Britain’s high streets face a deepening crisis, with a new report warning that as much as £5 billion in investment is urgently needed to reverse the decline of town centres. Empty shops, rising business rates, and the shift to online shopping have left many retail hubs struggling, prompting calls for major government and private sector intervention to prevent further collapse.
The study, conducted by a leading retail consultancy, highlights that nearly one in five high street stores now stand vacant, with some towns seeing vacancy rates exceed 30%. Traditional retail giants have been hit hardest, but the fallout extends to cafes, banks, and local services, creating a ripple effect that depresses footfall and economic activity. Experts argue that without significant funding, the decline could become irreversible, with lasting damage to communities and employment.
Proposed solutions include cutting business rates, converting empty units into housing or leisure spaces, and improving public transport links to attract shoppers. The report also urges local councils to work with landlords to reduce rents and repurpose underused buildings. However, critics say piecemeal measures won’t suffice, demanding a coordinated national strategy akin to the post-pandemic recovery plans seen in other sectors.
With the Treasury under pressure to act, the question remains whether the government will commit the billions needed or leave high streets to fade into obsolescence.
REFH – newshub finance
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