Exploring the future of retail, plus a preview of the #SBSEvent2025

Business Connect has once again been invited by Theo Paphitis to attend the #SBS Small Business Sunday event in Birmingham. As both winners and supporters of Small Business Sunday, we were absolutely thrilled to once again join the conference, and were equally happy to catch up with Theo prior to the event for an interview.

Something you are a big advocate for is following your passions. What in your opinion was the magic in physical retail and the High Street that made you fall in love with it?
“I can still vividly remember that penny-drop moment when I discovered my passion for retail – my first day working at Watches of Switzerland. When I left school at the tender age of 16, I hadn’t the faintest idea what to do next, let alone what I wanted to do with my life. All I knew was that I wanted to make money.

“I bounced around a bit in my formative years, initially working as an assistant tea boy at a Lloyds insurance brokerage until the opportunity arose to work as a Sales Assistant at Watches of Switzerland. I didn’t know that much about watches at the time, sure – I knew they ticked and told the time, but that was about as far as my knowledge went. So, when I went into my first day, I didn’t know what to expect. After a short while, it hit me. I loved talking to customers, I loved the camaraderie of working with colleagues, and I loved selling because I had a bit of a knack for it; I still remember the feeling I got selling a Rolex on my very first day. A good start!

“The rest you might say, is history, and that was the beginning of my lifelong love affair with retail. The magic of retail lies in the connections you make, the stories you share and the joy of helping customers meet their needs. From that moment, I was hooked.”

On the high street, how have consumer shopping habits changed in recent years, and what impact has this had on traditional High Street businesses?
“The rise of online shopping, beginning in the noughties, has brought about a massive change for the high street, as it sparked an ongoing shift in consumer shopping habits away from physical retail towards online shopping. Covid pressed the supercharge button on that transformation, and it’s not just me saying it – the stats show just that. In 2013, online sales accounted for 10% of all retail sales, and by 2021 they reached a record high of 37% of all retail spend!

“What does all this mean? Well, it means that shopkeepers are running faster and faster just to keep up with the retail travelator, and unfortunately many have had to shutter their doors for good, with over 13,000 shops closed in 2024 alone.

“That all being said, the high street has adapted and the vast majority of retailers now have an omnichannel offering – combining clicks and bricks. The immense choice shoppers have at the few clicks of a button has made them more promiscuous than ever, so it’s up to us as retailers to tempt customers to stores – whether that be through in-store offers, click-and-collect or attentive customer service.”

How can high street businesses leverage technology to enhance the in-store experience and attract more customers?
“Something the British consumer values is convenience. Everyone’s busy and rushing to get to the next place or tick off the next line on their to-do list. So when you come up with a solution that leverages bricks and clicks – in whatever form that may be – you’re on to a winner. At Ryman for example, we recently launched the Ryman app. Something it does is allow customers not only to order and personalise their cards online but also to collect them from their nearest High Street Ryman store within just 60 minutes, seven days a week! The app also helps customers with all their printing needs, as a customer can order something to be printed on the Ryman website and collect it from their nearest store within 60 minutes for ultimate convenience.

“The future of modern retail is in bricks, enhanced by clicks – and if high street businesses start leveraging technology with that in mind they are going to undoubtedly attract more customers.”

What do you think it takes to be an entrepreneur?
“If I’m honest, I don’t think it’s ever just one thing that will ensure someone has what it takes to be an entrepreneur. For starters, to have a chance at being a successful entrepreneur, you need bucket-loads of passion and enthusiasm. Running your own business is hard graft, and the thing that’s going to get you through those tough times is that passion.

“You also need a bit of luck, but it’s important to remember that people often make their own luck through their hard work and perseverance. I truly believe in the saying ‘The harder I work, the luckier I get’, because the most successful entrepreneurs don’t just wait for opportunities to fall into their laps; they actively create them through their efforts and mindset, and show resilience when learning from mistakes or setbacks. With a strong cocktail of passion, enthusiasm, determination and a bit of entrepreneur-made luck, you will be in the best place possible to make whatever you throw your hand to a success!”

