25/03/2022
NI Businesses Praise Effectiveness Of High Street Scheme
Retail, hospitality and leisure businesses in Northern Ireland have recognised the High Street Scheme as an effective way to stimulate the economy, restore consumer confidence and safeguard jobs.
That was a key finding of the 'Business Impact of the Northern Ireland High Street Scheme' report which included a survey carried out by Retail Economics on behalf of the Department.
The research report was undertaken to assess the impact of the High Street Scheme on the retail, hospitality and service sectors and was focussed on gathering business feedback.
Its findings show that the scheme delivered against five key areas. These are:
• engagement: there was widespread engagement, with almost every single Spend Local Card activated (99.6%), with 1.4 million residents having applied for card;
• additionality: both large and small businesses reported that the pre-paid card contributed to additional spending, rather than displacing spending that was likely to have occurred anyway;
• targeting: spending was reported to have been boosted across small independent local businesses;
• confidence: the pre-paid card provided an impetus for consumers to visit physical channels which had a positive impact on footfall; and
• jobs: businesses reported that the scheme helped to safeguard jobs
From the 315 retail, hospitality and leisure businesses surveyed, the following key statistics emerged:
• 80% of retail and hospitality businesses agreed that the HSS helped support small independent businesses;
• 65% of retail and hospitality businesses thought the HSS had a positive or very positive impact on sales against their expectations for the time of year;
• 74% of small businesses thought the scheme helped boost consumer confidence and footfall over the mid-November to mid-January period;
• over two-thirds (69%) of small retailers thought that the scheme helped safeguard jobs;
• 80% of small retailers thought that the HSS encouraged spending that was otherwise unlikely to have occurred; and
• two-thirds (66%) of small businesses thought that it was a good use of public money.
Economy Minister Gordon Lyons welcomed the findings. He said: "The High Street Scheme was a novel and ambitious initiative which achieved exactly what it set out to do. Its objectives were to bring people back on to the High Street and to deliver an economic shot in the arm into our retail, hospitality and service sectors to help them recover from the devastating impact of the pandemic.
"Just under 1.4million cards were issued and over £136 million was injected into the Northern Ireland economy as a result. The research revealed by 'Business Impact of the Northern Ireland High Street Scheme' is further evidence of the success of the scheme in meeting these objectives."
That was a key finding of the 'Business Impact of the Northern Ireland High Street Scheme' report which included a survey carried out by Retail Economics on behalf of the Department.
The research report was undertaken to assess the impact of the High Street Scheme on the retail, hospitality and service sectors and was focussed on gathering business feedback.
Its findings show that the scheme delivered against five key areas. These are:
• engagement: there was widespread engagement, with almost every single Spend Local Card activated (99.6%), with 1.4 million residents having applied for card;
• additionality: both large and small businesses reported that the pre-paid card contributed to additional spending, rather than displacing spending that was likely to have occurred anyway;
• targeting: spending was reported to have been boosted across small independent local businesses;
• confidence: the pre-paid card provided an impetus for consumers to visit physical channels which had a positive impact on footfall; and
• jobs: businesses reported that the scheme helped to safeguard jobs
From the 315 retail, hospitality and leisure businesses surveyed, the following key statistics emerged:
• 80% of retail and hospitality businesses agreed that the HSS helped support small independent businesses;
• 65% of retail and hospitality businesses thought the HSS had a positive or very positive impact on sales against their expectations for the time of year;
• 74% of small businesses thought the scheme helped boost consumer confidence and footfall over the mid-November to mid-January period;
• over two-thirds (69%) of small retailers thought that the scheme helped safeguard jobs;
• 80% of small retailers thought that the HSS encouraged spending that was otherwise unlikely to have occurred; and
• two-thirds (66%) of small businesses thought that it was a good use of public money.
Economy Minister Gordon Lyons welcomed the findings. He said: "The High Street Scheme was a novel and ambitious initiative which achieved exactly what it set out to do. Its objectives were to bring people back on to the High Street and to deliver an economic shot in the arm into our retail, hospitality and service sectors to help them recover from the devastating impact of the pandemic.
"Just under 1.4million cards were issued and over £136 million was injected into the Northern Ireland economy as a result. The research revealed by 'Business Impact of the Northern Ireland High Street Scheme' is further evidence of the success of the scheme in meeting these objectives."
Related Northern Ireland News Stories
Click here for the latest headlines.
16 December 2011
Big Stores 'Tax' Boosts Smaller Ones
A levy on large stores across NI is to go ahead - but at a reduced rate than originally proposed. The 'Tesco tax' as it has been named means that large retailers might then limit investment - and cost job creation opportunities.
Big Stores 'Tax' Boosts Smaller Ones
A levy on large stores across NI is to go ahead - but at a reduced rate than originally proposed. The 'Tesco tax' as it has been named means that large retailers might then limit investment - and cost job creation opportunities.
22 April 2021
Applications Open To Over 1,100 Businesses For Grant Scheme
Applications are now open to over 1,100 businesses across a wide range of sectors for a one-off £50,000 grant to help them with the impact of Covid-19.
Applications Open To Over 1,100 Businesses For Grant Scheme
Applications are now open to over 1,100 businesses across a wide range of sectors for a one-off £50,000 grant to help them with the impact of Covid-19.
06 June 2002
Invest NI 'failing' rural businesses says MLA
Launched only a few of months ago, Invest NI has already come under attack from a local MLA over its lack of service towards SMEs in rural areas of Northern Ireland. Joe Byrne, SDLP MLA for West Tyrone, has accused the government agency of not doing enough to promote high-speed internet access among SMEs in rural areas of the Northern Ireland.
Invest NI 'failing' rural businesses says MLA
Launched only a few of months ago, Invest NI has already come under attack from a local MLA over its lack of service towards SMEs in rural areas of Northern Ireland. Joe Byrne, SDLP MLA for West Tyrone, has accused the government agency of not doing enough to promote high-speed internet access among SMEs in rural areas of the Northern Ireland.
29 July 2021
High Street Scheme To Open For Registration In September
Prepaid Financial Services (PFS) has been awarded the contract for the delivery of the High Street Scheme (HSS), Economy Minister Gordon Lyons has announced. The £145million scheme will give everyone aged 18 and over in Northern Ireland a pre-paid card worth £100 to spend on their local high street.
High Street Scheme To Open For Registration In September
Prepaid Financial Services (PFS) has been awarded the contract for the delivery of the High Street Scheme (HSS), Economy Minister Gordon Lyons has announced. The £145million scheme will give everyone aged 18 and over in Northern Ireland a pre-paid card worth £100 to spend on their local high street.
04 February 2022
Minister Hails Success Of High Street Scheme
Economy Minister Gordon Lyons has hailed the success of "novel, bold and ambitious" High Street Scheme, stating that "it has achieved exactly what it set out to do".
Minister Hails Success Of High Street Scheme
Economy Minister Gordon Lyons has hailed the success of "novel, bold and ambitious" High Street Scheme, stating that "it has achieved exactly what it set out to do".
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.