Issue - meetings

Report of the Executive Director - Place

The Cabinet considered the report of the Executive Director – Place in relation to Bootle Strand Shopping Centre.  The Executive Director – Place referred to COVID-19 and the significant impact that the pandemic has had on the financial performance of shopping centres across the UK and the financial returns in year to landlords and owners.  It was further reported that as a result, the financial position of Bootle Strand (The Strand) shopping centre, owned by Sefton Council, would be impacted in the current year, 2020/21.

The report highlighted that prior to the start of the pandemic, The Strand’s operations and financial returns were performing as expected with a positive financial return that had assisted in allocating £1m to support the councils budget.  

An update on the current financial position and potential financial scenarios for the financial year 2020-2021, in advance of the three-year Business Plan update (which will include outline strategy and short-term action plans) was detailed within the report.

The Leader of the Council, Councillor Maher referred to the economic pressure the Country’s retail industry is suffering as a consequence of the pandemic and emphasised the importance of developing the vision and strategy for the Bootle Strand Shopping Centre.

Decision Made:     

That the content of the report, and the factors that could influence and impact upon the financial returns to the Council from The Strand, and the action plans proposed to manage and mitigate those, be noted.

Reasons for the Decision:

The council’s objectives for the acquisition of The Strand in 2017 were to ensure that it was supported to continue its role in the local community, as a key asset at the heart of Bootle critical to the town’s physical, economic and social regeneration.

Since the start of the spread of COVID-19 in the UK in March 2020, the regular weekly and monthly monitoring of the operations of The Strand have indicated increasingly severe impacts of the pandemic and associated government restrictions on the operations of and financial returns from The Strand. Despite continued uncertainty, this report provides an update on impacts and potential scenarios for the current financial year.

Alternative Options Considered and Rejected:

Continue as-is - this was discounted as it would have resulted in more severe impacts than implementing the proposed Action Plan.

Publish a three-year Business Plan now – this was discounted due to continued uncertainty on the economic and regulatory impacts of the pandemic and governmental and sectoral response, and continued impacts on The Strand.