For many years now the residents of Newmarket have complained about the lack of variety within the town’s High Street. The area originally known for its local markets is now home to 14 gambling shops and only 7 local businesses.
The plan aims to invest £1 million into Newmarket Town Centre, with some of the money being used to promote events happening within the town; such as the towns infamous ‘Newmarket Nights’ which has seen performances from acts such as Jessie J and Olly Murs previously. The promotion wont only extended to large scale events, the money will also be used to promote local businesses. As well as promotion funding will be invested into improved security for the town and general upkeep of the area.
In the wake of Covid-19, Newmarket’s Town Council have created a plan called BID (Business Improvement District). The plan includes multiple changes such as locally owned shops appearing on the high street, bought on by a temporary reduction in business rates and commercial rent levels, encouraging more business owners to set up shop in the town.
Ross McKittrick, centre manager at The Guineas Shopping Centre, said: “During these uncertain times the BID will play a key role in enabling Newmarket to recover from the coronavirus crisis and gain commercial success. BID will help improve the infrastructure and services in the town that will lead to economic success for the town as a whole. This will assist in attracting new investment to our much loved town.”
As part of the Recovery Plan, BID have committed to spending £44,000 on improving signage around the area. This includes an electronic billboard that can be used to both for promotion as well as informing residents of upcoming changes.
BID Manager Paul Brown, said: “We have laid the key foundations to now move forward and build a better town. This business plan is both ambitious and bold and is exactly what our members need and deserve during these challenging times.”
However, for local business to reap the rewards of BID they will be required to sign up to the scheme and pay a levy, which will vary depending on their annual turnover.
Local business will receive help making business plans from professionals to ensure they set up for success.
The plan will be rolled out over five years with the first phase of the plan to begin in May 2021.