A retail expert gives his take on how to save our traditional brick and mortar retailers.
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00:00 I think that customers now know, I mean you know when you buy right, you're more in control
00:07 than customers have ever been before. So today if you're shopping for something you've got
00:11 the luxury and indeed the expectation. That's the part that really drives retailers to be
00:17 perfect. It's the expectation you have.
00:20 Over the past decade the British high street has seen a significant decline in retailers.
00:26 Bank stores like Woolworth, Blockbusters and BHS have collapsed. In fact the UK lost
00:31 83% of its main department stores since that BHS closure. That perhaps reflects changes
00:39 in shopping habits with many going online and of course the impact of Covid. These closures
00:45 have left large retail spaces unoccupied, posing challenges for landlords and town centres.
00:52 Despite efforts to adapt there is no quick fix and insolvency surged by 56% in the last
00:59 year. The demise of many retailers presents both challenges and new opportunities for
01:05 the British high street.
01:07 With previously loyal customers back, even with a higher cost, if you are, you know,
01:13 for the right person, really brilliant at customer service or really talking about the
01:17 right ethical values that they just can't get past.
01:19 Successful retailers have focused on personalisation, offering loyalty programmes, ensuring excellent
01:26 customer service and creating engaging in-store experiences. These strategies have been shown
01:32 to work, fostering customer loyalty and encouraging repeat visits.
01:37 For a long time the best thing brands can do to retain customers has been to truly understand
01:44 an individual who wants and needs more choice and more speed and more technology. Our power
01:49 as consumers and shoppers is just on the rise and urging retailers to put more money and
01:54 more focus towards listening to their customers on a real-time basis.