The new retail reality
For retailers across the UK, the question of whether to invest in high-street stores has never been more challenging. Whilst online sales continue to outpace the rise in overall retail sales and customers clamour for hyper-convenient and more personalised ways to shop, a physical store will always be a vital channel through which retailers can foster a more intimate relationship with customers.
For many retailers, the rapid growth in digital shopping could lead to physical stores being viewed as uneconomical or even redundant. At the same time, the recent increase in store vacancies suggests that the Brexit vote has compounded retailers’ hesitance to invest in opening new stores and improving existing ones.
A hotbed of opportunity
Yet Barclays’ survey of UK consumers reveals that demand for a vibrant, diverse high street remains strong. The results suggest that those that set their shops apart from the rest – using digital to enhance the in-store experience – stand to win a greater share of consumers’ minds and wallets.
This extensive report shares evidence-based insights that will help retailers of all sizes to develop a strategy encompassing both digital and bricks-and-mortar stores. Aided by a review of existing data on UK retail trends, The New Retail Reality study presents critical findings across a wide range of themes and highlights a clear opportunity for UK retailers to drive competitive advantage in today’s fast-changing market.
How we did it
The study comprised a substantial survey which polled over 2,000 UK consumers, as well as in-depth interviews with prominent figures from leading retail brands and an extensive report in which to deliver the findings. These various components provided Barclays with the wide-angled view of the retail space today that was essential for its Head of Industry for Retail and Wholesale, Ian Gilmartin, to share an authoritative view on the topic with Barclays’ corporate banking customers.
The highly visual report incorporates a number of infographics and charts that bring the data to life, many of which have been significantly enhanced through the use of new technology in the form of Blippar, a visual discovery app, which uses augmented reality to bring an extra dimension to static content. By downloading the free Blippar app, readers can scan the pages for additional content, including further stats, animations, and additional analysis, for a more visually enriched experience.
Explore the report and its findings in more detail at https://www.barclayscorporate.com
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