The energy crisis in the UK is causing growing concern among high street firms, warns retail expert Mary Portas. She emphasizes that if the high street fails to thrive, it will have a significant impact on the economy. A staggering 90% of independent retailers believe that their businesses will suffer if the government’s energy support scheme is not extended beyond next March, as energy bills continue to rise. Portas describes the increasing energy bills as the biggest challenge facing retailers today.
A recent survey conducted by wholesale and supply marketplace Ankorstore revealed that 97% of retailers feel that the government has not provided enough support, particularly with inflation and soaring energy bills taking a toll on the high street. Furthermore, a worrying 40% of those surveyed stated that they would consider closing their businesses if the government’s energy support scheme is not extended beyond March. As the autumn budget approaches, a staggering 94% of retailers are urging the government to step in and offer support to the struggling high street.
Portas places great importance on vibrant high streets and towns as they foster social interaction and help build local communities. During an interview with City AM, she shares her thoughts on how the high street will fare during the winter months. Portas believes that people will become more cautious with their spending but will still make essential purchases. She highlights the significance of inclusive pricing strategies and the growing emphasis on sustainability and provenance. Portas advises retailers to tap into these trends while also focusing on creating an enjoyable shopping experience for customers. She notes that price is no longer the sole factor driving consumer behavior, as we have moved away from the era of the “race to the bottom.”
Overall, Portas’s campaign on the energy crisis sheds light on the challenges faced by high street retailers. With energy bills on the rise and insufficient support from the government, these businesses are at risk of closure. Immediate action from the government is crucial to provide the necessary assistance to ensure the survival and prosperity of the high street.
Useful Links:
1. Department for Business, Energy and Industrial Strategy
2. Retail Week
