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220 | What does the future of the UK High Street look like?
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We often hear headlines that the UK High Street is in decline and all kinds of scare stories for brick-and-mortar stores. So in today's episode, I wanted to take the time to go through some recent numbers so we can see what's actually happening in the UK high street. As well as share my thoughts about what's ahead for bricks and mortar.
I don’t think it is all sunshine and roses for the high street.
There are lots of challenges from rising costs and consumers shift to purchasing online does have some impact. But I think we will see many more independent retailers. I'd love to see more retailers being able to experiment with having their customers come to them, and learn more about their brand.
I think people really crave that ability to touch, feel, and see things. And I also think that for a lot of people, the numbers are going to add up for them to have a physical retail space, especially if you're somebody who's established online. So I'm going to say I'm cautiously optimistic about the future.
This is purely my opinion based on what I've read and what I believe to be true. But I'd love to hear what you think, what your experiences are, what it's like in your local area. Do you have a really thriving independent retail scene? Or have you seen it decline? Do you shop at local retailers? What's your experience like? How do you feel that the retail industry is going to be shifting?
[01:42] Analyzing the Decline of UK High Street
[02:44] The Rise of Independent Retailers
[04:28] Impact of Online Shopping on Retail
[07:22] Chore Shopping vs. Cherish Shopping
[08:28] Challenges in E-commerce and Retail Trends
[09:41] The Rise of E-commerce
[10:18] Challenges of E-commerce Profitability
[15:02] The Future of the UK High Street
[16:10] The Need for Vision and Flexibility
[17:34] The Impact of Business Rates
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