The government has set out its 10 year vision for increasing the vibrancy of our retail, leisure, and hospitality sectors.
It says its draft Local Economy Strategy is built on the principle of providing residents, Local Authorities and businesses with the tools to drive positive change and enable them to take ownership of their local areas.
To achieve its vision, the Strategy details clearly defined goals, objectives and actions, categorised using three policy pillars; Infrastructure & Place Management, Enterprise & Consumer Experience and Local Empowerment & Partnerships.
The report, which can be found at the bottom of this page, outlines several opportunities and difficulties the island’s economy faces.
Many of the opportunities are listed outright, while the challenges are often referred to as “perceived”.
Opportunities
Among the island’s strengths are established high streets with a diverse range of independent stores and national multiples.
The report also says there are benefits to found in the spending power of the Island’s residents, our UNESCO biosphere status and unique individual town centre characteristics, among others.
Challenges
However, in a shock to no-one who wants a Primark, the report does acknowledge the unavailability of desired brands, products, and stores.
It also notes that investment is “discouraged due to perception that Government is bureaucratic” and the disparity between leisure facilities accessible in the Isle of Man and those accessible elsewhere.
The report however makes no reference to transport or shipping costs.
Consultation
The Strategy has been published in draft form whilst further consultation is undertaken over the summer, to facilitate the development of a detailed implementation plan to be published in autumn.
Enterprise Minister Tim Johnston said: “The draft Local Economy Strategy sets out a framework to secure the economic health of our high streets and urban centres, and facilitate a local economy which is thriving, sustainable and distinctively Manx.
“Extensive consultation and research across numerous stakeholder groups has been conducted to bring forward this draft Strategy. This has enabled us to compile a strong evidence base to inform an approach which encourages investment, initiatives and ideas that will see significant results over the coming decade.
:I acknowledge that our local economy has faced challenges in recent years. This Strategy provides us with a robust foundation and direction to ensure a secure, vibrant, and sustainable future for these sectors, addressing current issues while laying the groundwork for long-term success.”
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