City of London launches gift card to boost spending at Square Mile businesses
A new gift card for the City of London has been launched to make up for lost spending time during the pandemic.
The pre-loaded Mastercards of between £5 and £500 can be spent exclusively at participating businesses within the Square Mile.
More than 40 businesses, including Fortnum & Mason at the Royal Exchange, Suitsupply, the Lamb Tavern and Black Sheep Coffee, have signed up to the scheme which they hope will kick-start sales in the run up to Christmas.
William Russell, Lord Mayor of the City of London, said: “The City Gift Card is a fantastic, creative solution to help combat tough trading conditions and it is launching just in time for Christmas.”
Spending in the City of London suffered as more commuters and workers worked from home during the two national lockdowns.
The Centre for Economics and Business Research estimated that during the first lockdown £2.3bn of spending had been ‘lost’ in central London between March and July.
The gift card was created in collaboration with Aldgate Connect BID, Cheapside Alliance, Fleet Street Quarter and the Eastern City Partnership, alongside the City of London Corporation.
The gift card “demonstrates how organisations can work together to support their local ecosystem in the face of this pandemic” said Ruth Duston, managing director of Primera consultancy.