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A STRATEGY FOR FUTURE RETAIL
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The UK benefits from a diverse, extremely competitive and innovative retail sector which has proved resilient during recent economic difficulties. It includes world class international companies, stable high street anchors and innovative independents, but also many retailers struggling to survive in an extremely competitive environment - with rapidly changing consumer needs and behaviour.
Retail operates in every location of the UK. It is the link between producer and consumer, influencing supply and demand, and is a valuable route to market for manufacturers. Retail sales are a bellwether of the wider economy and of consumer confidence. The sector plays a vital role in our communities as a provider of employment, of the goods and services people want and need, and as a force for social cohesion.
Retail is important to the economy, with turnover in 2012 of £310 billion. Seven retailers (between them worth around £76 billion) are in the FTSE 100, and many pension and investment funds have significant retail holdings. It is the largest private sector employer – around 3 million people. There are over 189,000 VAT-registered retail companies in the UK – 170,000 of which have fewer than 10 employees.
Retail is fiercely competitive at the local, national and global level. It is not dependent on government for financial support but is affected by a wide range of government policy and regulation (including much that stems from Europe) - which impacts more on retail than, arguably, any other industry sector.
Department for Business, Innovation & Skills - Organizational Body
NONE
Management
English
2013
1-47
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