Friday, July 1, 2022

Independent retailers continue to provide new jobs and fuel economic growth, says report

The Shopify Economic Impact Report conducted by Deloitte has revealed how British independent retailers are continuing to fuel job creation and local economic growth, with exports helping UK merchants thrive despite macroeconomic headwinds.

Record numbers of UK independent retailers broke international borders in 2021, with exports from UK Shopify merchants reached £2.7 billion in 2021, up 43% increase from the £1.9 billion made through exports in 2020, as retailers turned their attentions to international growth.

Dave Linton, founder of Madlug, which donates a bag to a child in care for every bag sold to a customer, is continuing to expand overseas and credits the ability for small independent brands to forge a close connection to their customers. He said: “Once customers are connected to a brand’s mission and purpose, they are willing to continue spending with that brand, even in the face of inflation, rising living costs and international shipping charges. In the past year, we’ve seen strong sales to Europe, Canada and America and some sales also to Australia and Dubai. We have also been able to hire two more young people who have been through the care system themselves and add great value to our business as a result.”

Shimona Mehta, EMEA Managing Director at Shopify, said: Innovative British businesses are creating jobs at a rapid clip despite the odds and continue to flex their entrepreneurial muscle: something that will be increasingly important as we navigate the cost of living crisis ahead. Not only does it underline the UK’s potential as a powerhouse for entrepreneurship, but the role that commerce is playing in driving economic growth and job creation.”

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