Retail and wholesale markets should seek out opportunities thrown up by the economic slowdown, as UK consumers reconsider the way they shop, the sector was advised last week.
Andrew Smith, from Aberdeen Property Investors, set the scene at the National Association of British Market Authority’s (NABMA) in Torquay last week.
He warned that consumer confidence was at “recessionary levels” and that food had seen the highest levels of inflation of all the major retail categories, but he insisted this is not being reflected in consumer behaviour.
Smith said the wide range of customer needs and expectations have sparked the rise of the “chameleon retailer”, with Tesco alone operating from six main formats including Extra, Superstore, Metro, Express and Homeplus, as well as online and through a catalogue.
But in terms of floor space, the independent sector has a higher share than it did five years ago.
Smith said: “This suggests the independent retail sector is healthier than it is given credit for…
“More retailers and more consumers are using a variety of different methods for buying and selling goods.
“Markets are integral to increasing footfall. They can be a destination across a region, such as Borough Market in London, but the high street is not - good management can make all the difference.
“There is an opportunity for the independents where the multiples may retrench.”
NABMA chief executive Graham Wilson added: “There are good prospects for markets if we can get our act together, so that investors will really start to look at us.”
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