An expert coalition could be formed to lure new local and national businesses to a regenerated and revitalised Union Street.
More than 170 business leaders and politicians packed the Douglas Hotel on Market Street yesterday for a four hour emergency summit on the future of Aberdeen's Granite Mile.
The meeting was called by Aberdeen Inspired and Aberdeen & Grampian Chamber of Commerce to address the need for immediate action.
The meeting began with a hard-hitting video showcasing the current state of some vacant buildings, alongside comments from locals on the decline of Union Street.
Click here to read the full Press & Journal report of the event
Vacant units
During one of the panel sessions, it was revealed that around 25% of commercial properties remain empty on what was once Aberdeen’s main shopping street.
Agents FG Burnett have counted 47 empty premises along the Granite Mile.
Across the city centre, including the three major shopping malls, there are around 300 retail units.
CBRE’s Derren McRae believes that about 100 are either vacant or have tenants not paying rent.
Coalition
A number of delegates raised the prospect of creating different zones on Union Street, with focussed development plans to bring offices, residential development and and fresh wave of leisure and retail.
The need for a new City Centre 'Tzar' was another recurring theme.
Ryan Crighton, Policy Director at Aberdeen & Grampian Chamber of Commerce, proposed the creation of a new Union Street Coalition, a corporate entity to spearhead the marketing and development of the retail and leisure offering on Union Street.
This private-funded entity would develop and own a five-year strategy to attract the best national retailers to a reinvigorated Union Street, whilst nurturing and possibly taking an equity stake in the best local companies, allowing them to move onto Union Street and flourish.
Its marketing and business development arm would "own the narrative and marketing of Union Street" and lead its business development efforts.
It would seek to identify and attract the best independent Scottish and UK businesses popping up in Edinburgh, Glasgow, Manchester and other cities, and draw them to Aberdeen City Centre.
It would also market the city in a new light: “a story of regeneration, a story of renaissance,” Mr Crighton said.
He highlighted a quick Google of Union Street soon brought up stories of urban decay and crime.
He said: “Controlling the message and imagery is what we need to do. And it is how we could lure new companies to Union Street from elsewhere.”
Investment
Mr Crighton also proposed that the Coalition hold an investment fund alongside an investment panel made up of business growth experts, and wily local operators who have scaled and exited in the past.
He said: "This panel could identify local firms with high-growth potential with a view to moving them into Union Street. If the rent is an issue, the coalition could take a small equity stake in the business to assist.
"The panel would also offer mentoring to these businesses to assist them through early growth and, ideally, a relatively quick exit for the coalition."
He added: "As a region, we have the enterprising spirit to engineer a brighter future for Union Street. But it’s going to take the people in this room, and many hundreds outside of it, to make it happen.
"But I am absolutely certain we can do it – and show other parts of the UK how you can regenerate a city centre."