The UK retail industry is expected to face continued challenges. Consumer spending is set to slow due to rising inflation and Brexit uncertainties. While local retailers feel the pressure, those international retailers exporting outside of the UK will benefit. While domestic spending is set to weaken in 2018, the favourable pound is expected to draw overseas tourists to the UK. This will have a positive effect on retail sales, allowing tourists to spend more.
Walpole is the sector body for the British luxury industry representing more than 250 member companies from the high-end creative and cultural industries with members spanning brands including Alexander McQueen, Burberry, Claridge’s, Glenmorangie, Harrods, NET-A-PORTER, RollsRoyce Motor Cars, Wedgwood and numerous small and medium-sized enterprises (SMEs), which currently make up 60% of the sector, such as Astley Clarke, Chapel Down, Ettinger, Floris, Savoir Beds and Temperley London.