Open4Business: October 2016
Proposals are being finalised for Business Improvement Districts in Putney and Wandsworth Town
Old York Road, Wandsworth Town
Businesses in Putney and Wandsworth town centres will soon be invited to vote on plans to boost the town centres' performance and appeal.
This would be achieved by establishing the areas as Business Improvement Districts (BIDs).
In these BIDs, businesses contribute to the development of a BID business plan and rate-paying businesses vote on its adoption and the contribution of a small levy to fund its delivery. If the statutory ballot is successful, a BID company is established to deliver the improvements on behalf of the business community, usually for an initial 5-year period.
In an increasingly competitive consumer market, town centres are having to find new ways to adapt and thrive. BIDs have rapidly emerged as a key way for businesses to take the lead in improving town centre performance. The emerging plans include measures to raise the profile of the towns, enhance the towns’ appearance, cleanliness and safety. Loyalty schemes, business networking, shared purchasing and a richer events calendar are also prominent.
Putney businesses want to introduce air quality measures and explore enhanced management of the night time economy, business in Wandsworth town want to see a strong brand and identity emerge.
Many businesses would pay the equivalent of around £2.40 per week to see these delivered, with total investment amounting to around £1.3m in Putney and £970k in Wandsworth town over five years.
The implementation of the proposals will only take place if businesses vote for this to happen. Ballot papers will be distributed to eligible businesses in October, with the final business plans following soon after. The ballots take place from 4 November to 1 December and results are announced on 2 December.