This pack contains information on the current economic conditions in town and city centres and measures which have been taken to regenerate them, as well as regeneration policies which have been used by previous governments and policy announcements by the new government.
Assessments of the economic condition of high streets
The High Streets Task Force
The government’s High Streets Task Force, in its 2023 Review of High Street Footfall in England, found that traditional shopping activities are no longer the main driver of visits to town centres, and evening and leisure activities are now just as likely a reason to visit a town centre. It identifies four key themes for high streets post-covid:
- Footfall is up 3.5% (2023 vs 2022) but is still down 9% on expected levels post-COVID (since 2019)
- The patterns of peak days and months for high street visits haven't changed post-COVID (since 2019)
- Evening economy increase of 2% means footfall at 7pm now matches 9am
- 2023 may signal the end of retail as high streets' dominant function.[1]
The Centre for Cities
The Centre for Cities’ Cities Outlook 2024, published in January 2024, says that a decline in the economic performance of city centres equally affects commerce in other towns and villages in the region, and that busy city centres drive demand in other local centres:
There’s no doubt that several towns outside the Greater South East are struggling, but the reasons for this are often found in their nearby cities. Big cities should be leading the regional and national economy, as is the case with comparable cities on the continent, creating wealth and opportunities for people who live in and next to them. The fact that they don’t is bad news for neighbouring towns and villages. While a region’s prosperity is disproportionately generated in these large centres of production, it is spread much wider. Centre for Cities showed in September how ‘trickle out’ is a thing – large cities provide prosperity for the towns and villages around them. But because they aren’t generating as much prosperity as they should be, there is less for residents in these towns and villages than there should be. Politicians of all stripes need to recognise that while cities won’t provide all the answers, it is hard to see a route to prosperity for struggling towns that doesn’t involve an improvement in the performance of their larger neighbours. The affluent towns and villages around London and Bristol are testament to this.[2]
Library briefings
The Library’s briefing on the Retail sector in the UK (11 October 2024) sets out key data and pressures facing the retail sector in the UK.
The Library’s briefing on Local growth funds (9 September 2024) is a summary of current government administered funds designed to support local economic growth, including
- The Levelling Up Fund
- The Towns Fund
- The Community Renewal Fund
- The Shared Prosperity Fund
- Investment Zones
- The Long-Term Plan for Towns.
[1] The High Streets Task Force, 2023 review of high street footfall in England (PDF), p3
[2] Centre for Cities, Cities Outlook 2024 (PDF), p4