Right now, Melbourne stands at a pivotal moment, facing both immediate and long-term economic challenges, which will have an enormous impact on the future of this city.
Properly addressing these challenges and revitalising Melbourne’s economy will require nothing short of a transformative plan. 💡
… And #TeamHakim has that plan. ✅
Inspired by the Business Improvement District (BID) model, we’re proposing a plan that’s uniquely Melbourne: our Experience Improvements Districts (XIDs) Policy.
❓What are BIDs? BIDs are geographically defined areas where local businesses collaborate on collective projects to improve their trading environments. Funds are pooled through a membership fee to finance improvements such as enhanced public spaces, marketing campaigns, and initiatives that increase foot traffic.
❓What are XIDs? XIDs are an evolution of BIDs, with a focus on transforming public and business spaces into experience-driven precincts. This shift aligns with Melbourne’s transition to a hybrid working model and post-pandemic recovery.
Team Hakim’s XIDs Policy will create vibrant business precincts through strategic public-private partnerships, sustainable investment, and creative placemaking – positioning Melbourne as a global leader in emerging industries.
Key features of XIDs:
⚡Experience-centric: By integrating art, culture, and technology, XIDs will create engaging environments that enhance community connection and boost foot traffic.
⚡Day and night economy: By promoting initiatives like outdoor markets and cultural events, XIDs will drive economic activity throughout the day and night.
⚡Sustainability: By prioritising green infrastructure – such as solar panels and urban green spaces – XIDs will reduce costs and attract sustainable investments.
⚡Innovation hubs: By fostering shared spaces for digital games, biotech, and clean tech, XIDs will make Melbourne a global hotspot for innovation.
⚡Local empowerment: By empowering businesses and communities to shape their economic landscape through democratic decision-making, XIDs will ensure initiatives reflect local needs and aspirations.
Cost and benefits:
With a proposed $150 million investment over five years, our XIDs Policy promises immediate job creation, increased business turnover, and enhanced property values.
Global success stories like London’s West End, where BID initiatives resulted in a 30% business turnover increase and 2,000 new jobs, make us confident that XIDs will result in a similar success story for Melbourne.
Sound exciting? We think so too. If you want to know more, here’s a more in-depth explanation of Team Hakim XIDs Policy.