TESCO Withdrawal – A Vote of No Confidence in Northampton?
In April this year I wrote asking the question of whether with the warnings made by TESCO about their fall in market share they would go ahead with the Barrack Road development.
As it now transpires we know that TESCO have withdrawn from going ahead with applying to lease and redevelop the former post office at Barrack Road which would have brought much-needed investment and employment to Northampton.
What is interesting and very worrying is that following on from the Legal and General decision to stop the regeneration and development of the Grosvenor Centre last month this is the second time a major investment organisation has withdrawn from Northampton because it is not economically viable to continue.
We don’t know if the lack of confidence in receiving support from the Borough Council in recent times expressed by Legal and General at the time of their announcement has also affected the decision taken by TESCO, or whether the fact that the number of vacant properties in Northampton rising from 45 to 77 in the last year has had an influence, but what is clear is that this is now the second Vote of No Confidence in the economic viability of the two by a major investor in as many months.
Labour recognises the real importance of regeneration the town centre and believe it has to be a priority and that we should be welcoming investment not only in the town centre but across the whole of the Borough to bring much-needed employment into our town.
I hope that the decision taken by Legal & General and TESCO isn’t a portent for future withdrawals of support and investment in Northampton.