BCSC 2012: The British Council of Shopping Centres has written an open letter to prime minster David Cameron, challenging the government to take more concentrated action to enable investment on the high street.
With retail development at its lowest ebb for 30 years, BCSC says there has never been a more important time to overcome the development viability issues resulting from the current economic conditions.
The letter asks Cameron to push forward with plans to introduce tax increment financing, a scheme that allows projected increases in business rates revenue to be used to secure private sector investment.
BCSC writes: “This valuable opportunity cannot be glossed over any longer at the expense of our town centres.”
The retail body goes on to add that the “town centres first” policy by government has been inconsistent at best and that the private sector cannot be expected to deliver town centre investment without consistent and transparent application of the policy.
BCSC president Peter Drummond said: “Government now needs to take more decisive action to encourage investment in town and city centres. High streets and shopping centres fulfil leisure and community needs as well as retailing ones, so constant investment and refreshment is vital, but the private sector needs supportive policy to make it viable.”
