3 October 2019
The Local Data Company’s report on retailing in the high street for the first half of 2019 shows that high street retail is struggling like never before. The overall vacancy rate is now at its highest level since 2014 as well-known brands and many other high street stores close their doors. The bright spot is the health and beauty sector, which accounts for 6 of the top 8 retail categories showing overall growth:
Retail sector Overall growth (more shops opening than closing)
Barbershops +352
Beauty salons +179
Nail salons +109
Cafes and tearooms +108
Health clubs and gyms +103
Bars +89
Alternative & complementary medicines +60
Hair and beauty salons +56
"Getting and keeping clients is harder than ever, but that will be crucial if salons are to make a profit in times of economic uncertainty due to Brexit.”
The growth in barbershops equates to almost 2 barbershops opening every day. The market research company Mintel suggests that services or treatments which add value or convenience to the client experience are helping to drive growth.
Hilary Hall, NHBF chief executive said, “It’s great that hair and beauty is one of the few retail sectors showing growth. We’ve seen a big growth in the number of NHBF Members offering both hair and beauty. Adding in express treatments or services, opening earlier or later, offering online bookings, offering male grooming or focussing on wellbeing are all examples of how salons can make the most of consumers’ willingness to spend money on looking and feeling good. Getting and keeping clients is harder than ever, but that will be crucial if salons are to make a profit against a backdrop of rising wage costs, rising rents and rates and economic uncertainty due to Brexit.”
Local Data Company, Retail and Leisure Market Analysis Half Year 2019