Photo by Dom J: https://www.pexels.com/photo/people-walking-on-park-303066/
There is no doubt that high-street fashion has changed dramatically since the launch of e-commerce websites. This has caused massive concern for many businesses, with some of them closing in the UK such as Topman, Topshop and Ted Baker. However, many other shops in the industry have also closed.
There is no denying that the high streets of Great Britain have been affected by the mass markets online. Online shopping has completely transformed the average consumer and is something the average shopper will check before heading to the high streets.
How It Has Changed Retail Shopping Patterns
The high street is struggling and has been for a while. Then Covid-19 and the pandemic happened which affected the whole world, especially those who work in hospitality and retail. Marks & Spencer for example closed a number of their stores in 2018 as they were facing a financial crisis due to shoppers shopping online more.
Although it sounds bad for the high street, the shops in the industry have faced massive consequences before. This isn’t anything new and the high street manages to adapt. For example, small businesses that sell meat and baked goods have managed to survive those larger companies that have pushed them out. Regarding retail, something similar is happening. Small retail companies are being forced out by those companies who sell products online.
There have been a number of factors that have affected it but one of the main causes is the number of online shops that sell multiple brands in one place. Other factors include the recession and financial crash. However, these are also facing a crisis at the moment. ASOS is one of those who is struggling to sell products online.
Although it sounds like it is all bad news for the retail industry, there is some hope for those consumers who do enjoy shopping on the high street.
Hybrid Shopping Experiences
There are many periods when the high street will thrive such as the summer and Christmas holidays. However, the retail industry cannot be kept alive just by these periods. This experience has completely transformed in the last 25 years.
One of the things that high-street shops have transformed is click and collect. This allows a consumer to order their products online and then they can go into their store and collect their item.
The convenience of home delivery is great but there are a lot of issues with this. Ordering items can be lost on the way to your home. Additionally, you won’t be able to try some of the products and send them back because not all brands offer free returns or returns at all.
What Is The Future Of The High Street?
There is no doubt that high-street shops are struggling during this difficult period.
Nevertheless, they are adapting their methods and improving their overall experience for the consumers. Additionally, it is predicted that ecommerce will account for 40% of UK retail sales by 2030 which is quite a large number. However, it is not 100% meaning there’s plenty more time for retail stores to thrive during this period.
There are many things that businesses are changing to accommodate the consumer but this is certainly a work in progress. Furthermore, it can be used as a marketing tool, showing that they still exist and can buy products from there.
Additionally, high-street retail shops are not only featured on the high streets but they also have online platforms where consumers can shop. Embracing these two methods is essential for retail businesses to succeed on the high street however, retail companies must be fair value to exist on the high street as well. Luxury brands cannot be on a typical street. It needs to be more affordable clothing.
How Are Shopping Centres Changing?
Through the years, shopping centres have been hubs to shop until you drop, however, these have changed drastically over the last few years. Shopping centres have a lot of retail stores but there is more to a shopping centre than just shops. For example, you can expect restaurants, cinemas and even bowling alleys, allowing consumers to spend a full day there.
In fact, some of the best restaurants in Leeds are located in the shopping centre in this city. Restaurants are now reaching out to shopping centres as they have a lot of footfall and can also benefit the shopping centre. People will be walking past the shops to the restaurant and therefore, will be intrigued to go into them. It is the new modern way for retailers to attract customers to their shops.