Increased competition and the changing retail landscape mean optical practices must innovate to survive.
The market for optical goods and services has increased substantially in recent years with consumer spending in the sector valued at over £3bn. However, the ever-increasing challenges faced by independent and small to medium-sized multiple practices continues to reduce their collective market share. Differentiation is therefore key to survival in this increasingly crowded marketplace.
These practices are not immune to the general decline of the high street or the pressures of increased competition from new, significant entrants to the market. Online and emerging remote services, large fashion retailers, manufacturers and discount stores, as well as the large chains which dominate the high street, are forcing independents and small to medium-sized multiple practices to think differently and look to the future like never before.
The optical sector is entering an exciting time with new technologies, innovations and designs which practices must embrace and exploit to differentiate themselves from the competition. This includes providing a customised service to better meet the needs of customers, identifying and implementing innovative technologies to offer a unique patient experience, or completely diversifying by offering aligned, non-optical services tailored to the customer base.
Optical businesses need a partner who understands the issues they face, can help them adapt to the evolving sector and stay ahead of the competition. We can make the difference.
Our team of experienced lawyers advise on corporate, commercial, litigation, employment, property and regulatory matters and have acted on many successful sales and purchases of optical sector businesses nationwide over the past 10 years.
