What is a BID?
A Business Improvement District (BID) is a business-led partnership focused on improving and enhancing commercial areas within a designated area through locally raised funding and investment.
The Hatton Garden Business Improvement District (BID) will provide a collective voice for the business community, playing a vital role in the enhancement of the area to preserve its special assets and celebrating its uniqueness as a destination.
There are many benefits of BIDs and key aims are to;
- Stimulate economic growth and investment
- Improve public realm through sustainable investment
- Understand the diversity and scale of the business community and provide a collective voice to market and promote the area
- Support a range of activities for local businesses and employees
BIDs are gaining traction in the UK with over 50 BIDs now established in London and over 250 across the UK. Other established BIDs in London in the neighbourhood include - InMidtown, Farringdon & Clerkenwell BID, Camden Town Unlimited and Fitzrovia.
The Mayor of London and wider GLA family, strongly endorse the concept of BIDs and their role in ‘place shaping’. BIDs are included in the Mayor’s Economic Development Strategy (EDS) and the London Plan which highlights how BIDs are a great way of bringing diverse local businesses together.