There have been a great many discussions regarding the future of high street retail, with many occurring in the wake of national lockdowns. Perhaps the most frequent prompt is internet sales. Growing eCommerce options have often been described as likely to outshine and even usurp brick-and-mortar retail. However, as the years go by, the high street has proven its resilience by adapting to changing demands.
Retailers are now seeing online sales not as competition but as an opportunity for growth. A greater number of complementary operations are being established in stores, allowing customers to benefit from a wider range of services.
An example of how the coupling of online and in-store services can benefit each other is click-and-collect. It has been supposed that when faced with options to make purchases from a shop or online, customers would most often gravitate towards online purchases, preferring to have products delivered directly to their homes. However, this has not entirely been the case. In fact, customers tend to prefer the option that will allow them to most quickly obtain their purchase.
High street retailers have benefited from this by offering click-and-collect services and collection shop counters, enabling customers to collect their online order in-store generally on the same day as a purchase is made. The opportunity of bringing customers to the high street to collect their purchases also allows for a greater advertising reach and the potential for further sales.
Alongside these merging services is the growth of sustainable, local, and ethical retail practices. The globalisation of shopping, especially when it comes to manufacturing, has promoted growth for smaller and more considered shopping practices. Now, customers are seeking to celebrate smaller high street concepts, shopping for locally made products that have tangible manufacturing history.
Retailers are responding accordingly by prioritising ethical services and products, selling carbon-negative items and locally made designs from sustainably manufactured greeting card units. These decisions not only match retail practices with the personal ethics of customers but also allow for shops to offer products that cannot be found elsewhere, drawing in customer support.
Perhaps the most significant change in high street retail, and one that is already changing the way customers think about their shopping habits, is experiential retail. This experience-focused approach sees retailers host events and services in-store alongside their products with a view to not only draw in customers but to sell the lifestyle and experience associated with their brand.
Vans, for example, have found great success in their flagship London store with the construction of a skatepark. This venue brings in customers who are not only able to use the products they purchase but also enjoy the culture surrounding much of the brand. Other brands seek to do the same, though often on a smaller scale. Nespresso stores hold frequent coffee tasting sessions, Waterstones welcome authors to speak, and Ikea even allowed customers to spend the night on their beds!
While the future of the high street remains unknown, there are still many clear directions being taken. And, in the immediate future, we can expect sustainable, experience-focussed venues to find even greater success.
