In areas of market failure and deprivation, heritage can be a key to regeneration. Low rentals in declining industrial or commercial historic areas can provide flexible and affordable floor space. This is essential to supporting new and small businesses, creative industries, innovation and knowledge-based employment and social enterprises. Such areas exist on the periphery of many town and city centres and can be an incubator for enterprise, sometimes leading to dramatic physical and economic transformations. Area enhancement or regeneration initiatives and grant schemes to improve and enhance heritage can help to create confidence, improve image, attract investment and act as a catalyst to reverse economic decline and trigger restructuring. Heritageled schemes provide a different kind of economic development, and are distinct from comprehensive redevelopment. In particular, historic areas are often closely related to creative industries and knowledgebased enterprise, including a diverse range of micro- and small businesses. The historic environment creates places where people choose to live, work, invest and spend recreation time. There is a direct relationship between the quality of the built environment and an area’s ability to attract investment and achieve economic development. A well-maintained historic environment helps to project a positive image, create investor confidence, attract high-value jobs and improve competitiveness. Historic building refurbishments and conversions in small settlements and rural areas have helped to accommodate new uses, facilitating rural economic diversification. Prosperous City, Town and Village Centres High-quality historic environments can serve as a focus to attract shoppers and visitors, enhancing the viability of town and city centres. Places with highquality heritage resources can have a competitive advantage, commercially. Historic buildings and areas tend to accommodate independent retailers and other businesses, helping to avoid the creation of ‘clone towns’. Historic areas often provide the focus for leisure facilities, from theatres and art installations to restaurants and bars. Historic buildings, areas and waterways can serve as catalysts for the repopulation of inner-city areas and development of new and sometimes more specialised housing, retail and leisure markets. Tourism Historic places and buildings attract visitors and support tourism, including from oversees. Tourism is an important sector of the economy across the UK and beyond. In many areas, local businesses are highly reliant on visitor footfall. 2. UNDERSTANDING VALUES OF HERITAGE 7
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