Is there gold at the end of the Covid-19 Rainbow for High Street Retail?
How much more of a beating can high street retail take? The high street was already in decline before Covid-19, now it has a stop put on all none essential high street activity with many retailers worried for their futures. But I wonder if Covid-19 could just be the storm that produces a rainbow leading to a pot of gold for the high street?
There is no question that high street retail needed to change, it needed a kick to get itself back on track and to some extent re-energise itself and Covid-19 could just be it.
There has been a gradual decline in high street footfall and in my opinion brought about not simply by the on-line retailers doing a great job and everyone wanting to buy on-line but by many of the high street retailers being average at best. How many of us have been shopping and returned home totally dissatisfied with the service, the experience and what we have or were looking to purchase?
Personally I consider myself average, I know, difficult to imagine but I am. 6ft, average build, mid-forties and a disposable income. I would think that I am what high street retail is crying out for. But all too often I am the one crying (metaphorically speaking) when I leave the store; hardly ever does anyone ask if I need help, or "is there a size we can get for you"? So often a shopping experience is met with "we don't have your size in stock, you can order it on-line". It feels as though the vast majority want on-line retail to prosper and high street to fail.
High street retail needs to sharpen up its act and stop forcing people to shop on-line. It needs to create an environment where people enjoy the high street experience and want to do it more often which then stops people ordering products on-line, having it delivered to home which they then return when they don't like the colour, style or it's the incorrect size.
On-line shopping has been great during the Covid-19 crisis, the ability to deliver food and essential items has kept the country going, but for most of us it hasn't been any more exciting than that.
So what is the pot of gold at the end of this Covid-19 Rainbow? I'm four weeks in to my personal lock down having not been into the office, on a train, in a face to face "real meeting" or to the pub for the duration. I am missing social interaction (with others than the wife, 2 kids and 2 dogs) and doing stuff. I am certain that everyone else is and I am certain that people are missing their retail therapy. When the lock down ends people will want to be out socialising; new clothes, new outfits, new hair-cuts will be at the top of many people's lists! Will people want to sit at home? no they will want to be out, visiting pubs, cafes and shops, catching up on lost time. Will people prefer to go to the shops or sit at home and order something on-line. The joy of being able to go to Meadowhall, The Trafford Centre or another shopping mall, will I am sure result in a retail frenzy!
But only those retailers that are ready will benefit long term. If they come out of lock down with their best customer service hats on, their best people in place, stock in store and ready to excite the customers coming through the door making the shopping experience GREAT, customers may well keep coming back instead of shopping on-line. However, if they are not ready and they default to an on-line attitude they may well set their own end of sell by date.
Personally, I can't wait to go out and buy a pair of new shoes, a TV, a sofa.....anything! Oh and to be honest I am below average at best.
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