Retailers have voted in favour of a second term for the New West End Company, which operates the area's Business Improvement District.

The vote means a new five year mandate for the body, starting in April and£34 million of investment for improving the environment in the area of Oxford Street, Regent Street and Bond Street.

This will be funded partly by a levy on retailers through business rates, which will be matched by investment from London mayor Ken Livingstone, as the West End attempts to keep its status as a world-renowned shopping destination.

The first job for the NWEC will be to find a new chief executive, following the departure of its first boss Gary Reeves. A new appointment is expected in January.

The West End will come under increasing pressure next autumn when the giant Westfield London centre opens a short distance away at White City.

“The West End is one of the best-known and most popular retail destinations in the World, but is increasingly facing newer and stronger competition," said Selfridges chief executive Paul Kelly. "The renewal will deliver further vital improvements for the area and provide a real return on investment for West End retailers.”