A 10-year plan to boost footfall in Isle of Man town centres and reduce the number of empty shops on high streets has been drafted by the Department for Enterprise.
The draft Local Economy Strategy sets out 20 goals to “increase the vibrancy” of the island’s retail, leisure and hospitality sectors and create jobs.
They include encouraging consumer choice, reducing barriers to business and providing funds to local authorities to develop schemes to “rejuvenate” towns.
Enterprise Minister Tim Johnston said the document was a “framework to secure the economic health of our high streets and urban centres”.
A survey that attracted about 1,200 responses from Manx residents, consultation with local authorities and 90 businesses, and research into retail unit vacancy rates had fed into the plan, the department said.
Research found there was an 11.2% vacancy rate across the island, which was lower than the UK average of 14% but higher than Jersey’s 8%.
Each of the goals has been paired with a set of actions, including exploring changes to event licensing to make hosting them easier, supporting local businesses to provide underrepresented products and brands, and help for retailers to invest in their interiors.
Footfall counters will be introduced in towns and regular audits will assess vacancy rates to monitor the strategy’s progress.
Mr Johnston said the data gathered provided “a strong evidence base” to take action that “encourages investment, initiatives and ideas that will see significant results over the coming decade” following challenges in recent years.
The document also includes the creation of a new fund for local authorities and trader groups to “de-risk some aspects” of starting a new business, he said.
Initial funding will be sought from the Economic Strategy Fund, with the model and amount available set to be confirmed in the final strategy in autumn.