| | Shopping Centre reports that over the next decade, the rise of smartphones and an ageing population will drive faster retail sales growth, according to a new report, The Reshaping of Retail, produced by retail consultant Conlumino for Hammerson. But it warns that only those retailers which succeed in remaining relevant for tomorrow’s consumer will benefit.
Retail spending is expected to grow at an annual average of 2.4% between 2013 and 2022, up from 1.9% pa over the past decade. By 2022, retail spending will be 26% higher than current levels, and 62% of this growth will have been generated by the over-55s.
By next year, 69% of consumers expected to use three or more channels to shop, and by 2020, mobile spend is set to account for £53.9bn of direct and indirect sales, against just £2.9bn today.
Conlumino forecasts overall store numbers forecast will decline by 10% by 2020 as retailers focus their expansion towards major cities and destination shopping centres, which offer larger stores, good accessibility and a better choice of restaurants and cafés. Stores will have to evolve, with their role in highlighting brand awareness, showcasing product offers and facilitating click and collect purchases growing in importance. |