Everyone is aware of the difficulties currently facing many businesses, with fuel bills more than doubling and the cost-of-living crisis making customers think even more carefully about every purchase. However, despite these challenges, there are signs of confidence in Lancaster city centre.
The past year has seen a steady stream of new businesses opening. Recent additions to the city centre include Table Top Republic and Thai Thai Massage & Spa on Damside Street, Meet The Makers in Marketgate Shopping Centre, Seoul Food on Lower Church Street, Perilicious on Penny Street and Runner Duck Wine Room on King Street.
Further new businesses are set to open their doors soon including Geek Retreat in St Nicolas Arcades, Boba Boba Bubble Tea House on Market Street and Pure Vegan Café on Thurnham Street.
Lancaster BID Manager, Tony Johnson, said “It is very positive to see so many new businesses having the confidence to open in Lancaster city centre. It is particularly notable that so many of the new businesses are independent, strengthening Lancaster’s reputation for offering a unique mix of businesses which can’t be found elsewhere. With over 60% of city centre businesses being independently owned, everyone can be sure to discover their own favourite.’
Lancaster BID conducts a count of vacant units in the city centre each quarter. The abundance of new businesses has seen vacancy rates continue to fall and have now reached their lowest level for almost six years. More impressively, vacancy rates for Lancaster have dropped below the national UK level for the first time during the same period.
City centre footfall counters are also showing continued consumer confidence in the city centre. High Street footfall is continuing to climb from last year and is significantly closer to returning to pre Covid levels than the rest of the UK. For the year to end of August, Lancaster footfall was just 7.4% below 2019 levels for the same time period compared with a whopping 18.8% decline which is the average figure recorded across the UK.
With businesses busy planning ahead for the Festive season, it is a critical time to ensure the High Street can remain resilient and that the local community continue to show their support to all our local traders.
With Liz Truss now confirmed as the new Prime Minister, we hope that support packages for both businesses and individuals to help with energy bills and the wider cost-of-living crisis will be quickly confirmed to ensure our historic city centre continues to thrive.
