It may be a time of general doom and gloom on the British high street, but not all retailers are suffering. Earlier this month the Co-operative Group posted record results: gross sales are up 15 per cent and breaking through the £10bn barrier, and operating profit is up 11 per cent.
Co-op chief executive Peter Marks attributed the success to a business model geared around local communities and social responsibility. ‘Our focus on social responsibility is more attractive [to consumers] than ever before and we believe 2009 is going to be another successful year,’ says Marks.
It seems that as globalisation loses its gloss, retailers which can convince consumers that they are staying true to their local roots and identity are prospering.
It’s a theme that trend analyst Trendwatching.com is calling (Still) Made Here. ‘(Still) Made Here encompasses both new and existing purveyors of the local. In a world that is seemingly ruled by globalisation, mass production and “cheapest of the cheapest”, a growing number of consumers are seeking out the local and authentic,’ it says in its briefing.
According to Trendwatching, the trend encompasses not just local provenance but also what it calls ‘the authentic, the storied and the ecofriendly’ – retailers with stories that ring true, with a provenance that can be proven and with solid social and ecological credentials.
