Business Isle of Man is developing a Local Economy Strategy aimed at making the island a great place to live and work through the development of vibrant retail, hospitality and leisure sectors.

Over the past few years, a number of external factors including inflationary cost pressures, reduced disposable income and the rise of online retailing have affected high streets across the UK — and the island’s local economy has faced similar challenges.

The High Streets Task Force states that footfall across UK high streets is down 17% since 2019.

The island’s high streets and retail areas must adapt and transform to remain relevant and enticing, to ensure footfall and consumer spending remains high. A vibrant local economy is one that has the local community at the heart of it, with a mix of independent and named brand retailers, high street leisure facilities and events to draw in footfall and a strong and diverse hospitality offering.

Consultation has taken place with island residents, local authorities and local businesses to support this strategy development. During this data collection phase more than 90 businesses have attended Local Economy Strategy sessions around the Isle of Man; morethan 1,250 responses were received from the public to a local economy and high streets survey; and meetings have taken place with representatives from 10 local authorities.

With this phase now complete, Business Isle of Man will bring together the key themes and strategic direction for the future of the island’s local economy.

Initial analysis of the data shows a real desire from the Manx public to shop local to support the Manx economy with 75% of respondents agreeing or strongly agreeing to this statement. Further feedback highlighted the need for more variety and choice across our high streets and a clear need for more leisure provision, especially for families.

Meetings with local authorities have explored a range of initiatives and projects that could help transform their local economic areas and highstreets in reaction to changing consumer habits and needs.

Any businesses or individuals who would like their views to be fed into the strategy development should email the Business Isle of Man team directly at [email protected].

Alongside the Local Economy Strategy, Business Isle of Man is continuing to support the island’s businesses in promoting the importance of shopping local. Keep an eye across the ‘Love Manx social media channels for this year’s Christmas video due to be released on November 20. The highly-successful ‘Meet your Street’ videos in partnership with 3FM and local authorities will also be continuing to showcase the faces behind our well-loved local businesses around the island.