Online sales 'will save retail'
Jun 24 2009
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Growth in online sales will help to save Britain's retail sector from the recession, according to new research.
The PayPal UK Online Retail Report claims that UK online retail spend will increase by £12.3 billion by the end of 2011, taking the market to £21.3 billion.
According to the research, this 137 per cent growth will help to offset a predicted fall of £8.3 billion in high street retail sales and allow the total sector to see its market increase by £510 million in 2011.
The report also shows that almost one-quarter of customers believe online shopping will eventually replace the high street as the norm.
Carl Scheible, managing director of PayPal UK, suggests that the report demonstrates online retail should no longer be regarded as a 'sideshow' to the high street.
'Its phenomenal growth is not only forecast to deliver sales of as much as £21.3 billion by 2011, but a £12.3 billion increase will also ensure that the entire UK retail sector is growing again by the end of 2011,' he comments.
Figures published by the British Retail Consortium this month revealed that like-for-like sales values fell by 0.8 per cent in May, slipping from the boost which Easter caused in April.
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