It’s been 10 years since Woolworths left the High Street.
It was a bit of an institution. But the time had come to close it’s doors based on poor sales and customers, just not buying anymore. There were a couple of reasons – mainly, their music and DVD part of the business which was so profitable wasn’t doing so good – because habits had changed, with on-line music available.
The whole business couldn’t have been held on just it’s famous pic’n’mix.
They had a lot of stores up and down the country.
What happened then, Bal?
Well – a new ‘shopping model’ appeared. Pound World/Land/Everything.
The stores that sold everything for a pound was a simple and effective model. Very successful – and they bought many of the stores where Woolworths used to be, and set up shop.
But even today – they’re not doing so well. In July, PoundWorld announced they’ll close 150 stores of it’s total 335 stores with administrators looking for a buyer. Poundland isn’t performing too well either.
The High Street is changing. Shopping habits are changing. We’re shopping more and more online. But moreso, via our mobile devices.
As per a previous blog post – we’re in that phase of ‘Bricks and Clicks’ – where retailers need to have a strong on-line presence aswell as maintaining their high street presence, because we’re going through that ‘transition phase’.
In the future – we’ll have less physical stores for us to visit. They’ll be more ‘experience outlets’. Where we can go, and experience whatever it is we want to buy. Then have the ability to order on-line and for it to be delivered at home.
In addition – smaller outlets, for those essentials on the way home from work. Using technology to make it a quick and easy experience – similar to the Amazon physical store.
And as today is ‘Cyber Monday’ – how long that term will last, i’m not sure – because alot of the sales on Friday were on-line… means we’ll be more ‘cyber shoppers’ than before.