In a week that saw online furniture retailer Made.com fall into administration (it has subsequently been bought by Next), and online marketplace Down Your High Street call in the liquidators, (leaving a lot of independent gift and lifestyle retailers significantly out of pocket), Retail Gazette’s webinar, held on Wednesday (9 November), and based on Ankorstore’s ‘Future of Independent Retail’ report, made interesting listening for many retailers.
On the panel were: Mary Portas, retail expert and broadcaster; Priya Aurora-Crowe, co-founder and head of buying at independent retailer Lark London, which has 12 gift and lifestyle stores in and around South and West London; Bridget Hipwell, head of acquisition at Ankorstore, and Gemma Goldfingle, editor of Retail Gazette.
The retail trends presented were gathered from research conducted for European curated marketplace Ankorstore by Vitreous World. Insights came from some2,200 British consumers and British independent retailers who responded to online surveys between 18-24 October.
Among the topics discussed was the rise of the 15 minute city, an area where everyday necessities and shops can be reached either by cycling or walking from a resident’s home in just 15 minutes. It is a growing concept that 65% of independent retailers believe it could help save Britain’s high streets. “It’s no longer about the price and how cheap you can get it,” Mary stated.
According to the Ankorstore report findings, three quarters (75%) of independent retailers think that the concept is a great way to foster stronger communities, with the same percentage (75%) of London-based independent retailers believe they are already living in a 15-minute city and can see its benefits. However, there is a generational divide in the positivity around the 15-minute city concept, with 67% of over 65s stating they don’t like the idea, in comparison to 24% of those aged 18-24.
Regarding the current energy crisis, and how it could potentially cripple independent retailers, Mary said that energy bills were one of the biggest issues that retailers are up against, suggesting that the next government might possibly be a little more supportive than the current government, although retailers “should not to hold their breath for any help,” she stated.
Other key findings included that a love for local will be at the forefront of consumers’ minds in 2023. Despite rising costs, consumers will be looking for high quality products, sustainable items and products with great reviews when choosing to spend.
Some 92% of Brits believe it’s important to support independent businesses, butmoney-consciousness differs between the generations. Almost half of Gen Z (48%)will be spending less on luxury items, by comparison to 24% of Baby Boomers; 61% of over 65s cite their love for local as their main motivation for shopping. Some 79% of consumers will be looking for high quality products when choosing to shop.
Additionally, despite the economic downturn forecast for 2023, there is hope to be found in the celebrations of seasonal holidays and personal events. In the year ahead, consumers are planning to spend more on key calendar moments than by comparison to 2022, to include an average of £354.60 on religious holidays in 2023. Valentine’s Day will be a bigger commercial event with the average spend increasing to £92.62, compared to £74.25 in 2022; spending on pet birthdays is projected to almost double from £45.04 to £71.62. Back-to-school spending will also be higher with the average spend projected to be £221.55, compared to £171.53 in 2022.
Meanwhile, new and emerging technologies are set to deliver enhanced and unique experiences both in store and online during the year ahead, with social commerce topping the list of innovations that independent retailers are most likely to explore.
“Mary was extremely insightful and inspiring during the webinar,” Priya told GiftsandHome.net, “with the Ankortsore report hugely positive for independent retailers. She emphasised it’s all about educating local communities that ‘every £pound you spend is a vote on how you want to live.’”
Added Priya: “Both Mary Portas and I have been involved in Visa’s ‘Where You Shop Matters’ marketing campaigns to try and educate local communities to shop locally, as this is fundamental to the survival of the high street.”
Top: Mary Portas shared her views about the future of the high street on the ‘Future Of Independent Retail’ webinar held earlier this week.
