How Can City Centres Recover From Declining Footfall?

Posted by The Landsite on 16th September 2023 -

The decline of footfall throughout city centres has meant that we have to think long and hard about ways to generate business growth, create opportunities for the local community as well as attract new businesses to the area.  

How can we turn it around? 

Conversion of commercial to residential 

As remote work persists, commercial offices face an ongoing struggle leading to prolonged vacancies.  The longer employees continue to embrace the hybrid work model, the greater the impact on traditional office environments.  As many firms are opting to cancel their existing office lease agreements, landlords and property owners are confronted with the challenge of finding new tenants. 

However, by repurposing these commercial spaces into residential units or attract local small businesses looking for new ways to source a local audience, it is possible to create vibrant communities within our city centres. 

Residential conversions can attract a diverse population, including young professionals, families, and retirees, injecting vitality into once neglected areas.  With more people chosing to live centrally, local businesses can flourish, creating a ripple effect of economic growth. 

Property Conversion: From Commercial to Residential

Conversion of commercial to retail 

The conversion of offices and commercial spaces into retail units has been an ongoing topic of interest post pandemic.  The recent success of landlords offering rent-free retail outlets to independent businesses looks to be a successful model currently being rolled out.  

An example of this can be found in Poole, Dorset.  Kingland Crescent has witnessed a remarkable revival thanks to a transformative initiative by its landlord.  By extending a generous offer of two years' rent-free to local, independent businesses, ten previously vacant shop units have been offered a lifeline. 

This forward-thinking approach has attracted local entrepreneurs and business owners, eager to seize the opportunity to drive their business, at the same time increase the number of local shoppers and tourists to the neglected shopping area.  As a result, the high street has seen a surge in occupancy, with bustling new businesses invigorating the once desolate shops fronts. 

This success story not only demonstrates the positive impact of providing rent-free space but also serves as inspiration for other communities seeking to revive their own urban areas.

A similar plan called ‘Meanwhile On: Oxford Street’ has been announced by Westminster City Council.  The £10M scheme offers nine units rent free to small business owners to launch their business as well as lower business rates by 70 per cent. The scheme also intends to offer marketing assistance, business support and fit out specialists. 

The aim of this initiative is to foster a supportive environment where start-ups can thrive.  Additionally, it stimulates job creation, as these fledgling businesses are more likely to hire local talent.  Furthermore, the presence of these innovative ventures attracts footfall and breathes life into commercial districts. 

Offering business and retail owners rent-free premises to incubate their ventures can be a catalyst for economic growth and innovation. By removing the financial burden of rent, entrepreneurs can focus on growth and refining their products, services, and business models. 

Looking to the future, it’s clear that the rejuvenation of urban cores can enhance the overall liveability, sustainability, and cultural richness of our cities, ultimately halting their decline.

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