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22 Jan 2024

The Times has named 12 of the UK’s best independent bookshops — as chosen by its readers. Readers highlighted places that combined books with a friendly and welcoming atmosphere....

22 Jan 2024

The British Independent Retailers Association is championing the high street again this Valentine's Day for the second consecutive year with its #LoveYourHighStreet campaign.

10 Jan 2024

Nads Store, a family-run shop in Law, Lanarkshire, has been named Community Retailer of the Year at the Scottish Asian and Business Awards ceremony for the second year running.

10 Jan 2024

In the face of the escalating threat of loan fee fraud, the British Independent Retailers Association (Bira) is urging its members to heed the Financial Conduct Authority's (FCA) recent guidance...

9 Jan 2024

Canal boat record store Rubber Ducky Records is back on the water after it sank last April, ruining over 1,000 vinyl records and a stow of music equipment stored on...

9 Jan 2024

While mass-market players continue to dominate the UK retail industry, research by Geek Retreat shows that 15% of Brits have set up their own business in the past ten years, and of these,...

8 Jan 2024

The British Independent Retailers Association has said 2024 is anticipated to be a challenging period for shop keepers as economic challenges are still set to bite.

2 Jan 2024

Hudjo is the first online marketplace that lets cyclists park with locals, which relieves the anxiety of parking your bike. 

20 Dec 2023

The ActSmart office will be open as usual (9am-5pm) for the majority of the Christmas period, with some exceptions.

19 Dec 2023

Bira's CEO, Andrew Goodacre, took the spotlight on BBC Breakfast this week and later spoke with Nicky Campbell on BBC Radio 5 Live, shedding light on the rise in retail crime and shop theft,...

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New research shows UK retail sector powered by entrepreneurs and start-ups

Posted on in Business News

While mass-market players continue to dominate the UK retail industry, research by Geek Retreat shows that 15% of Brits have set up their own business in the past ten years, and of these, 44% have done so since 2020.

Business premisis

Retail was the most popular sector for start-ups, with 19% of the 1060 surveyed UK consumers owning an independent business.

The findings also show that more women (52%) have started their own business in the past three years, compared to men (30%).

The top three drivers for making the decision to go it alone were to earn more money (43%), people wanting to be their own boss (41%) and needing greater flexibility (35%) which respondents stated they believed was achievable through running their own business.

The entrepreneurial spirit has also gripped teenagers in the US, with 14% expressing an interest in starting their own retail shop.

Whilst over two thirds (68%) said that they run the business on their own, 19% said they had an equal partner and 13% said they had set up with members of the family.

However, when it comes to exit strategies, plans are somewhat lacking. Over one third (37%) said they hadn’t thought about what they will do with the business when they retire, 23% said they would close it down and 18% said they would pass it on to a family member.

The next few years will prove crucial for small retailers as the market conditions set by the pandemic become increasingly distant and the UK continues to grapple with inflation.

 

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