2022
0
Ireland The Future of High Street Retail Market Report 2022
2022-08-12T04:06:59+01:00
OX1100355
1495
154446
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Report
en_GB
“Although store-based retail continues to face tough competition from the online retail market, there has remained a need for physical shopping destinations as they have become important spaces for socialisation,…

Ireland The Future of High Street Retail Market Report 2022

£ 1,495 (Excl.Tax)

Description

“Although store-based retail continues to face tough competition from the online retail market, there has remained a need for physical shopping destinations as they have become important spaces for socialisation, interaction and connection between consumers as the need for a sense of community that grew during the COVID-19 pandemic has remained. This in-person interaction with both fellow shoppers and store employees is a significantly distinguishing factor that sets store-based retail apart from its online competition and should be utilised to ensure the presence of the high street.”
Rebecca Blenman, Market Research Analyst

This Report looks at the following areas:

  • The impact of COVID-19 on store-based retailers
  • Increased support for local businesses
  • The growth of online retail
  • The impact of the cost-of-living crisis
  • The impact of the Russia-Ukraine conflict
  • How the in-store experience can attract consumers

Table of Contents

  1. Overview

    • What you need to know
    • Key issues covered in this Report
    • COVID-19: market context
    • Economic and other assumptions
  2. Executive Summary

    • The market
    • Short, medium and long-term impact of COVID-19
      • Figure 1: Expected impact of COVID-19 on the retail sector, short, medium and long term, 2022
    • COVID-19’s impact on high street retail
      • Figure 2: Retail sales index, NI and RoI, 2017-21
    • NI’s Spend Local vouchers encourage consumers to shop in-store
    • Consumers continue to shop local
    • Investment opportunities in retail parks and market spaces
    • The high street continues to face tough competition from online retail
      • Figure 3: “Which of the following have you bought online in the last three months?” – Select items, NI and RoI, 2022
    • Direct-to-consumer brands benefit from increased exposure
    • Physical retailers boost their in-store offerings
    • Government support for NI and RoI retailers
    • The impact of the cost-of-living crisis
    • The impact of the Russia-Ukraine conflict
    • High street retailers draw consumers in with ethical initiatives
    • The difference in carbon footprint generation of in-store and online shopping
    • Innovations
    • The consumer
    • Retail parks are the most popular shopping destination
      • Figure 4: Shopping destinations visited in the last three months, NI and RoI, 2022
    • Full-time students like to spend time at outdoor city centre shopping areas
      • Figure 5: Consumers who have visited an outdoor city centre shopping area in the last three months, by lifestage, NI and RoI, 2022
    • Consumers prefer shopping locations that are close to home
      • Figure 6: Reasons why consumers chose to visit the shopping locations they visited most frequently in the last three months, NI and RoI, 2022
    • Consumers are most interested in receiving rewards for shopping in-store
      • Figure 7: Services consumers would like to see more of when shopping in-store, NI and RoI, 2022
    • Consumers visit shopping locations to connect with others
      • Figure 8: Attitudes towards shopping in-store, NI and RoI, 2022
    • What we think
  3. The Market – Key Takeaways

    • The impact of COVID-19 on high street retail
    • NI consumers hit the high street with Spend Local vouchers
    • Support has remained for shopping local
    • Significant investments made in retail parks and market spaces
    • Online retail continues to grow
    • Direct-to-consumer brands experience increased exposure
    • Physical retailers enhance their in-store offerings
    • Support extended for retailer business rates
    • The impact of the cost-of-living crisis
    • The impact of the Russia-Ukraine conflict
    • High street retailers promote their ethical initiatives
    • The difference in carbon footprint generation of in-store and online shopping
  4. Market Drivers

