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9 Feb 2024

Guy Opperman, the Minister for Roads and Local Transport at the Department for Transport, whose focuses among other things on cycling and active travel, has attended a meeting of...

2 Feb 2024

The Department for Transport (DfT) has published new information on how to safely purchase, charge and use e-bikes and e-scooters in an effort to improve consumer safety.
Following...

30 Jan 2024

Cyclists in Warwickshire rode around the world during December as part of an initiative to encourage safe winter cycling.
 

30 Jan 2024

An  analysis of almost 380,000 people living in Scotland suggests that commuting by bike reduces the risk of mental ill-health.

30 Jan 2024

A North Yorkshire cycle shop, which has become one of the largest bike businesses in the area, is celebrating its fifteenth anniversary.

30 Jan 2024

For our latest retailer profile, we spoke with Dallas Wiseman from BikeWise & Run, a Ceredigion-based bike shop that has become a hub for cyclists in the region.

30 Jan 2024

New data from market research firm Mintel suggests the UK bicycle market could on the road to recovery, with sales of new bikes set to reach almost £1 billion this year.
Mintel...

25 Jan 2024

With more than 500 cycle businesses having now signed up to its campaign for change to the Cycle to Work scheme, a delegation from the Association of Cycle Traders has met with All Party...

24 Jan 2024

The Office for Product Safety and Standards (OPSS) is taking enforcement action and warning consumers about a brand of e-bike battery – UPP – that has been linked to a number of...

16 Jan 2024

Walton Street Cycles, one of Oxford’s oldest bike shops, has been trading in the city since 1975.
 

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Retail Think Tank outlines key growth opportunities for 2024

Posted on in Business News , Cycles News

With the UK economy set to tread water in 2024, the KPMG/RetailNext Retail Think Tank (RTT), an independent board of retail experts, expects this will impact growth within the retail sector.

Retail

The RTT’s latest quarterly whitepaper – Retail outlook for 2024: What are the opportunities for retailers in a year of stagnation? – sets out its 2024 retail outlook, and includes key growth predictions, including re-invigorated retail formats and innovation trends, as well as its forecast for category winners and losers and predictions for the year ahead.

With monetary and fiscal policy remaining a dead weight on the UK economy in 2024, the RTT report highlights several challenges that will impact retailers into 2024.  These include rising cost pressures on their businesses, including National Living Wage and Business Rate rises; weakened consumer demand due to the ongoing squeeze on households through higher interest rate mortgage refixing for homeowners or rising rent costs for renters, wage growth rising against static tax brackets, and household debt servicing costs.

As reported by The Retail Bulletin, despite these challenges, the RTT predicts several growth opportunities in 2024, including: exploring growth models, such as retail media, or adopting platform business models following the success of Next and M&S and reassessing asset classes, such as retail park settings; investment in tech, including Gen AI, as well as innovating across commercial functions and the supply chain; tapping into new growth cohorts of consumers and moving away from a GenZ focus to acquire and retain older, more affluent consumers.

When it came to its property outlook, the RTT expects retail parks to become the standout retail setting in terms of growth, predicted to improve relative to other assets classes, such as High Street and Shopping Centres.

Outside of retail park success, bricks-and-mortar will see a renaissance in 2024, the RTT predicts, driven in part by consumer demand as well as revenue driving opportunities.

Retailers should also ensure that economic stagnation doesn’t stifle innovation, according to RTT Co-Chair and KPMG’s Head of Retail, Paul Martin: “Even if the economic outlook remains muted, one thing history teaches us is that following a downturn we often experience an upturn, and retailers should be doing everything now to prepare for this.”

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