East London continues to be a popular location for startups, with over 7,500 of the 65,095 businesses that opened in London in 2012 found in the ELL boroughs.
There are high numbers of small businesses, with 89.65 per cent of all businesses across the ELL boroughs classed as small and medium sized enterprises (SMEs) employing fewer than 250 people.
Hackney and Tower Hamlets were two of the highest performing boroughs in 2012, with 2,140 and 2,395 new businesses respectively, exceeding the London average. The strongest sectors are professional, scientific and technical, information and communication, retail, and arts and entertainment.
The opening of the East London Line, which now links 20 of the capital’s 33 boroughs, has had a positive effect on encouraging local businesses, connecting 100 million passengers with east and south east London and opening the area for new business opportunities.
Local councils across the ELL boroughs are also investing in high street regeneration plans that will attract both new businesses and customers to the areas.
In Croydon, the council is investing £50 million in the Connected Croydon scheme to improve the borough’s high streets and transport connections, £23 million of which came from the London Mayor Regeneration Fund.
Hackney Council are putting £100 million into the development of the Hackney Fashion Hub, £2 million of which comes from the Greater London Authority Post-Riot regeneration fund. In Lewisham, £1.5 million of the Mayor of London’s Outer London Fund is being invested in the regeneration of Deptford High Street.
Over the next two days, ELL will be exploring the business landscape across our boroughs, from startups in Tower Hamlets and the art scene in Hackney, to the tech sector in Croydon and underperformance in Lewisham.
By Pippa Bailey and Serina Sandhu