What challenges do businesses in Exeter town centre face?

Within the UK, each area has its own unique problems and challenges and Exeter is certainly no different. Businesses within the town face numerous challenges in order to become successful. While work has started on improving some of the major issues in the town, there is still a long way to go to fully resolve certain problems.

Here, we’ll look at what challenge’s businesses within the town centre face in today’s economic climate.

Rising overheads

In recent years, both consumers and businesses have seen a significant increase in the cost of living and operating. For businesses in Exeter, the rising increase in overhead costs has proven to be one of the biggest challenges faced. While technology has made it easier for companies to compare suppliers and switch utilities, not all overhead costs can be so easily reduced. Many have had to turn to short term lending from companies such as Liberis, to account for the costs incurred.

While many businesses are just about coping with the current cost of overheads, Brexit could prove to be a significant problem. If a No Deal Brexit occurs, it’s going to potentially cause overhead costs to dramatically rise for thousands of businesses across the country. This could ultimately cause many small businesses to shut down.

Parking

Congestion has been a major issue in Exeter for years now. While a new £300 million project is currently underway to revamp the town’s bus station, many residents claim this isn’t going to help with the congestion issue. Parking in the town is especially problematic, causing a lot of issues for businesses in the area.

In order to operate, businesses, particularly on the high street, need to be easy to reach and provide convenient parking. So, if customers are currently having issues getting to and parking near businesses in the town, it’s going to have a negative effect.

Vision for the town’s future looks promising

The new £300m vision may not ultimately stop the congestion issue, but it will make the town more attractive. This in turn will bring many new tourists and therefore many new potential customers to the town. This is promising, but more does need to be done to tackle the issues currently faced.

It’s all well and good improving public transportation and developing new offices, houses and a potential new entertainment complex. However, if current challenges aren’t resolved, it’s not going to bring the same level of benefits as expected.

Overall, businesses in Exeter do face numerous challenges today. The above are just some of the more prominent issues which need to be addressed in order for businesses in the area to succeed.