Can Investment Revitalise Town Centres? - ATCM 2025
Panel discussion on ‘The End of Additionality’ with Lisa Carlson, Danielle McRorie-Smith, Nic Durston and Alex Flint.
ATCM Place Management Conference 2025: The Future of High Streets and Local Growth – Can Investment Revitalise Town Centres?
While local governments face financial challenges, a parallel crisis is unfolding on the high street. The 2025 ATCM event examined post-COVID retail investment, local growth strategies, and the role of BIDs in shaping the future of towns and cities.
High Street Challenges and Investment Trends
Dr Steve Norris of LSH provided a detailed overview of the state of the high street:
14% of high street shops remain vacant
9% of retail park units are empty
18% of shopping centres have vacant stores
Online retail now accounts for 27% of all sales, a figure dwarfed by China’s apparent 80% online shopping rate
High streets are also struggling with rising costs—from staff wages to business rates, rent, and energy bills—making it harder for businesses to survive.
Success Stories in Regeneration
Despite these challenges, several local investment projects have delivered real benefits:
Corby Town Fund & Investment Plan: Half of the funding was used to regenerate a neglected town-centre building.
Tilbury Town Fund: Created a youth zone featuring an indoor sports hall, climbing wall, and fitness suite.
Stockton’s transformation: A failing shopping centre—three times the size of Trafalgar Square—was converted into a park connecting the River Tees with the high street.
However, concerns remain over unspent funding, highlighting inefficiencies in project delivery and planning resources.
The Role of BIDs in Local Growth
A key debate focused on whether BIDs (Business Improvement Districts) are becoming more critical than ever. Nic Durston (British BIDs) argued that despite financial uncertainty, BIDs are securing more external funding, positioning themselves as essential economic players.
Danielle McRorie-Smith of STP noted that BIDs are being asked to do more with less, as government funding shrinks. The success of the Edinburgh Tourism Levy (expected to generate £60m instead of the original £40m forecast) demonstrates the potential of targeted levies if it can be channelled back into the communities that created it.
Alex Flint of Nottingham BID emphasised that councils' financial struggles have actually strengthened BIDs’ influence. Nottingham BID, for example, now holds six-monthly reviews with its levy payers, proving transparency in spending.
Case Studies in Local Growth: Falmouth & Chelmsford
Two standout case studies showcased effective council-BID partnerships:
Falmouth:
Hosted the Tall Ships Race (cost £350k, generated £3m GVA for Cornwall)
Delivered town-wide public WiFi, covering 7 square miles
Used community ownership funding to upgrade theatre spaces and historic gardens
Chelmsford:
Sarah Tupper, BID Manager for Chelmsford highlighted the importance of the people that build the partnership between BIDs and councils, and ensuring you get the right councillors on your board who together can use their networks effectively.
Introduced a Women’s Safety Charter in partnership with the council
Leveraged the BID’s strong social media presence to engage businesses
Found innovative ways to raise revenue and build trust between BID, levy-payers and council.
The Path Forward
ATCM is advocating for major local government finance reforms, including business rates modernisation and increased local investment powers. While funding challenges persist, BIDs are emerging as key players in economic resilience, proving that even in a crisis, towns and cities can thrive with strategic investment and partnership working.