    • Short, medium and long-term impact of COVID-19
      • Figure 9: Expected impact of COVID-19 on the retail sector, short, medium and long term, July 2022
    • The impact of COVID-19
      • Figure 10: Retail sales index, NI and RoI, 2017-21
    • NI’s Spend Local vouchers boosted footfall on the high street
      • Figure 11: Spend Local card scheme numbers, NI, 2021
      • Figure 12: Consumers who planned to shop in-store for Christmas items, NI and RoI, 2021
    • Support for local shops important to consumers
      • Figure 13: “I try to buy from local companies where possible, NI and RoI, 2022
    • Increased popularity of retail parks and market spaces
    • The rise of online retail
      • Figure 14: “Which of the following have you bought online in the last three months” – Select items, NI and RoI, 2022
      • Figure 15: “How have you picked up/had online purchases delivered in the last three months?” NI and RoI, 2022
    • The rise of direct-to-consumer shopping
      • Figure 16: Types of products purchased from D2C brands, UK, 2022
    • Enhancing the in-store experience
      • Figure 17: Key factors driving consumer behaviour around experiences, NI and RoI, 2022
    • Governments offering aid to NI and RoI retailers
    • The impact of the cost-of-living crisis
      • Figure 18: Issues that consumers have been affected by in the last two months, IoI, 2022
      • Figure 19: Expected changes in behaviour due to rising prices, IoI, 2022
    • The impact of the Russia-Ukraine conflict
      • Figure 20: Consumers’ expected impact of the conflict in Ukraine on inflation and stock shortages, IoI, 2022
    • Ethical initiatives could draw consumers back to the high street
      • Figure 21: Ethical attitudes towards the environment – Select items, NI and RoI, 2021
      • Figure 22: Environmental issues of concern to consumers – Select items, NI and RoI, 2021
    • The environmental cost difference between in-store and online shopping
  5. Innovations – Key Takeaways

    • IoI: Three Ireland set to go cashless
    • UK: Lululemon announces new subscription service
    • UK: Hamleys launches dedicated space for gaming
    • UK: Lush launch their first ever 24-hour retail experience
    • IoI: Compass Ireland open Ireland’s first frictionless store
  6. Who’s Innovating?

    • IoI: Three Ireland set to go cashless
      • Figure 23: Consumer attitudes and behaviours towards payment methods, NI and RoI, 2019
    • UK: Lululemon announces new subscription service
    • UK: Hamleys launch dedicated space for gaming
    • UK: Lush launch their first ever 24-hour retail experience
    • IoI: Compass Ireland open Ireland’s first frictionless store
  7. The Consumer – Key Takeaways

    • Retail parks are the most popular shopping location
    • Consumers visit town centres/high streets most frequently
    • Consumers like to shop close to home
    • Consumers show interest in financial incentives to shop in-store
    • Consumers show preference for online shopping over in-store
  8. Types of Shopping Destinations Visited

    • Retail parks are the most visited destination
      • Figure 24: Shopping destinations visited in the last three months, NI and RoI, 2022
    • Consumers in rural locations more likely to visit retail parks
      • Figure 25: Consumers who have visited a retail park in the last three months, by area, NI and RoI, 2022
      • Figure 26: Consumers who own a car, by area, NI and RoI, 2021
    • Consumers who work out-of-home are more likely to visit retail parks
      • Figure 27: Consumers who have visited a retail park in the last three months, by work location, NI and RoI, 2022
      • Figure 28: Consumers who have bought groceries online (for home delivery or click and collect) in the last three months, by work location, NI and RoI, 2022
    • Consumers of high affluence are more likely to shop at a major shopping centre
      • Figure 29: Consumers who have visited a major shopping centre in the last three months, by socio-economic group, NI and RoI, 2022
  9. Frequency of Shopping Destination Visits

    • Town centre/high street visited most frequently
      • Figure 30: How often consumers visited each shopping destination in the last three months, NI and RoI, 2022
      • Figure 31: “It is important for me to feel part of a community”, NI and RoI, 2022
    • Consumers who do not work are more likely to visit the town centre once a week
      • Figure 32: Consumers who have visited a town centre/high street in the last three months, by work situation, NI and RoI, 2022
    • Consumers of lower affluence are more likely to visit the town centre once a week
      • Figure 33: Consumers who have visited a town centre/high street in the last three months, by socio-economic status, NI and RoI, 2022
      • Figure 34: Consumers who own a car, by socio-economic status, NI and Roi, 2021
    • Full-time students are more likely to visit an outdoor city centre shopping area
      • Figure 35: Consumers who have visited an outdoor city centre shopping area in the last three months, by lifestage, NI and RoI, 2022
  10. Reasons for Chosen Shopping Destination

