Comment

New report highlights expenditure benefits of mixed-use town centre development

A recent report published by Centre for Cities, a think tank dedicated to improving the economic success of UK cities, has concluded that the strengthening of local economies will do more to boost Britain’s high streets than sprucing up the public realm, making rental reductions or changing the tax system to help struggling retailers.

The report, ‘What’s in Store? How and why cities differ for consumers’ [1], highlights that strong economies which boost consumer spending are needed to power town centres. The creation of high-skilled, high paying jobs, attract premium amenities and occupiers such as food, drink and leisure facilities which in turn can generate additional footfall and support the health of town centres. 

Whilst investments to broaden consumer offer, amenities and culture are also seen as beneficial, the report suggests that these should not be considered the primary tool for generating economic growth. Instead, the findings indicate that high streets supported by policies and initiatives that create skills, jobs and quality office spaces are most likely to generate economic spin-off benefits for town centres.

The report also recommends that rather than trying to improve the retail offer of our cities, the Government should prioritise employment generating uses through the Future High Street Fund [2], to encourage the provision of quality offices and employment spaces within centres. 

Centre for Cities’ findings reinforce Turley’s view [3] that the key to reviving struggling high streets is in providing a greater diversity of uses, increasing development density and reinventing retail spaces.  

We’ve developed a model called Full Circle to help quantify the spending power that every new resident, worker, student or visitor attracted to a mixed-use development brings with them to town centres. 

Full Circle has already proved to be a useful tool for councils grappling with the right mix of uses for their centre and for developers seeking to understand the positive impact that they can have on the high street.  

If you would like to know more about Full Circle, please contact Chris Pickup or Richard Laming for more information.  

Chris Pickup and Richard Laming will be at the Revo conference in Liverpool from 17 - 19 September. Get in touch if you would like to speak with one of the team either before, during or after the event. Find out more about the team here.

16 September 2019

[1] ‘What’s in store? How and why cities differ for consumers’ published by Centre for Cities (September 2019)

[2] Future High Street Fund applicable to England only

[3] ‘Making sense of mixed-use town centres’ report published by Turley (February 2019)