The number of enterprises in the UK retail sector specializing in clothing, footwear, and leather articles is forecasted to decrease gradually from 13,280 in 2024 to 12,920 by 2028. This indicates a year-on-year decline of approximately 0.7% to 0.8% over the period. Previously in 2023, this figure stood around 13,360, marking a continuing downward trend. Over this five-year horizon, the compound annual growth rate (CAGR) reflects a modest reduction of approximately 0.7% per annum.
Future trends to watch include the sector's response to digital transformation, shifts in consumer buying behavior towards online platforms, and potential impacts from evolving economic conditions and sustainable fashion movements. These factors could significantly influence enterprise dynamics in the coming years.
