Comment: In today’s challenging climate, what steps can retailers take to ensure their future?
With the impact of alternative forms of retailing, such as out of town outlets and the internet, and the costs of physical occupation, the High Street will have to evolve dramatically in order for it to compete. By Simon Tothill.
It is likely that a number of High Streets will reduce in scale and wiith the loss of tertiary and secondary retailing we will see multiple retailers concentrating on strategic regional locations rather than setting out to create large retail portfolios across the country. We are also likely to see an increase in the number of independent shops and a greater degree of variety will be on offer.
Very few ‘Clone Towns’ will remain with the same multiples on all streets. In tough trading times, retailers need to build their business models around proven insight including consumer behavioural trends. We know that people enjoy visiting attractive dynamic town centres. Combining retail and leisure is the key to a successful retail destination. Shopping whilst also catching up with friends over a coffee or going for lunch is a leisure activity.
Another key benefit that physical shopping delivers over virtual shopping is the opportunity to touch and feel products and, more recently, to even try products before purchase. We are in the process of developing an innovative new concept that harnesses the retail and leisure mix and focuses heavily on the ‘try before you buy’ concept.
Never Miss a Retail Update!At IntoOutdoors customers will actually be able to try out sporting goods including fishing rods, BMX bikes and even skateboards before they buy them. This ground-breaking proposition will also feature an array of restaurants providing the consumer with a real day out and a reason to visit.IntoOutdoors boasts 125 acres of Country Park and a mile and a half of river frontage to the River Avon so we have been able to investigate different concepts, many from overseas, to establish a real retail and leisure pull. We believe the ‘try before you buy’ concept which is to be established at IntoOutdoors is unique to the UK, but we are aware that it is on offer in the likes of the USA.
Retailing is ultimately a leisure experience. Retailing in the UK will succeed or fail by the quality of the service provided and as long as the retailers are able to provide their consumers with expert guidance and tuition in terms of a particular product they are trying to sell, then I have every confidence that it will succeed and flourish.
Simon Tothill, Director at Eagle Land and Director of IntoOutdoors.
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