Retailers need to think differently
The use of retail space is changing. The rise in online shopping, accelerated by the pandemic, has indisputably impacted high street retail stores and outlets across the UK. The Centre for Retail Research found that a total of 11,047 stores closed in 2021, and the collapse of major retail brands such as Arcadia and Debenhams have left huge empty spaces.
With consumers apparently now set to take a more hybrid approach to shopping – blending online with visits to high streets and outlets as they maximise their more flexible working hours, The Centre for Retail Research has reported that they fully expect every retailer to review their estate and make decisions about how many stores they will need to meet face-to-face demand in 2022.
So, as the dust inevitably starts to settle, the question is what will become of the glut of redundant retail spaces?
Last year, research by Barclays Corporate Banking revealed that local high streets could see 17,000 new stores open by the end of 2022, and many of the larger, vacant sites have been targeted by mixed-use project developments – blending smaller retail outlets with leisure businesses and food and drink outlets.
In the current climate, retailers who are moving to new premises or even opening a store following a successful on-line period, need to plan their move carefully to mitigate potential revenue losses.
Getting the floor plan right is imperative and needs to be planned out with a specialist contractor beforehand to ensure every element works well together. A contractor, such as CIC, will also help to organise the work of sub-contractors, including electricians and plumbers to guarantee that time is used efficiently.
Consumer shopping habits have undoubtedly changed over the last two years, but there will be a resurgence in their visits to the high street and shopping outlets following sustained periods of lockdown. Retailers just need to ensure that they effectively think about every aspect of their space to keep their customers coming back!