    • Consumers like to shop in close proximity to their home
      • Figure 36: Reasons why consumers chose to visit the shopping locations they visited most frequently in the last three months, NI and RoI, 2022
    • Consumers with young children are more likely to shop in places with leisure activities
      • Figure 37: Consumers who chose to shop at their most frequented shopping location because it offers leisure activities, by age of children in household, NI and RoI, 2022
    • Full-time consumers are more likely to shop at locations with extended opening hours
      • Figure 38: Consumers who chose to shop at their most frequented shopping location because it offers extended opening hours, by work situation, NI and RoI, 2022
      • Figure 39: “I would do all of my shopping online if I could”, NI and RoI, 2022
    • Men prefer to shop where there are independent and big-name brands
      • Figure 40: Consumers who chose to shop at their most frequented shopping location because it offers a presence of big name and independent retail brands, by gender, NI and RoI, 2022
      • Figure 41: Consumers who are mainly/wholly responsible for the main grocery shop in their household, NI and RoI, 2021
    • Younger consumers prefer to shop in close proximity to their place of work
      • Figure 42: Consumers who chose to shop at their most frequented shopping location because it is in close proximity to their place of work, by age, NI and RoI, 2022
      • Figure 43: Consumers who eat on the go most of the time, by age, NI and RoI, 2022
      • Figure 44: Consumers who own a car, by age, NI and RoI, 2021
  11. Interest in In-store Services

    • Consumers are most interested in receiving rewards for shopping in-store
      • Figure 45: Services consumers would like to see more of when shopping in-store, NI and RoI, 2022
    • Flexible payment options appeal to consumers who are less financially stable
      • Figure 46: Consumers who would like to see more flexible payment options when shopping in-store, by financial situation, NI and RoI, 2022
      • Figure 47: Consumer cash use regarding COVID-19, NI and RoI, 2022
    • Younger consumers want more product information
      • Figure 48: Consumers who would like to be able to get more product information by scanning on a smartphone when shopping in-store, by age, NI and RoI, 2022
      • Figure 49: “I find myself wanting to know more about things than I used to (brands, social matters, etc), by age, NI and RoI, 2022
    • Younger consumers are more interested in technological advancements
      • Figure 50: Consumers who would like to see technological advancements when shopping in-store, by age, NI and RoI, 2022
      • Figure 51: Consumer attitudes towards grocery shopping and product packaging as a result of the COVID-19 outbreak, IoI, 2020
      • Figure 52: Select key factors driving consumer behaviour around technology, by age, NI and RoI, 2022
      • Figure 53: Consumers who like to see dedicated customer service points when shopping in-store, by age, NI and RoI, 2022
  12. Consumer Shopping Attitudes

    • Consumers show preference for online shopping over in-store
      • Figure 54: Consumer attitudes towards shopping in-store and online, NI and RoI, 2022
      • Figure 55: Selected attitudes towards shopping in-store, NI and RoI, 2022
    • Younger consumers enjoy food/drink places in shopping locations
      • Figure 56: Agreement that good places to eat/drink are just as important to shopping locations as retail stores, by age group, NI and RoI, 2022
      • Figure 57: Agreement with the statement “In the last three months, which of the following have you done as an evening activity or as part of a night out?” – Select items, by age groups, NI and RoI, 2022
    • Employed consumers like to shop in-store
      • Figure 58: Agreement with statements relating to attitudes towards shopping in-store, by work situation, NI and RoI, 2022
      • Figure 59: Consumers attitudes towards shopping in-store, by annual household income, NI, 2022
      • Figure 60: Consumers attitudes towards shopping in-store, by annual household income, RoI, 2022
  13. Appendix – Data Sources, Abbreviations and Supporting Information

    • Data sources
    • Abbreviations

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