Sadly, many high streets have been the subject to declining footfall over the last 20 years, following the 2009 recession, rises in rates and rental fees, plus the growth in online retail businesses which has proved just too much for larger established retail brands to generate enough profits.
Once the high street was a hub for thriving communities – operating as places to work, together with department stores which offered everything from homeware to clothing to healthcare.
Whilst currently high streets across the UK may seem to be in their worst state, what is slowly emerging is new and innovative start-up businesses who have a fresh outlook and are determined to revive our high streets.
Town planning has always evolved. Looking back through history, you’ll notice that our towns and city centres have continually gone through transitional processes with shops, buildings, roads and footpaths frequently being developed to offer better access and improved experiences.
So how can innovative start-up businesses bring a brighter future to our high street?
Creating residential spaces
Bringing residential living into our town and city centres provides a central place for younger homeowners and tenants to live, work and socialise. Records show that young people aged 20 – 35 have the most disposable income. Shops, cafes and bars have an opportunity to tap into this provides an ideal situation. Innovative start-up property owners and developers who are looking to convert shops back to houses or create multi-occupancy living may not only be able to snap up commercial property much cheaper because it is in abundance but could also be granted planning support from local councils and property owners, far more easily as they too are looking to encourage improvements.
Launching a pop-up shop
Unlike large department stores, pop up shops offer more unique items. Carrying smaller stock loads, they can respond to latest trends far more quickly by regularly changing ranges. Startup Pop-up shops which sell clothing and home-ware offer unique styles and gifts which can also be sold online through other retail resources such as website, online shops and social media.
Tapping into eco living
With all the recent media attention around the effects on polluting our planet, focusing on eco-living is becoming more and more popular within retail and for innovative start-up businesses to tap into. Having the opportunity to respond to customers needs and emotions quickly will create new and sustainable retail brands.
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