American Express has revealed the UK’s top 10 hotspots for independent shopping and vibrant small businesses, finding that a new generation of business owners are still investing in the country’s high streets.
The bank holding company has partnered with retail experts GlobalData to identify the top high streets for independent shops, ranking these locations based on number of small business outlets, variety and vibrancy of the streets.
The list also considered the number of independent business owners who are generation Z or millennials (aged between 18 and 43) in each location, to decipher where in the country younger generations are investing.
Across the top 10, around one-third (36 per cent) of all business owners fall into these age brackets.
The street that came out on top as the best hotspot for independent shops is St Mary’s Street in Stamford, Lincolnshire.
This street is filled with independent shops and small businesses, such as independent jeweller and gift shop Murano Silver, with people like 30-year-old Molly Clegg as part of their team, reflecting the new era of gen Z and millennial entrepreneurs who are investing in the future success of UK high streets.
Bethany Scott-Morris, 34, from Iris & Violet on St Mary’s Street, is also another example of the younger generation revitalising the high street.
Scott-Morris’ independent boutique is one of two locations in the country, selling a curated range of womenswear clothing, homewares, stationery, gifts and accessories.
Also on the historic market town’s high street is Rafferty’s of Stamford, a traditional barber that tailors their services to individual customers, run by Lee Barrett, one of the many small business owners in the area.
Amex’s study found that Devonshire Street / Division Street in Sheffield, Yorkshire took second place on the list of the best hotspots for independent shops, while the quirky and graffiti-filled Gloucester Road in Bristol was in third.
The second Yorkshire location on the list goes to Market Street / Bridge Gate in the picturesque Hebden Bridge surrounded by breathtaking countryside vistas, which ranked fourth on the list.
Fifth place went to a location in the UK’s capital, Stoke Newington Church Street, Hackney, London serving an array of independent retailers and eateries.
Beyond the contribution that independent shops have to keep the humble high street alive in the face of large shopping centres and online ordering, GlobalData found that proximity to a high street full of independent businesses could potentially lift house prices by £12,000 on average.
Matt Piner, research director at GlobalData, said these findings show that “independent shops bring something different to high streets, offering uniqueness and propositions that are finely tuned to the needs of their local communities.
“As younger generations of shoppers are attracted to their local high streets, so too are shop owners, with a new breed of gen Z and millennial entrepreneurs helping to keep them thriving.”
Dan Edelman, general manager of merchant services at American Express, said: “Small businesses play a crucial role in supporting local economies up and down the country, and it’s pleasing to now see their impact beyond the high street.
“Through our Shop Small campaign and support of Small Business Saturday, we’re proud to be championing and shining a spotlight on the diverse and vibrant independent businesses who help our local communities thrive.”
Amex’s list of the UK’s top high street hotspots for independent shops
- St Mary’s Street, Stamford, Lincolnshire
- Devonshire Street / Division Street, Sheffield, Yorkshire
- Gloucester Road, Bristol
- Market Street / Bridge Gate, Hebden Bridge, Yorkshire
- Stoke Newington Church Street, Hackney, London
- High Street, Narberth, Pembrokeshire
- Oldham Street, Manchester, Greater Manchester
- Bailgate, Lincoln, Lincolnshire
- Byres Road, Glasgow
- The Lanes, Norwich, Norfolk
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