The majority of retail financial directors are expecting their business to grow over the next 12 months, according to findings from the Royal Bank of Scotland Corporate and Institutional Banking.
A survey undertaken with accountancy firm BDO revealed that four in five financial directors said they expect growth in the year ahead, with over one third believing it will grow ‘significantly’.
Furthermore, nearly three quarters of those polled said they expect consumer spending to increase over the new five years, with 50 per cent expecting prime growth to come from overseas sales, followed by online sales.
Ben Williams, Director Retail & Wholesale at RBS CIB, said: “It is heartening to see that retail financial directors are bullish on the prospects of the industry over the coming year as the UK economy battles its way out of recession.
"As the largest sectorial employer, with 15.3%2 of the British workforce, the industry has an important role to play.
"In addition, the retail sector is one which is ripe for innovation, and we are confident that the coming years will see some exciting new developments, with retailers extending their business online and abroad.”