According to a recent consumer survey conducted by people and place specialists, CACI, the majority of people aged over 55 believe there are not enough shops tailored to them on the high street.
This sentiment was reflected across all Acorn groups that have an older demographic, and despite being satisfied with local services and leisure options, retail is the main sector that the over 55s surveyed would like to see better suited to their spending patterns.
- The need for more retail options is specifically more prevalent in the Northeast, with 64% of over 55s wanting to see more of the shops they like, followed by 62% in Scotland, 61% in Wales, and 60% in the Southeast
- When analysing Acorn, the majority within each group that covers an older demographic said they were not seeing enough shops they like – 63% of mature success, 68% of constrained pensioners, 61% in semi-rural maturity, and 52% of stable seniors – showing that affluence is not a determining factor
- Over 55s feel they are catered for in terms of local services, including pharmacies, doctors, dentists, libraries, and opticians, with only 25% of constrained pensioners wanting to see more of these options, as well as 26% of semi-rural maturity, 27% of stable seniors, and 31% of mature success
- Leisure is not something that many over 55s want to see more of on their high streets, with only 11% of constrained pensioners, 20% of stable seniors, 22% in semi-rural maturity, and 16% of mature success feeling this is currently under provisioned
Hannah Smith, principal consultant at CACI, said: “High streets have changed massively in recent years, as landlords look to strike the right balance of retail, leisure, services, F&B, and civic functions in light of an ever-changing visitor dynamic. It’s interesting then to see that the majority of over-55s feel as though their retail preferences are not represented enough. The high street still delivers more of a shopping function for this generation, in comparison to younger age groups who see it as a way to fulfil more of a social or entertainment purpose.
“We recently carried out some research on the resilience and strength of the grey pound, and the brands that most resonate with an older demographic. The likes of Peacocks, Next, Dobbies and Matalan came up on top in terms of popularity, all able to capture the older spend. Leisure, services, and F&B will continue to be vital for the foundations of a successful high street, but it’s still necessary to have the right types of retail, to capture the wants and needs of all demographics. Understanding the right balance of offer, and the brand mix that forms it, has never been so important for engaging a visitor community.”
