According to a new survey, retailers are aiming to open 17,000 UK stores this year, but the location is changing as consumers shop more locally.
A new study by Barclays Corporate Banking found that shoppers are adapting to the post-blockage world by “seeing the locals.”
In the new Thought Leadership Report released today, Retail unlock Welsh consumers have confidently returned to physical stores since restrictions began to be relaxed, according to Barclays data. 60% said they felt safe or very safe to return to High Street. A significant portion (44%) plan to step up in-store shopping by the end of next year, and 39% say it’s their favorite way to shop.
This means that you are most likely to see the benefits on your local high streets, not on the big cities. According to a Barclays Corporate Banking survey, nearly half (47%) of Wales workers will maintain home and hybrid work patterns until 2022, 22% expect to work entirely at home, and 24% expect one. We are expecting a department housing and some office models. Currently, one-fifth (21%) of all Wales consumers say that the best way retailers can appeal to them is to open a store locally.
As a result, many retailers are reviewing their location strategies. In fact, according to a survey, 18% of UK retailers with 10 or more employees are looking to open a community store, each considering an average of five new facilities. So, cumulatively, there are up to 17,000 new local stores across the UK.
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Current Thomas, Head of Barclays Corporate Banking in South Wales, said:
“E-commerce is the undisputed winner of the pandemic, but the high streets of the community aren’t too late as shoppers” look at the locals “and try to support the stores nearby. With continued telecommuting, this shows no sign of slowdown, and retailers are now considering valuing store real estate to meet local demand. “
Other findings from the Retail Unlocked report show that:
- Three out of ten (29%) retailers aim to bring more people back to the physical store by taking advantage of experiences such as concerts and exhibitions.
- Since reopening, more than half (52%) of retailers have seen an increase in average customer spending, with an average purchase increase of 9% at pre-pandemic levels.
- According to 45% of retailers, the most sought after products are those that promote a healthy lifestyle. Young people are more motivated by this type of product: 23% of 25-34 years old compared to only 13% over 55 years old
- Two-fifths (38%) of retailers also report increased demand for sustainable products with reduced environmental impact.
- Currently, 40% of retailers are adopting data-driven marketing to reach more customers.
- Retailers are overwhelmingly optimistic about future growth, with 80% confidence in growth over the next 12 months, 41% of which are very confident.
Thomas added: “As our report shows, modern customers expect retailers to meet their needs. Often, by leveraging data and technology, these expectations are minimized. Responsiveness is crucial in deciding who will acquire and retain customers in the future. I have a strategy for innovative and agile companies to survive and prosper throughout their shopping journey. I’m always impressed with how I adapt. “
For telecommuting, retailers are reviewing location strategies
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