Sustainable retail could boost UK economies by 100 million pounds, report says

Sustainable retail locations could help brands achieve double-digit revenue growth and inject almost 100 million pounds into local UK economies over the coming 10 years, according to a new report.

New modelling, carried out by property giant Landsec and Bradshaw Advisory, found that brands opting to rent space in sustainable locations rather than traditional ones could see revenues increase by up to 13 percent in the next 10 years.

In that same time frame, footfall at sustainable destinations could see a 6 percent increase, leading to a potential boost of up to 100 million pounds for local economies.

Representative public polling found ‘localism’ to be the leading feature of sustainable retail among consumers - it was important across consumers, but particularly for middle-aged people.

Two of the top five elements of sustainability identified by the public were creating job opportunities for local people and using local suppliers.

Surveyed consumers also wanted to see local, independent brands in their local shopping centres and high streets.

According to the report, leaders and officers from local authorities across the UK agreed with the localism theme, and emphasised the importance of independent stores “that may be more in tune with local consumers' needs and are at a size where they could experiment with sustainability initiatives”.

However, the report also noted the importance of including bigger and more renowned brands to help boost footfall and support the smaller brands.

Bruce Findlay, the managing director of retail at Landsec, said: “For us to continue to drive value through retail we need an even greater focus on sustainability, ensuring retail destinations remain a platform for opportunities long into the future.

“This means working closer with brand partners to better understand how we can meet our sustainability goals together. And it means more collaboration with local authorities, so we can continue to respond to individual community needs.

“If we do this, retail can - and will - do better for the environment, create more opportunities for local communities and keep driving value for our cities.”