Retail sector could create 40k jobs by 2020 – Ibec report
The Irish retail sector could create up to 40,000 new jobs by 2020 if it can be put on a sustainable path to recovery, according to Ibec group Retail Ireland, which has published its ‘Strategy for Retail 2014-2016’.
Retail sales figures up to now have been disappointing and many retailers continue to struggle, but Retail Ireland is optimistic about Christmas sales.
“Consumer sentiment is at a five-year high and there are 58,000 new jobs in the economy,” said Retail Ireland director Stephen Lynam.
“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.
Key findings set out in the strategy include that retail is the largest employer in the country, employing over 275,000 people and 75pc of retail jobs are located outside Dublin.
Retail generates over €5bn in taxes every year and pays over €8bn in wages; 90pc of retail businesses are Irish-owned and 77pc are family owned.
If retail sales can start to grow by 3-4pc per annum from 2016, the sector can create 40,000 new jobs, the report predicts.
“The strategy sets out what needs to be done if we are to realise the sector’s true potential, including putting in place a retailer-friendly policy environment, improving the skills of retail staff and developing the online potential of stores,” Lynam.
The retail sector has borne the brunt of the recession, with store closures and thousands of job losses. If the tide turns, however, there is enormous scope for growth and job creation.”