The King’s Road in a time of change
The King’s Road is in a stronger position than most to respond effectively to the structural changes that are hitting Britain’s high streets. It has the strength of its rich history, a global reputation and the determination of the interests represented by the King’s Road Partnership to work together to ensure its future.
But all shopping districts are facing a ‘perfect storm’ of rising costs (particularly business rates and Brexit related increases in the cost of employment and supplies) and falling revenues as consumers increasingly move online for their shopping. To this can now be added the impact of COVID-19, with the disruption to trade for more than a year and the fall in city centre office workers and visitors. On top of this, the Government’s decision to end the VAT RES (tax-free shopping) will hit hardest those parts of London that usually attract high spending international tourists.
These changes are taking place against a global backdrop of climate change and other environmental challenges. Tackling these requires active planning and delivery by everybody, including businesses, property owners.