Since 2020, British Land’s Really Local Stores programme has provided affordable retail space and expert support to small businesses.

This space is offered for free or at significantly reduced rents for at least three months.

British Land, in conjunction with FSB and consultants Quod, has now published a report into how much this programme generated in terms of value in 2024 alone.

Last year, the programme generated an estimated £4.7m in additional gross value for the economy through supporting 600 local entrepreneurs and creatives.

This contributed an estimated £2.6m in local and social economic value through expertise and employment, with £1.3m in revenue recirculated locally.

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“Providing small businesses, start-ups and entrepreneurs with prime locations that allow them to experiment and expand is critical to a healthy, innovative retail ecosystem,” said Anna Devlet, head of social sustainability at British Land.

“It makes economic and social sense – providing small businesses and entrepreneurs with a fantastic opportunity to experiment and expand with very low risk, whilst having a positive impact on our places, and ultimately benefiting the wider economy.”

The report is now being used to spur on wider change and incite greater support from the government.

“Industry is stepping up with creative solutions for retailers,” added Vivienne King, chair of the Shopkeeper’s Campaign.

“Now the government must do its part by ensuring the business rates system supports investment in our retail places so retailers are given the space to expand and innovate."