Dramatic drop in footfall and passing tradeBen
OK, so we’ve all had enough statistical doom and gloom to last a lifetime over the past 18 months. How do we move forward? What’s Restore Our High Streets all about and why should you even both to read on? The short answer is simply this. Experience has shown that when big retail business confidence is undermined like this, it has a disproportionately negative impact upon surrounding small businesses.
This can lead to a deteriorating domino effect of independent retail and other small business closures because of the dramatic drop in footfall and passing trade.
Economists observe that relying on market forces alone to balance things out takes too long, meanwhile the pendulum swings to extremes. And it’s not just the retail face of towns and cities that suffer. As one influential landlord pointed out. When large retail spaces remain vacant for too long, the often-forgotten residential spaces above them becomes unviable and often follows suit. The net result is an exodus, laying the foundation for a whole host of community, commercial and social problems – not to mention substantial increases in local council and national taxes.