A brilliant evening discussing and debating the ever increasing importance of Business Improvement Districts #BIDs ??
As President of the Lambda Alpha International (LAI) London Chapter, this was a great topic for this global land economics society to explore given their origins in Canada and the US. Great to see so many LDN Collective members there too
It was a real treat to hear from the CEO's of BIDs from the City of London (Fleet Street Quarter & Eastern City BID), the West End (Heart of London Business Alliance) South London (Brixton Business Improvement District ) and East London (Stratford Original BID) ??
Funded directly by businesses, BIDs have become hugely influential across London. There are now 70 of them, bringing in vital investment and forging dynamic partnerships with the public and voluntary sectors, as well as with other BIDs.
??In addition to their traditional role of ‘safety and sanitisation’ they have gone on to be directly involved in destination-marketing, regeneration, placemaking, ESG and employment initiatives.
??They have a clear vision and long term strategy for the design and curation of public realm, which makes them investable
??They can adapt to neighbourhood-specific needs and priorities, shifting from events and festivals ('fun money'!) to safety and security.
??They can respond to economic shifts like COVID-19, when many BIDs helped businesses survive. Or the decline of transactional retail in favour of experiential and immersive brand engagement
??They can fund infrastructure improvements, including streetscapes, signage, and public parks, with social and environmental benefits. This can be especially beneficial for boroughs where public funds are limited.
??They act as a unified voice for businesses within the district, fostering collaboration and communication in a bottom up way (coalition of the willing). By organising local stakeholders, they create a sense of pride and collective responsibility.
Some of the challenges from the audience included place curation and fragmented ownership (a speaker from Milan pointed out that even a McDonalds can fit in if it's designed well!) ??
BIDs have evolved and are even taking on statutory powers now, so it's a good time to start thinking about alternative models like Community Improvement Districts or Health Improvement Districts. Lots of food for thought, the ingenuity and positive outcomes are undeniable.
Huge thanks to my fellow LAI London Exec Team Mark Davy for organising, Laura Mazzeo (and Gardiner & Theobald LLP) for hosting, Frances Heeney for Chairing and Tanisha Raffiuddin for filming and promoting ??
#LAI #LandEconomics #LDNCollective #Wearecitymakers #collectivelyspeaking