How have local businesses recovered from the pandemic?

A lot has happened since then, but the pandemic still casts a long shadow over the region.

Some well-loved shops, including high street chains Topshop and Debenhams, never reopened after shutting their doors on March 23, 2020, and many of these buildings remain empty. 

A major reason for these closures is due to the pandemic speeding up the growing shift towards online shopping.

Guy Gowing, from Norfolk commercial property firm, Arnolds Keys, said: “The pandemic saw an acceleration in the move to online retailing, and this has led to very high demand for warehousing and distribution centres – a demand which has shown no sign of tailing off since the end of lockdown. 

Guy Gowing from Arnolds Keys (Image: Arnolds Keys)

"Conversely, there are more high street shops vacant than before the pandemic; it’s difficult to be specific about whether this is because of lockdown or a more long-term trend in shopping habits."

WORKING FROM HOME

Mr Gowing revealed that one of Covid's biggest trends - working from home - is fading, leading to an increase in businesses moving back into offices. 

He said: “Despite many commentators suggesting that lockdown and working from home would see the death of the traditional office, the return to the office has been swift, and it is clear that demand for quality office buildings remains strong.

“In a competitive employment climate, employers are looking to enhance the office environment to attract and retain staff. 

"We are seeing offices being remodelled to provide increased collaborative spaces, and demand is particularly strong for the highest quality office buildings."

James Allen, from Roche Chartered Surveyors - agents of Lakeside 300, on Norwich's Broadland Business Park, said that the office space has received a "very healthy amount of interest". 

He added: “Despite two years of a challenging market, it is encouraging to see such buoyant interest in high-quality Grade A office accommodation in Norwich and we are looking forward to securing more lettings during the early part of 2023.”

POST-PANDEMIC CHALLENGES 

Although some businesses have recovered quickly, the last year has not been easy for many, particularly those in hospitality. 

Since Covid restrictions ended, business owners have had to contend with the threat of a recession, high inflation, soaring energy costs and plummeting consumer confidence. 

Dr Andy Wood, CEO of Southwold-based brewery and pub chain, Adnams, said: "There is no doubt that the inflation and the wider economic pressures have made people think harder about their choices. 

Dr Andy Wood, CEO of Southwold-based brewery and pub chain, Adnams (Image: Adnams)

"Adnams pubs, which we supported throughout the pandemic by cancelling their rent continue to face challenges with energy increases and inflationary pressures, however, the great British public are continuing to support pubs that play such an important part in our society." 

THE SPRING BUDGET 

With the challenges facing many local businesses, there are already calls for the government to provide additional help in the spring budget next month. 

Paul Simon, from the Suffolk Chamber of Commerce, said: “We want the government to deliver on its promise to conduct a full review into the out-of-date business rates system and look at available alternatives, speed up the Ofgem review into the non-domestic energy market, retain the existing R&D tax relief schemes and announce a continuation of the super-deduction capital allowance.

Paul Simon from Suffolk Chamber of Commerce (Image: Newsquest)

"We are hopeful that the efforts of the Chamber-run Norfolk & Suffolk Local Skills Improvement Plan will help improve the skills pipelines for SMEs in particular.

“Taken together, these measures will boost business confidence and stiffen the resolve of increasingly fraught and nervous owners and managers to continue with their growth plans over the medium-term and beyond.”