An investment of £5bn is needed to boost UK high streets and city centres, think tank says.
A new report by Centre for Cities, titled Checking out: The varying performance of high streets across the country, reveals the regional inequalities across UK high streets and their vacancy rates.
According to the research, regions such as Bradford and Newport have nearly one in five shops empty in their city centres, compared to London and Cambridge’s estimated one in 10.
To account for the disparities, the report argues the size and average income of the catchment, as well as the economy’s location and its visitor spending rates contribute to performance trends.
The authors said: ‘In most struggling places people have got too little money to spend to sustain a thriving high street.’
‘A struggling high street is the outcome of a struggling economy, not the other way round’, they added.
As part of its policy recommendations, the report suggests the Government should ‘reform the business rates system’ and provide an investment of £5bn to help renew city centres.
The report also urges local government to increase catchment sizes by improving housebuilding on brownfield sites bordering city centres, as well as supporting visitor economies where possible.
.png)
