Australia has the 13th largest market of retail consumers, which represents 4.5 per cent of the world’s total retail sales each year. Australia’s retail industry contributes $23 billion to the nation’s gross domestic product. With one of the most concentrated grocery sectors in the world, Australia’s supermarket industry is the highest contributor to retail turnover, at more than 29 per cent.
The industry is challenged by online retail and overseas markets, with the market slowing down following the implementation of new technology in supermarkets and online services resulting in less job creation.
However, there are many opportunities in the online retail sector, with steady 12 per cent growth per year, as more retailers move from traditional store front models to online retailing.