High hopes for the High-street
Traditional retail is currently in steep decline with the larger premised shops being hardest hit of all.
The reason for this is clear, although most real world shops are having to cope with reduced footfall most can just about cope for now, whereas larger stores with often crippling rents can quickly get into financial difficulty.
Several of our EPoS solution clients are dealing with these issues by making a number of their stores into concessions within other retailers stores and or other landlords premises.
This way the rent is contributed to by all parties involved and they also then share the task of getting shoppers into the store. The fact that you can browse multiple retailers' products within a single store is a draw in itself for consumers.
Imagine what was once a large stuffy department store transformed into numerous small concessions, some well known names and others less well known enterprises that until then had maybe not even had a physical shop. Some permanently based there and some maybe just there on a seasonal or pop-up basis.
These retailers may also be able to share other resources like point-of-sale advertising, EPoS systems and maybe even staffing costs, for example security staff. They can also benefit from any hospitality businesses present in the premises, for example a coffee shop may help bring in customers and help to give them an experience that they cannot get while shopping online.
We can see this trend growing in the coming years and in fact in some circumstances it may be the only viable way to rent out some of the larger store buildings currently standing empty in our towns and cities.
We believe that in the coming years high streets will recover at least some of the footfall they have lost due to HS2 and other transport improvements making going to a neighbouring city to shop as easy as it once was to go to your very own town centre.
The reason for this is clear, although most real world shops are having to cope with reduced footfall most can just about cope for now, whereas larger stores with often crippling rents can quickly get into financial difficulty.
Several of our EPoS solution clients are dealing with these issues by making a number of their stores into concessions within other retailers stores and or other landlords premises.
This way the rent is contributed to by all parties involved and they also then share the task of getting shoppers into the store. The fact that you can browse multiple retailers' products within a single store is a draw in itself for consumers.
Imagine what was once a large stuffy department store transformed into numerous small concessions, some well known names and others less well known enterprises that until then had maybe not even had a physical shop. Some permanently based there and some maybe just there on a seasonal or pop-up basis.
These retailers may also be able to share other resources like point-of-sale advertising, EPoS systems and maybe even staffing costs, for example security staff. They can also benefit from any hospitality businesses present in the premises, for example a coffee shop may help bring in customers and help to give them an experience that they cannot get while shopping online.
We can see this trend growing in the coming years and in fact in some circumstances it may be the only viable way to rent out some of the larger store buildings currently standing empty in our towns and cities.
We believe that in the coming years high streets will recover at least some of the footfall they have lost due to HS2 and other transport improvements making going to a neighbouring city to shop as easy as it once was to go to your very own town centre.
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