Date Posted: Thursday 22nd July 2021
Barclays Corporate Banking has predicted that 17,000 local high street stores could open in the 12 months as British shoppers adapt to a post-lockdown world by shopping locally. Barclays has published a report, Retail Unlocked, showing that consumers have returned to physical stores with confidence since restrictions began to ease.
Findings show that 68% of consumers say that they have felt safe, or very safe, to return to the high street. Whilst 40% are planning on stepping up their in-store shopping over the coming year at 41% say that it is their favourite way to shop.
The report indicated that the benefits will most likely be seen in local high streets rather than in bigger cities. This will be influenced by home and hybrid working patterns persisting into 2022 for 44% of workers. A quarter of consumers (25%) now say that the best way a retailer can appeal to them is to open stores in their local area.
As a result, many retailers are reviewing their location strategies. Barclays’ research reveals that 18% of retail businesses with 10 or more employees are considering community store openings, with each of them looking at five new premises on average. Cumulatively, there is therefore potential for up to 17,000 new local stores across the UK.
Karen Johnson, Head of Retail and Wholesale for Barclays Corporate Banking, said: “As our report shows, the contemporary customer expects retailers to serve their needs: for speed, convenience, locality and, increasingly among younger demographics, for a sustainable ethos. The ability to deliver on these expectations with minimal friction – often by leveraging data and technology – will be pivotal in deciding who will win, and retain, customers in the future. I am consistently impressed at how innovative, agile businesses are adapting their strategies to survive and thrive across the whole shopping journey.”
For more information please visit home.barclays.
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