TheRetailer_Summer_19

Support for the high street is crucial for local economies

SUNDEEP KAUR HEAD OF MERCHANT SERVICES, UK & IRELAND Visa

IT’S NO SECRET THAT MANY OF BRITAIN’S HIGH STREETS ARE UNDERGOING A TRANSFORMATION AS ONLINE SALES CONTINUE TO DOMINATE THE RETAIL SECTOR. This is further magnified by changing consumer trends, such as an increased expectation for personalised experiences as well as advances in technology that are transforming everything from the way you shop to the way you pay. Evidently there is a need for independent high street businesses to evolve in order to keep up with changing consumer behaviours without losing the essence that makes them truly unique. This is why Visa is continuing its partnership with the Government to support the Great British High Street Awards, which recognises and celebrates local achievements on our high streets. Since the launch of the Awards in 2018, we at Visa are already witnessing the huge strides that high streets are making in evolving, with the most successful adapting to changing demands for new goods and services, while innovating to maintain their status as a hub for local communities. In fact, recent research¹ by Visa revealed that independent shops are helping to rejuvenate high streets across the UK, with small high street businesses and shoppers increasingly optimistic about the future of their local high street. Despite recent high-profile retail chain closures, the research showed an encouraging outlook for the UK’s high streets, with three quarters (74%) of high street businesses surveyed saying they were optimistic about the future of their high street, up from 52% a year ago. Meanwhile, it was found that the high street is the favoured destination for small retailers to expand their business, with more than a third (34%) of those surveyed planning on opening another high street store in the next 12 months, and three in ten of those surveyed (30%) intending to employ more staff. These findings would suggest that Britain’s high streets have a positive future. This is further supported by what we’re seeing on a daily basis. Crickhowell High Street, which was crowned UK’s best high street in last year’s Great British High Street Awards, is a shining example of how independent, family-run businesses can come together to help drive footfall and make the high street an attractive destination for shoppers. Recently the town launched the Corn Exchange project which saw the community work

together to transform a former pub into retail spaces for independent traders, leading to the creation of new jobs and the introduction of the town’s first zero waste shop. Since the award win, businesses on Crickhowell High Street have “really taken off”, according to Emma Corfield-Walters of local bookshop Book-ish. Her own business has reported its best Christmas trading period yet, up 28% in December and 40% in January year-on-year, underlining the positive impact of the Great British High Street Awards on the local economy. Its initiatives and businesses like these that need to be celebrated, so other communities can draw inspiration and discover new ways to help their own high streets prosper. At Visa we are committed to helping high streets to thrive by focusing on where you shop, not on what to buy or who you are buying for, and this is something that was at the centre of our Christmas campaign last year as well. We hope to inspire people to visit their high streets, not just over the busy festive period, but throughout the year. Our involvement in the Great British High Street Award is such a crucial part of this. The Great British High Street Awards 2019, run by the Ministry of Housing, Communities & Local Government in proud partnership with Visa, does exactly this; recognising and celebrating local achievements on the UK’s high streets and supporting the communities in which we live and work. The initiative includes a competition to find the UK’s up and coming high streets within two categories: the Champion award to celebrate the UK’s best high streets, and the Rising Star award for those taking the lead and working to adapt and diversify. For each category, a winner is named in England, Scotland, Wales and Northern Ireland, as well as there being an overall UK winner which is awarded a total of £15,000 for their local community. Nominations for the Great British High Street Awards 2019 were made by local authorities, Business Improvement Districts and – for the first time – groups of high street retailers, with winning high streets announced in November 2019. Outstanding local merchants will also be recognised through the High Street Hero Award which will identify those who, through their innovation, energy, time or enthusiasm, stand out as leading lights on their high streets and in their local communities.

¹Research commissioned by Visa and conducted by 3GEM between 11th – 18th April 2019, following original research commissioned by Visa and conducted by 3GEM in April 2018. Both surveyed 2,000 consumers and 750 small high street businesses (independent businesses located on a high street, with less than 50 employees) across the UK. All figures supplied are obtained from this research, unless stated otherwise.

34 | summer 2019 | the retailer