Plymouth City Council has submitted an expression of interest for funding to improve the city centre.
The £675 million Future High Street Fund aims to renew and reshape high streets by improving infrastructure, accessibility and experience. The fund will contribute up to a maximum of £25 million for a successful bid.
With major challenges including a decline in demand for shops due to online shopping, an ageing building stock and a declining footfall, the council says it is more important than ever to invest in the city centre.
Councillor Mark Lowry, Cabinet member for finance said: “The council has made regenerating the city centre a high priority and we have achieved a great deal over the last few years. However, the lack of Government’s interest and investment and the impact of its austerity measures over the last decade continue to stifle growth.
“This is a chance for the Government to put its money where its mouth is. Securing this funding would help us provide a better experience not just for Plymouth residents but also the tens of thousands of people who visit our city every week. It would support ambition for a bustling, lively city centre that supports more jobs and is an outstanding place to shop, visit and live in.”
Shoppers desert the high street in droves
The number of visits to town centres and shopping hubs in November dropped at the fastest rate since the recession, new figures suggest.
Footfall declined by 3.2 per cent last month, according to retail analysts at Springboard.
This was the sharpest November decrease observed since 2009, and researchers said it illustrated the Black Friday effect of driving more shopping online.
Diane Wehrle, Springboard's marketing and insights director, said: "Whilst online shopping was inevitably more prevalent than in other months, the vast majority of spending still remained in store and this is what Black Friday impacts adversely.
"Since 2013, when Black Friday became established as a key trading day, footfall has decreased in every year bar one and the only increase in 2017 was just 0.2 per cent."
The report also forecasts a 4.2 per cent decline in footfall during December 2018, a more severe drop than last year's 3.5 per cent.
Ms Wehrle said: "As we head into the zenith of the retail trading calendar, both retailers and consumers alike are in the midst of the greatest degree of uncertainty in recent times.
"However, the fact that the parliamentary vote is not taking place until the middle of December might deliver a slight glimmer of hope for some large ticket item retailers, as consumers may purchase now rather than later in an attempt to outrun inflationary pressures that are expected should the Brexit deal not be ratified."
Steve Hughes, chief executive of the Plymouth City Centre Company, added: “We have worked closely with the council in the preparation of this bid for government funding which would provide a huge boost to our joint ambition of revitalising the city centre. This will help us improve the look and feel of the city and attract more shoppers and visitors and help our shops and other businesses to thrive.”
If successful, the funding will help deliver the change set out in our City Centre Masterplan and policies in the Joint Local Plan. This could include Old Town Street/ New George Street retail and public realm improvements, West End branding and public realm improvements, Civic Square refurbishment and Colin Campbell Court redevelopment.
This expression of interest has been endorsed by Heart of the South West Local Enterprise Partnership.
