Is it time to rethink the high street?

We all know our high streets have been through a tough few years – and now, new research from the Centre for Cities puts a pretty big number on what it might take to turn things around: up to £5 billion.

Some of the worst-hit places include Bradford, Newport and Blackpool, where shop vacancy rates are more than double what we see in London. But the issue isn’t just about empty units or even high business rates – it’s about local spending power, and how many people actually live in and use those town centres day-to-day.

Places like London, Edinburgh and York have managed to reinvent their high streets with food, drink, leisure and tourism – and the numbers show it. In some of the wealthiest cities, £1 in every £4 is spent on eating out, compared to just £1 in £10 in less affluent towns like Stoke or Wigan.

It’s not just about income – it’s also about population density and footfall. Cities with more shops than people (relative to size) tend to struggle. Add in the impact of out-of-town retail parks, changing work habits and the rise of online shopping, and it’s clear our high streets need more than just a tweak to business rates.

That said, if you run a business on the high street or in a town centre, you still need to make the numbers work now – not just wait for long-term investment.

This is where I come in.

I help small business owners:

• Make the most of current tax reliefs and business rate exemptions
• Understand how changes to footfall and spending trends affect their bottom line
• Restructure their offering (or their finances) to stay competitive
• Assess the viability of new locations or hybrid models (like part-online, part-in person)

If you’re wondering how your local high street is shaping up – or what all this means for your own business plans – let’s talk. It could be the difference between surviving, and thriving.