DIYWEEK.net

An influential retail property trade organisation has written to the Prime Minister today, urging action to help regenerate Britain's flagging high streets.
With retail development at its lowest ebb for 30 years, the British Council of Shopping Centres says it is vital to overcome the viability problems that are now being experienced.

In an open letter to David Cameron, the BCSC emphasises what it says are the pressing matters blocking the industry's development pipeline, and the action needed to turn towns around.

Principally, it says, Government must push harder for a 'town centres first' policy at local authority level. It has been clearly-stated Government policy since 1996, yet its implementation is inconsistent, according to the BCSC. The private sector cannot be expected to invest in town and city centres without reliable application of policy at local level, it argues.

Secondly, the BCSC says a private-sector-led Tax Increment Financing programme must be considered. This approach to TIF allows projected increases in business rates revenue to be used to secure private sector investment in public infrastructure, bridging the gap between securing funding and starting on site.

BCSC president Peter Drummond, commented: "The Prime Minister's appointment of Mary Portas was an important step, but we strongly believe that Government now needs to take more decisive action to encourage investment in town and city centres.

"High streets and shopping centres fulfill leisure and community needs as well as retailing ones so constant investment and refreshment is vital, but the private sector needs supportive policy to make it viable."