Why do we need it?
Torquay was once a significant retail centre, hosting some of the very best luxury brands. It had a reputation for quality and attracted thousands of visitors to holiday here year after year. The era of cheap flights and package holidays abroad caused Torquay and other UK seaside holiday resorts to fall into decline. Over the past decade Torbay has lost 400,000 visitors and spending per head has decreased significantly.
This, coupled with the recent extensive redevelopments at Drake Circus Plymouth and Princesshay Exeter and the expansion of the out- of-town offer at The Willows, means that many residents in the Bay have deserted Torquay town centre in favour of the competition, which has contributed to a very sharp decline in Torquay’s retail heart. Above average vacancy rates (at 18% in the BID area) were apparent even before the impact of the current economic downturn.
A collective effort has to be made between business and the statutory authorities to find ways to turn the fortunes of the town around before the decline becomes even more severe. In an ideal world we might look to the Government and Council to provide additional services in order to raise standards; but grant funding is being cut in these harsh economic times, and so the reality is that rather than seeing an increase in funding the reverse is more likely to be the case. To do nothing cannot be an option. BIDs provide a mechanism that enables the public and private sectors to work together towards a common goal of enhancing and improving their trading area.
The BID initiative supports the long-term sustainability of town centres and will enable Torquay to regain its position as a viable and attractive retail centre for both shoppers and investors. It gives local businesses an opportunity to influence, at a practical level, how the town is managed in the future.