Business Community

Business Community

 

Fitzrovia is distinctive due to the relatively high ‘daytime’ population (with around 5 million people visiting the West End each week, in comparison to the number of residents in the area. Evidence of high resident turnover in the private rented sector, combined with a large the number of students  both living and commuting to the area contributes to a sense of fragmentation and transience amongst the local community. A large proportion of these daytime visitors are workers, with 30,000 recorded across the West End, in comparison to a resident population of 10,642.

Despite the visibility of large firms, 60% of jobs in the area are provided by small and medium enterprises with under 200 employees, of which a high proportion are firms of 50-199 employees, with just 22% of business employing 10 or more people. Westminster contains vastly more businesses that the Camden side of the neighbourhood. 99.55 of businesses are privately owned. Less than 10% of local businesses state they focus on health and education issues.

A significant change faced by Fitzrovia is the arrival of Crossrail at Tottenham Court Road which could be serving as many as 250 million visitors into and out of Central London by 2026 – the equivalent to some 166 million more passengers that use the three stations today. The impact of this could be to increase the demand for evening cultural and social activities for commuter and visitors, and to decrease the space available for use by the resident population.