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ARTICLE · 01 JULY 2024

The Future Of Retail: Overview

Gowling WLG
Gowling WLG
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The retail industry has faced numerous challenges over the years, including the rise of internet shopping, the COVID-19 pandemic, Brexit, the cost of living crisis, and other economic headwinds. These pressures have led to the loss of well-established operators like Paperchase and Wilko​ (World Economic Forum)​​ (Global Georgetown)​.

United KingdomConsumer Protection
Jocelyn S. Paulley
Jocelyn S. Paulley
John Coldham
John Coldham
Ruth Griffin
Ruth Griffin
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The retail industry has faced many challenges over the years. Whether it be the rise of internet shopping, COVID-19, Brexit, the cost of living crisis or any number of other economic headwinds, the sector has had to adapt – experiencing the loss of even some of the most well-established operators such as Paperchase and Wilko.

Despite this, the market continues to show remarkable resilience – and retailers are capitalising on the rationalisation of the high street, easing supply chain pressures and recalibrated rental values by pivoting their approach to secure more favourable lease terms/pitches and investing in their customer offering. They are also embedding experiences and partnerships into their stores to drive footfall, increase dwell time and create a more distinct offering. Great examples are the Central Perks in Primark, and the Costa café in Next stores, respectively.

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