A new study from British Land and Verdict has revealed that 89% of all UK sales still involve physical stores in some way and that two thirds of all non-grocery online sales are from bricks-and-mortar retailers.
According to the report, True Value of Retail, the majority of all UK retail sales still touch physical stores, whether through click-and-collect or online sales which have been researched in-store.
The report further revealed that there is a ‘halo’ effect where a retailer’s physical stores improve brand awareness, customer service and trust, hence physical also contributes to online sales that do not directly touch the store.
The report added that click & collect spend is set to double by 2021 and advised that retailers which offer a “seamless omnichannel experience for shoppers” are likely to outperform.
Charles Maudsley, head of retail for British Land, said: "This research demonstrates the continued value of the physical store and the important role it plays in the lives of consumers. It builds on our knowledge of why people shop, to better understand how they shop across channels. We see retailers responding to this through their flagship and local stores. British Land’s strategy reflects this approach. Our lifestyle-oriented regional and local centres deliver a mix of retail, food & beverage and leisure to meet a range of shopper needs.
"Leading retailers and landlords need to continue to embrace omnichannel to future-proof physical stores and meet the needs of consumers today and tomorrow. We are investing in our portfolio to support a variety of shopper journeys, enhance and broaden the appeal of our assets, and create places people prefer.”
