I have been in business for some 25 years plus I have been succesful and created assets I AM HAPPY WITH BUT OF COARSE NOT SATISFIED. Some business's were startup's some I bought going concerns and I have always had property to rent and create a passive income. I am choosing this subject to write about because in some way I may be able to help others in a similar position as I have been in.
How retail has changed over the last 6 years or so
Why has retail changed
Retail has changed as the next generation have a different view on shopping. My generation for instance would HAVE to travel to a retail outlet, to a market or go on the high street every Saturday. Some still do this because of HABIT and also because for some its the only way they can engage with other's socially . In my home town for instance, which is a rural market town' the traditional greengrocer is down to one ! Butchers have survived well we still have 2 and the local villages still have one, this is due to the media exposing bad practice with meat and meat based products! These butchers kept standards high and profited, giving the consumer a good reason and value to do business.
The next generation's habits
Two main areas : Discount stores, young families have tight budgets and have been convinced that to buy for £1.00 is good value. More often than not they do not look at quality their only concern is to fill their basket with £1.00 lines. They also lack the time, in their mindset, to spend hours in a retail outlet ( unless it's a targeted reason ) they want more leisure time, more time to do what they enjoy. This created an explosion with online trading, Supermarkets, Amazon, E bay delivering faster and faster, as technology advances, straight to the consumers door. Therefore to attract footfall to a traditional retail outlet the consumer has to be offered an experience or a targeted audience attraction.
A good example with regard to liesure time.
Good example 's of leisure time and a targeted audience are coffee shops, offering lots of different ways to enjoy coffee. Asian restaurants offering exotic dishes from their countries that are so different to the traditional western pallet BUT at good value prices ! Of coarse we cannot miss out the fast food out let, the faster the better, consumers of these lines find them so tasty and cheap whilst eating in the car going to the destination they need to get too. This habit makes eating an inconvenience, however for so for many its an invaluable purchase!
What will happen to the high street
In my humble opinion, the larger stores that now stand empty will be converted into living accommodation, much the same as industrial warehouse's situated in towns and city's were converted into apartments. This could be an interesting future for the smart retailer WHY ? If as I suspect the existing precincts and high streets will be restricted vehicle access to cater for young family's and offer a greener environment. Then specialist stores maybe two or three in these areas will have passing trade and if they get their content and value correct the outcome has to be success.
I will be posting further blogs to follow on with this information to look at where we go from the questions posed today. Blogging is my new passion, I have fun coupled with happiness and fulfilment.
I want to thank you for reading my blog, would you please share like and comment.