LONDON — Research commissioned by the New West End Company, which represents 600 retail, restaurant, hotel and property owners across Bond Street, Oxford Street, Regent Street and Mayfair, reveals that rising prices are having a significant impact on how the U.K. consumers shop sustainably.
The survey, which interviewed 2,000 consumers, found that eight in 10 said their day-to-day cost of living has gone up, with more than half saying they’re already buying fewer goods and services.
The cost of products and services is now the top consideration for shoppers, as U.K. inflation is on course to breach 9 percent this month, the highest in three decades. Some 60 percent of the respondents said they are prioritizing value for money over environmental impact, and around 65 percent of them think retailers should be doing more to support sustainable shopping behaviors.
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Cost-effective and sustainable ways of shopping are gaining momentum. The survey shows that the top three popular sustainable shopping behaviors are recycling clothing, buying secondhand items, and walking or taking public transport to the shops rather than driving.
Jace Tyrrell, chief executive officer of New West End Company, said the research “shows there is clearly a desire for retailers to make it easier for consumers to make more responsible choices — from how they package and transport their goods to what they do with goods at their end of life. Brick-and-mortar retail businesses can play a particularly important role by encouraging visitors to travel via public transport and therefore reduce carbon emissions associated with last-mile deliveries.”
He believes that the high street also has an opportunity to create altogether more sustainable customer experiences, whether that’s recycling rewards schemes or product ranges that support locally made goods.
“The West End, for example, is welcoming more start-up businesses and increasing the process of greening in our public spaces. In doing so, retailers will benefit from creating a more inviting environment for their visitors, and of course, improved environmental credentials,” he added.
Tyrrell said the Uniqlo, Theory joint store on Regent Street, which opens its door to the public on Thursday, is a good example of how retailers in the West End are responding to this demand, as it includes a first-of-its-kind repair studio, which encourages consumers to reduce their consumption by breathing new life into old clothing items instead of throwing them out.
Tor Burrows, executive director of sustainability and innovation at Grosvenor Property U.K., which manages the properties in Mayfair and Belgravia such as Mount Street, South Molton Triangle and Grosvenor Square, on behalf of Hugh Richard Louis Grosvenor, the 7th Duke of Westminster, said property owners and tenants should form a collaborative relationship to tackle environmental issues, as the built environment accounts for 85 percent of Westminster’s emissions.
“Supporting and advancing sustainable retail must start with the buildings themselves, giving occupiers a physical platform for energy-efficient operations. For our part, we are committed to ensuring our buildings are not only fit for the purpose, but fit for the future: net zero both in development and operation,” he added.
As a response to changing consumer spending habits, New West End Company on Thursday launched the “West End Road to Zero Action Plan” as a blueprint for retail and leisure destinations to collaborate to tackle climate change issues.
The company aims to advocate and support its district and members to get to net-zero carbon by 2040; to seek a sustainable retail, leisure and dining experience for all residents, employees and visitors, and to work with partners to deliver improved air quality that is better than legal standards.