Retail champion Mary Portas is supporting the inugural Summer Retail Trend Report from online B2B marketplace Ankorstore which has revealed that 92% of retailers think the British high street is suffering in the current economic climate – but that the future is bright, with more consumers looking to shop local.
Speaking on the findings released at the end of last week, (18 August), Mary commented: “community is at the heart of British high streets and right now they are facing challenges from all angles. It’s vital that together we create resilient and revitalised high streets that meet people’s needs. It’s not just about doing business, it’s about doing business in the right way, and championing real change for new and independent retailers.”
Added Tarun Gidoomal, Ankorstore’s UK general manager: “our mission is to help level the playing field for local and independent retailers, who are facing immense external pressures. A huge part of this involves giving retailers the confidence, tools and purchasing conditions they need to thrive on British high streets.”
He continued: “times are tough right now, but post-pandemic shopping habits show that consumers want to shop local. That’s why we are helping to connect independent brands with local retailers.”
With inflation hitting a 40-year high at 10.1%, and the business community sounding the alarm over the UK economy’s future, Ankorstore’s data shows 74% of those polled believe the cost-of-living crisis and current inflation have almost twice the impact on high streets as Covid (45%).
Analysing the varying views of UK retailers towards the Government’s Levelling Up And Regeneration Bill, and its mission to increase the attractiveness and vitality of these key retail areas, the report said 98% of online and bricks-and-mortar retailers faced challenges when they started out – the main challenges being setup costs (55%), growing a customer base (53%), competitors in the space, and the cost of living (both 43%).
Regarding a possible change in government, according to Ankorstore’s research, 60% of retailers think this would have an impact on the its ability to fulfil the levelling up promises – 25% said this would be negative, with 36% believing it would be positive.
If the scheme where landlords will be required to offer lower rental prices for empty spaces is implemented successfully, 61% of online retailers would consider moving to a physical store, with 63% stating this revival could be a good way to increase competition. Brits want their high streets to be diverse, lively and thriving – with the right support and increased engagement from younger generations, the future is looking promising.
Ankorstore’s research also showed that 69% believe UK consumers are keen to shop locally, as the local shopping trend continues to pick up steam, with people wanting to find unique products they can’t buy online (71%), sustainable products (62%) and location-centric products that support the local area (47%), so those looking to boost foot traffic and increase sales should put monitoring and responding to consumer trends at the top of their agenda.
However, respondents cited challenges that impact this revival, with 92% agreeing British high streets are struggling to cope with increasing pressures in today’s highly complex and competitive retail landscape, with higher rents (71%), increased online shopping (70%) and rising parking costs (38%), all said to be impacting UK retailers’ abilities to operate.
Retailers also highlighted the top three factors they’re seeing inform consumers’ purchasing decisions – cost (79%), product quality (68%), and sustainability (43%) came out as the most influential factors that have the potential to make or break a purchase decision. Brits are buying better, more affordable products, which is a positive outlook for smaller, independent retailers.
The same can be said for the types of businesses consumers want to see on British high streets. At the top of the list are independent supermarkets (45%), craft stores (36%) and clothing boutiques (36%), signifying that consumers are looking for more personalised shopping experiences.
Founded in 2019, Ankorstore Rewilds Retail by restoring it to its natural order, harnessing the power of technology to return independent shops to the centre of their communities by creating an ecosystem that enables them to thrive.
The Ankorstore marketplace currently works with over 250,000 independent retailers and 20,000 brands across 33 countries in Europe.
Top: Mary Portas supports Ankorstore’s Summer Retail Trend Report.
