So, how can the High Street compete with online? Recently, Mike Ashley, owner of Sports Direct and House of Fraser said that stores that have more than 20% of sales online should get taxed at 20% extra. Now other than being what I think is a completely ridiculous statement, to try and regulate something which is innovation, what can the High Street do to try and compete with online? Actually, I think the answer is really simple. They can't do anything. And neither should they. Because this isn't about trying to keep things as they were or trying to keep the High Street as it was. Things have changed, and the High Street needs to move forward with it. And I think it's perfectly reasonable for the department stores that have struggled over the last four or five years to compete with online to do things differently. The vast majority of the department stores already do pretty much everything you would expect them to do, which is click and collect, have a really good online presence, they compete on a wide range of goods. But unfortunately they still haven't got what a pure play online retailer has. And that is a very, very low cost base. Because they are still trying to support High Street shops up and down the country when really what they need to be doing is pushing people online. I think the problem there lies in their approach to overall marketing. I mean, I can speak from the performance marketing point of view and we can activate PPC and SEO to really drive traffic, but it's limited by how good the overall marketing effort is. Because a lot of that depends on the brand. And if the brand doesn't have a strong online reputation, then it becomes really difficult for the performance channels to maximise their effectiveness and efficiency. So if you think that some of these online retailers may be spending as much as 98% of their online performance spend just on the brand terms or brand extensions, and that's a huge amount, because it's very, very difficult to then compete on generics against everyone that's out there and competing on them simply from a cost point of view. But if you look at someone like Nike, who has looked at how they can change the High Street stores, they're makit it an experience, a destination, I think that's what some of these people should do. The High Street should look out, number one, can it become collection points for online sales? And number two, can it become a centre for experience for people to go and look and try and touch and feel products when they need to, or somehow I'll get products that it's difficult to supply directly online, such as those which are customised in some way. I think the High Street does have a place, but it has to change. And it's not that we're going to end up with High Street full of coffee shops, but I think we are going to end up with a High Street full of experience centres rather than retail outlets. They're going to be collection points that are close to where we work so it's easy to pick things up, and they can be the centres where we can go and look and try things. I think if you look at someone like Ross Bailey who started Appear Here, we used to share a building with him back in Camden when he was there, but Ross has just gone from strength to strength, taking short term leases on vacant properties and letting them out for pop up shops. And that's worked wonders for some brands. He works with a lot of the major brands on popups and marketing activities so they can then get close to consumers at the time where they need to be. And I think that's what needs to happen with the High Street (think pop ups instead of concessions) . It needs to have a much more strategic approach. Rather than saying, "We have these shops, how can we compete?" It has to be,