Strategy to improve vibrancy of Isle of Man’s retail, hospitality and leisure sectors announced

Business Isle of Man, an Executive Agency within the Department for Enterprise, has today published its draft Local Economy Strategy which sets out a 10 year vision to ensure the Island remains a great place to live by increasing the vibrancy of our retail, leisure, and hospitality sectors.

The draft Local Economy Strategy is built on the principle of providing residents, Local Authorities and businesses with the tools to drive positive change and enable them to take ownership of their local areas.

To achieve its vision, the Strategy details clearly defined goals, objectives and actions, categorised using three policy pillars; Infrastructure & Place Management, Enterprise & Consumer Experience and Local Empowerment & Partnerships. Priority action, put forward by the Strategy, will be taken to:

• Transform underutilised and vacant spaces
• Invigorate high streets and catalyse vibrancy
• Encourage increased consumer choice
• Reduce barriers to business
• Develop effective town partnerships
• Empower Local Authorities by creating new funding routes

The Strategy advocates adopting a local-first approach and includes the creation of a Local Economy Fund, accessible to Local Authorities and Trader Groups.

The Strategy has been published in draft form whilst further consultation is undertaken over the summer, to facilitate the development of a detailed implementation plan to be published in autumn.

Tim Johnston MHK, Minister for Enterprise, commented:

‘The draft Local Economy Strategy sets out a framework to secure the economic health of our high streets and urban centres, and facilitate a local economy which is thriving, sustainable and distinctively Manx.

‘Extensive consultation and research across numerous stakeholder groups has been conducted to bring forward this draft Strategy. This has enabled us to compile a strong evidence base to inform an approach which encourages investment, initiatives and ideas that will see significant results over the coming decade.

‘I acknowledge that our local economy has faced challenges in recent years. This Strategy provides us with a robust foundation and direction to ensure a secure, vibrant, and sustainable future for these sectors, addressing current issues while laying the groundwork for long-term success.’

The draft Local Economy Strategy encompasses twenty strategic goals that address the challenges determined by research and capitalise on the strengths and opportunities identified.

Tim Cowsill, Chief Executive Officer, Business Isle of Man, commented:

‘Understanding the impact of this strategy is crucial. It is not a one-size-fits-all approach and tailored plans will be developed for Douglas and each town across the Island, with monitoring of impact through metrics such as footfall, the number of empty shops and future town audits.

‘Whilst measures implemented earlier this year went some way to alleviate certain pressures, we recognise we needed a long-term plan in place to deliver meaningful and sustainable results. I hope that the draft Local Economy Strategy will drive forward positive change by uniting local area stakeholders and contributing towards community led decision making.’

Business Isle of Man will gather feedback on the draft Local Economy Strategy through an online survey and a series of direct outreach sessions scheduled across the Island. The draft Local Economy Strategy and details on how to provide feedback can be viewed here.