Brits feel business rates and rents are stifling UK retail innovation
UK shoppers blame business rates and rents for holding retailers back in delivering innovative and engaging in-store environments, according to a report by RetailEXPO.
A survey of 2,000 people revealed that 54% felt there would always be a role for retail on the high street, with a further 68% saying it wouldn’t be the same without shops. 50%, however, felt that the burden of business rates and rents was a major issue.
40% said store events would improve customer experience. 28% wanted them to support green initiatives, while a further 28% said more community-based events and initiatives would make physical retail stores more engaging. A fifth liked the idea of spin-off experiences that tapped into tribes or consumers with similar values, such as running clubs from sportswear brands or cookery classes for food and beverage retailers.
“We know that the experience economy’s value – both in terms of its economic worth but also the value placed on experiences by shoppers – is growing. And this presents a key opportunity for stores in delivering value where digital and pureplays simply cannot.,” says Matt Bradley, Event Director at RetailEXPO.
“If most items can be purchased online, then the store needs to be a desirable destination that offers experience, inspiration, and memorable interactions to create a point of differentiation.”
