The retail and hospitality industry is continuing to exceed national SME growth, with almost 40 per cent of SME business operators in the sector reporting a revenue increase in the past 12 months, and nearly as many expecting more growth in the year ahead.
According to the latest MYOB Business Monitor of over 1000 SME operators nationwide, 39 per cent of SMEs in the retail and hospitality sector reported an increase in revenue over the past year, compared to a national SME average of 31 per cent. Business operators in the sector made up over 11 per cent of the total respondent sample.
MYOB New Zealand General Manager James Scollay says the retail and hospitality sector has had another solid 12 months, following several challenging years. “The sector has continued to consolidate its gains, establishing itself as one of the leading lights of the economy – and confidence is high for this trend to continue in the year ahead.”
In the year ahead to September 2016, 37 per cent of retailers and hospitality business operators expect to see a further increase in revenue, again ahead of the SME average (34 per cent). Businesses in the sector are currently seeing significantly higher sales, with 39 per cent reporting more activity in the current quarter.