For many years now the residents of Newmarket have complained of the lacking variety within the town’s High Street. The area originally known for its local market is now home to 14 gambling shops and only seven local businesses.
The plan aims to invest £1million into Newmarket Town Centre, which would be used to promote events happening within the town as well as provide promotion for local businesses. The money would also be used to improve security for the town and general upkeep of the area.
In the wake of Covid-19, Newmarket Town Council have created a plan called BID (Business Improvement District). This will see a temporary reduction in business rates and commercial rent levels to aid anyone who is considering opening a shop on the High Street.
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 town to help promote local businesses. This includes an electronic billboard that business can use to promote events, promotions, and 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 are as successful as possible.
The plan will be rolled out over five years with the first phase of the plan to begin in May 2021.