BOURNEMOUTH town centre should expect a “vibrant” future with a greater focus on leisure rather than shopping, an academic has said.
Dr Jeff Bray, associate professor of consumer behaviour at Bournemouth University, said there are some barriers to clear first that are “holding it back”.
Chiefly is the high rent being offered by landlords who are reluctant to reduce this – pushing even the likes of big brands Superdrug and WHSmith out.
Dr Bray said: “Clearly, our shopping behaviours have changed; we are doing more online and through convenient routes such as Castlepoint.
“But there is still great demand for leisure and shopping and Castlepoint is not going to be the best place to mix function and leisure.
“Bournemouth town centre could be a good destination for that, but it is currently really hamstrung by large corporate landlords who have rental levels that are simply too high to sustain independent, innovative new stores and even big established chains that really should be doing a good trade in Bournemouth.
“Superdrug has got 830 stores in the UK, but they can't make it work in Bournemouth. WHSmith has 580 stores in the UK, but they can't make it work in Bournemouth.
“That's not because there's not enough consumers, not enough shopping, not enough spending. It's because the rents are simply too high.”
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Dr Bray explained private landlords are reluctant to reduce rent because they often take out debt on the basis of their asset’s value – based on achievable rent.
So if a landlord was to reduce his or her rent, it would decrease the property’s value – leading to their whole business model to crumble.
“This is where Bournemouth is struggling more than other centres because other centres have got far more operator-owned sites and smaller landlords rather than big institutional lands,” Dr Bray added.
To tackle this, BCP Council is one of four areas to adopt a new government scheme where the local authority can offer a consistently empty unit up for rent to business.
Dr Bray said that it’s clear demand for shopping in Bournemouth has reduced because of the internet and Castlepoint.
But he said the way to bring people into the town centre in “the most reliable way” to through housing in the area.
And this shift is already happening: House of Fraser is to become student accommodation, Beales has planning permission to become homes and there are other projects for new flats in the town centre.
He added: “You can increase demand by bringing more people in and at the same time you can reduce the retail supply without visibly affecting the high street.
“If you're living in the town centre and you've got a good selection of stores, it becomes far more convenient to nip to the shops than it is to order and have to go and pick up a parcel.
“So absolutely reducing retail by stripping out the upper floors [of buildings] and converting to residential that reduces supply increases demand.”
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