The high street remains the preferred shopping location for Brits, with UK consumers visiting their local high street more than once a week (77 times per year) and spending £26 per trip.
The main drivers for their frequent visits reach from the convenient shopping experience through to the fact that high streets are often a focal point for local community life.
Although pressures on the UK high street remain manifold, retailers are taking up the mantle to keep the UK high street in pole position as Britain’s favourite shopping environment. That’s according to “The Value of Cash on the UK High Street” survey, published by independent ATM operator Cardtronics UK and conducted by market research firm Populus.
The report found that in Scotland, cash remains popular among high street shoppers, with two-thirds (66%) stating that they always or often use cash when doing their shopping. This is supported by over half (52%) of all Scottish visitors to the high street, who say that their payment habits haven’t changed despite the increase in new technologies. Only 16% say that they use contactless more often than a few years ago.
While the survey looks at all branches of retail, the results will be welcomed by the convenience industry, particularly retailers with stores in city and town centres.
With an increasing rate of new technology being introduced, investments in new forms of payments do not guarantee success for retailers: only 30% stated that their investments in the last two years have had a positive effect on their business performance. However, the pressure to invest in new technology is high.
Tim Halford, Commercial Director of Cardtronics UK, said: “The report showcases the rising importance of the partnerships between high street retailers and alternative providers of financial services. Retailers fight to stay afloat, but a range of pressures still stifle their efforts: they range from ever changing trends in new payment technologies, to the retreat of local banks through to separate business rates on many retail ATMs. As such, it is now more important than ever that we rally to support the high street as the UK’s prime local retail hub.”
