By ANNA RICHARDSONCNNMoney is flowing back into the world of retail, and as consumers seek to cut costs, a new globalisation trend is driving the industry.
“I think the most important thing to remember is that it’s a new era.
This is not just about the US, or China, or Europe.
We’re moving from a time of mass consumption, to a time where it’s more about personal choice and consumer choice,” said Mark Thompson, CEO of retail consultancy NPD Group.”
We’re moving to a new way of life.””
We have the biggest consumers in the world, and we have the most people shopping online, and I think that will continue to expand.”
According to NPD, the global retail market was worth $1.5 trillion in 2016, which means retail sales have increased by 5% on a year-on-year basis.
In the US alone, the retail industry is estimated to have generated $1 trillion of economic activity last year.
In China, the country with the largest number of retail outlets, a whopping $1 billion was generated by the industry in 2016.
“In the UK, retail is in its second decade of expansion and it’s very much a growing industry, but I don’t think it’s getting any bigger.
The growth rate has slowed, but it’s still growing.
There are a lot of big retailers that have been around for a long time, and they’re doing well,” said Thompson.
As a result, retail sales are expected to grow by nearly 5% this year.
The global retail industry also appears to be benefiting from the globalisation of the internet, with Amazon opening new stores in India and Australia, and Alibaba, the Chinese e-commerce giant, opening stores in the US.
The online retail giant has said that it will open 200 new retail stores this year in the UK alone, and the number of new retail outlets is expected to exceed 700,000 by 2020.
“I don’t see it slowing down any time soon.
We have a very strong business base, and if you look at the global economic outlook, you look back at the last couple of years, the internet is driving a lot more retail,” said Richard Fenton, managing director of retail consultant Jones Lang LaSalle.”
So we’re seeing a lot growth in the retail sector, and in the wider economy.
The internet has made the whole world a better place, and that’s going to continue.”NPD said that retailing has also been benefitting from the new “sharing economy” trend, with the sharing economy having helped to create new retail jobs and businesses.”
What we’ve seen in the sharing industry, where there’s a certain level of risk to the business, is that when you have a shared platform like Airbnb, Airbnb is a huge opportunity for the businesses, and it allows them to expand,” said Fenton.”
The sharing economy is not something that’s happening overnight, but if you’re starting from scratch, then it’s definitely a really good thing for the economy.”
While the retail retail industry appears to have benefited from the digital revolution, many believe that the growth of social media and the sharing economies is having a detrimental effect on the retail business.
“This is really, really the start of a new business model that we are seeing in the future.
I think it is a really disruptive change to what retail is,” said Wilson.”
Retail is an economic machine that’s been around since the 19th century, and there’s just not enough people out there, and not enough capital to grow that business.””
It’s a really tough business model.
The online world is changing the world.”