This presents a significant challenge and opportunity to the sector and is already changing the face of retail business as clicks challenge bricks and mortar with new competition on price, range, service and speed of delivery. To maintain their competitiveness, retailers must be innovative, both in their products and the processes they use. They must continue to embrace this by improving their supply chains.
The diverse nature of retailing means there will always be space in the market for the niche retailers to provide variety to the high street. They face challenges in gaining the management and technological capability to compete in the modern retail sector. Pest Inspection Government has a role to play in helping small retailers realise their potential and is also supporting a Business in the Community Project to assess how best to promote greater investment in the UK’s most underserved communities.
Research undertaken by Experian and the Consulting Group into market opportunities in England’s deprived areas highlighted twelve underserved locations out of a possible eighty-eight. The research shows that many markets described as deprived are underserved and present real opportunities for retailers. The project aims to learn from the US experience to secure investment, which through creating opportunities for local retailers. Retailers are progressively demonstrating their willingness to do so.
IFAs for their part need to consider how they will set out what they offer consumers so that their value for money is clearly apparent.Our overall impression is that, as a result of the menu, firms can at least now choose the structure and status which best suits their operation in a depolarised world rather than be obliged to go down a particular route purely for regulatory reasons.Advice will be particularly important in communicating clearly to consumers the risks and rewards associated with these products and must accordingly be accommodated in any pricing structure.