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Economy

UK’s indies outperform global retailers with 20% growth

Sales volumes for Britain’s independent retailers in the past 12 months were 20% higher than the global average, according to data from retail management software provider Vend.

This insight comes from Vend’s first Retail Benchmarks Report, which compared data from over 13,000 retailers and found average monthly sales volumes per store in the UK were 32% higher than North America, and 15% higher than in Australia.

However, Vend’s data also found that UK retailers’ average monthly revenue was 15% lower than the global average and their average transaction values were 28% lower.

Furniture stores saw 48% more gross revenue than the UK average and shoe stores had revenues 40% higher than average; cosmetics and beauty stores, and specialty food stores had 48% less monthly revenue than the UK average. This was despite speciality food stores having the highest average basket size of all the UK’s retail stores (3.86 items per shopper), and shoe stores having the lowest (1.45 items).

Higor Torchia, Vend’s country manager for the UK, said: “We know that Britain’s brick-and-mortar stores are competing with online players and large-scale retailers, plus navigating constant changes to shopper expectations. So it’s really positive to see such strong sales volumes compared to other key markets.

“While UK shoppers may not be spending quite as much as consumers elsewhere, they are clearly still choosing to shop with independent stores, which is a testament to the unique products and experiences local retailers are providing.”

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