Transform or die: 1,000 consumers on the future of the high street
The future of UK high streets is at stake as the country emerges from the grips of the pandemic, but it’s important to understand what the consumer wants from it if they are to return in greater numbers. Read Retail Week’s High Street Rebooted report to find out what 1,000 UK consumers said
One thousand UK consumers have told Retail Week they believe time is running out to save the high street, indicating that chancellor Rishi Sunak’s £5bn high streets scheme could not have come soon enough.
In the Budget last week, Sunak revealed plans to try to shore up struggling town centres, which also include extending the 100% business rates holiday for all businesses up to the end of June and the furlough scheme until the end of September.
The measures, which according to some observers do not go far enough, come as Retail Week releases its High Street Rebooted 2021 report featuring research with 1,000 UK consumers on their attitudes towards high streets and what role they play in their shopping journeys.
The clock is ticking
The study revealed three-quarters of consumers believe the high street has just five years or less to survive in its current form.
The report investigates how localism has thrived during the pandemic as consumers have rediscovered the high streets closest to them, with in-depth breakdowns by region. But the report also reveals how widespread closures during the pandemic have led to a dip in both spending and footfall across all high streets. On a total basis, 52% say they spend less money on high streets than they did five years ago.
More than half of shoppers are spending less on the high street than a year ago
More than half of shoppers are spending less on the high street than a year ago
What consumers want
Consumers may be spending less, but 81% of respondents to our survey said would care if their local high street disappeared and 59% feel compelled to support it.
What they really want to see is their high street become more digital – both in the brands operating shops, as well as the competitive services town centres offer.
While 10% would like to see a local Primark, 7% would like to see Amazon on their local high street – something not out of the realms of possibility; in the US it has opened tech-enabled convenience stores and bookshops in certain cities. Then last week, the digital giant unveiled its first UK store under the Amazon Fresh banner in London.
Consumers would also like to see more tech to remove friction and make it easier to pay. Specifically, 56% are using self-checkout facilities in high street shops but there is more demand for them – 22% say their high street does not offer them but they would be very interested if they did.
There is a similar story with scan-and-go provision, where shoppers can use tech to scan products via a retail app and then checkout. Thirty-four per cent are using these tools but 26% say they do not have the option on their high street and would be keen to see it.
These findings are just a few of the fascinating insights featured in High Street Rebooted 2021 and they reveal that retail is at an important crossroads where there is a window of opportunity for town centres to redefine and reassert themselves in the lives of consumers.
Want to find out more? Download your free copy of High Street Rebooted 2021 today to discover:
- The top five retailers consumers most want to see on their high street
- Data broken down across 12 UK regions to help store expansion planning
- What products retailers should be selling and the prices they should be setting
- The in-store technologies to invest in that consumers want and will drive spend
- Expert views from Spar UK, Majestic Wine and Superdry on how to save the high street
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