BRITISH HIGH STREET

British High Street

British High Street

Introduction

Everyone here today has some shared goals: we all want to see a strong economy and thriving high streets.We want that as customers. And we want that as businesses.We want this as customers, because a vibrant high street is just nicer to live in and shop in.We want it as businesses, because it is good for our bottom line. Any proper analysis has to start with the benefits that competition brings to consumers and the wider economy. We need to understand what customers want. And we need to take account of technological innovation - in our day most obviously perhaps the internet - and think about the changes that will be required of us all if the high street is to prosper(Benson, 2003,, 163).

Discussion

The BMI UK Retail Report for the third-quarter of 2010, forecasts that the total retail sales will grow from £ 353 billion in 2010 to £ 543.2 billion by 2014. With the expanding middle and upper class consumer base, there will also be opportunities in UK's tier II and III cities. The greater availability of personal credit and a growing vehicle population to improve mobility also contribute to a trend towards annual retail sales growth of 11.4 per cent. Mass grocery retail (MGR) sales in UK are forecast to undergo enormous growth over the forecast period. BMI further predicts that sales through MGR outlets will increase by 154 per cent to reach £ 15.29 billion by 2014. This is a consequence of UK's dramatic, rapid shift from small independent retailers to large, modern outlets.

BMI forecasts consumer electronic sales at £ 29.86 billion in 2010, with over the counter (OTC) pharmaceutical sales at £ 3.28 billion. The latter is predicted to be the fastest growing retail sub-sector and BMI forecasts that sales will reach £ 6.18 billion by 2014, an increase of 88.5 per cent. China and UK are predicted to account for almost 91 per cent of regional retail sales in 2010 and by 2014 their share of the regional market is expected to be more than 92 per cent. Growth in regional retail sales for 2010-2014 is estimated by BMI at 72.2 per cent, an annual average of 14 per cent. UK should experience the most rapid rate of growth in the region, followed by China. For UK, its forecast market share of 13.9 per cent in 2010 is expected to increase to 14.3 per cent by 2014. Moreover, for the 4th time in five years, UK has been ranked as the most attractive nation for retail investment among 30 emerging markets by the -based global management consulting firm, A T Kearney in its 8th annual Global Retail Development Index (GRDI) 2009. UK remains among the leaders in the 2010 GRDI and presents major retail opportunities. UK's retail market is expected to be worth about £ 410 billion, with 5 per cent of sales through organised retail, meaning that the opportunity in UK remains ...