‘Sustainable retail’ could help to boost local UK economies by nearly £100m and increase brand revenues by as much as 13%, according to new research from Landsec.
The developer carried out a research project titled ‘The potential of sustainable retail’ in partnership with Bradshaw Advisory, which found that over the course of a decade, brands in a sustainable retail destination could see revenues grow by up to 13%, with footfall in these destinations experiencing a 6% increase, leading to a potential boost of up to £100m for local economies.
As part of its research, Landsec explored what sustainable retail means to consumers, brands and local authorities and to better understand the role it can play in enabling a thriving retail environment.
‘Localism’ was the leading feature of sustainable retail identified by consumers, with two of the top five elements of sustainability identified by the public being the creation of jobs for local people and using local suppliers, as well as a desire to see local, independent brands in their local shopping centres and high streets.
Representatives from local authorities across the UK agreed with the localism theme and emphasised the importance of independent stores that are more in tune with local consumers’ needs. They also noted that a mix of bigger, more established brands are needed to support footfall which in turn will support smaller, independent brands.
Retail, F&B, hospitality and leisure brands who were polled for the research said their focus was on elements of sustainability they perceive as within their control and are priorities for their consumers, which includes the use of sustainable materials and their supply chains.
Bruce Findlay, managing director – retail at Landsec, said: “This research reinforces just how much retail is a force for growth for the UK. Retail destinations have long been fuelling local economies and are closely tied to how people feel about where they live, connecting them to everything they want and need in their local places.
“For us to continue to drive value through retail we need an even greater focus on sustainability, ensuring retail destinations remain a platform for opportunities long into the future. This means working closer with brand partners to better understand how we can meet our sustainability goals together.
“And it means more collaboration with local authorities, so we can continue to respond to individual community needs. If we do this, retail can – and will – do better for the environment, create more opportunities for local communities and keep driving value for our cities.”
