What’s in store? UK homeware retailers discuss how to survive and thrive on the high street during turbulent times

In this time of uncertainty for the high street, constant innovation is vital. But eagle-eyed consumers may be able to reap the rewards – and help keep bricks-and-mortar stores afloat

WHEN IT COMES TO RETAIL,

it seems we’ve never had it so bad. ‘It’s the death of the high street!,’ scream the headlines, with the papers regularly heralding news of plummeting profits and brands entering administration – cue tumbleweed rolling past shuttered shopfronts. The consensus among homeware operators is that with Brexit uncertainty, an ineffective government and a stagnant home market, no one is investing in ‘big ticket items’ such as sofas and beds right now. Combine that with crippling business rates (a tax with archaic roots that’s unique to the UK),which, for some, is an additional 51 per cent of their rents – well, no wonder it’s tough out there. As Hamish Mansbridge, CEO of Heal’s, says: ‘For retailers, flat is the new up!’

And yet, there is a positive side. Such a climate separates the wheat from the chaff, which can only be a good thing for the customer. What’s more, leading UK homeware retailers are adopting the optimistic spirit of 1980s pop sensation Billy Ocean ( When The Going Gets Tough, etc…). Enthusiastically rising to the challenge, they are using the downturn to listen to customers, examine the data, test and learn, ensure sustainability is high on the agenda, re-evaluate strategy and invest in design and technology to futureproof their businesses – and that’s all good news for the consumer. Remember, we’re a nation of shopkeepers and innovators – it’s deeply embedded in the British DNA. The high street is suffering, but with some help from canny legislators and inventive retailers, it can flourish. So, here are six rules from experts that brands can follow to ensure they survive and thrive…