The UK The Changing Face of the High Street Market Report identifies consumers’ attitudes towards the high street retail market, the expansion of online shopping, and the impact of the cost of living on the UK high street. This report covers the retail market size, market forecast, market segmentation and industry trends in the UK high street retail market.
As we emerge from the peak of the pandemic, the high street retail market finds itself in unfamiliar territory, caught between greater awareness of its importance and role in connecting consumers while trying to change convenience perceptions, which have naturally been heightened after two years of greater online use.
Mintel’s high street retail market report identifies how the cost of living crisis will naturally constrain retail demand and place value high on the consumers’ agenda, with increased trading down across ranges. Discretionary non-food demand will be particularly hard hit, with big-ticket categories expected to drop in demand.
The biggest threat to the high street retail market is that stores may not see consumers return in the numbers we may have expected since restrictions have been lifted. Most non-food sales have returned to stores, but the accelerating online sales have hit the UK high street retail market share. This will further strain retailers who cannot, or do not, compete in the online space and could lead to further gaps on UK high streets.
However, Mintel’s high street retail market data suggests that there are significant opportunities for physical stores. The pandemic has underlined the importance of local communities and shopping areas, and greater demand for leisure and foodservice will bring more footfall back to shopping destinations.
Although the continual shift towards online sales and a more integrated multi-channel market will continue, an opportunity exists for physical retail to lead on growing conscious consumerism, particularly if it can tie value-led services like second-hand, repairs and rental to the dual value and environmental drivers.
To discover more about the UK High Street Retail Market, read our UK Retail Rankings Market Report 2022 or take a look at our other Retail Market Research.
Brands: Boots, Tesco, Revolute, Klarna, L’Oreal, Schnuck Markets, Spoon Guru, Olio, Motatos, Matsmart, Pinduoduo, M&S, ASOS, Crew, Fatface, Thrift+, Dotte, eBay, Apple, Currys, Back Market, Co-op, Morrisons, Selfridges, HURR, The Little Loop, John Lewis, Toy Box Club, Whirli, Walmart, Amazon Prime, Getir, Gorillas, Gophr, Nike, H&M, Browns, Savage X Fenty, Anya Hindmarch, Harrods, Fortnum and Mason, Primark, Lego, Sainsbury’s, Gymshark, JD, Uniqio, IKEA, Trustpilot, Google, Levi, Zara, PayPal, Misguided, McColl’s, Arcadia, Debenhams, Boohoo.
This report, written by Nick Carroll, a leading analyst in the Retail sector, delivers in-depth commentary and analysis to highlight current trends in the high street retail market and add expert context to the numbers.
“The cost of living crisis is likely to place a significant damper on what should have been a welcome return of stronger footfall to the UK’s high streets. In-store sales are expected to regain more ground in 2022 but the positive price and convenience perception of online is likely to temper how much ground is regained. However, greater desire for entertainment, leisure and foodservice experiences in shopping locations will help to drive footfall as consumers look to reengage with those activities.”
Nick Carroll
Category Director – Retail Insights
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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