UK one of the most challenging retail markets
According to the latest statistics, the UK has been ranked as one of the hardest trading markets for retailers, alongside the US, Germany and South Korea. The statistics have been attributed to high competition, a rise in online shopping and a flourishing discounter model. In fact, the number of online shoppers in the UK was double that of other European countries in 2016, with 81% of UK consumers shopping online, while discount brands hold 10% of the market, the most competitive in the world.
Interestingly, as a result of the high levels of competition and the tough market, retailers in the UK were also found to be more prepared for future challenges and better able to respond to market adaptations and changing market needs. This includes embracing digital and streamlining logistics.