1.2. Part and Parcel: The economic and social value of Post Office – Executive summary
As an iconic British brand, Post Office has long been a familiar institution in the United Kingdom. As one of the country’s largest retailers with more than 11,500 branches, Post Office plays a significant role in communities across the United Kingdom; in towns, villages and on high streets across all four nations. At nearly four centuries old, Post Office has evolved continuously to meet society’s needs and today brings essential services to countless communities – whether that involves posting a letter, taking out cash, or topping up the electricity meter.
However, the familiarity and ubiquity of Post Office to people across the country can mask the significant value that the retailer brings to United Kingdom. With 99% of households in the country living within three miles of a post office, it can be easy to consider Post Office branches as unremarkable and as a given. This report, and the research that underpins it, reminds the reader of both the social value that Post Office delivers to the most vulnerable in society and the convenience it brings to consumers and businesses. It confirms and expands upon previous research by NERA (2009), London Economics and YouGov (2016), and Public First (2020) that explored the value of Post Office.
Additionally, for the first time, this research also illuminates what had previously been less well understood: Post Office’s role as part of the underlying economic infrastructure of the United Kingdom and as an enabler of small- and medium-sized enterprises (SMEs). It illustrates that, as well as being an important backstop for the most vulnerable and excluded groups, Post Office also stimulates and facilitates economic activity at a national, regional and local level. With this in mind, the report structures the value of Post Office around five core themes, covering aspects of its economic significance as well as its social value.