Many seaside towns, including several nearby, are suffering from empty shops and deserted high streets. This destroys the atmosphere of our towns and give the impression of shabby, uncared for shopping areas.
But, a retail revolution, stimulated during the recession, is gathering pace and could contribute £2.1bn to the economy this year, a study forecastsPop-up retailing, instant outlets set up in temporary shops, operating from stalls or empty spaces, has been among the fastest growing sectors in the business.
More than 9,400 stores employing 23,400 now qualify for the pop-up designation, according to the study by EE, the digital communications business and CEBR, the economic consultancy.
Their report estimates the pop-up retail economy is likely to grow 8.4per cent over the next year, more than double the 3.4pc projected for the high street.
The report also comments that growth could be considerably greater if high rate and rent costs, technology shortcomings and space problems were resolved.
Consumers are also expected to make more frequent visits with the result that average spending is forecast to grow from £110 to £120 per shopper.
EE has set a target of helping 3,000 pop-up shops with technology and advice over the next three years.
The group has joined forces with Appear Here, the online pop-up space marketplace, the British Retail Consortium and pop-up entrepreneurs to use the 15th anniversary of the US-born business culture to launch a campaign in the UK to encourage newcomers.
Mike Tomlinson, EE’s director of small business, says empty shops and changing consumer culture over the past decade have created a “booming pop-up retail economy”.
Landlords are more willing to consider short-term leases to fill empty spaces while consumer appetites are changing. Mr Tomlinson added: “Pop-up shops truly embody the entrepreneurial nature of the UK by combining these two factors to disrupt the retail market and bring a breath of fresh air into the high street.”
Ross Bailey, chief executive of Appear Here, sees pop-ups playing an important role in high street changes:
“Tomorrow’s high street will be about entertainment and experience and this is what pop-ups do better than traditional retailers.”
State landlords, such as Transport for London (TfL), are also getting in on the act. The Mayor’s transport body is to rent unused space across its property portfolio to pop-up shops.
So could your business benefit from being part of this retail revolution? Contact Vincent & Co and we’ll discuss how to make your ideas profitable.