May 19, 2022

Money’s Too Tight (To Mention)

Apart from in this blog, as we look at rising inflation’s impact on Retail

As UK inflation hits a 40 year high of 9%, it’s not too surprising to see headlines on the cost of living crisis starting to impact consumer spend. That said, a recent piece of research by Barclaycard, whilst having evidence of a slow down in some quarters, still found some positive trends.

Shopping at supermarkets and food and drink specialist stores grew 15.9% and 76% respectively, compared to the same period three years ago.1

Also, fashion and clothing saw a 12.6% uplift, higher than last month’s 10.1%, while department stores returned to growth at 1.3% after seven months of decline, and pharmacy, health, and beauty stores also saw an improvement of 20.2% from 18.8% last month.1

And there are other positive signs of growth around if you look about. UK-based DIY retailer Screwfix has announced plans to open 80 stores across the UK and Ireland by the end of January next year, taking their store portfolio to 870, with the retailer due to open its 800th store next month.2

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Now more than ever, it’s of great importance to give those customers who do come through the door with their hard-earned pounds a great service and experience. So what is a great customer experience? For us at Startle, it is something customers tell friends about. It elevates a brand to distinction, with all sites harmonising in unison. Ultimately it improves your bottom line.

What do we mean exactly? For your own brand and business, picture interactive screens that empower customers to creatively engage with products and capture imaginations, whilst your atmosphere responsively adapts throughout the day based on your business needs minute to minute. Increase dwell, drive spend, nudge repeat custom…

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References:

1Retail Sector; ‘Cost of living crisis begins to hamper consumer spending’. 12th May 2022. https://www.retailsector.co.uk/628669-cost-of-living-crisis-begins-to-hamper-consumer-spending/

2Retail Insight Network; ‘Screwfix to open 80 stores in UK and Ireland by end of January’. 16th May 2022. https://www.retail-insight-network.com/news/screwfix-uk-ireland-stores/

Money’s Too Tight (To Mention)

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