What is a BID? How can Australian cities use this model to breathe new life into our retail and mixed use precincts?
A Business Improvement District (BID) is a geographical area in which the local businesses have voted to invest together to improve their local trading environment. BIDs provide additional or improved services, as identified by the local businesses, to enhance the performance of the district. This could include major initiatives such as street activation and place making, to destination marketing, safety, cleaning or environmental measures. Presented by New West End Company, a global business partnership of 600 retail, restaurant, hotel and property owners, they represent the world’s top shopping and leisure destinations. Working across 74 London streets, anchored by Bond Street, Oxford Street and Regent Street, New West End Company will guide delegates around the district to experience the benefits of the BID model.
1. How a BID framework can be scaled to support a mixed use precinct, a high street, or a CBD retail precinct
2. At a time where Australian bricks and mortar retail is struggling, what are the opportunities to adopt a BID in Australia?
3. How to bring together disparate interests to advocate for precinct-wide investment