Retail unlocked: how shopping is changing

In-store strategy

The Retail unlocked: Strategies for a new future report, published by Barclays Corporate Banking, shows that 29% of retailers are offering new in-store experiences. And to accommodate a UK consumer market that is increasingly looking closer to home, the report sees the potential demand for nearly 17,000 new high street premises in the next year, as retailers review their location strategies.

Total retail spend has grown by 27.8% between May 2019 and May 2021, and Johnson says changes in habits created by the pandemic will last. 'The retail winners will be those who can keep up with ever-evolving consumer behaviours', she says, concluding that: 'The store as we knew it must transform to meet the preferences and demands of today's consumer.'

According to the report, delivery and click-and-collect services are here to stay.

Johnson adds that the bank's findings indicate that: 'The contemporary customer expects retailers to serve their needs: for speed, convenience - and increasingly among younger demographics, for a sustainable ethos. The ability to deliver on these expectations with minimal friction - often by leveraging data and technology - will be pivotal in deciding who will win, and retain, customers in future'.