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RESEARCH - THE HIGH STREET

  • Writer: OMH
    OMH
  • Jan 20, 2020
  • 3 min read

Updated: Apr 2, 2020













  • (1)3/4 saddened about decline, 1/4 don't care due to disappointment of years of broken promises regarding development of High Streets This shows that there is a want for a thriving High Street, whether that is for shopping or for the experiences that one can get from visiting (coffee shops, hairdressers) people care about this and would like to see it prosper once again. However lack of trust in development where the promises may have been for a new town hall but instead a block of chain shops were built instead, ex visitors are frustrated and do not trust where the High Street is being taken which results in even less people wanting to come.

  • (2)38% shopping online, 28% favour shops, 34% 50/50 on the matter The risk of losing actual shops to online shopping is very real, these figures show that and it is only going to get worse. Shopping online offers many features that people are attracted to such as cheaper prices, better stock options and free returns on any product. Due to this the % of people deciding to leave the shops behind and favour the internet will increase. From this making, we need to find out why the 28% of people favouring shops do favour physical shops and face to face customer service. In my opinion it will be reasons such as the customer service, supporting the local shops and being able to touch and feel the product. Focusing on this will hopefully then swing the on the fence people to think about visiting the local shops, but only if it is what they want and what they believe is 'for the greater good'.

  • (3) Footfall down 4.2% in 2017 - 3 million less customers on the High Street High Street shops cannot battle on price and need to focus on the experience individuals get from coming to the town centre. This has been forgotten about and in turn has seen huge decrease in people being attracted to the centre.

  • (4) 4OO village shops closing annually This is a worrying figure for existing shops but a silver lining of opportunity for new shops to come into the market, lower rent costs will entice businesses with different models and could turn around the declining High Streets.

  • (5) Billions wiped off value of High Street property Again shows the decline in businesses with physical shops.

  • (6) 56% say they prefer to spend money with independent retailers A positive sign for independent shops as locals would like to spend their money there over a chain business

  • (7) 25% agree they want more 'experience' based shops such as food, drink and hairdressers but 31% want a combination of all sectors Indication a space where it combines shopping with other things such as eating, drinking or other activities that give people pleasure would hit the nail on the head












https://smallbusiness.co.uk/high-street-isnt-dead-2536998/


1. ABC Finance. 2020. The Future Of UK High Streets - ABC Finance Ltd. [online] Available at: <https://abcfinance.co.uk/blog/the-future-of-uk-high-streets/> [Accessed 2 April 2020].


2. ABC Finance. 2020. The Future Of UK High Streets - ABC Finance Ltd. [online] Available at: <https://abcfinance.co.uk/blog/the-future-of-uk-high-streets/> [Accessed 2 April 2020].


3. Bayliss, C., 2020. Retailers Report 3Million Less Customers Through Doors In A Year. [online] Mail Online. Available at: <https://www.dailymail.co.uk/news/article-6755617/Retailers-report-three-million-fewer-customers-came-doors-space-year.html> [Accessed 2 April 2020].


4. Enterprise Times. 2020. Reports Looks Into The Future Of UK High Streets -. [online] Available at: <https://www.enterprisetimes.co.uk/2019/02/05/reports-looks-into-the-future-of-uk-high-streets/> [Accessed 2 April 2020].


5. Evening Standard. 2020. British Land Losses Widen As High Street Woes Hit Property Values. [online] Available at: <https://www.standard.co.uk/business/british-land-losses-widen-as-high-street-woes-hit-retail-property-values-a4286096.html> [Accessed 2 April 2020].


6. Letcher, L., 2020. Inside The Cornish Village That Saved Their Shop Against The Odds. [online] cornwalllive. Available at: <https://www.cornwalllive.com/news/cornwall-news/around-400-village-shops-close-3381230> [Accessed 2 April 2020].


7. Www2.deloitte.com. 2020. [online] Available at: <https://www2.deloitte.com/content/dam/Deloitte/uk/Documents/consumer-business/deloitte-uk-consumer-review-role-of-the-high-street.pdf> [Accessed 2 April 2020].









 
 
 

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