Our high streets are constantly undergoing quite significant change. In fact, their malleability is one of the defining qualities that have allowed them to survive, despite the continued fear that they may become redundant. Now, as we transition into a post-pandemic society, we are beginning to see our high streets change even more dramatically than ever before, with retail concepts heading in a direction that prioritises smaller sizes.
This doesn’t mean that our high streets will shrink. In fact, it’s likely to be quite the opposite. The latest trends seem to be that retailers are simply downsizing their individual concept spaces. Stores, such as John Lewis, have already described their focus on slimmer stores that prioritise so-called ‘hero’ items over larger spaces that host masses of stock without discretion. This premise relies on businesses also working in tandem with an online platform or counterpart, ensuring that digital competition doesn’t overtake them.
One of the major benefits of this new focus is that it allows for shop spaces to be reconsidered and improved. Since retailers would, hypothetically, no longer need to maximise their offered stock and service options they could decide to select more appealing and considered shop fitting options inside; the shop shelving equivalent of hero products.
Hosting such a concept, one of small retail space, necessitates a few assets. In addition to more refined shop fittings and aesthetics, those that benefit smaller premises, employees must become more than facilitators able to connect customers with products and, instead, become experts who are able to offer deep, personalised insight into items that ensure customers are not only satisfied but will order the product from the same retailers online portal once they leave.
Refined spaces also necessitate the incorporation of technology too. This is because modern gadgets, especially within retail, have reduced the amount of space required by assets like tills, enabling transactions to be performed entirely by tablets and phones. In some cases, as is being tested by certain supermarkets, technology is eliminating the need for checkout services altogether. In such a scenario, staff will have the responsibility of final transactions removed allowing them to focus entirely on specific products and the customer.
Retailers choosing to shrink their high street presence alongside an established online store also works both ways, with a large number of online retailers now seeking to find retailer space across the high street. These stores are beneficial because customers appreciate being able to browse and handle products themselves, especially specialist products, before purchase. And, as early data reveals, customers tend to more often prefer to click and collect options over online delivery, prioritising speed over convenience.
In theory, this sounds like an ideal future for retailers because it is one that encourages diversity across the high street. No longer will large stores muscle out the competition and a greater number of potential retail sites will allow for new businesses to find their place upon the high street. Though, as the ever-changing high street demonstrates, this future isn’t necessarily set in stone.
