The Five Pillars of Tomorrow’s Sustainable High Streets
The name ‘high street’ originates from it being the most important place in a town or city. Today, as the primary place for retail, to trade and to consume, many high streets appear to have lost their relevance.
In an uncertain world, in which the emergence of Covid-19 variants, repeated lockdowns and changing tier systems, consumers and businesses can be forgiven for feeling that they are trapped in a game of snakes and ladders that they cannot influence. AttisTowns, however, has identified five certainties around which we can rebuild high streets as the most important place in every community.
People are social creatures – we want to be connected and enjoy interactions with others. As a place to feel connected, high streets can be as relevant today as they ever have been. Less isolated people will also contribute to point three (see below). The key is to make high streets desirable places to visit, dwell and return many times over.
The trend of consumers prioritising discretionary spend on stimulating and interesting experiences, rather than consumption of goods, has continued during the pandemic and will continue afterwards. Barclay’s December 2020 consumer spend report reveals that in 2020 households spent a third less in restaurants and cafés, two thirds less on entertainment and sixty percent less on hotels. However, the desire for leisure and experience was as strong as ever, with both digital subscriptions (Netflix and others) and food and drink specialist spending increasing by over forty percent.
Health and well-being will continue to be increasingly important drivers of demand. PWC research shows consumers spending sixty nine percent more on physical and mental well being during the pandemic. Increasing concern for mental-health, the obesity crisis and heightened awareness of viral transfer, are amongst the factors that will continue to influence consumer spending choices. The high streets that reinvent themselves by prioritising fitness technology products, offering gyms for physical health, public spaces that improve mood and well-being and are served by walking and cycling routes, will perform better in the future.
Redistributed demand – indications are that post-Covid-19 many people will continue to work from home, at least for part of the week. Arup estimates in London this is saving each professional up to £3,400 a year on fares. Local consumer markets with increased disposable income and are spending more time at home should be the ‘Golden Goose’ targeted by every local high street.
Zero carbon – resolving the climate emergency will disrupt how high streets and their supply chains operate. Different government approaches to Covid-19 has shown that decisive and early response to a crisis is most effective. The same is true of the climate emergency. Reaching zero carbon is a collective challenge, around which partnerships of occupier and property businesses, local authorities and consumers can be built to recreate high performing, attractive local high streets.
AttisTowns offers property owners, local authorities and BIDs an integrated, intelligence-led approach to High Street recovery.