Power to Change has called on the government to fund community businesses, which can work alongside charity shops and not for profits, to help regenerate British high streets.
A new report from the Centre for Regional Economic and Social Research at Sheffield Hallam University, commissioned by Power to Change, looks at how community ownership is key to levelling up high streets.
Currently 16% of shops on Britain’s high streets stand empty, and Power to Change is calling for a new high street buyout fund to make community ownership accessible and help local communities take over and repurpose important empty buildings on their high streets.
It is specifically calling on government to invest £100m of Levelling Up Fund money to help capitalise the fund.
Nick Plumb, policy manager at Power to Change said traditional charity shops can thrive simultaneously alongside community businesses.
“Indeed, many community businesses will run charitable services – providing low cost meals that tackle food waste, selling pre-loved clothing or employment and skills support – from their high street premises.”
He explained: “Community businesses are owned, run by and for their local communities, and are focused on developing services that meet the needs of local people.”
The report found that community businesses support new and emerging forms of economic activity; slow down and prevent gentrification; create clusters of activity supporting other businesses; create conditions that support high street revitalisation and support the development of policy and funding to better support high streets.
It said that community-owned spaces contribute £220m to the UK economy, and 56p of every £1 they spend stays in the local economy, compared with just 40p for large private sector firms.
Plumb said: “A high street buyout fund will help local people overcome the barriers they face, such as access to money at speed, in taking ownership of their high streets. We need this radical action now to ensure our much-loved community spaces survive and thrive.”
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