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A UNIQUE study of the retail industry in the Channel Islands and the Isle of Man has been launched by Island Analysis.
The Guernsey-based research company Island Analysis will be producing a quarterly Retail Monitor aimed providing retailers and other interested organisations with a reliable and up-to-date source of market intelligence on the issues facing the retail sector..
‘The Retail Monitor will be the first time that a detailed and regular review has been undertaken of the retail sectors of Jersey, Guernsey and Isle of Man with the findings of each island then compared with each other. All three islands face significant challenges in this sector but there are also real opportunities,’ said Island Analysis chief executive Chris Brock.
To produce the Monitors, Island Analysis will be undertaking research in all three islands on a quarterly basis.
‘This will involve regularly interviewing hundreds of islanders in each island on a number of retail related topics including levels of disposable income, concerns over prices, job security and other relevant areas, likely cutbacks to be made to household income, the shopping experience, and the increasing use of online shopping,’ said Mr Brock.
‘Retailers will also be consulted over their levels of confidence to ensure that both sides of the shop counter are represented in the study.’
Island Analysis also intends to produce a map of the main shopping areas of each island each year illustrating retail closures and openings.
‘The first findings have revealed some truly intriguing issues within the three islands,’ said Mr Brock.
‘For example, Isle of Man residents are more optimistic about their island’s economic future than their counterparts in Jersey and Guernsey, residents in all three islands are cutting back on holidays, eating out, home improvements, clothing and footwear. 65% of respondents in the Isle of Man are concerned or very concerned about job security. This compares with 59% in Jersey with 47% in Guernsey.’
Mr Brock added that the results had also shown that the growth of internet shopping is a real challenge for the retail sectors of all three islands.
‘As a percentage of retail sales, it has doubled in four years and that has to be a concern for local retailers.’
The first Retail Monitor also includes views on Sunday trading regulations and internet shopping preferences.
The Monitor will be published in January, April, July, and October of each year and supplementary bulletins will be produced on a regular basis. For further details on how to subscribe to this new resource please contact 01481 716227
