identity and work with businesses to support corporate social responsibility and with the City Police to deliver a safe and secure environment for businesses and retailers.
The Cheapside BID will be funded by a levy based on the rateable value of the properties in the district, and will not relate to the delivery of services normally undertaken by the City of London Corporation.
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