I’ve spoken in previous posts about the City of London Corporation’s Destination City strategy
The concept was borne out of the back of the Covic-19 pandemic, where working from home had materially changed the operating environment within the Square Mile, particularly for SMEs who were struggling financially to recover from being closed for so long, then having such reduce footfall. The core ambitions of Destination City are that:
- It is the City of London Corporation’s growth strategy for the Square Mile as a world-leading business and leisure location.
- It is delivering a seven-day-a-week Square Mile that is a global magnet for businesses and residents, visitors, and workers alike.
- Attracting new businesses and people to a dynamic and thriving City is vital for the Square Mile’s future. Destination City supports a first-class culture and leisure offer that is a crucial part of growing our vibrant Square Mile to support London and the whole United Kingdom.
- Encouraging footfall and spend in the Square Mile as a means of post-pandemic recovery.
One of the main pieces of feedback Members had was that there is an overwhelming amount of events and opportunities in the City, but it’s really poorly co-ordinated for both local residents and workers, but also the visitor experience was quite poor. As a result, a new consolidated website was created to try and bring everything together in one place – available here.
How does Destination City contribute to economic growth?
- The City of London is driving strong economic growth with a record-high 615,000 Square Mile jobs. Destination City is maximising the Square Mile’s appeal for workers and businesses by offering an unmatched culture, leisure, and hospitality scene, and improving pedestrian connectivity, and, with a first-class service for our firms.
- Business in the City is booming, with the tech industry driving strong job growth. To remain the leading global financial centre, the Square Mile needs broad appeal to attract business and that is what Destination City is designed to achieve.
- Financial and professional services is one of the most productive industries in the country, contributing a record £110bn in taxes in 2023, equivalent to 12% of total UK tax receipts, more than the government’s annual education budget. By strengthening the Square Mile, Destination City is playing a leading role in the success of the whole United Kingdom.
Key features of the Destination City programme
- The UK is a cultural superpower and the Square Mile plays a central role in its ongoing success. The City of London Corporation contributes over £130m in capital for culture and provides culture for the capital. We manage a range of world-class cultural and heritage institutions, including the Barbican Centre, Tower Bridge, Guildhall School of Music & Drama, Guildhall Art Gallery, the London Archives, and Keats House. We also support the London Symphony Orchestra, and the London Museum.
- The City of London Corporation is partnering with the Greater London Authority to build a new world-class London Museum which will become a cultural and economic cornerstone of Destination City.
- Under the City of London Corporation’s new sport strategy, our ambition is for the Square Mile is to become a global destination for sport by 2030. Celebrating and maximising the positive impact of sport for all our stakeholders is integral to our Destination City ambitions for economic growth across the City.
- The City of London Corporation is using its planning powers to create a welcoming and vibrant Square Mile for businesses, residents, and visitors alike. We work with developers to create world-class free-to-access public spaces such as Horizon 22 and the Sky Garden, so that the City of London can be as attractive and as inclusive as possible.
- The City of London Corporation manages over 180 individual parks, gardens, churchyards, plazas, and other smaller sites in the Square Mile, worth over £126 million every year in benefits to society.
- As part of the Square Mile’s leading leisure offer, we have experiences to cater for everybody, attracting people to spend time in the City and boosting our global competitiveness. The Square Mile is home to almost 1,000 outstanding licensed premises, with 16 of them benefitting from 24-hour licenses, and over 300 serving alcohol after midnight. Over 140 pubs, cafés, bars, and restaurants offer al fresco seating, boosting the City’s vibrancy.
So how is Destination City performing?
- Our footfall data for April 2025 showed significant growth compared to previous years, with over 10.5 million visitors or workers coming to the Square Mile. This represents 28% more than April 2024. Average footfall increased for each day of the week, with the largest increases on Tuesday (+39%) and Sunday (+42%).
- Footfall May 2024 to April 2025 – Total Footfall: 122,328,070, Compared to previous 12 months: +10%
- April 2025 Footfall – Total Footfall: 10,535,640, Compared to April 2023: +23%, Compared to April 2024: +28%
City’s Gross Value Added (GVA) Hits £109.2bn—Highest of Any UK Local Authority
New data from the Office for National Statistics, released in April, highlighted the continued growth of the City of London’s contribution to the UK economy.
- The Gross Value Added (GVA) for the City of London was valued at £109.2 billion for 2023, the highest for any local authority area in the UK. Adjusted for inflation, the City’s GVA has increased by 37% last ten years.
- The financial and insurance services sector makes up over half of the City’s GVA (valued at £60.1 billion), followed by the professional services sector (valued at £18.4 billion).
City Highlights
Royal Exchange now open on the weekend! As As the Royal Exchange opens its doors on Saturdays, this iconic site has now become the ultimate day-off destination with extended hours to meet increased demand on the weekend!
‘Feel the Sound’ at the Barbican: A bold new multi-sensory exhibition, inviting you to explore the Barbican’s Curve gallery, foyers, and Lakeside as a listening device guides you through immersive installations.
Welcome to the Square Mile: Health and well-being are central to the City’s offer, reflecting the priorities of today’s workforce. Spin-enthusiasts will be delighted to welcome Psycle to the Square Mile with the opening of their brand-new studio at 40 Coleman Street, Bank.
Voices of the Square Mile: City of London Unveils Bold Programme for LFA2025: We’re pleased to share the City of London’s programme for the London Festival of Architecture (LFA) 2025—a city-wide celebration of architecture and placemaking this June. This year’s theme, Voices, sparks conversations, amplifies underrepresented perspectives, tests new ideas, and showcases emerging talent. Visit the City’s LFA Destination Page to find out more.
The Destination City Partnership Fund
At its core, Destination City is built on partnerships. The new DC Partnership Fund offers grants from £1,000–£10,000 to co-fund bold, innovative projects in support of our objectives. Organisations are encouraged to apply now!
