What’s in store for retail?
Exploring the drivers of change across the UK retail sector.
While there are clearly some challenges ahead, most retailers remain positive that they can achieve growth. What’s vital is a diverse and adaptable approach, an omnichannel offering and using data to understand and meet changing consumer behaviours.
Managing Director, Head of Retail, Wholesale & Healthcare, Barclays Corporate Banking
When Covid-19 hit, we saw a boom in online sales. The shift to digital was accelerated and people very quickly became comfortable with increased online shopping.
However, new Barclays data reveals that today, confidence and trust remain in physical stores.
of consumers believe the physical store has a future.
of retailers also say they feel that operating a physical store is vital.
Adapting to society
Society, continues to shift at speed and challenges remain – Brexit had a significant impact on UK employment, and several interconnected factors led us to the current raising cost of living.
Retailers must, in the face of these events, remain adaptable but also look to entice the younger generations, who remain more sceptical of the relevance and benefits of in-store shopping.
The need to integrate a digital offering with in-store cannot be ignored – physical stores remain a crucial part of the buying process. 67% of consumers believe the physical store has a future. Brands are responding accordingly to these observations, with omnichannel offerings becoming increasingly widespread.