The Retailer Autumn Edition 2022

THE RE TA I L ER

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GUERNSEY’S POST-PANDEMIC REVIVAL AND THE ALLURE OF THE HIGH STREET

Korinne Le Page Head of Retail Development Guernsey Retail Group

K orinne Le Page, Head of ines why newoutlets are spring ing up in Guernsey and shows howthe Channel Island should be considered as an attractive opportunity for UK brands and independents. Businesses will always face challenges, none more so than over the past couple of years. Covid-19 is re-shaping and accelerating change in the retail sector, with new trends rapidly gaining speed across the industry, brought on by restrictions imposed at certain times and changing consumer habits. It is therefore encouraging that through entrepreneurship, creativity and community, one location in particular is seeing more than just the green shoots of recovery. Retail Development for the Guernsey Retail Group, exam

Guernsey, a self-governing Island of 63,000, is lively, relatively affluent and sophisticated. The retail sector’s history can be traced back almost 250 years and today, it is diverse and dynamic with St Peter Port, the Island’s capital and hub, offering a varied shopping experience for locals and visitors. Regular and popular events are put on throughout the year, increasing footfall and, as a tourist destination, around 100 cruise ships visit every spring and summer, bringing in over 100,000 new arrivals. Along with almost 300,000 independent visitors annually from around theworld, this allows retailers to benefit from a larger customer base during the season. One of the other key factors illustrating the Island’s attractiveness is its relative affluence. The Island’s GDP per capita in 2020 was £50,353, some 57% higher than in the UK and discretionary spend per household is just over £23,000 in the same year. Some of this prosperity can be attributed to Guernsey’s posi tion as an international finance sector, which provides well paid and regular employment to a sizeable proportion of the local population, along with low unemployment.

In Guernsey, VAT is not applicable and the availability of items is good. The majority are obtainable locally and this includes higher value household items, clothing, jewellery and cars. As a standalone Island, consumers also cannot travel to other cities or shopping centres so easily as in the UK. A further consideration is home ownership. The local government’s figures show that 60.8% of households are occupier owned so, as a result, there is a buoyant market for home and durable goods. The Guernsey Retail Group (GRG) was estab lished to support, represent and drive the local retail economy. It speaks for the sector, assist ing businesses of all sizes, product offerings and ownership type. The GRG works with Guernsey’s government and has developed positive relations with commercial agents and other key stakeholders, helping retailers wher ever they are on their journey.

Guernsey’s bustling High Street, St Peter Port. Credit: Guernsey Press

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Guernsey has always been of interest to national retailers given its captive audience and strong, economic position.”