The Federation of Small Businesses (FSB) has called for ”more support and innovative thinking” to help improve life for small firms on UK high streets, with aid for pop-ups, well-maintained and accessible toilets, and community-specific online marketplaces amongst its recommendations.
It also reveals that a range of statistics affect life on the high street, from business rates and parking to vacant units and transport. Creating mobile phone-based loyalty programmes and showcasing key streets in major tourism campaigns are some of the recommendations set out to revive the UK’s village, town and city centres.
The Future of the High Street report, published today (5 August), builds up a picture of life for small firms in and around the high street and sets out a plan to help transform them into places that meet future needs and support the next generation of entrepreneurs, which is essential for a thriving economy.
Pop-up and temporary stores can be key to this, the FSB believes. With more than a third (39%) of high street small businesses saying the availability of affordable commercial space is important for the future of an area, ensuring such spaces are available will not only fill vacant sites but also provide opportunities for small firms.
The research also found that plummeting consumer spending (70%), falling footfall (47%) and crime or anti-social behaviour (47%) are the biggest risks to high streets according to the small firms based on them, and that around half (49%) of high street small businesses say parking facilities are managed poorly on their local high street.
Business rates remain a huge burden on high street small businesses, with the current Small Business Rate Relief (SBRR) a key part of their survival. Almost half (49%) of high street small businesses say they would not survive without SBRR. The research also found that more than half (54%) of high street small businesses would invest in or grow their businesses if the SBRR threshold was increased from £12,000 of rateable value to £25,000. The FSB believes this increase would be a crucial step in allowing small firms to further foster growth.
Tina McKenzie, policy and advocacy chair at the FSB, said: “Our small businesses are an integral part of the high street and will be central in leading the transformation of their local economies. By providing the infrastructure, flexibility and digital connectivity that modern businesses demand, high streets will have the resources available to become resilient, dynamic hubs ready for the future.
“Before the General Election, we were pleased to see Labour’s emphasis on improving life on the high street for small firms. It’s now time for the new Government as well as local authorities to put these plans into action and ensure they are fully supported.”
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