London’s West End has secured £25m investment over the next five years, after retailers voted to keep the New West End Company managing the area.

After 85% of retailers voted for the New West End Company to continue to manage and promote the area, the group, which represents retailers in the West End, confirmed the investment in Bond Street, Oxford Street, Regent Street and the 22 connecting streets.

New West End Company chief executive Richard Dickinson said the challenge is “building on the legacy of London 2012” and that area must continue to “evolve” and to “strengthen” its offer.

Dickinson added: “We are ready to roll out our plans to combat increased competition from international overseas markets, Europe and locally, as well as the internet, to ensure the retail district grows share of wallet from domestic and international shoppers.”

Hamleys head of retail and marketing Nigel Wheatley said: “We must continue to work together as we collectively push the politicians and authorities to support the West End as a key retail driver for the economy.”

New West End Company claims the West End generates an annual spend of over £7.5bn, up from £5.5bn since the company’s inception in March 2005.