In 2023, the number of enterprises in the UK's retail trade sector (excluding motor vehicles and motorcycles) stood at 226.78 thousand. Forecasted data from 2024 indicates a steady increase in the number of enterprises, with a projected growth from 228.82 thousand in 2024 to 236.73 thousand by 2028. The year-on-year growth rate ranges between approximately 0.88% and 0.81% over this period, reflecting a consistent upward trend.
The Compound Annual Growth Rate (CAGR) from 2024 to 2028 is expected to be around 0.87%, underscoring gradual yet sustained sectoral expansion.
Future trends to watch for:
- The impact of digital transformation and e-commerce proliferation on traditional retail enterprises.
- Potential effects of economic policies or geopolitical developments on retail business formation.
- Shifts in consumer preferences and their influence on the retail landscape.
