University of Stirling research has found that age-friendly businesses could revitalise Britain’s high streets.
According to the World Bank, the number of people aged 60 years and over will grow to 1.4 billion by 2030.
By 2040, older households could be responsible for 63p of every pound spent by consumers.
By following some simple tips, retail and hospitality businesses could widen their customer and staff base and improve the experience of older people, say academics.
Enhancing accessibility could result in a significant financial uplift for high street shops, potentially increasing monthly revenue by £267 million, according to a new set of guides.
These toolkits have been developed and funded as part of the UKRI Healthy Ageing Challenge and its Social, Behavioural & Design Research Programme.
The retail guides were developed by Ailsa Forbes of the International Longevity Centre (ILC UK) and the hospitality toolkit was developed by Dr Lorna Wang of the Hospitality Connect project.
Some suggestions in the guides include using large print menus, providing free newspapers, offering group discounts and accepting cash payments.
They also suggest using staff name badges, adapting lighting and soundscapes for older people, and training to help employees better understand older people’s needs.
The guides advise shops, restaurants and cafes to set aside designated time for older people.
The guides also encourage businesses to recruit more older workers.
Currently, one in three employees are aged 50 and over.
The Retail Guides indicate that by 2030, staff over 50 will outnumber those under 30 in the retail sector.
The ILC, publisher of the retail guides, says spending by older consumers will rise from 54% of total consumer spending in 2018 to 63% by 2040.
Judith Phillips, OBE, Professor at the University of Stirling, said: “These guides offer practical and actionable advice for retailers and hospitality businesses so that they can adapt for our ageing society.
“They serve as a clear roadmap for creating a society in which everyone’s wellbeing is valued, with healthy ageing front and centre.”
Dr Elaine Douglas, Programme Manager at the Social, Behavioural & Design Research Programme, said: ”This research underlines the immense potential for business to enhance the quality of life for older individuals.
“It’s about creating more inclusive and accessible environments that benefit everyone.
“Shops, cafes and restaurants are powerful resources for our communities – places to gather, to socialise or just have a chat at the checkout.
“So, catering better for older people is a community health matter too.”
The University of Stirling hosts the SBDRP, which is funded by UK Research and Innovation.
The programme engages with older people and businesses, to provide insights into the needs of an ageing population.
The programme covers seven projects, funded by the UKRI Healthy Ageing Challenge, from home design and supportive work environments for healthy ageing.
The guides can be found here:
Retail Project: The Healthy Retail Guides – SBDRP (ageing-sbdrp.co.uk)
Featured Image Credit: Pexels.com
