The future of the UK’s high streets lies in the past

MIPIM 2019: The reinvention of town centres and high streets will be a return to the values of yesteryear, according to panellists at EG’s “Town Centres 2050” debate at MIPIM 2019. As retail occupiers scale back, challenged by online shopping and shifting consumer priorities, urban centres will be built on mixed uses that draw communities together, the panel said. Revo president Ed Cooke said: “Places driven by retail that paid the most money need to recognise that that is not the future. To change the dial and for it to be viable, people need to accept that the ways they used to do business aren’t fit for purpose – and that might mean taking a bit of a haircut in some places.” “What we will see is a change to other uses,” added Steve Eccles, project director at First Base. “Think back to a Victorian high street: it was a mix of independent retailers, residential units, offices, jobs and transport. That’s what we will see in the reinvention of the high street.” Eccles said occupiers that drive this forward will focus on one-to-one experiences and interactions. “We will see a hark back to Victorian times,” he said. Traditional values Sadie Morgan, director at architectural firm dRMM, argued that a shift to yesteryear really boiled down to traditional community values. “It’s about the ethics that drive places and spaces,” she said. “You don’t go back to the past in terms of the tools you need; you go back to the past with the things that really matter.” Newly emboldened local authorities pitching for grants from the Future High Streets Fund need to be strategic with their investments, said Morgan, adding: “There needs to be a vision and masterplan behind it, so they don’t just get the money and throw it at problems.” Steven Norris, director of regeneration at Lambert Smith Hampton, said: “Local authorities are driving this – they are borrowing money that they are going to have to pay back at some point, and they’ve got to make sensible investments.” He pointed to council investment in Altrincham Market in Trafford, Greater Manchester, which features independent businesses, a food hall and events space. It has been hugely popular with the community, and as a result has halved vacancy rates in the area. “It has been a catalyst for driving the wider regeneration of that town centre,” said Norris. He added this was evident in other areas in the North, with new regeneration schemes such as Nottingham’s Boots Island site looking to follow suit. “That ability for town centres to take a more creative approach – it’s almost going back to that old corner shop,” added Norris. “We are seeing a rise in the butcher, baker, candlestick-maker, where it’s all about customer service, because online is faceless.” He said that these community activities may come at a premium, but that people were willing to pay more for the social benefits. However, Eccles added: “There is no one-size-fits-all for the high street. You look at the different approaches of some of the forward-thinking local authorities – leisure, culture or civic. What this will all boil down to is the long-term social and economic value.” The panel Ed Cooke, president, Revo Dr Steven Norris, director of regeneration, Lambert Smith Hampton Steve Eccles, project director, First Base Sadie Morgan, director, dRMM Chaired by Damian Wild, editor in chief, EG In partnership with       EG is proud to continue its role as official media partner at the world’s leading property market event. With a focus on promoting UK investment through a global lens, click here to follow the latest news, read EG’s new investor guides and keep up to date with social media. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette