THE WEEK IN RETAIL
EDITOR’S COMMENT SHARE YOUR NEWS AND VIEWS WITH ME AT ABEGLEY@55NORTH.COM
FIVER FEST AND THE MIRACLE ON HIGH STREET Coronavirus has changed us all, consumers and retailers alike. Our priorities have shifted, and arguably in the right direction in many instances. One shift in sentiment that appears to be pretty clear cut is growth in interest among consumers about the long term health of the high street and local independent retailing outlets. Yet another new study – this time from Visa – has found that four-fifths of consumers think their high street needs help to pull through this whole episode and are determined to do their bit to help make that happen. Fine sentiments, of course, but the big challenge is in turning those sentiments into action. Which is where Visa’s Fiver Fest initiative comes in. It’s a simple enough idea: around half of the UK small business owners interviewed by Visa believed that if everyone in their local community spent just £5 extra each week with small businesses either on or offline, it would help them to survive in the long term. It’s a small step but it’s easy to understand for consumers and easy to act on – and almost 60% of consumers surveyed said they could afford to spend an extra fiver a
week in small, local businesses. So there might be some potential in helping Fiver Fest become much more of a feature of the dialogue around community retailing, the potential collapse of high streets and the growing interest in the health of local economies. Visa is partnering with grassroots initiative Totally Locally to offer free ‘Town Kits’ to small business owners and community groups looking to work together to protect the future of independent high streets. They’re asking retailers to sign up to ‘Fiver Fest’, a two week celebration of small businesses and local communities from 10 to 24 October. Dozens of towns across the country will be hosting £5 special offers, thanking their communities for supporting the local high street. Who knows, it could help drive a fundamental change in the way shoppers see their local stores and an even more fundamental change in helping them decide where to spend their money. It’s hardly the answer to the high street’s problems, but it’s a step in the right direction to reviving communities across the UK.
ANTONYBEGLEY ANTONYBEGLEY ANTONYBEGLEY
ANTONY BEGLEY, EDITOR
WEDNESDAY 7TH OCTOBER 2020 / ISSUE 25 / SLRMAG.CO.UK / 3
