A government agency has set a goal of reducing the number of empty shops and increasing town centre footfall.

It’s part of a 10-year Local Economic Strategy drawn up by Business Isle of Man, which will be supported by an initial £2.4m in funding, and which businesses and local authorities across the island will be able to access.

Central to it will be the proposed relaunch of the Town and Village Regeneration Scheme. This will provide financial assistance to improve the appearance of commercial premises and create civic amenity projects within the island’s city, towns and villages.

The strategy aims to reduce vacancy rates for empty shops across the island by 10% year on year, resulting in increased consumer choice and job growth.

There is also a target to increase footfall in Douglas and seven town and villages by 10%.

An implementation plan, published as part of the strategy, sets out planned actions and proposed sources of funding to transform under-used and vacant spaces and invigorate high streets.

These include supporting collaboration with local authorities to fill under-utilised spaces, making upper floors in high-street properties more usable and improving the visual appeal of vacant premises.

Improving the public realm will encourage private sector investment, the implementation plan states.

Development of new attractions in town centres, including those that involve the creative and cultural sectors, should be supported.

Extended and more flexible opening hours on the island's high streets should be encouraged and promoted, and events, markets, and other initiatives that stimulate footfall and address bureaucratic challenges should be supported, the document says.

Much of the funding for the suggested improvements will come from the Town and Village Regeneration Scheme.

But subject to Tynwald approval, a new Local Economy Fund will also be launched.

This aims to provide support to trader groups and local authorities, encouraging them to trial new concepts and implement ideas that have the potential to breathe new life into the high streets.

The strategy also proposes extending and broadening the Domestic Event Fund to ‘stimulate, catalyse and de-risk’ events that increase high street footfall and encourage longer ‘dwell’ times through events and pop-up shops.

Enterprise Minister Tim Johnston said: ‘Business Isle of Man has made sure that consultation with businesses, residents and local authorities has been at the heart of formulating the strategy. This strategy sets a clear vision and a roadmap to ensure the island remains a great place to live and work.

‘This investment into our local economy is based on community-led decision-making. It is a call to action for local authorities, businesses, and residents to work towards the vision they have for their communities.’

The Local Economic Strategy will be debated at the January sitting of Tynwald.