Retailing therapy keeps city buzzing
Rhoda Joseph, centre director, Cascades Shopping Centre, Portsmouth, writes about her last seven days in business.
Retailers are competing with each other and other providers from an increasing range of options, against a reducing amount of disposable income from their customers.
While everybody wants a bargain – or to get a good price and good value at least – in order for retailers to be around at the end of the current economic gloom their customers still need to spend money with them.
The good news is that although things are slowing down, Portsmouth city centre is bucking the national trend.
A clear example in the changes in customer spending and the confidence of continuing consumption of goods and services by the general public is the drop in the ONS retail figures that showed food sales volumes came down 0.1 per cent in September, the biggest fall in 22 years.
Compare this with an average annual growth in the past of around 2.7 per cent, and it is obvious people are watching how they spend every penny, re-valuing what it is they want and where they want to buy it from.
There are opportunities to diversify around the consumer's redefined priorities.
In the last week of October, retail 'like for like' sales dropped by 10.76 per cent in non fashion purchases, by 12.63 per cent in fashion purchases and by 16.55 per cent in homewares.
Customers are researching the best product at the best price, whereas previously would purchase if enough boxes were ticked rather than all of them.
Specialist sector sales improved such as audio-visual entertainment, indicating customers desire to stay in for entertainment and eating. Customers are changing the ways they enjoy themselves.
UK weekly footfall index in the week starting October 20, shows visitor numbers increased by 9.2 per cent against the same week the previous year, but overall for the year fell by 6.1 per cent.
Shoppers stopped going elsewhere to do basic shopping. Many have stayed local. Retail is detail and includes the right goods at the right price.
It is a tough market, and is unlikely to ease in the next few months.
Come on, Portsmouth – embrace the challenge.
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Saturday 11 February 2012
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