Isle of Man Retail Sector
The retail sector in the Isle of Man provides a shopping experience which caters both for the local population and visitors with an excellent mix of well-known high street brands and specialist independent retailers.
With 10% of the workforce employed within retail and income from retail distribution accounting for approximately 5% of GDP, retail is a significant part of the Isle of Man’s economy which, in today’s world, is also seen as a prominent leisure activity.
To keep pace with rising expectations of the public, it is becoming increasingly important to develop the shopping experience and continue to attract custom.
The Isle of Man Retail Sector Strategy was launched in December 2013 by the Chamber of Commerce’s Retail Committee, who took the lead role, in conjunction with the Department of Economic Development and the Department of Infrastructure’s Planning division.
The strategy sets out a clear vision of the future: to promote competitive and accessible retail and leisure environments in our town centres, which offer choice and convenience for consumers, improve the economy and enhance residents’ quality of life.
It also provides future development guidance, which is seen as essential by the sector, potential investors and property developers alike. It will inform Government policy in a range of relevant areas and will form part of the evidence base for the forthcoming reviews of the Island Strategic Plan, the Area Plan for the East and the preparation of a Central Douglas Masterplan.
Four overarching objectives have been identified. These are:
- Supporting variety and competition
- Maximising on Island expenditure
- Developing the indigenous retail sector; and
- Creating high quality town centre retail environments
The strategy is informed by a comprehensive, updated evidence base including:
- Consultation, discussion and engagement with key members of the retail sector, and relevant Government Departments;
- Updating our understanding of residents retail spending patterns – a survey of 1,000 households was completed in November 2012; and
- A ‘health check’ of town centres, and a comprehensive update of retail floorspace information across the Isle of Man.
To download the Isle of Man Retail Sector Strategy click here