London's West End is set for a major transformation as part of efforts to attract an additional 50 million visitors a year by 2020, which have been unveiled by the New West End Company (NWEC).

The group, which represents 600 businesses on Regent Street, Oxford Street and Bond Street, has set out six aims that are designed to further develop the area as a retail and leisure destination. NWEC proposals include a major event to coincide with the capital's Cultural Olympiad and the development of a visitor pavilion on Oxford Street ahead of the 2012 Games, as well as 20 public spaces to increase visitor "dwell time".

One of the six priorities also incorporates plans to prioritise pedestrians using the streets, which will include the introduction of shopping hours, an increase in the number of diagonal crossings and 50 per cent more pedestrian space. NWEC chair Dame Judith Mayhew Jonas said: "We have embarked on an ambitious redevelopment and rejuvenation of London's West End over the past 10 years and today sit at a crucial crossroads.

"It is imperative that we sustain our current momentum going forward, not just in key public realm improvements but across the board in all our initiatives and lobbying."