TrustNews Sep 21

The future of Winchester and its high street

Dr Paul Spencer, Executive Director, Winchester Business improvement District (BID)

 

 

During the past 18 months, businesses have had to deal with unprecedented situations and challenges most business people would never have expected to be facing before the COVID-19 outbreak. However, many have become resilient and are adapting their operations to work for them, their staff, and their customers and clients.

 

 

The pandemic has accelerated trends in online shopping, flexible working and home working, which has had a significant impact on town and city centres, with footfall falling and vacancy rates rising in many places. But there has also been a renewed appreciation of our local areas, and more people choosing to support local businesses.

 

A new role for city centres?

 

Place leaders up and down the country are rethinking the purpose of their centres, and the need for multi-purpose locations, combining retail and hospitality amenities with residential, education, healthcare, cultural, technology, community and more. We are also rethinking office space for collaboration, creativity and culture. Transport links are being reconsidered as well as additional infrastructure requirements, and what needs to be done to ensure our towns and cities continue to be vibrant places to live, work and visit.

 

Recovery in Winchester

 

Thankfully, Winchester is beginning to show signs of recovery. Footfall remains below 2019 levels at the moment, but is improving and will reach pre-pandemic levels as more office workers, students and visitors return. Vacancy rates are falling, and we have seen existing businesses expand into new premises, businesses which left the city returning, and new businesses opening (some examples include Forte Kitchen and The Hatch, inn The Park, Shoal, Starbucks, Jigsaw, Basil Leaf Deli, River Mini Market, Mountain Warehouse, Sass and Edge, Bella Ling, Anita's Kitchen, Trethowans, Carl Scarpa, GM Salon, Winchester Makers and Barnet and Tutti). The city centre vacancy rate is 10.2% while the national average is 14.1%, and Winchester’s high street vacancy rate has fallen from 12.4% six months ago to 8.5% in mid-July.

 

 

Rising business confidence

 

Winchester Business Improvement District (BID) undertakes quarterly Business Barometer Surveys. The latest report indicates that business confidence is now on a rising trend and stronger sales performance is expected in the second half of 2021. The financial position of many businesses has improved, although there remains concern for some as government support is withdrawn and loans start to be repaid.

 

Nationally, online sales fell at their fastest rate ever in June 2021, decreasing by 14.1% compared to June 2020. They are expected to rise by 9% this year and to remain static in 2022 -a marked contrast to online sales growth of 46% in 2020.

 

As consumer confidence grows, we are seeing a greater willingness to return to the high street. Online sales are expected to account for approximately 28.1% of total sales in 2022, which means that in-store sales will be over 70% of total sales - the future is not online only, it is about consumer choice.

 

Looking to the future

 

 

Looking ahead we need to rethink our town and city centres, redesign how they work and ensure they evolve to meet the needs of the future. We must be imaginative - particularly in how we assess the potential for larger vacant spaces and repurpose them. We can also learn and take inspiration from other places. Gloucester and Oxford universities are looking at empty department stores for laboratories, lecture theatres, libraries and seminar rooms. A new development in Maidenhead will include half as much retail space but double the number of units and flexible terms to create opportunities for independents and new businesses. Stockton has announced plans to replace part of its high street with a riverside park, and a new scheme in Trafford involves repurposing underused spaces for homes, offices, retail and leisure.

 

There are many examples of places which are taking radical steps to reinvigorate their town and city centres - which ones inspire you and what would you like to see in Winchester?

 

If you have a view on Winchesters high street, please do send it to editor@cityofwinchestertrust.co.uk for our new Letters page

 

 

Dr Paul Spencer