The Federation of Small Businesses (FSB) has called for a specialised fund to transform the UK’s High Streets.

In a new report, the organisation said that a new fund could help to finance mobile phone-based loyalty programmes, accessible toilets and support for pop-ups and temporary use initiatives.

It said that these measures would ensure that the High Street “meets the needs” of future shoppers and entrepreneurs.

Additionally, the FSB recommended that local High Streets should be showcased in major tourism campaigns and suggested the launch of community-specific online marketplaces.

Almost 40 per cent of small business owners surveyed for the report said the availability of affordable commercial space is important for the future of an area.

The FSB said that making temporary spaces available will fill vacant sites as well as provide opportunities for smaller companies looking to expand their business.

Falling consumer spending is the biggest risk to the High Street according to 70 per cent of those surveyed, with around half citing crime and antisocial behaviour as a threat to the future of the High Street.

Since the beginning of the Covid-19 pandemic, the FSB said there have been a range of closures on most High Streets. Retail stores accounted for 72 per cent of closures followed by hospitality businesses at 69 per cent, while banks made up 58 per cent of closures.

Tina McKenzie, policy and advocacy chair at the FSB, said that High Streets must be helped to evolve and keep pace with changes in consumer behaviour.

“Our small businesses are an integral part of the high street and will be central in leading the transformation of their local economies,” she added. “By providing the infrastructure, flexibility and digital connectivity that modern businesses demand, High Streets will have the resources available to become resilient, dynamic hubs ready for the future.”

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