The UK Retail Industry and its Effect on Construction Sectors

Journal article


Seidu, R. D, Young, B.E, Madanayake, U.H and Clark, H (2021). The UK Retail Industry and its Effect on Construction Sectors. Journal of Emerging Trends in Economics and Management Sciences. 12 (1), pp. 27 - 33.
AuthorsSeidu, R. D, Young, B.E, Madanayake, U.H and Clark, H
Abstract

The retail industry originated from the local high street to expanding shopping centres and out of town shopping
centres. However, in the past 15 - 20 years the industry has taken multiple hits and is now currently at its lowest
point ever. There is now a growing amount of shop closing, leaving multiple empty units due to previous recession
and increase in online shopping. Ever since the recession, many businesses struggled to survive and had reported
losses during this period due to lack of business, lack of investment in retail outlet, and shoppers having less
disposable income for shopping. Online shopping iscontinuouslygrowing, increasing from 5% in 2008 to 18% in
2019 as shoppers’ habits change in terms of where and how they shop[1].However, how frequent they shop will play
major roles on future procurement opportunities for the retail construction industry. The recent pandemic (covid-19)
with lockdown around the world, will change the way we shop though theeffects are not yet fully established.
Procurement for constructing retail units are not as low as earlier anticipated in comparison to the struggling
market.Hence, this research aims to analyse the changes in the retail industry, its effect on procurement of retail
outlets and longevity of the construction industry, with the objectives of creating an awareness within the industry
and government policy maker so that the resulting effect can be address to prevent unemployment this might
generate or loosing our high street retail outlet completely. The research uses secondary data and tender information
from Building Cost Information Services (BCIS), and identifies the following changes in Retail Industry: increase
online shopping, changes in consumer buying habits and changes to the customer shopping experience.

Keywords Retail Industry, Construction Industry, Procurement, Online Shopping, High Street Shopping.
Year2021
JournalJournal of Emerging Trends in Economics and Management Sciences
Journal citation12 (1), pp. 27 - 33
PublisherScholar Link Research
ISSN2141-7024
Web address (URL)https://www.scholarlinkinstitute.org/jetems/articles/The%20UK%20Retail%20Industry%20new.pdf
Publication dates
Print14 Apr 2021
Publication process dates
Accepted17 Mar 2021
Deposited21 Apr 2021
Accepted author manuscript
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Open
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