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This paper aims to examine the reasons for the rise and fall of the UK high street shop as an investment class for financial institutions.

The paper begins by tracing the scale of investment by financial institutions in shops and the reasons for their historic popularity. The next sections review the changes in retailing and the consequences in terms of the current retail offering. The consequences and implications for retail investment are then considered in terms of institutional portfolios and (relative) investment yields. The research is based on a review of a range of secondary sources and an analysis of the Investment Property Databank database.

The traditional UK high street as an investment class has been challenged by the decentralisation of retailing and new retail forms over the last 30 years. While the city centre is still the principal location for comparison retailing, the consequence has been a restructuring of institutional investment portfolios and of relative yields. The number of high street shops in investment portfolios has halved since the mid‐1990s. There are threats from online shopping and the recent recession has further queried the original arguments for investing in high street shops. However, the driving force for the decline of investment in high street shops by financial institutions appears to be the short‐termism.

The paper reviews the changing fundamentals of retail property investment to explain the decline of the high street shop as a property investment class.

The purpose of this paper is to document the results and the impact of the ESRC-funded High Street UK 2020 (HSUK2020), a project designed to take the existing academic knowledge relating to retail and high street change directly to UK High Streets, to improve local decision-making and, ultimately, their vitality and viability.

Through a systematic literature review, and by following the tenets of engaged scholarship, the authors identified 201 factors that influence the vitality and viability of town centres. Through the consensus-building Delphi technique, a panel of 20 retail experts identified the top 25 priorities for action.

Taking a place management approach led to the development of a more strategic framework for regeneration, which consisted of repositioning, reinventing, rebranding and restructuring strategies (4R’s of regeneration). Collaboration with the project towns resulted in identification of the strategy area that would add the most value, and the impact of the 4R’s and the top 25 priorities is demonstrated via numerous town examples.

Knowledge exchange projects, such as High Street UK2020, have an important contribution to make, not by developing even more theory that is unlikely to get utilised, instead their contribution is to bring existing theory into practical use.

The purpose of the paper is to present and critically discuss the findings of the ESRC-funded HS2020 project. The aim is to discuss the retail-led change that has happened to the High Streets that participated to the project that, in some cases, is revolutionary and is leading to the reinvention of the place. To do so reference is made to various retail change theories discussing both institutional and consumer-led change.

This is a discussion paper on the findings of the HS2020 project.

The major finding reported in this paper is that the reinvention is a natural learning process that involves the comprehension of change and the development of knowledge that will lead to the reinvention of the High Street.

The findings of the research are based on data that were collected from a total of ten towns across the UK.

The paper suggests that to reinvent the High Street the stakeholders that are involved in the place decision-making processes they should embrace the change as a natural development and try to understand and learn from it rather than resisting to it. The HS2020 project provides a comprehensive guide of the areas that change can be managed and if it happens it can facilitate the reinvention.

The paper is relevant to the academic community, as it offers insight to the theories of retail change, and to the practitioners, as it provides evidence as to how to deal with the change that happens to the High Streets.

This paper aims to examine the role of “restructuring” in confronting the challenges facing contemporary high streets in the devolved UK. It complements three articles concerned with repositioning, reinventing and rebranding and illustrates the multi-faceted approaches involved in addressing retail change and town centre transformations. This paper emphasises the role of planning and governance in effecting change.

Informed by a literature review, action research involved inter-related interventions in selected locations, and associated workshops with engaged practitioners and community actors.

The findings highlight that the “resilience” of contemporary town centres demands resisting efforts to return to the status quo and necessitate forms of adaptive management. Understanding high street degeneration and the limitations of a retail-only led policy focus as a “wicked issue” further demands socially constructing town centres as an ecosystem requiring a holistic response. New forms of joint-working involve selecting appropriate models, attending to relational aspects and defined roles and responsibilities. Land use planning, including masterplanning and creating evidenced policy options, provides an important democratic space for legitimising action, offering leadership and extending participation to new change agents.

Restructuring of governance is an essential prerequisite in effecting change.

The originality of this study lies in the application of the restructuring element of the 4 Rs Framework which enables a focus on the governance dimensions of town centre and high street regeneration. The findings are enhanced through the experiential evidence which stresses both the importance of place-based diversification and value of prioritising holistic and joint actions developed through participatory visioning exercises.

The purpose of this short article is to outline a research agenda to further our understanding of how retail areas are influenced by, and adapt to, change. This is part of an Economic and Social Research Council-funded project High Street UK 2020.

We outline a research agenda – containing factors which High Street stakeholders in Alsager, Altrincham, Ballymena, Barnsley, Bristol, Congleton, Holmfirth, Market Rasen, Morley and Wrexham have identified as influencing the vitality and viability of their retail areas. Currently, there is little or no academic evidence available to support these factors; therefore, they are worthy of further research.

The towns assert that the following factors influence High Street performance (either positively or negatively) and need further research: business support; engagement and engaged businesses; fragmentation; information; Internet connectivity; local knowledge; measuring economic impact/value; media coverage; networking; public sector dependency and risk aversion.

Only 10 towns have taken part in the research. Nevertheless, they are representative of the research-user community for retail centre research.

This research agenda will enable researchers to respond to a clear gap in our knowledge about High Street performance, as identified by towns themselves.

