The Federation of Small Businesses (FSB) has released a comprehensive report, 'The Future of the High Street,' outlining strategies to rejuvenate the UK's village, town, and city centres.
Key recommendations include supporting pop-up shops, temporary business initiatives, and creating mobile-based loyalty programs to enhance the vibrancy and appeal of local high streets.
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The FSB advocates for the establishment of a specialised fund to facilitate these initiatives, addressing the significant need for affordable commercial space, as identified by 39% of small businesses.
The findings underscore the challenges faced by high street businesses, such as declining consumer spending (70%), reduced footfall (47%), and concerns about crime (47%). Despite these challenges, over half of the respondents (57%) believe that a diverse range of independent businesses is crucial for the sustainability of high streets. Good transport links and better-managed parking facilities are also seen as essential.
Tina McKenzie, policy and advocacy chair at the FSB, says: 'Our small businesses are an integral part of the high street and will be central in leading the transformation of their local economies. By providing the infrastructure, flexibility and digital connectivity that modern businesses demand, high streets will have the resources available to become resilient, dynamic hubs ready for the future.'
The full report can be found here.