Strategy to revitalise retail, hospitality and leisure sectors published

The Local Economy Strategy hopes to create a 'local-first' approach

The long-awaited Local Economy Strategy has been released in draft form, aiming to ensure the wellbeing of the retail, hospitality, and leisure industries on the Island for the next ten years.

Business Isle of Man is introducing a range of tools for residents, local authorities, and businesses to enable them to 'take ownership' of their local areas.

The document itself is eight months late from when it was first promised, which the government agency blames on the cost-of-living crisis and the 'constant heat' facing the industries that make up the local economy.

It's the first time in around a decade that a piece of work has been formed to directly address gaps in provision on the high street, with the hopes of making residents proud of the town or city in which they live and increase the consumer offering.

To achieve this, the government says priority will be given to transforming underutilised and vacant spaces, encouraging increased consumer choice, reducing barriers to business, developing effective town partnerships, and creating new funding routes for local authorities to give them greater control over their towns' futures.

"...local representatives and business owners are best placed to make decisions in regards to their future..."

Enterprise Minister Tim Johnston believes the strategy is a "comprehensive road map designed to empower our local communities and stimulate economic activity."

The document prides itself on being 'data-led', informed by research from the Local Data Company, which visited the Isle of Man in late 2023 to conduct a detailed analysis of the makeup of the Island's high streets.

Furthermore, external consultants were commissioned to conduct a 'town audit'.

The following recommendations were set out:

• Each town and village should have a 'vision' aligned to the Island Plan so they do not compete.
• Improve Douglas as the Island's capital city.
• Create strong business start-up offers through grants, mentoring, and business space.
• Foster social capital between towns, villages, and Douglas.

A Local Economy and High Street Survey was conducted, generating 1,250 responses, which were fed into the strategy alongside consultation with more than 90 businesses.

Business Isle of Man's Chief Executive Tim Cowsill acknowledges that the results highlight there is work to be done:

Financial support mechanisms are expected to be brought into effect, but the minister is unable to put a figure on how much money is likely to be allocated to the various funds which are being expanded.

The Town & Regeneration Scheme will be re-opened, the business energy saving scheme will be expanded, as will the Domestic Event Fund, and a new Local Economy Fund will be set up for local authorities and not-for-profit businesses.

The Department for Enterprise is stressing the strategy will only work if significant feedback is given, not only before the document is finalised in September but throughout the ten years it will be in effect.

A series of workshops will take place across the Island to gain criticisms and additional assessment from residents and businesses alike on the draft.

They'll be running from 6pm until 8pm at the following locations:

• 13 August: Ramsey Town Hall
• 20 August: The Fairway at Peel Golf Club
• 22 August: Falcon's Nest Hotel, Port Erin
• 5 September: Launchpad Event Space, Douglas