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News Release

London

Jones Lang LaSalle reacts to Grimsey Review findings

Report is a sweeping review of the UK high street including recommendations for the future


Commenting on the main findings of the Grimsey Review which are due to be published in full on Wednesday, Tim Vallance, Head of UK Retail at Jones Lang LaSalle, said:  “There are two strands of the Grimsey research with which we strongly agree. Firstly, the need to address business rates and secondly, the need for flexibility in the design and use of our high streets.

“The good news is that the high street isn’t terminally ill, but maintaining economic vitality depends on flexibility and design and use of our high streets. Without use class restraints, the high street would naturally adapt and the government should help accelerate this change. These days UK business strengths lie in the telecommunication, technology and media sectors and there is no reason why these can’t combine with financial services, residential and retail to produce a healthy mix. With the invention of 3-D printing, there is also a strong possibility that some more traditional manufacturing can join the mix too.


The principle of business rates is fine, but the process of valuing to a pre-recession antecedent date is profoundly unreasonable and economic torture for all business occupiers, and especially retailers. A majority of Landlords acknowledge that rental values have fallen and will accept vastly reduced rents to help retailers and of course, themselves."