Business secretary Vince Cable announced the UK Retail Industry International Action Plan at the largest annual gathering of senior retailers, Retail Week Live.
The Action Plan was developed by UK Trade & Investment (UKTI) in association with the retail industry and sets out three major campaigns led by UKTI to assist retailers to grow internationally.
These will include 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, Sao Paulo and Warsaw, and working with retailers to develop their products for offshore customers.
Building on London’s status as the world’s shopping capital, UKTI will use its global network to attract more of the world’s leading retail brands to invest and locate in the city.
Plans for ministers to promote the retail sector internationally, work to resolve market access issues and support for retailers to re-engineer their supply chains have also been outlined.
The global retail sector has held up well in recent years, recording a compound annual growth rate of 7 per cent, with sales expected to grow by 8 per cent annually through to 2016.
Vince Cable says, ‘The retail industry is a significant contributor to the UK economy employing more than three million people and generating £300 billion 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 adds, ‘British retail is world class and given the opportunity can be more successful in markets across the globe. We are delighted that UKTI, 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.’
