Time to Reinvent Struggling High Streets
- City centres in England and Wales overly dependent on retail
- Retail accounts for twice as much space in struggling city centres compared to successful ones
- Newport and Blackpool have high retail dependency with many vacant shops
- Offices, housing, and public spaces needed in city centres
- Reimagining city centres for diverse businesses and footfall
A new report by Centre for Cities, supported by Capita, highlights the over-reliance on retail in city centres across England and Wales. The research reveals that struggling high streets have too many shops and not enough commercial space for offices or housing/leisure. In successful city centres, there is three times more office space than retail. Newport and Blackpool are examples of cities with high retail dependency and vacant shops. Andrew Carter, CEO of Centre for Cities, suggests reimagining city centres as diverse business locations and attractive destinations. Giulia Bunting from GL Hearn emphasizes the need for tax reforms, government support, and flexible platforms to regenerate these areas.
Factuality Level: 8
Factuality Justification: The article provides accurate information from a reputable source (Centre for Cities) and presents a clear argument about the need for a shift in city center composition to support economic growth and attract more businesses and people. It also includes expert opinions on potential solutions.
Noise Level: 3
Noise Justification: The article provides relevant information about the overdependence on retail in city centers and suggests alternative uses such as offices and housing. It also highlights the need for economic diversification and government support to address the issue. The article includes insights from experts in the field and offers potential solutions. However, it could benefit from more data or examples to further support its claims.
Financial Relevance: Yes
Financial Markets Impacted: The report highlights the challenges faced by struggling city centres with high retail dependency, which can impact local economies and commercial real estate markets. The call for business rates reform and support for regeneration suggests potential implications for property investors and companies in these areas.
Financial Rating Justification: The article discusses the financial challenges faced by city centres with over-dependence on retail and the need for diversification, which can affect local economies and commercial real estate markets. The mention of business rates reform also has implications for companies operating in these areas.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: The article discusses challenges faced by high streets and city centers, but does not mention any extreme event. It suggests reimagining struggling city centers as places for various businesses and repurposing vacant shops.
www.retailsector.co.uk