Filling the voids: The role of business improvement districts in retail attraction

Abstract

In light of the voids that exist in the leasing ecosystem as a result of the incentive structures within which private sector actors operate, business improvement districts (BIDs) can — and in many cases, should — play a more proactive role in retail attraction, working closely with property owners and leasing agents to catalyse, elevate, shape and/or nurture the retail offer, not just for the benefit of the district as a whole but also the bottom-line interests of those same actors. With some notable exceptions, this sort of work has been largely confined to the US and would represent a significant shift in the UK context, though arguably one that makes a great deal of sense, given not only that the high street continues to struggle, but also that BIDs, not local authorities, are in many ways better positioned to spearhead and front such efforts. Drawing on observations and case studies from the author’s nearly 25 years of consulting work across the US, Canada and the UK, this paper carefully lays out the argument(s) in favour of a BID undertaking such an initiative, delves into the practical considerations that should inform whether to do so, details the specific functions it would entail, and discusses the changes in mindset it would demand. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.