Why did you set up #SBS Small Business Sunday in 2010?
“There is an entrepreneur in everyone and it was pondering this question that led me to create #SBS Small Business Sunday from my kitchen table in 2010. I started the #SBS small business network to encourage small business owners to think big because they are the lifeblood of our economy. Today it is a network made up of all shapes and sizes, and all ages too – from teens to pensioners! Ambition doesn’t have an age limit.

“I also remember how hard it was to break through to the next stage when I was starting out and the loneliness and long hours that came with running a small business. That’s why the #SBS network is so powerful – not only do you gain free access to a 4,000+ member-strong business network, but you also join a community of passionate entrepreneurs on the same journey.”

How can small businesses benefit from entering #SBS Small Business Sunday?
“I’m incredibly proud that #SBS has grown significantly since its inception in 2010, and it now is not only a supportive community but also has partners offering incredible opportunities: regional bootcamps – this year in Manchester, Glasgow, Bristol, Milton Keynes and London – powered by NatWest Business, a competition where you can win one of 12 stands at the Spring Fair tradeshow, and chances to upskill through Google training programs – all for free. We even recently had a #SBS winner, Hampshire School of Jewellery, spend the day with myself and Prime Minister Sir Keir Starmer on the campaign trail, taking the time to talk to the business owner and understand the benefits that a community like #SBS can offer.

“SMEs and startups truly are the lifeblood of the UK economy, and having spent time with the PM and his team, it’s refreshing to see that they think the same. One thing I’ve been advocating for a while, is hardwiring SMEs into our economic decision-making; just by doing that, we can unlock the magic SMEs and startups bring to our economy! If you’re a small business owner looking for a platform to take your business to the next level I cannot recommend getting involved in #SBS Small Business Sunday enough… it’s all completely free. You don’t have to take my word for it, there are 4,000+ #SBS businesses who would tell you to go for it!

“Check out the website for more information: theopaphitissbs.com”

This year marks 15 years of #SBS, what do you have planned for its future?
“In 2010, I had no idea that #SBS Small Business Sunday would grow and grow to become one of the UK’s largest small business networks. Today, the network is partnered with titans of industry such as Google and NatWest. And, it’s partnerships like these that send a resounding message of support to UK small businesses! #SBS is all about providing small business owners with opportunities to upskill and take their passion to the next level, so the natural next step is to keep finding new ways of doing just that.”

What have you got in store for SMEs looking to attend your upcoming small business event, #SBSEvent2025?
“The #SBS Crew and I say this every year but believe me when I say that this event really is the best one yet. Attendees will be treated to awe-inspiring sessions from some of the best and brightest of UK entrepreneurship.

“In the morning Imran Hakim, founder of the Hakim Group – the largest family of independent opticians in the UK and Ireland. I also invested in Imran’s iTeddy concept in 2007 after he appeared on BBC’s Dragon’s Den, a concept that went on to reach the shores of over 45 countries! Jo Tutchener Sharp, Founder and CEO of Scamp & Dude will be sharing her journey from brain surgery to brand founder, and how she created a business purpose at its core. Businesses there on the day will be treated to some fantastic panels aimed at upskilling businesses in attendance. Headline Partner Google will be chairing a panel session sharing relatable business journeys and the tools that have helped them achieve growth. One of our longest-standing and collaborative partners NatWest will be delivering a session on unlocking the power of confidence for business acceleration.

“Richard Harpin, founder of HomeServe, is this year’s much-anticipated Fireside Chat. Richard will be sharing his story on how he built HomeServe with £50,000 startup capital to a global company spanning 10 countries with over 9 million customers and 9,000 employees. He recently sold this business for over £4billion.

“If all that wasn’t enough, #SBS-ers will be treated to breakout presentations and workshops throughout the day, delivered by fellow #SBS winners and by some of our incredible partners. I’d like to give a massive thank you to the incredible businesses backing #SBS for #SBSEvent2025, without whom this event would not be possible; Google, NatWest Business, Ryman, Robert Dyas, DHL, Spring & Autumn Fair, Hakim Group, iLaw, SumUp, FreeAgent, GS1 and Lifestyle.”