HIGH street shops will be looking to evolve and be more sustainable as new retail vision is created.
Savills UK is now working with Our Colchester to find the retail vision for Colchester by looking at data to see the trends.
It hopes to be able to support retailers in the area to make sure they evolve with the times and are always “ahead of the game”.
This comes after the controversial decision made by major British retailer Marks and Spencer to move out of Colchester High Street following on from the departures of Next and Debenhams in Culver Square.
The High Street is currently 90 per cent occupied, which is above the national average, but it is still hoped more can be done to evolve businesses.
The Business Improvement District Manager at Our Colchester, Sam Good, said: “Everything is moving towards how to make businesses become more sustainable and keeping costs down whilst still offering the best price.”
The collaboration also aims to find the best ways to make retail accompany leisure as Mr Good said one cannot survive without the other as they both bring people to the High Street.
There are lots of events coming up this year which fit into both categories.
The retail vision will look to support local businesses to grow a balanced and sustainable trading ecosystem for town centre retailers.
Mr Good said: “It’s great to have Savills interested in helping Colchester as they are one of the leading property and data analysers.
“I want business owners to be able to access and get support, make them more sustainable and transform their businesses.
“We’ve got amazing businesses in the town. A lot of them are independent so we want them to have the resources, which is why we will find what the businesses want and help them deliver it to the consumers.”
Savills UK has its own team of data researchers.
Stephen Toal, the head of retail research for Savills UK, said: “We will be working closely with residents, retailers and stakeholders as well as using spend data, footfall data, demographics and future residential plans for Colchester to help frame a sustainable and balanced retail vision.”
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