UK high streets urgently require strategic support to ensure their survival and growth.
Recent findings from the Federation of Small Businesses (FSB) highlight the critical measures needed to rejuvenate local retail areas.
Strategic Funding Initiatives
The FSB’s Future of the High Street report underscores the necessity of funding for pop-up shops, control of parking price increases, and reformation of business rates. These initiatives aim to bolster community engagement and economic activity in local high streets.
Small and medium-sized enterprises (SMEs) can serve as the cornerstone of a vibrant and inclusive future, provided they receive the appropriate support. However, the challenges are manifold, with business closures and a lack of diverse independent businesses posing significant threats.
Key Threats to High Street Viability
The most pressing concerns identified by businesses include a sharp decline in consumer spending (70%), diminished footfall (47%), and rising crime and anti-social behaviour (47%).
Additionally, 49% of respondents criticised local parking facility management, indicating poor infrastructure as a substantial hindrance to high street success.
Diverse independent businesses are crucial, and 57% of firms believe their presence is essential for high street survival and growth. A significant number of businesses have observed an increase in closures post-pandemic.
Recommendations for Local Government
Local authorities are advised to establish permanent High Street Manager roles to focus on the health and growth of retail areas, including monitoring vacant properties.
Creation of dedicated funds to support pop-up shops, markets, and temporary use initiatives for first-time business owners has been suggested as a critical measure.
Other recommendations include the launch of Women’s Enterprise Support Funds to aid female-led startups and the implementation of Disruption Mitigation Action Plans for high streets affected by long-term construction.
Parking and Traffic Management
Free parking should be provided on at least two Saturdays per month, taking into account local events and commuter patterns to ensure optimal access for consumers.
It has been proposed that traffic management zones be created with demonstrated support from local businesses and communities to avoid negative impacts on business deliveries and emergency services. Traffic zones should be designed with a clear purpose to support economic activity.
National Government Initiatives
The national government is encouraged to elevate the threshold for small business rate relief to £25,000 and allow businesses to claim relief for multiple properties.
To maintain fairness, business rate revaluations should occur annually instead of every three years, ensuring that rates reflect current market conditions and do not disadvantage high street retailers.
A national task force for High Streets Economic Development is proposed to improve local authority capabilities in investing in essential infrastructure and supporting major projects.
Technological Integration and Tourism Promotion
The integration of technology is crucial, with proposals for funds to help high street businesses expand e-commerce and develop mobile-based loyalty programs.
Additionally, VisitBritain and VisitEngland are encouraged to feature local high streets in tourism campaigns, enhancing visibility and footfall through domestic and international tourism promotions.
Ms. Tina McKenzie emphasised the pivotal role of young entrepreneurs in revitalising high streets, advocating for support that facilitates their transition from online to offline business environments.
Future Outlook and Policy Interventions
Forward-looking policies are essential to adapt high streets to the changing economic landscape. Policies must enable small firms to grow, ensuring high streets evolve into appealing destinations.
High streets must be accessible and convenient, with support systems nurturing businesses to remain competitive. Robust and anticipatory policies are pivotal at this juncture to maintain resilience and adaptability in local retail areas.
In summary, the FSB’s report provides a comprehensive roadmap for revitalising UK high streets.
By adopting these strategic measures, local and national governments can create a conducive environment for high streets to thrive, ensuring long-term socioeconomic benefits.
