Peterborough should ‘prioritise local over big retailers’

From time to time I pass by the site of the old Toys R Us building which is presently being redeveloped. I am reminded of a period, too fleeting perhaps, when the presence of such a retailer was greeted with enthusiasm. It meant that our city was “on the map”, gaining shops that other cities had. It was a vote of confidence in our future. Now, it’s gone; its structure hollowed out, being prepared for some alternate use.

While I’m glad that the site is not being abandoned, it is an example of how fragile big retail outlets can be. Toys R Us was once top of the heap; Amazon arose, undercut it, and now the outlet of childhood dreams is mainly a memory.

This vulnerability is not just confined to toys; we’ve seen it in disappointing results for a number of firms. Debenhams has had its share of troubles. We all know what has happened to Thomas Cook. It appears bigger doesn’t always mean more resilient. An overreliance on big retail remaining solid has been one of the strategic failures of this administration.

If we want to avoid the fate of so many other towns, which have seen the stores on the high street boarded up and their centres turn into ghostly versions of their former selves, we need a change of approach. I understand that the current administration is attracted by the idea of big firms paying big rates, and thus filling the coffers with tax revenue. However, this is an approach that is now fraught with peril.

Of course, we want the amenities that other cities have; however, we should look to develop our own. We should build our own identity and pride, not just be happy that we are like everywhere else.

We in the Labour Group believe we should have a more balanced set of policies than are presently in place. We would like to see small local firms set up in the town centre. We would like to encourage smaller businesses to set up there too; our belief is that safety lies in having a diverse set of firms choose Peterborough as their base, whether that it is a coffee shop or a manufacturer of coffee cups.

To this end, when there is a Labour administration in our city, we will set up a “local investment fund” to encourage businesses to establish themselves here. We will bolster this with locally focused procurement policies so that taxpayer funds go directly into boosting local economic growth.

Furthermore, we will support local businesses and start-ups, through providing practical advice and other means, so that we do not have to rely so heavily on the fate of the ever-changing retail sector.

It may seem like that there are wider forces at work that are difficult to resist; however, cities like Preston show that it is possible to turn the tide. When elected, we will.