In an ambitious move to revive England's flagging high streets, the UK's government has unveiled new powers set to take effect in the mid-year period.
Announced by the Department for Levelling Up, Housing and Communities, these measures empower local authorities to tackle the issue of empty shops through High Street Rental Auctions.
As Member of Parliament Jacob Young, Minister for Levelling Up, articulates: "We want to bring high streets back to life...these new levelling up powers will help do just that."
Innovative auction mechanism
Starting in mid-2024, local leaders will have the authority to manage vacant properties by auctioning rental leases to the highest bidder for up to five years.
This approach, which involves no reserve price, aims to make high-street properties more accessible to local businesses and community groups.
The hope is that this will increase foot traffic, boost local economies, and mitigate issues such as unemployment and antisocial behaviour that often accompany prolonged high street vacancies.
Kyle Eaton, a business insurance expert from money.co.uk, highlights the importance of community engagement in retail:
"Bringing a community-focused approach to high street properties can breathe new life into these areas, fostering a sense of ownership and pride amongst locals."
Financial and strategic support
The government is not just stopping at auctions.
A 'trailblazer' programme is also being launched to expedite the implementation of these powers, accompanied by a £2m ($2.54m) support fund to aid local authorities throughout the period.
The High Street Accelerators pilot programme will distribute £5m among ten areas to enhance the aesthetic and ecological aspects of high streets, incorporating greenery and public spaces.
Reflecting on the financial support, Eaton remarks: "This significant investment not only revitalises high streets but also ensures they are sustainable and pleasant places for communities to gather."
A sustainable blueprint for retail revival
As these initiatives roll out, the potential for transforming high streets into vibrant, community-centric spaces is immense.
With plans to expand these pilots if successful, the approach could set a new standard for retail environments across the country.
The introduction of the High Streets (Designation, Review and Improvement Plan) Bill further underpins the government's commitment to revitalising these areas.
This legislation mandates councils to develop and publish high-street improvement plans, ensuring ongoing attention to the vitality of these critical retail and social hubs.
As high streets prepare to welcome new businesses and customers, the integration of digital strategies and physical retail experiences could be pivotal.
Eaton advises retailers to embrace technological enhancements to stay competitive:
"Updating software, using effective antivirus solutions, and ensuring a user-friendly online presence can significantly complement the physical retail experience, making high streets attractive destinations once again."
Through these comprehensive strategies, the government aims to restore the glory of England's high streets, fostering environments where businesses thrive and communities flourish.
