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Trends and Facts About Retail Franchises
1. According to the British Retail Consortium, 11% of all VAT-registered businesses in the UK are retailers, with the current total of 180,875 retailers.
2. Retail sales account for 1/5 of the UK’s economy, and generate almost 8% of the UK’s Gross Domestic Product (GDP).
3. The UK retail market is set to increase in size by 15% over the next five years, taking its value to just over £312bn (Source – UK Retail Futures 2011: Sector Summary, Datamonitor)
4. Value of retail sales in January 2012 showed an increase of 4.4 per cent compared with January 2011. Sales volumes in January 2012 increased 2.0 per cent when compared with January 2011 according to the Office of National Statistics.
1. With consumers of all ages spending at retail stores, a retail franchise can target any or all of these demographics and succeed in achieving a high income potential.
2. UK’s over-65 population is set to grow 40% over the next 20 years, to 13.4 million. These consumers will have plenty of cash to spend, as a growing number of the over-65 population have private salary pensions and healthy profits from rapidly rising housing prices.
3. Baby boomers are the consumers with the most money at their disposal. These 35-54 year olds have accumulated wealth and are still employed, making them likely to spend more of their disposable income on retail.
4. Youth consumers shop around a lot these days, giving opportunity for newer retailers to succeed. They’re not generally loyal to a certain brand and will spend more time browsing in shops to find what appeals to them.
The Future of Retail
1. It is predicted that the UK retail market will increase in size by 15.1% over the next five years. Why not become a part of this consistent growth?
2. With retail expenditure increasing by about 3% in 2007, there’s no reason why this number shouldn’t grow in the future. It’s easy to start your own retail franchise, as you can begin with an established brand and build your business from there.
Retail Franchises are taking off now, so take advantage of the rapidly growing market.