{"id":13102,"date":"2024-08-08T16:46:46","date_gmt":"2024-08-08T16:46:46","guid":{"rendered":"https:\/\/dmsretail.com\/RetailNews\/retailer-roundtable-what-makes-a-great-high-street\/"},"modified":"2024-08-08T16:46:46","modified_gmt":"2024-08-08T16:46:46","slug":"retailer-roundtable-what-makes-a-great-high-street","status":"publish","type":"post","link":"https:\/\/dmsretail.com\/RetailNews\/retailer-roundtable-what-makes-a-great-high-street\/","title":{"rendered":"Retailer roundtable: What makes a great high street?"},"content":{"rendered":"

\"Retail<\/a><\/p>
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There\u2019s no denying that remarks about the death of the high street are overblown.<\/p>\n

Physical retail has seen a resurgence in recent years as customers are heading back to bricks-and-mortar stores to seek out service, experience and the reassurance that comes with touching, feeling and trying out products.<\/p>\n

In partnership with American Express, Retail Gazette brought together industry leaders from retailers including Primark, Sainsbury\u2019s, John Lewis and B&M and trade bodies including UK Hospitality and BIRA to discuss what makes a great high street, and how it can be revitalised through collaboration, data, and adapting to new shopping trends.<\/p>\n

We summarise the main points made at the discussion.<\/p>\n

What shoppers want from the high street<\/h3>\n

To explore what the factors are that gives a high street great shopper appeal, American Express commissioned GlobalData to undertake an extensive consumer research project.<\/p>\n

It found that the high street is still a big part of consumers\u2019 lives with two thirds of those surveyed saying they visit their local one at least once a week.<\/p>\n

But what draws them to the high street? The research found that variety is the spice of life with two thirds (67%) of shoppers claiming a good mix of shops is key ingredient for a \u201cgreat\u201d high street.<\/p>\n

The variety of stores wanted include independent retailers. This desire is particularly strong in the Boomer generation (those aged 60-78) where almost three-quarters expect to see local independent stores on a great high street, compared to just 27% of Gen Z (aged 12-29) and 43<\/p>\n

However, retailers such as Boots, M&S and Primark feature highly within the list of retailers that consumers would expect to see on a great high street which points to the need for high streets to get the balance right between big brands and independents.<\/p>\n

\"M&S,American Express UK general manager, merchant services Dan Edelman pointed out that the variety consumers seek extends beyond retailers.<\/p>\n

\u201cPeople want not just shops but leisure, entertainment, food and hospitality. In some of the most successful high streets, vacant shops have been replaced by leisure and experience-based tenants,\u201d he said.<\/p>\n

One roundtable attendee, the stores director of a fashion retailer, concurred: \u201cOur customers are visiting the high street for a day out. It\u2019s how they\u2019re spending their Saturday \u2013 a form of entertainment. They\u2019re visiting the cinema, having a meal, and browsing and shopping too.\u201d<\/p>\n

This makes the high street distinct to other shopping destinations such as retail parks, which typically attract mission-based shoppers, therefore a wider array of leisure and hospitality options is critical.<\/p>\n

Fun versus the functional<\/h3>\n

Retailers are faced with consumers that want many different things from the high street.<\/p>\n

For example, the American Express research highlighted a notable generational divide.<\/p>\n

The older Boomer generation, who are both time and disposable income rich, are far more concerned with completing the functional task of shopping for items that they need, than seeking out experience and entertainment.<\/p>\n

In fact, they were the generation least likely to visit the high street to eat out or for leisure, according to the consumer survey. There is also a far stronger desire for services such as banks and post offices in these older age brackets.<\/p>\n

Perhaps unsurprisingly, Gen Z and Millennial shoppers were the demographics most likely to visit their local high streets for leisure, eating out or social arrangements.<\/p>\n

\"HighHowever, one department store retailer pointed out that preferences do not just change based on age. \u201cIt is split attitudinally and it is spilt based on mission as well. You could be looking for fun in one scenario and functional in others,\u201d he said.<\/p>\n

Interestingly, it is the more functionally-minded Boomers that are least satisfied with the shopping offer on local high streets.<\/p>\n

This could in part be attributed to the collapse of retailers that were once key destinations for this generation, such as BHS and Debenhams.<\/p>\n

The contrasting wants and needs of consumers creates a challenge for retailers.<\/p>\n

One department store retailer talked about the need for \u201clight and shade\u201d in its stores as it balances the theatre and experience that some shoppers crave, with the speed and convenience of others.<\/p>\n

A fashion stores director, who termed her business \u201can experience-led retailer\u201d, noted the complexities of serving very different customer needs.<\/p>\n

\u201cSome people want to have fun in stores, others know exactly what they want and want to get in and out as quickly as possible. Our team is pivotal in understanding the psyche of the customer as soon as they walk through the door. Fundamentally we have to understand our customer,\u201d she said, pointing out that its store assistants were critical to this.<\/p>\n

In truth, the high street needs to appeal to all \u2013 the functionally-minded and the experience-hungry \u2013 the retailers in the room agreed, and the right balance needs to be struck between experience and convenience.<\/p>\n

But constant adaptation is needed to ensure it stays up-to-date with ever-changing consumer needs.<\/p>\n

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Related Story<\/h5>\n