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Chaired by Sir John Timpson, chairman of retail chain Timpsons, the panel includes representatives from the shopping, property and design sectors.
Their appointment comes as market towns and villages are being encourage to enter a competition to find Britain's best high street.
Communities minister Jake Berry said: “High streets and small businesses are the backbone of our economy and we want to see them thrive now and in the future.
“People care about their local high streets because they are the centres of their community. But our high streets are changing, and the government is committed to helping communities adapt.
“High streets of the future will still be commercial centres but consumers now look for a wider range of experiences, from leisure to health services.
“Our future high streets may well feature more homes, childcare centres and gyms to bring people back and ensure that they keep returning.”
The panel's review will look at the current challenges faced by high streets and work out options to ensure town centres remain vibrant.
Sir John Timpson said high streets and city centres have continually changed to fulfill the needs of society, but the shift to out-of-town and online shopping threatened their future.
The panel could offer an instant, quick fix, solution, warned Sir John.
But he added: “We hope to identify practical and common sense decisions that will help the government provide the support that local communities and businesses need
The panel will issue a call for evidence later this summer asking what members of the public and young people in particular want from the high streets of the future.
The announcement comes at the start of Great British High Street Week, a week of celebratory activity to promote the Great British High Street Awards 2018.
The awards, run by the government, and sponsored by Visa, are open for nominations until 22 August 2018.
A shortlisted of 26 entries entries will be announced in September before the eventual winners are announced in November 2018.
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