comment A New Way of Life Going into 2021
Whilst last year brought change, uncertainty, and new jargon, the new year will hopefully bring prosperity to the retail industry. Andrew Goodacre, CEO of British Independent Retail Association (Bira) reflects on 2020 and expectations going ahead.
L
ast year has introduced us to some
new words and new business jargon – Covid19, social distancing, lockdowns, Covid secure, hands-face- space, etc. It has been a year like no other with a unique set of challenges on top of the usual demands of running a retail business. When the first lockdown was implemented in
March 2020 it was hard to imagine what would happen and if there would be anyone benefitting from such an extreme measure being put in place. We had never experienced anything like it and so it was hard to predict. Within a couple of months though we started to see the trends
that have stayed with us throughout the year. Being forced to work from home, unable to go on holiday, not spending money on leisure activities all contributed to people looking at their homes and spending money on them. We saw an increase in DIY activity, garden materials, extensions, etc. This resulted in hardware stores throughout the UK benefitting from increased demand, especially as they were classed as essential retailers (another new piece of jargon!). At times there was a shortage of product such a fence paint and compost as the great British public addressed all those jobs they had been putting off. Even Winter has failed to quell the interest in home improvements as people focus on the festive period and ensuring their houses looked better than ever.
This means this sector we can look forward
to 2021 with cautious optimism. We have vaccines being rolled out and hopefully more control over the virus. At the same time, we will
be left with a difficult economic climate due to high unemployment and fragile consumer confidence. The first quarter of 2021 will be the hardest for retail and even the essential retailers will have to be careful.
In 2021 I would not expect expenditure on homeware, hardware and DIY to continue at the current levels, especially with holidays and other leisure options again being available to the consumer. However, with more people working from home and more flexibly in the future, we can expect the trend for shopping locally to continue. Shoppers now know that the small hardware/ homeware shop has a lot to offer, and at reasonable prices. With a desire the shop locally, and a better appreciation of the economic benefits of shopping locally, I expect the sector to have a good 2021 now that local stores are fully established at the heart of the community.
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