The UK requires up to 5 billion to rejuvenate town and city centres, characterized by areas like Bradford and Blackpool facing higher shop vacancy rates than London. A study revealed significant variability in high street health across regions, urging authorities to focus on developing housing and high-paying jobs to enhance local spending power. Retailers advocate for decreased business rates and lower parking fees as approaches to revitalize struggling high streets. However, the report indicates that merely reforming business rates is insufficient, as the core issue is economic viability and local spending capacity.
The health of high streets across the country has varied significantly, with areas like Bradford, Newport, and Blackpool showing double the empty shops compared to London.
Retailers have called for reduced business rates, lower employment taxes, and cheaper parking fees to support high street revival efforts.
Affluent city centres are able to shift toward dining and leisure due to residents having disposable income, while poorer areas lack this economic foundation.
The report asserts that a struggling high street reflects a struggling local economy, emphasizing the need for economic revitalization over mere cosmetic fixes.
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