With 17,145 stores closing across the UK in 2022, a record high across the last five years - the retail picture could seem bleak. An average of 47 shops a day shut each day as retailers tried to deal with the onslaught of rising prices, consumers managing the cost of living crisis and a post-pandemic ‘hangover’.
We are still very much in the midst of a shopping evolution as consumers aspire to seamlessly experience digital and real life shopping encounters.
Be it smarter technology or personalisation, there is an exciting swirl of potential for the sector. The retailers brave enough to take on the next frontier with fluidity and with the consumer firmly at the heart of what they do, will certainly be most likely to succeed.
Whilst many had predicted the end of the high street, here are three retailers set to create exciting new store environments this year:
In a haze of pastel tulle, fans of the New York born brand founded by Creative Director Rebecca Hessel Cohen, will be delighted that LoveShackFancy is now live in London.
After a successful pop-up in Harrods, the new store opened full of Cohen’s trademark florals in Westbourne Grove, nestled between Daylesford Organic and Me & Em.
The store is perfectly primed for Instagramable moments with its carefully curated cameo displays and products that range from maxi dresses, luxurious knits and partnership ranges with ski-specialists Bogner and Superga sneakers and more.
“Our London shoppers really resonate with our ‘more is more’ mantra. I think they enjoy our bold florals and traditional LoveShackFancy pieces - like our Victorian-inspired heritage looks. So, we will definitely be sure to have a lot of these outfits on-hand for our UK customers to shop,” explained Cohen.
Space NK, Westfield
The luxury beauty brand, Space NK, really seems to gave found its groove with a neat digital operation and is looking to expand store retail too.
Space NK has come a long way since its early Nineties inception created by Nicky Kinnard, as a destination for go-to and breakthrough brands. It has announced that it will more than triple the size of its store at Westfield London, to 2,960 sq feet.
Beauty lovers can find Sarah Chapman, Oribe and Diptyque as well as fresher brands like Summer Fridays.
IKEA, Oxford Street
Once the home of the Topshop flagship store, 214 Oxford Street will soon be home to IKEA.
One of the most coveted spots on London's once iconic shopping street, the store will see thousands of products on display, with accessories available for same-day purchase and larger furniture items which can bought for home delivery.
“Even though online shopping continues to accelerate at a rapid pace, our physical stores, large and small, will always be an essential part of the IKEA experience – as places for inspiration and expertise, community and engagement.” commented Peter Jelkeby, retail manager at IKEA UK and Ireland.
2023 is lined up to be another year of progress and change in the retail sector and whilst unfortunately it is certain there will be more closures, we can be reassured by the innovation and excitement the year will also has in store.