Partner Article

Positive changes for the retail sector

Judith Ramshaw, centre manager at the Royal Quays Shopping Centre, notes more positive signs for the retail sector.

Thanks to the sunny weather this summer, there are signs the retail sector has picked up. This, and the fact that we appear to be slowly coming out of the recession, suggests that consumer confidence is starting to build again.

According to the British Retail Consortium, July sales were the best since 2006. Retailers can also take confidence from reports from the Confederation of British Industry (CBI) that trading is set to remain strong in the months ahead.

These are the baby steps retailers need to hear, we all know one warm summer does not signal a new dawn, but there is room to be optimistic that people are beginning to spend.

The CBI also believes that Royal baby fever and sporting victories have helped boost sales, with clothing retailers and grocers benefitting, in particular.

Since the 1960s, the retail sector has faced a number of potential challenges – such as the emergence of supermarkets and, most recently, online shopping.

Like any business sector, retailers must be able to adapt and evolve with the changes. Times have changed, people are more likely to be looking for their nearest Costa Coffee than a pub and retailers need to be able to embrace these changes.

This is reflected by data from Experian whose database of Towns and City Centres has noted that the number of music stores has fell by 45% since 2004, but that the number of cafes has grown by 75% in the same time.

Retailers need to become savvy, they need to read trends and look at ways to be able to continually adapt and meet the needs of today’s shoppers. We need to change our mind set. Those who are adaptable and flexible stand to gain the most.

This was posted in Bdaily's Members' News section by Royal Quays Outlet Centre .