Is the dying High Street rash?
Posted on in Business News
He disputes three claims; the retail market is in crisis and the high street stores are dying, the retail landscape needs to be more experiential and the extinction of the department stores.
The retail market is in crisis and the high street stores are dying
But are they?
Ignoring the larger, long-term figures that there has in fact been consistent long-term growth since 2013, with value sales up by 5.5% in the three months leading up to September 2018. And, that even though the online market is booming consumers' still buy more in stores than online, with 17.1% of products bought online.
The model of the retail market isn't at fault for struggling retailers, no one is. Simply put, better, more successful retailers are taking the share away from the worse ones. Today, we have more of a choice, we are still buying things and that will never change. What is changing is how and when and why we buy these things.
The retail landscape needs to be more experiential
What actually happens?
Llewellyn refers to the bouncy castle syndrome here explaining how retailers get so caught up in "making shopping an experience" argument that the experiences they offer, although adding to the experience, don't present a better alternative to buying online.
The extinction of the department stores
Are they though?
Yes, department stores are closing but many are actually doing well. The loss of certain stores is not due to a polarised society but rather what people have been saying for a while in the undertone of news articles, that some retailer are no longer distinctive and positively associated with the consumer.
We will never stop needing something, or wanting something.
It is in our nature to want and need things, and there will always be those stores that you go to because:
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They have what you want or need
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They suit your price bracket
- You trust them
Read the full article here and let us know what you think about his points in the comments below.