The UK High Street has changed massively in the space of a few months.
In December, electrical retailer Comet closed its last store, and January brought about the demise of Jessops, HMV and Blockbuster, with all three entering administration, followed by various store closures and assets being sold off. Clothing chain Republic entered administration in February.
So what lessons can toy retail learn from this? We put the question to our Retail Advisory Board.
“What retailers and everyone needs to learn is you can’t rest on your lau- rels, you have to keep reinventing yourself,” says The Entertainer’s buying director Stuart Grant.
“If HMV had owned the download market early on, iTunes would’ve struggled to take off in the UK. The Entertainer wouldn’t be as successful as it is now if we didn’t offer something different to other retailers or the internet. We worked hard on our customer service, product knowledge, ranges, events, competitions and more.”
Argos believes reacting to challenges, like the increase in internet sales, will put toy retail in good stead for the future.
“The impact of the internet is a deep and long- term issue for retailers, which has fundamentally changed the way we interact and transact with brands,” comments Argos trading director for toys, jewellery and freetime, Marc Spence.
“An ongoing challenge for retailers is going to be keeping pace with the changes in technology and consumer demand and ensuring they remain relevant in an increasingly commoditised marketplace.”
