The UK government is taking bold measures to revive struggling high streets by implementing a radical plan that would require landlords to rent out unused retail units. According to a recent report from the Daily Mail, the proposed plan aims to combat the increasing number of empty stores and create opportunities for small businesses and community groups.
Under the new government initiative, local authorities will have the power to enforce a Compulsory Rental Auction, which will allow interested parties to bid on vacant commercial properties. This transparent process will ensure fairness and provide a chance for new businesses to take over these spaces. The plan is expected to be included in the upcoming Levelling Up and Regeneration Bill, to be presented in the Queen’s Speech next month.
The COVID-19 pandemic has exacerbated the challenges faced by high streets, which were already struggling due to the growth of online shopping. Fashion retailers, in particular, have been greatly impacted by this shift in consumer behavior. A recent report from the British Retail Consortium reveals that one in seven stores across the country currently remain empty, with the north-east of England experiencing the highest vacancy rate of one in five stores.
A government source highlighted the significance of this initiative in revitalizing towns and rejuvenating once-thriving high streets. The aim is to eliminate the prevalent sight of boarded-up shops, which have diminished the vibrancy and attractiveness of these areas. By encouraging landlords to rent out their vacant properties, the government intends to support local businesses, attract investment, and create a more vibrant and sustainable retail environment.
This proposed plan is in line with the government’s commitment to “level up” and address regional inequalities by revitalizing high streets throughout the UK. By incentivizing the use of empty retail units, the government hopes to stimulate economic growth and improve the overall well-being of local communities. This initiative will not only benefit small businesses and community groups but also contribute to the regeneration and reinvigoration of high streets, making them more appealing places to live, work, and visit.
To conclude, the UK government’s proposal to compel landlords to rent out vacant retail units demonstrates a proactive approach to addressing the challenges faced by high streets. By introducing a Compulsory Rental Auction and granting power to local authorities, the government aims to tackle the issue of empty stores and enhance the vitality of these areas. This initiative aligns with the government’s mission to “level up” and create thriving and prosperous communities across the country. Only time will tell if this plan succeeds in breathing new life into UK high streets and providing opportunities for businesses and communities to flourish.
Useful links:
– BBC News: Efforts to revive UK’s struggling high streets
– The Guardian: UK retailers call for support amid strict shutdowns
