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UK Town Centres, 2018-2023

UK Town Centres, 2018-2023

  • March 2019
  • 54 pages
  • ID: 5238396
  • Format: PDF
  • By GlobalData

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UK Town Centres, 2018-2023

Summary
Town Centres are the key location that consumers visit most frequently with 65.2% of consumers visiting at least once a month. Frequent Town Centre visitors (those who visit at least once a month) tend to be over 45 years old, and the highest penetration is among those aged 65 and above. However, the penetration of frequent visitors is almost as high for 16-24 year olds at 64.9%. Town Centres particularly appeal to these two demographic groups because of the accessibility of the location to the majority of consumers and the opportunities to socialise, for example in a café or restaurant.

Town Centres will continue to underperform offline sales growth out to 2023 with expenditure declining by £2.0bn as consumers shift spend to other locations like retail parks and supermalls that offer a wider product choice, often free parking and a better all-round experience, with food service and leisure being a key focus alongside retail. Although food service options are often visited in Town Centres, other leisure services are less prevalent as Town Centre visits are likely to be shorter and convenience-driven.

Despite having fewer UK stores in comparison to Marks & Spencer and New Look, Primark was the most visited retailer in Town Centres for clothing.As one of very few retailers that are opening stores - Primark is forecast to gain market share in 2019 as it meets consumer demand for value fashion.

On the same time Discounters are playing a vital role in attracting shoppers to Town Centres with Wilko and Poundland proving popular across product sectors, including DIY, Gardening and Homewares, owing to their broad assortment and low prices.

The "UK Town Centres, 2018-2023", report offers a comprehensive insight into the consumer and market dynamics of the Town Centres channel. The report analyses the market, which retailers consumers purchase from and consumer attitudes of the location.

Scope
- As clothing & footwear players focus on right-sizing their store portfolios, town centres will be the hardest hit locations with declining spend being further impacted over the next five years.
- Despite having fewer UK stores in comparison to Marks & Spencer and New Look, Primark was the most visited retailer in town centres for clothing.
- Although food service options are often visited in town centres, other leisure services are less prevalent as town centre visits are likely to be shorter and convenience-driven.

Reasons to buy
- Use our in-depth market insight to understand why town centres will underperform offline sales growth in the next five years, to help you decide which store locations to prioritise.
- Understand which consumers are more likely to shop at town centres at which retailers, and their shopping journeys, to enable you to tailor town centre store ranges.

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