BRIEFING

A RETAIL BOOST T

HE GOVERNMENT IS BACKING UK retailers in their bid to expand into fast-growing overseas markets with the launch

of the UK Retail Industry International Action Plan. Announced by Business Secretary Vince Cable, the initiative was developed by UK Trade & Investment in association with the retail sector. The global retail industry has held up well in recent years, recording a compound annual growth rate of 7 per cent. Sales are expected to grow by 8 per cent annually through to 2016. Vince Cable said: “The retail industry is a significant contributor to the UK economy, employing more than three million people and generating £300bn for our economy. British brands have a deservedly world-class reputation for sustainability, quality and innovation. The UK’s dominance in e-commerce puts retailers in a world-beating position to capitalise on the fast-growing demand for British goods and luxury brands.” British Retail Consortium director general Helen Dickinson added: “British retail is world class and given the opportunity can be more successful in markets across the globe. We are delighted that UK Trade & Investment, working together with the rest of government and with the retail industry, recognises the strength of British retail and is committed to helping it prosper in world markets. This International Action Plan should make a real difference. It will ensure that retailers who need help and advice get it, and that the British Government’s efforts to tackle barriers to trade overseas are properly co-ordinated.”

The two-year action plan sets out three major campaigns led by

UK Trade & Investment to assist retailers to grow internationally: • support for retailers to use all of the available ways to reach international customers. The UK’s 228,000 online retailers already export more than the rest of Europe’s e-retailers combined

• targeting the rapidly growing number of middle-class consumers in priority markets where British luxury brands are highly prized, including Mumbai, Beijing, Istanbul, St Petersburg, Shanghai, Mexico City, São Paulo and Warsaw

• working with retailers to develop the UK experience economy offer to offshore customers. UK firms are well placed to win new international business leveraging Britain’s unrivalled expertise at marrying retail opportunities with leisure and cultural institutions when developing new shopping destinations Additionally, building on London’s status as the world’s shopping capital, UK Trade & Investment will use its global network to attract more of the world’s leading retail brands to invest and locate across the country. Plans for Ministers to promote the retail sector internationally will work to resolve market-access issues and support for retailers to re-engineer their supply chains, which are outlined in the plan that has been warmly welcomed by the UK retail sector.

NEXT STEPS

Download the UKTI retail strategy brochure at news.bis.gov.uk To find out more about the action plan contact Laura Faulkner on 020 7215 2465 or email retail@ukti.gsi.gov.uk

06 | springboard | www.ukti.gov.uk

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