Retail Minister, Kevin Hollinrake MP, observes the growing importance of supporting retailers to realise the opportunities of our ageing society at ILC Healthy Retail Summit. 

The International Longevity Centre (ILC), the UK’s leading authority on demographic change, was delighted to host Kevin Hollinrake MP, the Minister for Enterprise, Markets and Small Business, as a keynote speaker at a ‘healthy retail’ summit held today in London. The event was chaired by award-winning consumer journalist Harry Wallop and brought together retail leaders and policy experts to consider how to support retailers across the UK to engage with the opportunities of an ageing society and the role that retailers can play in enabling healthy ageing. 

In the UK economy, older consumers have significant spending power and by 2040 they could be responsible for 63p in every pound spent by consumers.  

Kevin Hollinrake MP, Minister for Enterprise, Markets and Small Business said: “I’m delighted to have joined the ILC for this important discussion about how we can support retailers to realise the opportunities associated with an ageing society. It’s important that business leaders take seriously the need to adapt how they work in the light of the UK’s changing demographic profile. We know that businesses that adapt to welcome a wider range of customers and support their staff over their lives will reap the benefits.” 

The event formed part of the ILC’s healthy retail programme work which has been identifying ways to future-proof the retail sector, by helping retailers to capitalise on the opportunities of an ageing population. A series of five retail guides recently published by the ILC, provide advice and best practice examples of inspiring small changes that make a difference to people, communities and businesses.   

Ailsa Forbes, ILC Retail Impact Fellow said: “At the moment high street shops lose £267m each month through not being accessible to people with disabilities. We also know that many people give up shopping after a dementia diagnosis as they don’t always have the support they need to enjoy shopping.  

“Retailers who take action to make a wider range of customers feel welcome are likely to benefit from increased footfall and customer loyalty, ultimately resulting in greater profits.  

“Our set of healthy retail guides share how retailers can play their part in making shopping experiences more positive for everyone and support thriving, healthy high streets.”                   

Ends 

Contact  

ILC – Press@ilcuk.org.uk or +44 (0)7807 231 432+44 or (0) 7736 124 096. Spokespeople are available on request.  

Notes  

About the ILC and the Healthy Retail Programme 

The ILC is the UK’s leading authority on the impact of longevity on society. 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  

The ILC Healthy Retail Summit took place on Wednesday 29th November 2023 in London. Discussions took place under the Chatham House rule.  

Sources 

Retail Therapy Helping People with Dementia Enjoy Spending is an ILC report published in October 2022 which shares why people with dementia can find it difficult to navigate retail environments.  

Purple Accessibility Tools ‘The Purple Pound  The purple pound refers to the spending power of disabled households. This resource highlights key statistics about loss of income for businesses that do not adapt to the needs of disabled people.