US, China dominate global retail trade

Retail trade worldwide is set to grow to a staggering US$ 28.3 trillion in 2019, growing at 6.9 per cent globally and dominated by the US and China.
The retail industry represent 31 per cent of the global GDP employing millions of people from all over the world, said Sidath Kodikara, chairman of the Organizing Committee of the Sri Lanka Retail Forum 2017, during a media briefing at the Ceylon Chamber of Commerce, Colombo 2, yesterday.
He said in addition to China and the US, retail trade in Indonesia has leaped by 16 per cent. China and Vietnam have recorded 14 per cent growth last year while other developing countries have recorded 1-12 per cent growth according to a report. 
Meanwhile the Sri Lanka Retailers Association is making plans to hold the Sri Lanka Retail Forum 2017 at the Cinnamon Grand Hotel in Colombo on September 13. The first of its kind to be held in Sri Lanka, the event will focus on emerging trends and innovations in the local and the global retail sector and discuss burning industry issues and solutions, and share practices adopted by the practitioners of the sector. The one-day session will be addressed by both local and global industry experts, sharing insights, experiences, suggestions and observations of the retail industry. (JJ)