The Business and Strategic case for a BID in Leytonstone

The optimum growth and economic prosperity of Leytonstone will best occur within the context of the local and sub-regional strategic framework. This means that with the capacity to make local choices and decisions, the commercial district of Leytonstone can benefit through strategies geared to ensuring it has a vibrant mix of retail, leisure and cultural facilities that will attract more people to spend their shopping and leisure time in Leytonstone. Also, by improving the image and environmental quality it can enhance its appeal as a safe and pleasant place with an excellent commercial mix of uses that will attract growing and sustained levels of footfall and inward investment.

On 24th April 2007, the LBWF Council Cabinet gave their approval to a key report, which signalled their support to the development and establishment of the e11bid and the services, projects and proposals for management and governance contained within. This is significant in that it indicates the extent to which the e11bid Plan and Council strategies are consistent with current and emerging Local, North London, Regional and Government strategies.

At the National Governmental level of the Office of Sustainable Communities, town centre locations like Leytonstone are encouraged and supported to become thriving centres for business growth in shopping and job creation. In particular, it suggests that businesses should have a greater say in managing town centres and that their expertise and knowledge should contribute toward the growth and success of town centres in the 21st Century.

Leytonstone has an excellent range of diverse businesses which can form the basis of its future prosperity. No single agency, state or otherwise, is capable of solving all of the problems that Leytonstone faces. The area could be described as being at a major crossroad in its evolution into a thoroughly modern commercial district. Locations such as Leytonstone must adapt and improve their response to the changing environment in which they exist. By developing and introducing new and innovative methods of fundraising, localised governance and delivery mechanisms, Leytonstone will be best placed to address the challenges and competition faced by commercial centres in the modern environment.

Having consulted widely with local businesses about their concerns over the past months, it has become clear that businesses want is to further empower themselves to define and deliver on their own priorities. A BID would provide the Leytonstone business community with an opportunity to extend the remit of the Leytonstone Business Forum (LSBF) as an organisation of businesses for business, coming together to discuss, agree and initiate solutions for our commercial environment. In the LSBF, Leytonstone has a strong and definitive business organisation with a clear and established purpose to respond both to the threats and opportunities in the future.

The LSBF believes that the BID is therefore a mechanism that can provide the structure and funding that the business community now needs to deliver innovative, special and enhanced services. As a BID, Leytonstone can therefore become an even more attractive place to shop and enjoy leisure time for users of the day, evening and night time economies. Locally determined decisions can be made which will raise standards of cleanliness, safety and overall excellence in town centre management.

Leytonstone needs to have proactive strategies to address the threats and the opportunities of the present and the future. These include:

• Stratford City
  The Stratford City development will generate 139,350 sq metres of retail and will be one of the largest retail driven regeneration projects in London. Once completed Stratford would be a very attractive shopping and employment destination offering powerful competition to all other the major shopping centres within London and beyond. It is likely that the impact on all other retail centres within its catchment reach will be significant. Leytonstone, which lies a few minutes away on the Central Line, would be particularly vulnerable to the impact of Stratford City’s appeal. Accordingly, it is necessary that measures are taken to ensure that the retail offer at Leytonstone is sufficiently strong, enhanced and diversified enough in order to minimise the inevitable leakage of trade to Stratford Shopping City. Leytonstone needs at this time to specialise and establish its offer building on its established reputation as a location with a distinctive and diverse retail mix.
   
• 2012 Olympics
  The 2012 Olympics presents Leytonstone with a potential windfall of economic opportunities for growth in many sectors of the local business community. In particular, the Olympics will bring procurement opportunities of a scale and range unknown in Leytonstone’s recent commercial history. Other benefits and gains include significant improvements in the local transport infrastructure as well as increased community and sports amenities serving the area. These are likely to have a positive impact by promoting an improved perception of the area which may translate into higher property values and greater investment confidence.
   
• Climate Change
  A change in the choices we all make in relation to our everyday activities is vital to protecting both our global and our local environment. Through the E11BID we want Leytonstone businesses to lead the way by supporting policies and initiatives which clearly demonstrate the borough’s commitment to making responsible and sustainable choices in their everyday practices. Through the E11BID we want Leytonstone to become an Energy Transition District (ETD). Essentially, being an ETD means having a strategic commitment to support and encourage the business community to embark on a fossil energy descent. This dependency is reduced pro-rata with the increase in alternative, viable and renewable energy sources. By making Leytonstone an ETD, businesses will both save money and contribute toward the sustainable aims and objectives of Local Agenda 21, which protect our local and global environment.
   
• Pilot Baseline Contract and Monitoring Zone
  New and improved monitoring and operational arrangements can significantly support the Council’s core ambition to improve the standard of its baseline services and operations in the E11BID area. The E11BID Company will support and work in close partnership with the Council to achieve its aim of ever improving standards of excellence in service delivery and customer satisfaction. Together we will design and introduce a pilot baseline mechanism and monitoring arrangement for the Leytonstone business district.