Independent retailers investing in brand storytelling, in-store experience and community connection are significantly more likely to grow than those competing primarily on price, according to a new report from Spring Fair, Autumn Fair and Faire.
The Voices of Retail report, based on insights from 650 UK retailers and more than 2,000 consumers, found 71 per cent of independent retailers are currently stable or growing despite continued pressure on the high street.
According to the findings, retailers investing in brand storytelling are 19 percentage points more likely to report growth, while improving the in-store experience and sourcing locally each delivered a further 13-point uplift. In contrast, 45 per cent of struggling retailers said they had pivoted towards lower-price products.
The report also points to strong consumer appetite for independents, with more than 80 per cent of shoppers saying they prefer independent retailers over chains, particularly across fashion, homeware, gifting and specialist food. Consumers surveyed also said they would spend up to £145 more per month on their local high street if the retail offer improved.
Charlotte Broadbent, general manager at Faire, says: “The British public doesn’t just want more independents on their high street – they want independent retailers to be their high street. Shoppers aren’t just looking for the cheapest option, they’re looking for people and places they believe in.”
Jackson Szabo, portfolio director at Spring/ Autumn Fair owner the Hyve Group, adds: “The retailers seeing growth are those giving customers a reason to visit, through experiences, events and a more personal, story-led approach.”
The report also highlighted collaboration as a major opportunity, with 89 per cent of retailers who work with neighbouring businesses reporting a positive commercial impact, despite only 23 per cent currently doing so.