Retailer Landscape is Changing
Posted on in Business News , Political News
London has become one the most attractive places to live and work.
However, the latest research shows the 14 shops are closing in Britain's top 500 town centres every day, with four of those 14 shops in London alone. Insight into the challenges the retail and leisure marketspace is facing shows that Italian restaurants, Furniture retailers, Pubs and Fashion stores are suffering. Reasons behind store closures is down to retailer administrations and Company Voluntary Agreements.
It is predicted that we'll be seeing more store closures in the short term as a result of agreements announced earlier in the year.
The retail landscape and marketspace is evolving and moving towards an online marketspace that is currently dominating. Londoners, like the general UK public, are moving more and more towards online shopping and leisure at home.
These changes are in no way bad news but the opportunity to create new initiatives and innovation to transition into the online space.
The online marketspace is attractive as it is cheap, quick and convenient.
Retailers need to explore new and unique business models that resonate with tomorrow's consumers. As retail is transitioning into the online marketspace retailers need to sit themselves within the online and in-store marketspace to retain consumers and engage with tomorrow's consumers.