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| | | | 18/01/2016 | Retail Gazette, Veebs Sabharwal - Could this new initiative save Britain’s high streets? | | | | | Fragmented Ownership report outlines high street revival plans | | | | | Retail Gazette reports that a proposal to revive shrinking high streets is being launched today following the release of data that shows footfall in the UK’s town centres is continually declining.
According to Fragmented Ownership, a group of property experts and investors, argues that town centres need "investment zones" run by a single body that would be able to offer a package, rather than a disparate collection of shops.
In a report, it cites London’s Marylebone High Street, which has thrived because it has one owner providing "coherent leadership". The report adds that initiatives in Melton Mowbray, Weston-Super-Mare and Dartford have proved that "taking a more structured approach could bring about fundamental change".
The report , carried out by Peter Brett Associates with Bond Dickinson and Citicentric, signifies the latest attempt to try and save Britain’s high streets. Many high streets are claimed to lack proper "asset management" because of fragmented ownership, where multiple landlords and cash short local authorities have been unable to devise broad plans. It argues that town zones, in which a "critical mass" of shops and offices could be "pooled", could "unlock much-needed investment for local authorities and communities".
Liz Peace, Chairwoman of the Fragmented Ownership group, added that one of the obstacles for town centres was an "inability to change". She said that the report recommended pooling high street properties to allow assets to be "managed and curated". Asset management could include adapting properties to meet changing demands, introducing new housing or even concentrating food and drink outlets into one area, as in shopping centres.
The report also recommends that the Treasury and the Department of Communities and Local Government should develop a package of "special concessions", similar to enterprise or housing zones, that could be applied to town centre investment zones. It says that this would give a "real focus" for investors wanting to support the rejuvenation of failing or under-performing town centres.
Peace is the former chief exec of the British Property Federation and is leading the initiative with backing from the BPF, the British Council of Shopping Centres, the Greater London Authority and the Association of Town Management. |
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