By Gregor Boyd
According to research by Retail Economics, the UK is set to face the “sharpest decline in spending” over the Christmas period compared to all other countries sampled.
Now on the road to recovery after the Covid-19 pandemic, the UK is in a new period of uncertainty with a cost-of-living crisis and skyrocketing energy bills, meaning that the public is expected to tighten their purse strings and spend less this year at Christmas. It is reported that sales forecasts are down as many companies are already bracing for the impact of a lacklustre Christmas.
If you take a walk down your average high street, you’ll see the retail casualties of the pandemic. Large retail chains that were once a mainstay now lie empty, yet the possibilities for those derelict retail spaces are still endless. What used to be a multi-level department store could become a shared hub for several different businesses. A notable example of transforming retail spaces into experience-led spaces is the former BHS in Leith’s Ocean Terminal which is now ‘Transgression Skatepark’.
One organisation that is setting out a more positive approach to Scotland’s high streets is Scotland’s Towns Partnership. They aim to highlight the potential diversity that can be achieved to showcase each town’s own identity.
Scotland’s Town Partnership also aims to encourage developing the current infrastructure to allow town centres and local communities to thrive. On their website, they have several key developmental actions focusing on community-led regeneration, an emphasis on living in town centres, supporting the local economies, maintaining accessible public services, and working with local businesses and residents to revitalize our high streets by bringing them into the 21st century and planning for the future.
Despite the positive approach to future-proofing our high streets. The current financial issues are affecting not just people but also those already struggling high street businesses. Retail owners are continually speaking out about how the uncertainty might put their business in the ground unless things changed. With the UK government offering some help but seemingly not going far enough to mitigate the ongoing troubles, a bigger discussion surrounding the future of retail in town centres and high streets is essential if we are to come out the other end.
Speaking to Leigh Sparks who is the Deputy Principal (Education and Students) and Professor of Retail Studies at Stirling University. He offered his perspective on how the cost-of-living crisis could hamper the development of Scotland’s high streets. Leigh points out that patching up high streets and town centres might momentarily work but as commercial activities continue to disappear from high streets, a bigger fiscal change that challenges vested interests is needed.
More information can be found on Leigh’s blog at Stirlingretail