Former Dragons' Den star Theo Paphitis insists people have "not fallen out of love with the high street" but says retailers need to ensure the service they offer gets them "off the sofa" and into the store.

Speaking exclusively to KentOnline for our series of in-depth reports on the state and future of the high street, the retail entrepreneur says our town centres are continuing to evolve in line with the demand and needs of shoppers.

Mr Paphitis, 62, certainly speaks from experience and a proven track record.

In 2020, the Sunday Times Rich List estimated his fortune at £290million – the bulk of which he made through his retail ventures.

A former chairman of Millwall Football Club, today he is chairman of stationery chain Ryman, hardware retailer Robert Dyas, lingerie chain Boux Avenue and the London-based art supply store the London Graphic Centre all under the Theo Paphitis Retail Group umbrella.

His retail portfolio sees his stores scattered across Kent including Medway, Maidstone, Canterbury, Tunbridge Wells, Dartford, Gravesend and Sevenoaks.

He first discovered his love of retail when he ran his London school's tuck shop when he was just 15 and has been a significant player since the 1990s – choosing his investments wisely.

He was even in the bidding to buy Woolworths out of administration in 2008 before pulling out after administrators demanded too high a price to make the sums add up, with one commentator at the time saying "if he [Paphitis] can't see a way through it's hard to see how anyone else can".

They were proved right.

And while he admits he can't be sure just what the future of our high streets will look like, he is convinced of both a need and desire for us to gravitate towards the traditional centre of our communities.

He explains: "I don’t think it’s fair to say that the public has fallen ‘out of love’ with the high street.

"It has obviously become easier than ever for shoppers to buy things from the comfort of their homes, and this was accelerated at an even faster rate because of the pandemic.

"High streets are where we meet family and friends and find out what they’ve been up to, and in the wake of the lockdown, it is essential for our mental health and wellbeing too."

"Online shopping means the high street needs to come up with new reasons to get people into stores, whether that is by offering a click and collect service, attentive customer service or by offering a larger product range, but physical stores have always needed to create a compelling reason to visit them – that hasn’t changed.

"High streets are where we meet family and friends and find out what they’ve been up to, and in the wake of the lockdown, it is essential for our mental health and wellbeing too.

"Not forgetting the expert advice you receive, plus personal interaction, and there’s no need for a van to drive across the UK to deliver your parcel.

"There are a few brilliant reasons right there."

A regular on BBC TV's Dragons' Den between 2005 and 2012 – he's returned for short stints in 2019 and 2021 – the businessman adds that independent traders looking to move onto the high street should ensure they know the marketplace they are entering before taking the plunge.

"Make sure you have done your homework," he says. "There is a lot for a first-time shopkeeper to cover, and being thorough is so important, particularly at this initial stage.

"Over 50% of small businesses fail within the first couple of years, and partly the reason for that is because people don’t do enough research before they establish their business.

"Whether that homework is studying the market, finances, or the logistics of the shop – you have to make sure that you have done your research.

"You wouldn’t sit an exam without doing your homework, so make sure you don’t go into business without doing it."

He adds: "It’s important that high street retailers, and any business for that matter, offer something unique that makes people want to come and shop with them.

"That’s why it’s key shopkeepers are able to tap into a market by offering something slightly different that makes customers want to get off the sofa and shop in-store – to touch and feel that product, and talk to the store colleagues about it.

"When I bought Ryman [in 1995], because it was in administration, everyone thought I was barking because at that time, the world of the paperless office had arrived.

"They had completely missed the point that Ryman was a convenience store, and that is its unique selling point. I’ve owned Ryman for over 25 years now and I’m still selling people their stationery."

As for the future of our high streets?

He concludes: "I wish I could look into a crystal ball and predict how the industry will fare, but market forces are unpredictable – it’s almost impossible to know what will happen.

"What I do know though is that hybrid retailing [a combined online and bricks and mortar offering] is here to stay and that the high street is a key part of that.

"Hopefully by that time we will have a new business rates model too, moved on from the archaic one we currently work with, from the 1500s and which is not fit for purpose."