Invapay – The Grimsey Review: An Alternative Future for the High Street

Below is a link to The Grimsey Review: An Alternative Future for the High Street. Invapay hopes you will welcome the thirty one recommendations  it contains, which, when implemented, will kick start the transformation of UK town centres and high streets to make them fit for purpose for the twenty first century.

The economic health of our towns, which drive much of the economic health of the UK, depends upon a strong vision, robust business plan and clear direction that must be established through a Town Centre Commission for each location. Our research revealed that more than half of local authorities that we approached have no plan at all for their high street. This is a recipe for the continued deterioration of high streets, which could be turned into community hubs and given the chance to thrive again.

Over the last 25 years the retail and leisure industries have changed immeasurably through out of town developments and now the use of modern technology is going to reshape consumer behaviour again. Our towns need to prepare properly and adapt accordingly. The Town Centre Commissions will enable that future to be mapped out, empowering local people to take control of their high streets and give them a better future.

This, however, will cost money. Recommendation 29 is asking the retail and leisure industries to help that process and get our town centres back in shape. It says:

“Make it compulsory for national retail and leisure chains to invest 0.25% of one year’s sales (2014) into a local economic development fund to sponsor local start up businesses in a similar way to the Prince’s Trust. This would be a one-off levy. We are recommending that these funds (Approx £550m) be part of a trust with trustees from the big contributors. This money will be used to fund the Town Centre Commissions and the business planning process that they will need to follow”.

Download the full report below.