The role of small and medium enterprise retailing in Britain

Abstract

The wellbeing of the UK economy depends in part on the role and performance of small and medium enterprises (SMEs). The small and medium enterprise retail sector is part of the overall UK SME sector. The importance of this sector to the UK economy is the result of its high income generation and its large contribution to employment. The sector therefore contributes enormously to the UK economic growth. This article reviews the issues surrounding the operation and the contribution of the SME retail sector to the local community and the whole UK economy. Extant literature suggests that one of the greatest problems in small and medium enterprise retailing in the UK is the failure of many owner-managers to plan ahead and put in place a strategic growth strategy. It recommends that firms strive to acquire adequate knowledge of their customers and that collaboration with suppliers would better enable them to compete successfully.