Latest Media Statement on Local Economy Strategy | Jan 2025
14 January 2025
Isle of Man Chamber of Commerce Chief Executive Rebecca George said: “Chamber represents more than 500 companies on the Island, the majority being small independent businesses, including many in the retail sector that are at the heart of the local community. As in the UK, retail businesses here have been under increasing pressure since the Covid pandemic due to the legacy impacts of lockdowns, and more recently due to rising costs which affect both business overheads and customer footfall.
“Isle of Man Government has provided some additional support in recent years to help businesses that are struggling, and we acknowledge initiatives such as the Local Economy Strategy which will be put before Tynwald later this month [January]. This 10-year strategy includes the aim of cutting the number of empty shops on the Island by 10 per cent a year. However, the fact that small independent retail businesses continue to close on a regular basis shows that more needs to be done in the short term to prevent closures in the first place.
“The retail sector plays an important role in the local economy, not just by providing employment and generating tax revenue but also because it adds to the quality of life the Island offers. A vibrant, modern retail sector is essential to help businesses in other sectors to attract key workers to move here to address skills shortages and retain highly sought after professionals who are hard to replace. In this context we see the challenges facing retail as being an urgent matter of concern for the whole economy and community, not just the retail and small business sectors.”