London’s recovery “hinges on high streets”

The Mayor’s recovery mission could “hinge on high streets” and a London High Streets Board should be put together to enhance and drill down plans for London’s reopening, according to a new report from the London Assembly Economy Committee published today.

Two thirds of Londoners live within a five-minute walk of one of London’s 1,204 high streets. The Assembly’s new report highlights that without the boosting of high street business, a slow economic recovery is far more likely.

Londoners have rediscovered the benefits of having handy shops just a walk or cycle away, with a friendly face behind the counter. Businesses have had to adapt to meet customer and safety needs, developing online shopping offers or click-and-collect options. The London Assembly says that now is the time to develop detailed plans since the Government’s economic reopening roadmap has been unveiled. By supporting thousands of local businesses back onto their feet, the Mayor can build a successful high streets recovery mission.

The London Assembly has put forward five key solutions to support high street recovery:

1. Establish a London High Streets Board to analyse threats like COVID-19 and be consulted on building economic recovery. The Board will need a range of business sectors of all shapes and sizes and community representatives to deliver the right solutions for the capital.
2. The Board should have a strategy for tackling vacant premises and advocating on behalf of businesses on permitted development rights to make sure high streets are not damaged by gyms, shops, banks and more being turned into residential properties without going through the planning system.
3. The Board should prioritise lobbying on business rates to ensure that reforms deliver for London businesses, and should ask Government to level the tax playing field between online and in-person companies.
4. The Board should prioritise Business Improvement Districts, asking for increased financial support with a specific fund from the Government.
5. The Board should balance online and offline retail to revitalise high streets by working with the Mayor to develop a long-term strategy to drive footfall, help businesses take advantage of new technology, support low-waste stores like refill shops, and be prepared for new consumer behaviours.

Chair of the London Assembly Economy Committee, Leonie Cooper AM, said:

“The pandemic has changed the way Londoners live, work and shop forever. People have started to reconnect with their local high streets, but before the second wave of COVID-19 spread across the UK smaller city centres had almost entirely recovered people visiting them. In London, footfall only went back up by a third.

“Local businesses know what local residents want and need. With the Government announcing the reopening roadmap and COVID-19 vaccinations rolling out quickly, London businesses and Londoners should know what that means for the city’s renewal in the coming months, and a London High Streets Board could greatly assist in this process.

“London’s recovery will partly hinge on its many local high streets. Before COVID-19 hit the city’s economy, there were 127,715 local businesses open in the capital’s neighbourhoods, that is about a quarter of the city’s commercial makeup. It is time to reap the rewards of reopening by doing it right and setting up a London High Streets Board. Getting this right will really allow us to build back local and build back better, fit for the new, more local future.”

Download High hopes: Supporting Londons high streets in the economic recovery