Northumbria lecturer has local plans to beat recession
Mar 12 2009 by David Old, The Journal
MUSIC stores and bookshops could be replaced with small butchers and florists in a bid to save the high street.
With the credit crunch claiming big-name retailers by the day, experts believe the future could lie with local businesses working together.
Shoe shops, clothes stores and music outlets have all fallen victim to the recession in recent months.
And the gaping holes in the high street are forcing town halls up and down the country to re-think how to preserve city centre thoroughfares.
Richard Slack, principal lecturer in accounting and finance at Newcastle Business School, Northumbria University, said market towns such as Hexham and Morpeth could benefit from schemes currently being pioneered elsewhere.
He said: “One of the knock-on effects of big retailers closing down is there isn’t going to be a big demand from retailers to take space over so there won’t be the collection of services on the high street that consumers want. There is also the danger that footfall will drop. If people are doing more grocery shopping online they not going to be passing the stores on the high street
“Some locations are offering local consumers effectively a loyalty discount, which local retailers can sign up to. It may be something that will be looked at in some market towns around the North East – such as Morpeth or Hexham rather than in city centres.
“High street shops could club together to provide customers with a 10% discount that could, in the long term, actually serve to sustain the high street into the future. All the high street shops could become a mini conglomerate to defend themselves against the large supermarkets. The local bakers or florists would then be able to be very competitive and it would produce a very local economy.”
