The Deloitte Consumer Review – sixth edition
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Reinventing the role of the high street
The Deloitte Consumer Review series aims to provide an insightful and impartial view of selected consumer trends that we believe will have a significant impact on consumer businesses.
In our sixth edition we discuss the regeneration of the high street as it faces pressures such as a post-recession economic environment, digital acceleration and changing consumers. Much has been written on the future of the high street but, as yet, no clear consensus has engaged a way forward.
We do not deny that the high street is facing unprecedented challenges from the combined threat of online shopping and the reduced power of the squeezed consumer. However, growth opportunities do exist especially in sectors beyond retail such as leisure and services. Businesses that use the power of the digital technologies in-store and bring the best of shopping online to the high street will lead the regeneration.
•The high street remains the number one destination for shops, services and leisure, compared to online and out-of-town: 59% use the high street for top-up grocery shopping, 58% prefer the high street for banking services, and 52% for cafés.
•Consumers still want more from their high street, and 73% believe that the consumers themselves should decide what shops and services should be available.
•The omnichannel experience is in demand with 45% wanting free high street Wi-Fi and 1 in 3 wanting to use a Click & Collect service.