tbk: the future of retail report 2020.
"We are experiencing a period of shopping consciousness, as consumers understand the importance of their shopping choices with a backlash against hyper-consumerism, unnecessary spending and a shift towards taking responsibility for the impact each purchase decision has on the world we live in.”
It’s been a year since our last Future of Retail report and the past 12 months have been even harder than the previous for the UK High Street. A reported 21,000 retail jobs were lost last year with big-name retailers such as Thomas Cook, Debenhams and Boots closing stores and 2019 reported to be the worse year of UK retail ever recorded.
So, after another year of bad news, what does the future hold for UK retail? Are we coming to the end of the Retailapocolypse; providing a blueprint for a completely new retail model? What opportunities will arise for retailers to carve out a new role for themselves that adds real value to communities and creates a positive impact on the environment? Or do we need to come to terms with a high street of empty shops and a world where retail only exists in the virtual world?
We wanted to find out how consumer attitudes have changed this year; how they feel about the ever-changing high street, how their shopping behaviour has changed and what they think the future of retail looks likely to be now - so, we asked them. We commissioned a research project comprising of 500 online interviews, questioning people across the UK, of all ages and genders, to see what consumers really think of what’s happening on our high street. This is what they told us.
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