Moving towards Regenerative, Community-Owned Systems: A Solution for the Failing High Street
Introduction
The decline of the high street is a concerning issue that has been increasingly exacerbated in recent years. Many factors, such as changing consumer habits and the rise of online shopping, have contributed to this decline. However, underlying these factors are the extraction mechanisms that the high street currently operates within. This article outlines why the high street is failing due to these mechanisms and emphasizes the need to transition towards regenerative, community-owned systems.
The Extraction Mechanisms of the High Street
Centralised Ownership:
The high street is dominated by businesses and chains that have to consider their operational bottom line over community well-being, rent and over heads have to be met and in order to meet those, they have to focus upon sale value, margins and a transactional economy based upon money. Frequently, decisions are made at the corporate level without considering the unique needs and dynamics of local communities. This lack of local ownership and control perpetuates an extractive mindset that focuses on maximizing short-term gains.
Rent Increases:
Rising rents contribute significantly to the challenges faced by small independent businesses. Landlords often prioritize profits, leading to exorbitant rent hikes that are unsustainable for small businesses. This results in a lack of diversity on the high street, as only larger, more financially stable businesses can afford the inflated costs.
Unfair Business Rates:
Many independent retailers face high business rates, making it increasingly difficult for them to compete with online giants and larger chain stores. This unfair burden, combined with rent increases, results in an uneven playing field that disadvantages small businesses and stifles entrepreneurship and innovation.
Moving Towards Regenerative, Community-Owned Systems
Local Ownership and Control:
Transitioning to community-owned systems would give local residents and businesses a vested interest in the success of their high street. Implementing mechanisms such as community land trusts or co-operative ownership structures can enable decision-making power to be decentralized and shared amongst stakeholders.
Regenerative Economics:
Regenerative systems prioritise the long-term well-being of communities, as opposed to the short-term profit-driven approach of current extraction mechanisms. They consider the economic, social, and environmental impacts and strive to create a sustainable and thriving high street that benefits the entire community.
Supporting Local Businesses:
Community-owned systems would focus on supporting and nurturing local businesses, encouraging diversity, entrepreneurship, and innovation. By providing favorable rent conditions, access to capital, and fostering a collaborative environment, the high street can become a vibrant hub where small businesses can flourish.
Emphasising the Social Aspect:
High streets can be reimagined as community hubs that prioritise social connections and local interactions. This can be achieved through the creation of communal spaces, community events, and the integration of cultural activities. By celebrating local heritage and fostering a sense of belonging, high streets can become places that people actively choose to visit and support.
Conclusion
The high street is failing due to the extraction mechanisms that currently dominate its operation. Transitioning towards regenerative, community-owned systems presents a solution that addresses the root causes of this decline. By prioritizing local ownership, supporting small businesses, and fostering a sense of community, high streets can regain their vitality and become thriving centers of economic, social, and cultural activity. It is crucial that we recognize the need for change and work towards creating high streets that benefit everyone involved.
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