Retail is Ireland’s largest indigenous industry, employing over 300,000 people and accounting for 23% of the State’s tax revenues accounting for up to €7 billion in tax to the State. This is more than twice that of Ireland’s second largest sector, financial services. As such, retail plays a crucial role in stimulating local economies, sustaining employment and supporting lively and vibrant communities across Ireland.
The economic activity generated in retail in turn supports local suppliers, producers and wider employment in the economy. Money spent in shops locally subsequently circulates throughout the local economy. For every €100 spend, the benefit locally can be as much as €500. The total retail wage bill for the sector was €9.4 billion in 2019, accounting for 12.3% of all earnings in Ireland. Much of this money is then spent in the local economy, supporting many more jobs and businesses.
People are at the very heart of retail businesses. A key focus of the sector is to cultivate, develop and align the skills, talent and innovation that exists in our people and our organisations, in a way that embraces new opportunities and new ways of working. Retail jobs are changing, and will continue to change, and this has prompted a major investment in skills and career development by retailers. Retail is about exceeding the needs of consumers and creating a great experience always, it is known for the people that are involved throughout the many facets of the retail model, not just frontline workers but for the significant expertise in finance, supply chain, IT, marketing and innovation. Building a rewarding career for all is critical to the ongoing success of traditional facing and digital retail.