WHY INDEPENDENT RETAILING MATTERS THE DO’S AND DON’TS TO HELP NEW RETAILERS SURVIVE AND SUCCEED
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WHY INDEPENDENT RETAILING MATTERS
“There’s an evolutionary resilience in smaller format retail that suits our appetite for localism and convenience. If these trends are captured and enhanced huge progress is possible. We’ve recently seen a recession driven retreat from the High Street by many of the big names. Yet, what many people wouldn’t have predicted even a few years ago is that they are being replaced by independent retailers. This is great to see; it gives the variety and difference that the people who regularly shop there desire whilst enhancing the sense of community.” Mary Portas, Broadcaster, retail consultant and campaigner for the UK high street. Taken from “Why our high streets still matter” 2014
Retail Week has been covering and reporting on UK retailing for over a quarter of a century. It was launched in 1988 when the big story was the rise of what became known as the multiples – the major retail groups that were opening stores at a frantic pace. Since Retail Week launched, the number, shape and identity of many of these giant multiple groups has changed dramatically. Many of the big names have disappeared. Others have emerged. Throughout this time, the independent, small retailers have gone unnoticed. However, the focus that has belatedly fallen on our high streets, town and city centres has also meant that commentators, planners and politicians have woken up to the importance of independent retailers. They represent the entrepreneurial spirit which lies at the heart of retailing and as those that have survived begin to move into units vacated by many multiples, we should see them as offering vital lifeblood to UK retail.” Chris Brook-Carter, Editor in Chief, Retail Week
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Independent retailers continue to play a vital role within the retail infrastructure across the UK. To understand more about the importance of independent retailers, we asked a selection of experts and retail editors for their views.
Running a fashion shop remains an attractive option for many budding entrepreneurs despite the obvious challenges in the current economic climate. Remember that the rate of growth for online is plateauing and more than 70% of fashion is still bought offline, that is in a physical store. The most important aspect of a fashion retailing business plan is to have a good financial footing – cash flow management is king. For established retailers too, it is essential to have an honest and transparent relationship with suppliers. It behoves all enterprises to be aware of what’s going on in the world and how a significant proportion of consumers now research the market. I am not convinced that every independent ought to sell online – in fact, many find it too much hard work for too little reward – but every progressive shop owner should have an attractive website for marketing purposes. They also ought to find someone to explain the benefits of an active social media strategy and to implement one. They must make it easy for consumers to find the shop among the competition. Eric Musgrave, Editor in Chief, Drapers
“Modern retailing is evolving rapidly right around the world. When I travel to many different markets it is incredible to see the vibrancy of retailing in Asia, the Middle East, India or Africa for example. International retailers and luxury brands are a key part of this and you increasingly see familiar names in shopping malls anywhere in the world. What fascinates me though is that what really gives character to any country are the small, independent retailers. And closer to home, here in the UK, this is also true. UK retailing is long established and mature but remains truly dynamic. Despite the pessimistic forecasts about our town centres, new ideas do still spring up. Literally. Landlords, keen to fill empty units, are happy to encourage the phenomenon of pop up shops. Artisan and craft markets are booming as consumers crave something new and different. Retailing will always remain one of the most competitive sectors but it does also mean that it responds fast to change. Independent retailers bring much needed excitement and variety because they know that to survive they have to offer something different.” Ian McGarrigle, Founder and Chairman, World Retail Congress
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