FSB Releases Major New Report: The Future of the High Street
6th August 2024
A package of new measures has been unveiled to help transform life for small businesses on East Midlands’ ever-evolving high streets, in a major new report by the Federation of Small Businesses (FSB).
Supporting pop-ups and temporary use initiatives for new businesses, creating mobile phone-based loyalty programmes and providing accessible public toilets are some of the recommendations aimed at local government to help the East Midlands’ small firms thrive and grow.
The Future of the High Street report, published today Monday 5th August, calls for local authorities to create a specialised fund to support pop-ups, markets, and temporary use initiatives for first-time businesses to encourage new ventures and help them set up on the high street.
A total of 39% of high street small businesses across the UK say the availability of affordable commercial space is important for the future of an area. Ensuring temporary spaces are available will not only help fill vacant sites but also provide opportunities for small firms eager to launch on the high street.
The report, which features in-depth analysis following a large-scale survey of small businesses, also suggests a specialised fund to support a mobile phone-based loyalty programme for high street firms and launching community-specific online marketplaces to showcase local shops and services.
Jennifer Thomas, Development Manager for FSB, said today:
“It’s important that small firms across the East Midlands are provided with the right environment, infrastructure and flexibility to be successful – and in turn help grow their local economy.
From the core high street issues of business rates, parking and transport to more innovative asks, this report sets out a raft of recommendations to try to revive our town and city centres and ensure our small businesses are well supported.
Local authorities can play a pivotal role in improving the experience of a high street, encouraging more people to visit, shop and invest there, and we look forward to working closely with them.
Our high streets have been through many changes and will continue to evolve - and that’s why it’s so important that the small businesses at their heart are well-equipped for the future.”
The survey found local businesses in the East Midlands saw a range of closures on their local high street since the beginning of the Covid-19 pandemic, including: retail stores (70%), hospitality (64%), banks (62%), post offices (21%), entertainment venues (20%).
