UK State of Retail: In-store Shopping Market Report 2024

Despite the rapid growth of online shopping, in-store remains the dominant channel in UK retail, accounting for 71.8% of all retail sales in 2023. In-store sales have suffered from the accelerated maturity caused by the pandemic, with share down from 78.2% in 2019, however, these numbers highlight the enduring importance of physical retail spaces.

A key challenge facing physical trading is the perception of the convenience of shopping in-store, with online seen by many as the easiest way to shop. An element of this perception is based on accessibility issues, and with 71% of in-store shoppers indicating that free parking would entice more frequent visits, making it easier and more convenient to visit shopping sites is key.

With shopping locations still viewed by the majority of consumers as critical features of their community and important socialising destinations, retail has to first look inward for answers. Poor availability, lacking store-standards and sub-par service has also contributed to the view that online shopping is more convenient. The positive is that with online sales growth slowing, the time is now for retailers to reassert and reinvest in the physical format, creating experiences that are fit for the modern age and highlight to a new generation that retail can be once again the cornerstone of the high street.

This report looks at the following areas:

After a long period of greater investment in the online channel, multi-channel retailers need to recognise the importance of stores and ensure ongoing investment to meet modern shopper needs.

Nick Carroll, Director of Retail Insight

Market Definitions

For the purposes of this Report, Mintel has used the following definitions:

This Report examines the UK market for over-50s life insurance, a specific type of whole-of-life insurance, also referred to as guaranteed acceptance whole-of-life insurance or, simply, over-50s plans or guaranteed acceptance plans.

Policies are designed to pay out a fixed tax-free cash sum (or ‘benefit amount’) on death after a qualifying period (typically the first 12 or 24 months). However, most policies provide immediate cover for accidental death, and many will pay back premiums if the person dies for any reason other than accidental death during this qualifying period.

Cover is offered on a guaranteed acceptance basis, meaning no medical or health information is required, although the applicant usually needs to declare whether or not they smoke. They are typically designed for people aged between 50 and 80, although some providers have an upper age limit of 85 (eg Direct Line) and even 90 (eg One Family).