The Business Exchange Swindon & Wiltshire Edition 59: February/March 2022 | Page 6

BUSINESS NEWS

PANDEMIC COSTS SWINDON OVER HALF A YEAR ' S WORTH OF HIGH STREET SALES

Covid-19 has cost Swindon more than half a year ’ s worth of potential takings since March 2020 according to Cities Outlook 2022 – an annual economic assessment of the UK ’ s largest urban areas .
The report shows that Swindon lost 28 weeks of sales between the first lockdown and Omicron ’ s onset .
Where have city and town centre
businesses lost the most potential sales
during the pandemic ?
RANK
NATIONAL
REGIONAL
OUT OF 62
WEEKS OF LOST SALES
1
15
Bristol
-38
2
19
Exeter
-35
3
30
Swindon
-28
4
40
Bournemouth -25
5
41
Plymouth
-25
6
52
Gloucester
-16
Across the country , Covid-19 has cost businesses in city and large town centres 35 per cent of their potential takings since March 2020 , with central London , Birmingham , Edinburgh and Cardiff worst affected .
Across the 52 city and town centres studied , 2426 commercial units have become vacant during the pandemic , against 1374 between 2018 and 2020 .
High streets in economically weaker places have been less impacted by Covid-19 . Meanwhile in economically stronger places , business closures increased during the pandemic .
This suggests that the Government ’ s Covid-19 support successfully stalled the decline of many struggling high streets but was less effective in economically stronger places due to higher rents and a lack of custom from office workers .
That said , while stronger city centres have borne the economic brunt of the pandemic , their higher levels of affluence mean that , when restrictions end and office workers return , they will likely recover quickly .
Meanwhile , while Government support has sheltered weaker places , it may have simply stored up pain for the future . The report warns that many less prosperous places in the South West face a wave of new business closures this year .

Results of the Swindon Chamber of Commerce Quarterly Economic Survey

The economy has started the year with some key challenges , including staff shortages triggered by the Omicron Covid variant and a renewed reluctance among consumers to spend .
" Across the country , Covid-19 has cost business in city and town centres 35 per cent of their potential takings since March 2020 ."
Where have city and town centre vacancy rates changed the most during the pandemic ?
RANK
NATIONAL
REGIONAL
OUT OF 62
WEEKS OF LOST SALES
1
6
Plymouth
5.8
2
9
Swindon
5.5
3
20
Bournemouth
3.7
4
22
Gloucester
3.3
5
25
Bristol
2.9
6
39
Exeter
1.3
The presence of Plan B for most of December and January may mean that UK GDP has fallen in the near term , however the relaxation of Covid restrictions from 27th January , including an end to mandatory face masks and the advice to work from home should provide a muchneeded boost .
The latest Quarterly Economic Survey produced by Swindon Chamber of Commerce , part of the Thames Valley Chamber of Commerce Group ( the UK ’ s largest independent survey of business sentiment and a leading indicator or UK GDP
growth ) sets out a challenging and uncertain picture as 2022 begins . Results show that for the fourth quarter of last year , there is concern over higher interest rates , with the percentage of manufacturers citing interest rates as of concern standing at 28 per cent in Q4 , which is the highest seen since the metric was first collected in Q4 2009 and up from 21 per cent in Q3 .
There are also growing concerns about cashflow , indebtedness and how all these pressures can be passed onto customers and consumers , whilst energy and cost of living rises hit us all .
Tim Major , Account Manager , Swindon Chamber of Commerce , said , “ From this survey it is obvious that many of our members and businesses across our area , are working through familiar challenges and continue to grapple with the impact of Brexit . Yet business has shown remarkable resilience and I put that down to the ability of the business community to plan , to adapt and to work together .
“ Our role continues to be to lobby to ensure that businesses have the right environment in which to create jobs and growth , which is by far the best means of
expediting and sustaining recovery in our local communities . The Swindon Chamber of Commerce continues to grow and promote business , offering events and support . If you would like to know more or just have a conversation , then please get in touch .”
Timmajor @ tvchamber . co . uk 07768 660 697
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