Opportunity knocks for UK High Streets
You may well have missed it in the post-Christmas dinner haze, but on Boxing Day 2020, the government announced a £255 million funding package for 15 High Streets in England. The timing of the announcement of this first tranche of cash from the government’s £830 million Future High Streets Fund might have been unorthodox, but it was a positive reminder that even in the darkest hours of the pandemic, plans for economic recovery are firmly on the front foot.
As welcome as initiatives like this and the government’s £3.6 billion Towns Fund (that will offer financial assistance to around 100 English towns) are, they were devised before Covid-19 knocked most local economies for six. For many High Streets to not only recover, but also reach their true potential, we believe new funding packages will be necessary and we have every reason to believe that the UK government, as well as the devolved administrations in Scotland, Wales and Northern Ireland, are currently working up new financial aid schemes.
Of course, not all High Streets were struggling pre-Covid and some will bounce back relatively quickly once pandemic-related restrictions are relaxed. But for those places which could benefit from a public sector cash injection, how can they ensure they are top of the pack as and when new packages are announced? It’s worth noting that competition for funding will be fierce, so only the most convincing applicants can expect to succeed.
The P-THREE team’s extensive experience of High Street regeneration means we have a wide-ranging understanding of both potential gains and pitfalls. Here are our four top tips for local authorities to take pole position:
Vision – articulating place purpose, relevant policies and big picture ambitions, as well as who will be responsible for achieving clearly-defined goals, are a must; Town Deal applications were based largely on this single factor.
Ready projects – having key sites correctly allocated in local plans, with the development sector engaged – is a definite advantage as demonstrating deliverability can make the difference in securing funding.
Catalyst occupiers – as we move away from an era in which single anchors like department stores kick-started regeneration, understanding which occupiers (not necessarily retail ones) will create a domino effect and bring in others is key.
Town centre environment – developing a plan to maintain and evolve a successfully-regenerated High Street can be crucial.
I’m convinced that High Streets have a bright future, but to fully succeed, those responsible for the infrastructure (local authorities) and those who will create economic growth (occupiers) will need to understand each other better so they can work more co-operatively, something that will ultimately benefit both sides, as well as the places they are reviving.
Article by Justin Taylor, Co-founder of P-THREE
Photo credit: The Meanwhile Project
