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Retail Industry

The retail industry sector plays an important role in the UK economy and is subject to a wide range of changes and pressures from economic, consumer, societal and technological perspectives.

The retail market in the UK has grown to over £250bn, and is predicated to grow to over £312bn by the year 2011, despite the effects of the worldwide recession. The retail industry employs over 3 million people in the UK, approximately 11% of the total workforce and generates almost 8% of the UK’s Gross Domestic Product (GDP) .

Drivers for change in the sector include:

• Meeting the challenges of reduced consumer spending due to the rising cost of living and economic uncertainty.
• Shift of consumer spending away from traditional high street shops to on line stores.
• Technological changes to improve customer service as well as manage increasing levels of customer, product and purchasing data.
• Shopping is seen as a family entertainment activity – it is no longer a 9 – 5 Monday to Saturday chore.
• Responding to government and consumer demands for less packaging.

There has been a revolution in the way that we shop and only the most inventive and flexible retailers will thrive and survive. This success comes from the agility and strategic business skills of the leaders and managers of retail organisations and from great marketing, product development and customer service.