Draft Local Economy Strategy
Supporting vibrant retail, hospitality, and leisure sectors in the Isle of Man
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Our Vision
To ensure the Island remains a great place to live by increasing the vibrancy of our retail, leisure, and hospitality sectors
We will achieve this by community led decision-making and the empowerment of Local Authorities, enabling initiatives that rejuvenate our Island’s urban centres. We will develop financial support mechanisms and policies that reduce business risk, lower barriers to growth, and drive entrepreneurship.
Our Local Economy
Developed by Business Isle of Man, an Executive Agency within the Department for Enterprise, the draft Local Economy Strategy provides a blueprint for strengthening the retail, hospitality, and leisure sectors in the Isle of Man.
While the local economy constitutes a broad range of sectors, this Strategy is focused on three specifically; retail, hospitality and leisure, recognising that they play an integral role in the wellbeing of all residents and are essential to facilitating strong and lively communities.
The Local Economy Strategy includes goals, objectives, and actions that have been devised with the aim of driving entrepreneurship, encouraging diversification, and reducing barriers to growth and investment.
A 3-Pillar approach to Strategy Delivery
This strategy encompasses twenty strategic goals that address the challenges and capitalise on the strengths and opportunities the research and consultation process has determined. These strategic goals have been categorised under one of three policy pillars: Infrastructure & Place Management, Enterprise & Consumer Experience, and Local Empowerment & Partnerships along with associated actions that will assist in the achievement of each goal. Six strategic goals have been prioritised due to the significance of the opportunity or challenge they address, the accuracy with which their impact can be measured and the likelihood of the initiatives to catalyse positive change.
01. Infrastructure & Place Management
0.2 Enterprise & Consumer Experience
0.3 Local Empowerment & Partnerships
Listening to the Manx public and working with the business community
Extensive research, consultation and stakeholder engagement was undertaken to determine the vibrancy and economic health of the Island’s retail, hospitality, and leisure sectors.
This Strategy was informed by:
- A Local Economy and High Street Survey which
generated over 1,250 responses from Manx residents. - Consultation with representatives from over 90 businesses.
- Comprehensive Town Audits which graded urban areas according to quality of place metrics.
- Built environment surveys that categorised units and determined vacancy rates.
- Considerable engagement and consultation with Local Commissioners.
