Social Impact the Key to New Retail Development; IN ASSOCIATION WITH Rensburg Sheppards Clearer Guidance Needed, Says Research Report
Byline: BY TONY McDONOUGH Deputy Business Editor
RETAIL developments are an important mechanism in the revitalisation of communities, which will suffer from the current slowdown in the retail-led development pipeline, warns property organisation BCSC.
The industry body has revealed the findings of its latest research, published in conjunction with Business in the Community.
The research report - Retail-led regeneration: why it matters for our communities - was conducted by agents DTZ and identifies the wider benefits of retail developments including economic growth such as job creation and opportunity.
It also identifies quality of life factors such as improved public space and neighbourhood areas, new housing, an increased sense of civic pride, and community cohesion.
Liverpool received a major shot in the arm last year when the pounds 1bn city centre Liverpool One retail scheme was officially opened.
The research involved detailed analysis of socio-economic data as well as interviews with local stakeholders such as local authorities, businesses and community groups in each of the areas.
Martyn Chase, head of retail at DTZ and BCSC president, said: "With the retail development pipeline likely to be curtailed over the next few years, communities badly in need of investment and regeneration may suffer. …