Preparing the High Street for online shopping

Abstract

We have all read the headlines — the High Street is in trouble. Footfall is declining, sales are down, vacancy rates are increasing, and a litany of retail chains have closed their doors. Over the past decade, the UK High Street has been subjected to powerful drivers of change. To paraphrase Mary Portas, failing to help them adapt to change risks the irreplaceable loss of places of real social and economic value. While the historical drivers of change are now well understood, little attention has been paid to future drivers, in particular the growth of online shopping and, more broadly, digital technology. Consequently, Experian has examined the growth of digital technology and its implications for over 1,200 high streets. The author discusses the increasingly important role of online shopping and digital technology and the emerging demands of digital consumers — driven by the desire for service, choice, experience, value and technological innovation. The paper goes on to argue that, far from being a threat to high streets, digital technology must be embraced if they are to reverse their decline. The author sheds light on a number of emerging innovations that high street operators would do well to heed if they are to place themselves back at the centre of retail — as the natural bridge between the online and offline economies.