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A NEW DAWN
FOCUS 16
be a step too far, it is certainly the case that re- designating the shopping areas of some towns and introducing new uses to other areas could help alleviate the issue. With fl exible planning policies and a new, fairer business rating system, it should be easier to shrink the bloated retail presence and bring in more homes, offi ces, and community services such as libraries and surgeries. These improvements, along with pedestrian-friendly street layouts, ubiquitous Wi-Fi access and ample cheap or free parking, should restore the high street’s position as a social place rather than just a shopping centre.
To encourage investment in our high street, the government and HMRC would need to ensure that the tax impacts of creating these new environments are proportionate and do not create a barrier to development. For example, investors and landlords should be able to achieve tax deductions for improvements to the public areas where currently it is not clear that this can be achieved.
CB Richard Ellis’s Mark Teale feels that, in such a win-win scenario: “… consumers get better shopping, shop occupiers make more money, shopping stock appreciates in value, investors get higher returns and the local authority gets greater rating income.” High streets that are managed as single shopping centre assets are also more likely to attract substantial funds from turnaround players, private equity and foreign investors.
However, change of this magnitude calls for sustained support from central and local government, retailers and communities, and, if effective, could usher in a new era that satisfi es the dual aims of civic engagement and commercial success.
David McCorquodale UK Head of Retail T: +44 (0) 131 5276718
david.mccorquodale@
kpmg.co.uk
CHANGE OF THIS MAGNITUDE CALLS FOR SUSTAINED SUPPORT FROM
CENTRAL AND LOCAL GOVERNMENT, RETAILERS AND COMMUNITIES, AND, IF EFFECTIVE, COULD USHER IN A NEW ERA THAT SATISFIES THE DUAL AIMS OF CIVIC ENGAGEMENT AND COMMERCIAL SUCCESS
© 2014 KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and a member fi rm of the KPMG network of independent member fi rms affi liated with KPMG International Cooperative, a Swiss entity. All rights reserved.
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