I asked experts how to revitalise Thanet’s economy

I posted a request for replies to an expert exchange asking “How can we improve Thanet’s economy?”

I received two answers which I have faithfully reproduced here.

Embrace Thanet’s Creative Sector, Saddat Abid, CEO, Property Saviour

Thanet’s economic struggles are certainly a challenge, but as someone who’s been involved in real estate for years, I’ve seen how areas can transform with the right approach. The situation in Thanet reminds me of some of the neglected properties I’ve worked on—with vision and effort, they can become thriving spaces again.

One of the most promising developments I’ve noticed is the growth of Thanet’s creative sector. According to a report commissioned by Thanet District Council, there’s been an 84% growth in creative businesses over just four years. That’s incredible momentum! It reminds me of how a single renovation project can spark interest in an entire area.

Creativity isn’t just about art—it’s about reimagining what’s possible for a community. It’s like giving a fresh coat of paint to the entire economy.

The Turner Contemporary gallery in Margate has been a real catalyst. The report found that 60% of creative businesses surveyed had moved to Thanet since it opened in 2011. It’s a great example of how a flagship project can attract talent and investment.

Another avenue worth exploring is the growing green economy. Thanet has seen above-average development in renewable energy, particularly around the former Richborough Power Station site. This sector could provide much-needed jobs and economic diversity.

Community involvement is key too. I’ve seen how local pride can transform an area. In Thanet, 70% of creative sector workers volunteer in the community. That kind of engagement can be infectious and help change perceptions of the area.

Education and skills development are crucial. The local plan aims to support the expansion of further and higher education facilities. This could help address the skills gap that’s been deterring investors.

Last but not least, leveraging Thanet’s coastal location for tourism and leisure could provide a significant boost. With some investment in infrastructure and marketing, the area could attract more visitors year-round.

It’s a long road ahead, but with these initiatives and the community’s resilience, I believe Thanet has the potential to turn its fortunes around.

Implement Business Incubators, Mohammed Kamal, Business Development Manager, Olavivo

Thanet can tackle its economic challenges by implementing a multifaceted strategy to revitalize local retail and services. Establishing a business incubator would support entrepreneurs with mentorship, funding access, and workspace, attracting new businesses to the main street. Successful examples, such as the “High Streets Heritage Action Zones” initiative in various UK towns, demonstrate the potential for local economic improvement through community engagement and support.

Do you agree?

Do these men in suits have a good point? Or, do you think they have missed something?

What do you say would improve Thanet’s economy?