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Friday, September 29, 2023

How will the coronavirus change the British high street?

Coronavirus has affected the psychology of the typical shopper. Instead of waking up and going shopping without a second thought – not even considering whether it is financially responsible – most people now weigh the risks associated with catching coronavirus against the need for the items they are thinking of buying. This assessment leaves little chance of the average shopper going on to the high street for a pair of trainers at the potential risk of their health.

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The British high street is arguably one of the most important parts of the core of the British economy, and it is evolving daily. Prior to the coronavirus, the high street was already on the trajectory of change. Coronavirus has accelerated this change, and most of these changes will be permanent.

Reduced Footfall

Almost half of the British population surveyed on an Ipsos Mori survey said they would not be comfortable shopping in stores that were non- essential. This may be due to the pandemic, but as the British population form new habits of shopping that may be arguably easier, it might be difficult to cajole them back into stores. This will leave high streets bare and even less enticing to potential shoppers.

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Rise of Ecommerce

The online age is thriving, and coronavirus has highlighted the necessity of having an online presence. Why would someone bother going into town to buy reception chairs for their offices when they can just pop online to places such as https://www.bestbuy-officechairs.co.uk/reception-chairs/ and get whatever they wanted delivered the next day?

The British high street must adapt or face the possibility of collapse. A combination of a physical high street and a virtual one may be the answer, or some other form of compromise.

Discounted Pricing

After the stockpiles of goods hoarded over this pandemic are brought back to market, prices will probably have to be slashed not only to entice customers back into the physical stores but to get rid of stock to make room for new items. For example, all the summer items and clothing meant to have been sold this season will still be placed in stock rooms even though it’s time to sell fall and winter garments. Therefore, what you will probably see on the high street is massive cuts and deals for summer items, just like what occurred after the world financial crisis of 2008.

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