70 YEARS OF CONVENIENCE UNDER THE QUEEN
This week, the country looks back on the 70-year reign of HM Queen Elizabeth II. For over two-thirds of a century, British life, both personal and professional, has undergone meteoric changes that have affected all of our day-to-day experiences.
It would be easy to assume that the trade industries have weathered this period relatively unchanged: with the exchange of money for goods-in-return being so common as to never really change. However, even as we take so much of our modern trading practices for granted, a glance back through the 20th century shows us just how far our industry has come over the last 70 years; and how different it looks in 2022.
The independent convenience store is still a mainstay of our lives; in fact, there are plenty of stores that have existed throughout those 70 years. Those small, family-run businesses are like immovable objects: surviving everything from financial crises to a global pandemic. However, it is easy to see how the consumer’s relationship with them has changed. The 2nd Elizabethan era has seen the meteoric rise of big brands and supermarket chains that, at a glance, seem to have a near-monopolistic grip on the trade market. This is, fortunately, far from the truth.
In 2022, independent retailers maintain a £44.3B share of the market, with continual growth expected to at least 2028. While small-business stores are no longer the mainstay of Britain’s weekly shop, their ‘convenience’ has allowed them to remain an important part of life, giving people a chance to ‘top up’ on their shopping at any point in the week.
Though it is not just our industry’s relationship with consumers that have changed. A glance at your stock and shelving paints a very different picture today than it would have done 70 years ago. As Britain has become increasingly diverse and multicultural, the industry has had the opportunity to provide an ever-diversifying portfolio of products to a broadening series of markets. Independent retailers, with their close ties to local communities, have been able to deliver a plethora of imported goods catered to the needs of their consumer demographics.
As you read this article on technology that would have been the stuff of science-fiction 70 years ago, you might also recognise how much new technology has impacted your businesses.
It is hard to argue that card-readers and technology that facilitates a cashless or ‘cash-lite’ approach to business have become indispensable, despite being unthinkable only a few decades ago. Many of you might also have seen the growing popularity of self-checkouts and touch-screen interfaces affecting the consumer experience of your business.
No matter what changes the future may bring: technological, societal or whatever else, as we enter the third Carolean era under King Charles III, no doubt life will continue to change and look very different. Perhaps in another 70 years’ time, it will be as unrecognisable to us as the world of 70 years ago is beginning to look. Nevertheless, the trading industry has proven, time and again, that it is ready to meet the changes and challenges of the future.