Unveiling the Vitality of Britain's Key Town Centers: Assessing the Health of Your Local High Street
In the recently released Newmark Retail Vitality Rankings for 2024, Ashford has secured the second position. This impressive achievement is attributed to a series of positive improvements in the city's amenities, cultural events, festivals, low commute times, and high happiness rankings.
The top spot remains with Chelsea in west London, which surged to second place in the previous year's rankings. The success of these cities is noteworthy, especially considering the challenges faced by the retail sector in recent times.
Larger cities and shopping centres have seen the biggest spike in performance and footfall this year, but the road has not been entirely smooth. Retail bosses have expressed concerns about businesses being 'taxed out', with the Chancellor Rachel Reeves' Budget last year imposing £7 billion in higher costs on shops. This includes increases to employer National Insurance, the National Minimum Wage, business rates, and packaging taxes.
As a result, major retailers like Tesco, Morrisons, and Currys have had to axe jobs, and retailers including fashion brands Quiz, Seraphine, and accessories seller Claire's have collapsed. The hospitality industry is also suffering, with 84,000 jobs lost in the sector since the Budget.
The industry is now fearful of further tax hikes at the next Budget on 26 November. However, there are some cities that continue to thrive. Smaller cities like Bath, Brighton, and Edinburgh, with their generally affluent customer bases, have continued to rise in the rankings.
Cambridge, with its large number of customers, has maintained its position as the most thriving retail hub in Britain. Affluent residents, a growing student population, and a popular night-time economy have contributed to this success.
Kingston upon Thames came in third place in Newmark's findings, followed by Bath city centre, Bluewater shopping centre in Dartford, Wimbledon Village, and Milton Keynes. Knightsbridge in London, Leeds, and Westfield Stratford City also made it to the top 10.
In an effort to revive the UK's high streets, former Business Secretary Kwasi Kwarteng called for collaboration between government, local authorities, and private stakeholders. Redeveloping unproductive retail space into residential, office, or mixed-use schemes can help create more vibrant, multifunctional environments.
In the face of these challenges, it is clear that cities like Ashford are finding innovative ways to adapt and thrive. The retail landscape in Britain continues to evolve, and it will be interesting to see how cities adapt and grow in the coming years.
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