From tomorrow (Thursday 24th) pretty much all Covid restrictions will be lifted and we will be encouraged to return to a normal life as we adapt to live with this disease.
Whilst many I have spoken to feel this is the right direction of travel and probably the right time to do this, it does not signal an end to tough times for our high street and businesses. This week’s Local Data Company report for PWC stated that 17,000 chain stores had close in the past year and Cambridge has also had its share of these.
Encouragingly a recent Cambridge BID audit suggested that our high street shop vacancy rate here will return to pre pandemic levels by this summer and we have seen many new openings in the city. Another report this week also stated that online shopping as a percent of all retail activity had dropped to 25% its lowest since March 2020 and this does signal a return to high street activity that is pleasing to see.
Businesses though still need more support, as consumer costs of living rise so do costs for businesses and this is further impacted by a very tight labour market increasing wages at well above inflation rates. Many businesses I speak with are now paying well above the minimum wage to keep or hire staff, this will further increase prices and the cycle will continue.
One way the Government could assist this is by extending the current discount on VAT beyond April 1st. This has been a cash boost to millions of businesses and allowed them to remain trading during the past 2 years.
One-way consumers can help is by continuing to support to your local shops, high street and city centre, if your able to, then return to the office on a more regular basis. Arrange to meet friends for coffee, cake, lunch, shopping, drinks, dinner and a night out, use your city to walk and sightsee to boost your wellbeing. Most of all let’s continue to stay safe in Cambridge, still wear a mask in crowded places and on public transport, it protects you and others and maybe one day it will actually all be over.
