Richard Harpin, the founder and chair of HomeServe and Growth Partner, shares his insights on how to revive struggling High Streets after the collapse of Wilko. He believes that a vital clue can be found in the story of James Wilkinson and his ironmonger store on Charnwood Street in Leicester.
Back in 1930, Wilkinson and his fiancée Mary Cooper opened a self-service store, a concept that was highly sought after by customers at the time. This unique approach led to the success of Wilko, as they always prioritized giving customers what they wanted and ensuring that everyone got a good deal.
However, Wilko is now facing a precarious future. Harpin attributes this to the company’s leaders losing sight of their purpose and uniqueness. They were too slow to adapt to customer needs and failed to learn from their mistakes. In contrast, companies like Greggs, B&M, and Next are thriving because their leaders understand what their brands stand for and what their customers want.
Harpin draws from his own experiences with HomeServe to emphasize the importance of focusing on the customer. He acknowledges that his company made mistakes along the way, but it was their laser-like focus on what mattered to the customer that helped them turn things around. Smaller stores, independents, and pop-ups run by entrepreneurs who have a strong bond with their customers exemplify this concept. NEOM Organics and Gymshark are cited as examples of businesses that truly understand their customers’ needs.
Harpin is now investing £55 million to help entrepreneurs develop their businesses and contribute to the regeneration of city centers. He highlights the importance of collaboration between local governments and landlords, as seen in Westminster Council’s plan to transform Oxford Street. The plan offers a rent-free opportunity for online entrepreneurs to establish physical stores and build on their digital success.
To achieve success in the current retail landscape, Harpin suggests having a robust omnichannel strategy, learning from successful competitors, and seeking guidance from coaches or mentors who have experience in the industry. He notes that Wilko’s issues stemmed from having too many categories, uncompetitive pricing, and a lack of clarity on why customers should shop there.
Ultimately, Harpin believes that in today’s multiplatform, omnichannel world, some things remain unchanged: the importance of being unique and listening to the customer. By prioritizing these factors, it is possible to revive struggling High Streets and create thriving businesses.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
