News

Future of UK retail not so bright as 2018 gets closer

December 8, 2017

The U.K., along with Egypt and Venezuela, is expected to see negative retail market growth come the new year, according to a press release.

A prime reason will be fallout from the Brexit vote and an uncertain economic climate due to weaker consumer sentiment and rising prices.

The data comes from a new Economist Intelligence Unit report, Industries in 2018.

The decline in the U.K. will be 0.4 percent compared with a 29 percent decline in Venezuela, and reflects "significant challenges for retailers and is well below the average global growth forecast of 2.5 percent," according to the release.

In comparison, fast rising markets China and Algeria are forecast to grow by 7.3 percent and 8.1 percent, respectively.