From London to New York, Berlin to Johannesburg, something is happening in cities across the globe.
Firstly, people are migrating to major cities. Over half of the world's population now lives in cities, and these are the engines of growth for national and regional economies. Ease of travel means that people travel worldwide to visit leading locations, whilst global trading opportunities mean that major businesses base themselves in the most successful locations.
The second phenomenon is directly linked to this growth of cities. It is the creation of Business Improvement Districts (BIDs), each of which provides additional services funded by businesses. It is these additional improvements that are fast differentiating such global city destinations from each other.
Since Cambridge BID was first formed, the number of BIDs in the UK has grown to over 270. This includes most cities in the UK that Cambridge would consider to be its competition for visitors and new businesses. Each provides unique projects and services to its defined geographic area and delivers a return on investment for its business funders. The value of direct additional investment into BID areas in the UK is estimated to exceed £100 million per annum.
Cambridge is a world-class city and its competition and marketplace now are not just regional and national, but increasingly international. Over the next five years, Cambridge BID is committed to investing over £4.5 million of additional services to the city, thereby funding improvements that will help raise its profile still further and ensure a world-class experience for all.