BID Foundation Chairs latest Sector Leaders Group amidst energy and inflation pressures
20th June 2023
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On the 19th June, The BID Foundation chaired the latest meeting of the Sector Leaders Groups, joining colleagues from DLUHC and a range of leading membership bodies to share priorities for the high street and town centres.
The Group includes organisations such as the British Retail Consortium, British Property Foundation, British Beer and Pub Association, and the LGA. The High Street Task Force shares its own updates from supporting 152 locations around England.
The Group recognised Task Force analysis that shows the range of different local strategies required on high streets – from rebranding to creating new partnerships and governance to deliver plans.
BIDs impact as placemakers is key
The BID sector was cited by Matthew Davis as key source of placemaking capacity and advocates for places, which have invested over £1bn in towns and cities since 2004.
Amidst the number of economic challenges currently hitting operators on high streets, this type of place activation work is still required, and has helped the footfall recovery witnessed in the UK since 2021.
Key economic concerns
BIDs share the same type of pressures and priorities felt by other organisations and sectors at present. Consensus on key issues included
- There is still a number of significant businesses trapped in extortionate energy contracts despite the return of lower cost prices. Although OFGEM is listening there is a lack of pace in addressing these businesses which are at grave threat.
- There is also anecdotal evidence to suggest that hospitality businesses are being quoted higher rates for energy than other sectors.
- A high street footfall recovery is fully in evidence – but it’s hiding the squeezed profitability of many businesses due to cost price inflation.
- Business rates relief is still very much on the agenda of ‘asks’ for a number of sectors, alongside support for energy costs. At present, there is little clarity about what future governments may do to address this disincentive to local investment and unit occupation.
The BID Foundation will continue to work with its sector partners and the High Streets Task Force to surface these issues and campaign for support and policy innovation.
About the author
Formed in 2006, the Institute of Place Management is the international professional body that supports people committed to developing, managing and making places better.