Threat or promise of radical high street vacancy plan
April 19, 2022
A radical government plan to force landlords to let vacant high street stores that have been vacant for more than six months will be in next month's Queen's Speeach before Parliament.
The details are yet to be revealed so retailers are left wondering whether the scheme will be an opportunity to take up town centre premises at a discount or a threat as potential competitors get a cheap deal on rents and rates.
The plans in the new Levelling Up and Regeneration Bill will allow community groups and small businesses to take over boarded-up stores in a move designed to help regenerate town centres.
It is hoped this will reduce the empty shops that blight town centres. The collapse of chain stores have left many voids, with one in seven shops sitting empty, according to latest figures from the BRC and LDC.
Campaign group Save The High Street has backed the plans, saying they will ‘turn the vacancy crisis into an opportunity for positive change’.
The key issue will be what constitutes a "small business". The legislation may enable an exisitng out-of-town flooring flooring retailer the opportunity to extend into a high street outlet. Conversely, some retailers will worry that it gives man-and-van floor traders a chance to take premises at cheaper rates that the established stores in a town.
The intention will be to encourage micro businesses to flourish along with community groups and so brighten up town centres but, as always, the devil will be in the detail.
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