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The Portas Review
This week, it was hard to miss the long awaited publication of The Portas Review. In terms of news coverage in the UK, it came a close second to scientists ‘discovering’ a God particle, and, in turn, the meaning of life and the universe. It would be a big ask of Mary Portas to shed a similar amount of enlightenment on the future of our high streets! Having said that, this is a hugely ambitious report, and by it’s very own ambition has been open to harsh critique.
Few doubt that the UK high street is facing difficulties: town center vacancy rates have doubled in two years and total consumer spend away from the high street is now over 50%. Just today it has been reported that 79% of Briton’s now shop online – more than any other European country. At the same time, Westfield opens another huge, and hugely successful, ‘out of town’ shopping centre in Stratford, with another rumoured to follow in Croydon. Clearly the government is worried – David Cameron himself commissioned the report. Portas, however, must be careful not to demonise those who have innovated successfully enough to continue to thrive: namely, the major supermarkets.
Cynics will argue that these are market forces, and that we as consumers will spend our money how and where we want. On some levels I am inclined to agree. But ‘The Portas Review’ goes beyond pure market forces and economics, and aims to address cultural and community issues, albeit from a commercial perspective. One of the big messages I took away was the need for collaboration between all stake holders with a vested interest in the success, and indeed continued existence, of the high street: landlords, local authorities, retailers and, crucially, us as consumers. If we want our high streets to survive, we have to appreciate them and spend on them.
I take my hat off to Mary Portas for putting her neck, and indeed reputation, on the line: she has delivered a report that dares to ‘think big’. Do let me know what you think - moira@thembsgroup.co.uk – and have a great weekend.
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