In recent years, the retail landscape has undergone significant transformations. Factors such as the rise of ecommerce, changing consumer behaviours and the economic aftermath of the pandemic have transformed brick-and-mortar retail.

While prime city centre spots and out-of-town complexes have historically been favoured, new trends are emerging that highlight unexpected growth in different types of locations. In this week’s blog, we’re exploring these in greater detail.

The resurgence of local shopping

One of the notable shifts in consumer behaviour is a preference for local shopping – particularly for essential items, alongside occasional trips for experiential purchases. This trend has prompted retailers to rethink their location strategies – focusing more on convenience within an environment with a close community, rather than solely on high-profile shopping destinations.

Economic changes

Economic factors such as rent adjustments and frozen business rates have created favourable conditions for retailers, particularly in smaller towns and regional centres.
Retailers, especially in the value fashion segment, are capitalising on these opportunities by expanding their footprint in areas that align with their target demographics.

Several prominent retailers have exemplified this trend by expanding into unexpected markets. For instance, Pavers Shoes is planning to open multiple new stores in regional centres, as it looks to benefit from loyal shopping catchments. Similarly, brands like Peacocks, Bonmarché and Edinburgh Woollen Mill are actively seeking to establish themselves in smaller high streets – leveraging local consumer loyalty and demand.

The future of retail

Despite ongoing economic challenges and shifts in consumer behaviour, the retail sector is showing resilience and adaptability. Retailers focusing on functional fashion and essential items are finding stable ground amidst fluctuating market conditions – enhancing their appeal to value-conscious consumers. This strategic approach not only sustains business growth but also contributes to the revitalisation of local economies across the UK.

Targetfollow

At Targetfollow, we recognise the importance of staying ahead in a dynamic retail environment. Our understanding of market trends and economic shifts enables us to identify strategic opportunities for business growth in diverse locations. By leveraging our expertise in property development and management, we facilitate the expansion of businesses into emerging markets – supporting their long-term success.

To stay informed about our latest projects and insights into the UK economy, connect with Targetfollow on FacebookX and LinkedIn. Discover how we continue to shape the future of retail through innovation and strategic partnerships.