ONVU Retail was featured at the Retail Insight Network publication. Read the full article here.
Due to a combination of factors, the UK high street has experienced a sharp decline. An estimated 29,000 physical retail units have been abandoned for more than 12 months.
Retail Insight Network spoke with industry professionals about what the government needs to do to help retail on the high-street.
ONVU Retail president Nigel Ashman
“We have seen an influx of technology used as the basis for the bettering of the retail experience. Whilst we are unlikely to see a bill that dictates that neo-retailers must use a percentage quota of technology within their physical outlets, the government may look to increase footfall on the high street by offering incentivised rent for physical retailers.
“In light of the number of online outlets that have come to the fore as retailers have shut down, a government-led strategy to reduce rent on high-street plots may bring footfall back. This would give retailers an opportunity to use the increased footfall and customers to better their in-store customer experience using technology as the centre.
“Similarly the government may look to bring the bustle back to the high-street by reducing the debts racked up by retailers during the economic downturn. Allowing companies to enter into Company Voluntary Agreements, ergo subsidising the amounts owed to creditors, should see retailers being to invest more into satisfying customers on a more personal level.
“Even after the downturn of retailers in physical plots, the most successful retailers are those who are technologically up-to-date, thus the prioritisation of this on a wider level should see more retailers continue to implement the lessons they have learned operating online and in-store.”
Read the full article here.