Retail in Asia

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Peter Williams: Retail locations need reinvention to meet web challenge

Today’s retailers need as few as 100 stores to achieve national coverage compared with up to 300 three years ago, meaning a “seismic change” is needed in many high streets and shopping centres, former Selfridges chief Peter Williams told the BCSC conference in Manchester today.

He called for reduced rents, more flexible leases and a reduction in property taxes in order to encourage new retail entrepreneurs appealing to the younger generation of web-savvy shoppers to take the place of national chains whose stores have closed.

(Source: Retail Week)