Page 40 - February 2021

RLI RETAIL INSIGHT

A New Dawn

For Retail

In our first retail insight piece of 2021, Tamra Booth,
Managing Director of Sorbon Estates shares her thoughts
on the future of retail in these unusual times.

etailers have had to endure a real rollercoaster No current discussion around the future of retail would
ride over the last year or so and, sadly, it’s not be complete without reference to Brexit. Covid-19 has
over yet. While vaccination programmes should somewhat overshadowed the fear of Brexit and, in a
R bring some level of normality, the ongoing strange way, may have helped the transition. Overnight,
consequences of the pandemic remain unclear for now. global transactions and logistics were thrown in the air
When retail re-opens, an initial period of pent-up demand and many retailers have had to find urgent ways to source
for shopping is likely, but it may well be tempered by locally and overcome international supply chain issues.
cautious consumer spending. The French border closure in late December 2020, which
Retailers should expect to see rents level out or reduce stopped many retail deliveries in their tracks, is just one
to lessen risk, providing opportunities for new and/or of many issues retail brands have had to face in recent
innovative retail brands to reach a high street audience in months. This has woken many retailers up to having to
a bricks & mortar setting. Do not believe the hype about react fast to problems, and Brexit is now just another one
the ‘death of the high street’, there is no better way to of those problems.
interact with your customers and follow your excitement The resurgence we’ve all witnessed in supporting local
with a product or service that you are passionate about. businesses and reducing environmental impact should
While the fall of the debt-laden chain stores has resulted also ease the pain of our break away from Europe. Whilst
in many casualties, leaving high streets and shopping measures have been put in place regarding customs tax,
centres with multiple vacant properties, the inevitable and to maintain the flow of goods to and from Europe,
surge of start-ups that follow an economic downturn could there is no doubt we are currently considering how we
soon fill these with interesting and resilient independent can become more self-sufficient, which can only be good
retailers. Retail is by no means dead because people will for UK industries. Perhaps we will even see a resurrection
always love to shop, but the government has to put its of industries that had previously died away, and which
best foot forward on rates to maintain recovery. could now add a fresh homegrown edge to UK retail in
The other opportunity now is for retailers to excel at the future.
customer service, to really draw customers in and to The trend for shopping local provides a real opportunity
keep them coming. Customer experience is all-important for dynamic and brave retail start-ups to do something
to combat the convenience of online, which means different and daring. While today is worrying, with all
that omni-channel business models incorporating both hands-on deck, there are exciting opportunities for
e-commerce and bricks & mortar work extremely well. retail on the horizon. Existing retailers who ride out this
We have seen this trend with several of our retail tenants extraordinary time, get creative and stay focused on their
over the last three years, where they launched online and businesses will emerge stronger and better. No one could
still wanted a ‘real life’ shop window to stand out amongst have predicted the trials and tribulations that 2020 threw
the online noise. at the industry, but I bet when we look back, we will be
In the same vein, many smaller retailers are adopting thankful for the lessons we have learned and how resilient
the omni-channel approach from the other direction, it will make retail in the years to come.
having used the enforced lockdown to finally create
their website and online presence. This is a fantastic step
forward, equipping them to compete better with their
own personal touch on all levels.
There will always be significant demand for ‘bricks and
mortar’ retail, you cannot beat that experience. Its outward
appearance and offering may evolve, but high street retail
is here to stay, and omni-channel retail is the way forward
here. As retail technology continues its rapid evolution, I
predict the industry will see further exciting changes to
this multi-channel approach in the next few years.
In a similar way, shopping centres and town centres
will further embrace the multi-use movement on the
ground, diversifying to include leisure and offices to fill
vacant space. This approach can positively impact footfall
and sales figures organically, as residents and workers will
automatically turn to their nearest stores, thus helping
town centres and retail schemes to thrive.

40 RETAIL & LEISURE INTERNATIONAL FEBRUARY 2021