This long-read article was written by lower-sixth former Ollie Robinson, and shortlisted for the 2020 Fifth Form Transitional Research Project. The following provides a short abstract to his full essay, which can be found at the bottom.
Estimated read time of abstract: 2 minutes
Estimated read time of essay: 12 minutes
In order to try and predict a future for the high street, this report will cover its current state and look at whether or not it’ll be able to adapt. In order to survive, the high street will need to reinvent itself, moving its focus on its social aspects.
Firstly, why is the high street declining? There are three main reasons:
- The high street faces steep competition. Online shopping as well as large out of town stores have been taking customers away from the high street due to their superior convenience and price.
- Poor infrastructure of town centres has been affecting the high street, in the sense of there being not enough parking and expensive public transport, making shopping at the high street even less convenient.
- The high cost of running a physical store means it’s hard for stores to compete with alternatives such as online shopping pricewise.
All these factors are putting more financial pressure on high street stores, causing many of them to shut.
So how can the high street tackle its competition? Firstly, the high street could try to match the online stores in price and convenience. This has been attempted by large chain companies through integrating technology with the high street but even their sales have been diminishing. Small high street stores that are already under a lot of financial pressure couldn’t compete with online stores, with any attempt being too expensive.
Physical stores can’t match their competition. However, there are ways the high street can still compete:
Firstly, the existence of service stores such as hairdressers may ensure some future for the high street, as we need these stores and need them to be physical.
Secondly, the social aspects of the high street and face to face interaction is another way the high street can’t be matched by online shopping. The high street’s shift towards social features is a way it can survive and is something that’s already happening. Coffee shops, gyms and pubs (all social stores) have been growing despite the high street’s decline. Similarly, experience-based stores such as theatres stand out as another aspect of the high street that can’t be replicated online.
One case study is Bristol. In 2008, the shopping centre Cabot Circus was opened in the town. Additionally, more investment was put into the nightlife venues of Bristol’s high street. These are both examples of emphasising social aspects of the high street and these changes were incredibly successful for Bristol’s high street.
In conclusion, the high street is facing difficulties. Emphasising the social aspects of the high street has been shown to work in strengthening it. The future of the high street could depend on the level of intervention the government is willing to put into facilitating these changes, although the fact that these changes are happening naturally suggests there is a future for the high street as a social hub.
To read Ollie’s full article, follow this link below.