Healthy Retail – Who’s missing a trick?
With nearly two-thirds of over 65s shopping online, high street retailers risk losing out on significant spend if they don’t make in-person shopping more accessible and inclusive.
Shops and retail spaces can and should be adapted to be more welcoming to potential customers of all ages, argues a series of guides published today by the International Longevity Centre (ILC).
The guides are part of a programme of work focused on Healthy Retail – emphasising the part retailers can play in supporting people to live healthy long lives while capitalising on what the ILC describes as a “longevity dividend”.
The ILC argues that those who innovate and adapt to the UK’s changing demographics will reap the rewards – both in higher customer spend and reduced staff turnover.
Older households have a much greater share of wealth. Consumers aged 55 and over have on average 25 times the assets of individuals aged between 16 and 24 and the ILC estimates that by 2040, 63p in every pound will be spent by older households. This provides a clear business case for making sure shoppers of all ages feel welcome.
Even more spending could be unlocked if retail spaces were more inclusive. High street shops lose £267m each month through not being accessible to disabled customers. One in four people with dementia give up shopping post diagnosis – representing a further loss of potential sales for retailers, as well as the loss of a positive leisure experience for those living with dementia.
The ILC’s suite of healthy retail guides sets out how improvements to the design and planning of retail environments can make them better for everyone – customers, staff and retailers alike. The guides provide inspiring examples of best practice and links to advice covering how to tackle barriers to people going shopping, options to improve customer service, opportunities to encourage customers to make healthier choices and ways to support staff throughout their lives as their needs change.
With the latest ONS data on internet access showing over 65% of over 65s engaged with online shopping in 2020, retailers need to compete both on and offline to attract older customers.
Ailsa Forbes, ILC Retail Impact Fellow said: “There is everything to play for in the older consumer market. Many older consumers enjoy shopping in person, and their spending power could hold the key to reviving our high streets. However, if retailers don’t adapt their businesses to make in-person shopping experiences easier, customers have other options.
“Older people are increasingly embracing online shopping. Plenty of older consumers are tech-savvy and confident at using shopping apps and online platforms to make purchases from the comfort of their own homes – with no need to worry if there’s a loo nearby or somewhere to sit and rest for a moment.
“High street retailers are missing a trick if they don’t think about how to encourage customers out of their houses and onto their local high streets. Offering somewhere to sit, clear signposting, access to toilets, keeping stock in familiar places and aisles free of clutter, as well as having friendly, trained members of staff on hand to help or have a chat, are simple ways to welcome a wider range of customers.
Our retail guides show how small changes really can make a big difference. The more accessible and inclusive you make your retail space, the more you will benefit as a retailer, in terms of repeat custom, staff loyalty and increased profit.”
Ends
Contacts
Press@ilcuk.org.uk, +44 (0) 7807231432 or +44 (0) 7736124096. Interviews can be arranged on request with the ILC’s Retail Impact Fellow, Ailsa Forbes and other spokespeople.
Notes
The ILC’s Retail Impact Project aims to demonstrate that retailers could thrive – not just survive – if they adapt to the opportunities of an ageing society. The work is supported by UK Research and Innovation (UKRI)’s Healthy Ageing Challenge and Stirling University.
The ILC’s Retail Impact Fellow, Ailsa Forbes, has produced five guides to support retailers to innovate and adopt best practice. The guides cover Accessibility, Healthy Workforce, Healthy Customer Service, Healthy Retail Environment and Healthier Choices.
More information about the project and copies of the guides can be downloaded from www.healthyretail.org
Sources
In the UK, median household wealth is highest among over-55s, with individuals having an average of over £500,000 in total assets. This is 25 times higher than those aged 16 to 24 years, and the estimated aggregate annual savings made by those aged over 65 and retired in the UK equates to around £48.7bn – approximately 2.8% of GDP.
https://ilcuk.org.uk/tackling-barriers-to-spending-to-deliver-a-longevity-dividend/
The ILC projected that spending by older consumers will rise from 54% (£319 billion) of total consumer spending in 2018 to 63% by 2040 (£550 billion). https://ilcuk.org.uk/maximising-the-longevity-dividend/
Office for National Statistics (ONS), Family spending workbook 1: detailed expenditure and trends. Release date: 31 May 2023. Family spending workbook 1: detailed expenditure and trends – Office for National Statistics (ons.gov.uk)
Purple has compiled data demonstrating the loss of income to businesses due to them not being accessible to disabled customers. Purple Accessibility Tools ‘The Purple Pound’. (Online). Purple. Available at: The Purple Pound – Infographic – Purple (wearepurple.org.uk)
ILC research found that shopping is one of the favourite activities of people living with dementia but they face significant barriers to spending their money on the products and services they want. ‘Retail Therapy – Helping people with dementia enjoy spending’