High Street can thrive again, says M & S boss STEVEROWE

On Monday, big and small shopkeepers will start opening the door to their customers again.

The emotions they have will be mixed. Hoping this will be the last opportunity to put their lives and businesses on hold, we welcome their beloved customers and are excited to worry about the changes in shopping habits we have witnessed this year.

The pandemic pressed the fast-forward button for the quake cataclysm that was already on the train long before Covid.

Challenge: M & S boss Steverow believes that physical retailers can survive if stores are ready to adapt.

Frankly, this year was a very tough year and the impact was enormous. Saying goodbye to the beloved name on High Street, the competitiveness of my sector-and that-is always sad to see the business shut down.

The crisis accelerates the structural changes already underway in the retail industry, including rapid online hiring, declining store footprints, the transition to cashless, and even free payments and rentals, and purchases of products and services. I did.

These trends are exacerbated by lifestyle changes such as the rise of telecommuting and the shift to more casual clothing.

Still, under all that, people are still shopping. They are just shopping different things differently.

Throughout the crisis, M & S has seen what we can do by acting at a pace and agility to meet the changing needs of our customers.

Our stores are more efficient than ever. Orders for online clothing picked, packed and distributed directly from stores are growing rapidly.

And this takes me to the heart of my discussion. I disagree with the denials who declare that “stores and high streets are dead.”

They just need to change, as is our understanding of what they are doing.

For successful retail in-store, retailers need to offer efficient, inspiring, and well-located stores.

These are the true sources of competitive advantage and can be a place where the joy of shopping comes to life.

A great store is a hub of expertise. Our in-store brafit is a very overlooked service and we have successfully converted to online customer consultation with fit specialists, but when we tried contactless brafit in our store last December, Customers booked in multiple locations were anxious to return to face-to-face advice.

Last week, people walk the high streets of Winchester, Hampshire.Non-required shops will reopen on April 12th

Last week, people walk the high streets of Winchester, Hampshire.Non-required shops will reopen on April 12th

And we all know that the social element of shopping, and making that day, is impossible to duplicate online.

Shopping continues to be a central part of how we connect as a community. Our great store colleagues prove it. And if last year taught us something, it’s the true value of human contact.

However, it must be part of a digital and physical fusion offer. This is because the customer (in this case the most valuable customer) wants to shop.

Don’t miss that some of the biggest online retailers have invested in physical stores in recent months.

Shops are a vibrant and important part of Britain’s life as a large, high-quality employer and as an anchor to the communities above and below the country. There are two answers to secure the future of retail, and the future of High Street and the city centre.

First, in order to prosper, High Street needs to be a hub for a vibrant community. This is no longer just a retail debate, it needs to be supported by a vibrant economy.

Given Covid’s shock, the government’s upgrade agenda is more urgent than ever.

Second, instead of falling into the “retail is equal to online” trap, rethink what retail is in-store.

To do that, you need the right support. Its support shouldn’t limit online growth far away from it – it’s a zero-sum game that doesn’t help anyone.

For all payers, business rate reform cannot be initiated again.

However, the solution should not be another tax on the retail sector that is already overloaded through online sales tax.

For High Street to thrive, retailers also need to successfully integrate online operations.

Online sales tax will help policy makers’ ability to compete in-store and hurt retailers trying to reduce it.

The fairest and most sustainable taxation method is profit-based. We hope that the increase in corporate tax will help reduce the burden of business tax.

But this only works if we address the fundamental problem of those who do not make the original contributions and the G7 president provides an ideal platform for dealing with the taxation of multinational corporations.

As the future of High Street is debated, we need to have the right policy framework in place to support innovation and blend physical and digital retail.

What I know is that retailers have incredible adaptability.

And on Monday, when the next chapter begins, I’m there to welcome customers through the door.

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High Street can thrive again, says M & S boss STEVEROWE

Source link High Street can thrive again, says M & S boss STEVEROWE

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