Words BETHAN RYDER Illustration SHONAGH RAEWHAT’S
IN
STOR E?
In this time of uncertainty for the high street,
constant innovation is vital. But eagle-eyed
consumers may be able to reap the rewards –
and help keep bricks-and-mortar stores afloat
it seems we’ve never had it so bad. ‘It’s the death of the high street!,’ scream the
headlines, with the papers regularly heralding news of plummeting profits and
brands entering administration – cue tumbleweed rolling past shuttered shopfronts.
The consensus among homeware operators is that with Brexit uncertainty, an
ineffective government and a stagnant home market, no one is investing in ‘big
ticket items’ such as sofas and beds right now. Combine that with crippling business
rates (a tax with archaic roots that’s unique to the UK),which, for some, is an
additional 51 per cent of their rents – well, no wonder it’s tough out there. As Hamish
Mansbridge, CEO of Heal’s, says: ‘For retailers, flat is the new up!’
And yet, there is a positive side. Such a climate separates the wheat from the
chaff, which can only be a good thing for the customer. What’s more, leading UK
homeware retailers are adopting the optimistic spirit of 1980s pop sensation Billy
Ocean (When The Going Gets Tough, etc...). Enthusiastically rising to the challenge,
they are using the downturn to listen to customers, examine the data, test and
learn, ensure sustainability is high on the agenda, re-evaluate strategy and invest
in design and technology to futureproof their businesses – and that’s all good news
for the consumer. Remember, we’re a nation of shopkeepers and innovators – it’s
deeply embedded in the British DNA. The high street is suffering, but with some
help from canny legislators and inventive retailers, it can flourish. So, here are six
rules from experts that brands can follow to ensure they survive and thrive...WHEN IT COMES TO R ETAIL,