Scope for 40,000 new jobs in Irish retail sector by 2020
Retail Ireland has published its ‘Strategy for Retail 2014-2016' which shows the retail sector has the potential to create 40,000 new jobs
Print4 December 2013
With Christmas a key trading period for retailers, Retail Ireland, the IBEC group that represents the Irish retail sector, has published its Strategy for Retail 2014-2016.
The report suggests that the sector, which already employs 275,000 people, has the potential to create 40,000 new jobs by 2020. Retail Ireland believes this figure is possible to reach if annual growth in retail sales of 3-4% is reached. This would result in the Irish retail sector having the potential to reach €46 billion in value terms.
With the festive season well underway and a general sense of optimism for the country’s financial future, Retail Ireland says: "Retailers were optimistic that improved confidence and positive trends in the wider economy would translate into improved Christmas sales."
Retail Ireland director, Stephen Lynam, comments: "Consumer sentiment is at a five year high and there are 58,000 new jobs in the economy. This should translate into higher spending this Christmas. Together with the fantastic value available in Irish stores right now, we are hopeful that tills will be ringing in the coming weeks."
Lynam, who believes a healthy retail sector, is vital to the Irish economy added that the new report shows the retail sector generates over €5 billion in taxes each year and pays over €8 billion in wages. Lynam explains: "A healthy retail sector is vital to the Irish economy and to the commercial life of our towns and cities. If the economy improves, and we put in place the right policies to support the development of the sector."
While the retail sector has been hit hard by the recession, Lynam says with economic improvement the sector can has scope for growth saying: "A resurgent retail sector will also have a direct impact on the social and commercial lives of our towns and cities, which have been badly hit by shop closures and the resulting job losses."
Retail Ireland has outlined four key objectives that need to be met in order to achieve the strategy’s outlined in its new report. These include a return to growth in the sector and making Ireland a recognised world leader in retail, maximising the benefit of increased consumer spend by operating in a competitive and consumer focussed environment and by increasing the scope and pace of innovation to benefit from an upturn in consumer spending by 2014. It also outlines promoting retail as an exciting, progressive sector as another key objective to meet in order to reach its predictions.
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