Isle of Man Chamber of Commerce says more needs to be done to prevent the closure of independent shops.

Now, the Chamber Of Commerce has responded by outlining the challenges faced by independent retail businesses over the last few years and what it feels needs to be done.

It represents more than 500 organisations on the island, the majority being small independent businesses, including many in the retail sector that are at the heart of the local community.

Chief Executive Rebecca George admits conditions are tough right now and feels more needs to be done to help businesses right now.

She said: ‘The fact that small independent retail businesses continue to close on a regular basis shows that more needs to be done in the short term to prevent closures in the first place.

‘The retail sector plays an important role in the local economy, not just by providing employment and generating tax revenue but also because it adds to the quality of life the island offers.

‘A vibrant, modern retail sector is essential to help businesses in other sectors to attract key workers to move here to address skills shortages and retain highly sought after professionals who are hard to replace.

‘In this context we see the challenges facing retail as being an urgent matter of concern for the whole economy and community, not just the retail and small business sectors.’

At this week’s Tynwald sitting, members will be asked to approve the Local Economy Strategy which aims to increase footfall and reduce empty premises

The Department for Enterprise published a draft version of the strategy in August, outlining how it intends to support retail, leisure and hospitality businesses over the next 10 years. The updated version has been published for consideration at this week by Tynwald members.

It includes an increased focus on parking and financial assistance to improve the appearance of commercial premises.

An initial £2.4m in funding has been set aside for the strategy, which businesses and local authorities will be able to access, in the hope to reduce the number of empty properties in town centres, increase footfall, and improve the island's urban areas.

Ms George hopes the DfE strategy will go some way to boosting retail.

She said: ‘As in the UK, retail businesses here have been under increasing pressure since the Covid pandemic due to the legacy impacts of lockdowns and, more recently, due to rising costs which affect both business overheads and customer footfall.

‘Isle of Man Government has provided some additional support in recent years to help businesses that are struggling, and we acknowledge initiatives such as the Local Economy Strategy which will be put before Tynwald later this month.

‘This 10-year strategy includes the aim of cutting the number of empty shops on the Island by 10 per cent a year.’