By undertaking the research that people that manage retail areas need, it will enable practitioners to make better informed decisions and manage these important areas more effectively to the benefit of their local communities.

By allowing town centre managers, traders, council members/officials and “concerned citizens” to set the agenda for research production in the area of retail centre change, we anticipate forthcoming research in this area will be more highly valued by practitioners and have more impact in “the real world”.

The purpose of this paper is to establish the influence of shopping motivations on Chinese fashion retail engagement relative to demographics, monthly spend on fashion items and high street/electronic commerce (e-commerce) preference. This is to determine how international fashion retailers should design more effective retails channels, expanding upon established theory in Hedonic and utilitarian motivations. While earlier research suggests shopping motivations associate with demographics while influencing retail channel preference and consumer spending, much of this exploration is Western focused, with all variables being influential. However, the degree to which these apply to China, and the unique fingerprint of influential motivations remains unknown. This paper answers these questions to allow international retailers to develop more efficient marketing strategies and design more effective retail channels.

In all, 403 Chinese consumers generalisable to the broader population were surveyed on their hedonic and utilitarian motivations to shop for fashion apparel in high street and e-commerce environments. Statistical analysis was commenced through direct logistic regression and MANOVA.

Demographics have limited association with shopping motivations, with gender and age only producing small effect sizes, while occupation, income and education has no significance. High street store preference is influenced by adventure and social shopping and e-commerce preference only by idea shopping. Spending over ¥1k per month on fashion apparel is influenced by gratification and idea shopping, and regular spending habits inspired by value shopping.

This empirical paper characterises the fingerprint of shopping motivations’ influence as singular to China while proving their limitation and need for a wider plethora of influential factors to be recognised.

Many national retailers have complained about increases in business rates tax bills since the 2017 revaluation. What impact has the 2017 business rates revaluation had on independent high street retailers in market towns in the north of England? The paper aims to discuss these issues.

The study uses Valuation Office Agency rating list data to determine rateable value and business rates payable for independent high street retailers in eight northern market towns either side of the 2017 rating revaluation. The data were analysed using business rates matrices to reveal the impact of the new rating list on independent retailers in the eight locations.

Analysis reveals that the majority of independent retailers in the northern market towns sampled have experienced reductions in both the rateable value of their premises and business rates payable. Increase in the rates relief threshold has extended relief to almost half of the independent retailers in the study, most of whom receive 100 per cent relief.

Charity shops receive at least 80 per cent rates relief which means they are able to afford to pay higher rents. This “sets the tone” for landlords setting market rents in that location which are then used as comparable evidence by the VOA when determining rateable values at revaluation further polarising the gap between rate payers and those to are exempt.

Focussing on independent retailers on high streets in markets towns in north of England, this study provides an alternative perspective to the orthodox view of business rates revaluations having a negative impact on retailers.

Calls for empirical and theory-based outcome measures in the place marketing literature are made more pressing as policymakers manage post-COVID high street recovery. This study aims to evaluate how knowledge of repeat buying established in the consumer marketing domain might be adapted to benchmark place marketing effectiveness, applying the Law of Double Jeopardy to capture the predictable relationship between footfall and visit frequency on competing high streets.

The authors match footfall and survey data collected simultaneously on nine local high streets in one London borough to ask if a predictable Double Jeopardy relationship exists. The authors then test the theoretical assumptions of independence that underpin the Law in patterns of switching; the predictable distribution of regular, infrequent and new visitors; and the absence of user segmentation.

The authors observe that Double Jeopardy constrains behavioural outcomes, that a simple model fits high street footfall data well and that its theoretical assumptions are supported.

This paper makes several practical and theoretical contributions. The authors demonstrate a method to model expected repeat visit frequency from footfall density and elaborate footfall data into its frequency classes. The authors also locate the effects of loyalty over time within existing knowledge of spatial competition for high street patronage and demonstrate how place marketing insights can be derived from applications of this useful law.

The purpose of this paper is to explore the relationship between service quality, the service encounter and the retail experience within a changing UK retail environment.

Data were gathered from 40 customers and 20 staff of an established UK health and beauty retailer with a long-standing reputation for personal customer service. A qualitative analysis was applied using both a service quality and a customer value template.

Customers focused more on the utilitarian features of the service experience and less on “extraordinary” aspects, but service staff still perceived that the customer encounter remained a key requisite for successful service delivery.

Recent environmental developments – involving customers, markets and retail platform structure – are challenging traditional service expectations.

Retailers may need to reassess the role of the service encounter as part of their on-going value proposition.

Limited research to date on the perception of shoppers to the service encounter in a changing retail environment and to the evolving notions of effort and convenience.

Discount retailing in the UK has taken on a higher profile over recent years owing to the effects of the recession. Interest has largely centred on the growth of discount grocery retailing and the potential emergence of US‐style warehouse clubs. Nine discount clothing retailers currently present in “conventional” retail environments were studied. Examines in particular the nature of discounting and the business practices employed by those discount retailers. Suggests that discount clothing retailing in the UK is characterized by: both core business discounters and clearance outlets; a high degree of planned purchasing as a result of own‐label activity, information technology and relationships with manufacturers; importance of image and service in attracting customers.