Clothing retailing market in the United Kingdom to grow 2.1% CAGR between 2014-19
Clothing Retailing in the UK - Industry Market Research Report - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-31 16:42:01
The Clothing Retailing industry has dealt with a tough consumer market and has been forced to navigate stormy waters over the past five years. However, it would seem the industry is beginning to cope with the changing tides. Following the collapse of the credit markets in 2008, the UK economy plummeted into a period of recession. As unemployment shot up a slump in disposable income, financial uncertainty and poor access to credit forced consumers to be cautious over spending. Revenue in the industry declined in real terms by 2.1% and 0.9% in 2008-09 and 2009-10 respectively, figures that are highly unusual for an industry that devours a significant share of UK consumer spending.
However, the issues surrounding the industry go far beyond a downturn in the economy. Retailers are being forced to adapt to the changing landscape of the retail market. Competition from retailers outside of the industry, such as department stores and supermarkets, has become characteristic of the industry. It is the rapid expansion of the digital age that has had the most effect on industry operators, with enterprises seeing new competition from pure-play online clothing retailers, both domestically and internationally.
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