Is Retail On The High Street Dead? NO! Here’s Why I Think It’s Very Much Alive

High street retail has going through a tough time in recent years with hundreds of stores closing, but here’s why I think there is still a place for physical shops for many years to come.

Even with the rise of Amazon and other online retailers 85% of retail sales are still made offline. Over 20% of stores are not even fully engaged online.

In a strange twist, Amazon, Apple and other online retailer are opening offline stores in the high street and malls!

Online retailers Gymshark and The Fashion Bible are also set to open large flagship ‘bricks and mortar’ stores in prime retail space next year. Gymshark, which only started online ten years ago, is opening an 18,000 square foot store in London’s Regent Street, one of the most expensive and sought after retails real estate areas in the world.

Just down the road, London’s luxury department store group Selfridges is being sold to a Thai conglomerate for up to £4bn.

The famous UK retailer owns 25 outlets, including the enormous flagship store covering a whole block in prime position on London's Oxford Street. The iconic store was founded in 1908 by US retail magnate Harry Gordon Selfridge and featured in an ITV television drama.

How will Amazon, Gymshark and The Fashion Bible prosper where the likes of Debenhams died after over 100 years of successful trading?

The answer is twofold.

Firstly, Debenhams, and other stores like Gap and House of Fraser, had lost their way and failed to stay current. This can happen in mature businesses which lack innovation and do not change with the times.

Secondly, and more importantly, online retailers have a massive advantage over traditional bricks and mortar shops. They know their customers!

Amazon knows everything about its customers like me, whereas most shops I walk in and out of know absolutely nothing. Even when I buy something they have no record of me other than a card transaction.

Unless stores change their ways and start engaging with their customers and potential customers they will face a tough time ahead. But those who adapt, like Argos and Next who combine online with offline sales, will survive in the business war for our money.

If you are a retail business owner and need help getting online, contact me – charles@charleskelly.net

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