If we are to believe the research, retail will look a great deal different in 10 years time than it does today and I personally don't think it will be that long before internet sales cause serious problems for those bricks-and-mortar retailers and property owners who still don't get it!
Retailers will continue to find ways to prosper as they have always done, after all we are a nation of shop keepers, but if brands continue to move from the high street or shopping centre to the internet (e.g. Woolworths, UK) where will that leave property owners and our pension funds? Currently we still might think that shoppers will not buy shoes before trying them on in store and the same could be said for a whole host of non electical goods but trends are already changing. Online footwear sales are expected to increase by 351% and health and beauty products 330% by 2020. Research also suggests high street retail sales will fall by 7% in this period while online sales will increase by 223%.
Voids will need filling but what type of business will need a physical presence?
I guess it will always be difficult to have a virtual haircut but I bet opticians are already looking at ways of carrying out eye tests online. Whilst some retail property is likely to be taken up by residential in town centres I don't think out of town shopping centres will have similar take up. So that leaves stuff people need to do or like to do out of the house.
Subscribe to:
Post Comments (Atom)
This comment has been removed by the author.
ReplyDeleteA very interesting article, I agree that more and more people are trusting buying a wider range of items online, due to the ease of browsing hundreds of styles in one place! Plus if you buy shoes online for example, you know that 20 other people haven't already tried on the right foot that morning!!
ReplyDeleteBrowse ladies shoes online.