Share

‘Pick and mix’ strategy needed to cut high street retail vacancies

A new study by Ryden finds there is no “single solution” for tackling rising retail vacancies in Scottish town centres.

The report, commissioned by Business Improvement Districts Scotland (BIDS), details a variety of strategies for local Business Improvement Districts (BIDs) to ‘pick and mix’ from to address the issue of empty high street shops.

The study is based on detailed market analysis and a review of existing best practice. A seminar involving BIDs across Scotland to share knowledge and experience also helped to inform the report.

Within the paper, Ryden details possible strategies under the themes of partnership, agency, landlords, planning & development, funding opportunities and temporary measures from which Scotland’s BIDs can handpick. The firm, which is respected for property market research, said there can be no ‘one size fits all’ plan to reduce vacancies because town centres are unique and retail markets are complex, so local BIDs would need to select from the strategies to create a bespoke plan to address their own issues with empty shops.

Ian Davison Porter, Director of BIDS, says: “Retail voids are a concern to town centre practitioners across Scotland, detracting from the look of the high street and giving a negative impression to shoppers, whilst often being a measure of the vitality or vibrancy of a town. This report will be used initially by managers in town centres that are business improvement districts (BIDs) to form a piece of collective work across the town centre BIDs to develop robust local strategies to address vacant properties. ‘I believe that strong local partnership work combined with a formal strategy to address vacant properties can make a difference in our town centres and local high streets’. ‘We will share the report with others across Scotland who have the same issues in their town centres’.

Dr Mark Robertson, Ryden Partner and author of the report, says “Rising vacancy levels are a concern in most Scottish town centres. Buchanan Street in Glasgow is the only location in Scotland that tends to be 100% occupied. Generally retail demand remains low and nationally vacancies are around 15% against a backdrop of weakening consumer spend, hence the need to consider ways to address the problem and revitalise town centres at a local level.”

The vacancies report is just one approach being pursued to contribute to BIDS’ goal of improving the trading environment for the businesses involved in their districts, while contributing to local communities’ wider regeneration and asset management aspirations.

BIDs Scotland was incorporated as a company in 2009 and leads the Scottish Government’s BID programme across Scotland. It has been established to support and encourage the development of Scottish BIDs and to aid the regeneration and asset management of towns and villages, business parks and tourism and visitor areas. There are currently 9 town centre business improvement districts in operation, with a further 18 town centre BIDs in development and enquiries from tourism and visitor areas, cultural quarters and single sector BIDs.

165 views