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by choosing small local businesses over large change the look of the high street, it has the
national chains. potential to bring life back to central locations
and make them a core part of the local
However, in the current climate, the question community.
is whether small retailers will have the
resources to withstand the increasing costs At KIS Finance we are seeing an increase
that all are now facing, with inflation at a 40 in applications for development finance and
year high and the cost of supplies, transport bridging loans to purchase and convert old
and electricity soaring. To help them reach a retail premises into new modern apartments.
widder customer base some small retailers
introduced home delivery and online options There was a 37% increase in applications
for the first time during the pandemic and to convert UK high street shops into living
many have now kept these in a bid to compete accommodation in 2020/21. However, nearly
with larger retailers. half of developer’s plans were rejected by
councils, showing that this option for empty
A sense of community appears to be a retails space isn’t always a straightforward
strong factor influencing many consumers, one.
particularly during difficult times. What
initially started during the pandemic has now Retail expert James Child, retail analyst at
continued as the cost-of-living crisis deepens, Estate Gazette, says: “The challenge in the
but local retailers need to find ways to retain future will be ensuring that locals have real
this level of good will. reasons to actually visit these locations, and
create more than a row of shops, but proper
Local retailers adapting to survive destinations. There needs to be a reduction in
Small shops and businesses can maximise the amount of retail space, replaced with other
their chances of maintaining their new mixed-use schemes and residential elements
customer base by focusing on what large to encourage locals to engage in their local
retailers can’t offer; a personal, human areas. The high street of tomorrow will be
touch. Whilst large companies’ data bases easily accessible, safe, clean, and able to be
may remember your birthday or recommend enjoyed by all.
products you may be interested in based Town centres and high streets must be at the
on your last order, this is impersonal and forefront of engagement in their communities,
automated. Only small, local businesses can listening to what people want as opposed to
connect with their customers in a real way and giving them what they think they want,” James
build up genuine and beneficial relationships. says. “Introduce more housing into central
locations, make parking free to encourage
A shift from retail space to residential units further footfall, but the biggest take away
Many town centres are seeing an increasing surely has to be – make your high street
number of applications to convert commercial interesting again.”
retail spaces to residential use. Whilst this will
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