The Retail Sector - Business, Innovation and Skills Committee Contents


Glossary/acronyms


Automated Teller Machine (ATM): a cash machine.

Bricks and Mortar: a traditional retail channel involving any physical outlet, including the High Street, retail parks, shopping centres, PopUp shops.

Business Improvement Districts (BIDs): a defined area within which businesses pay an additional tax to fund projects within that district's boundaries.

Business Rates: a property tax paid by businesses, including retailers, according to the rateable value of the property from which they run their business multiplied by 'a multiplier'.

Click and Collect: a method of shopping over the Internet, and then picking up the goods at a physical outlet.

E-Commerce: the purchase and sale of goods and services over the Internet.

High Street: a retail channel specifically involving a physical (Bricks and Mortar) outlet in a town centre (i.e. not out of town).

Local Enterprise Partnerships (LEPs): Established in 2011 by the Department for Business, Innovation and Skills to help promote local economic priorities. The 39 Local Enterprise Partnerships are voluntary partnerships between local authorities and private businesses.

M-Commerce: the purchase and sale of goods and services through mobile devices.

Multichannel: a retail business that trades through multiple channels in combination, such as physical shops; e-commerce, m-commerce, telephone, television, radio, and catalogue selling.

Omnichannel: a development of multichannel retailing, focusing on a more seamless approach to retail through all available shopping channels, delivered by specialised software.

Out of Town: shopping developments situated outside a town or city, often containing several chain stores, with free parking.

PopUp Shops: typically small, temporary, retail outlets, leased on a short-term contract.

Portas Pilot Towns: currently 27 towns, which have received a share of Government money following the Portas Review, for High Street redevelopment.

Portas Review: a review by Mary Portas into the High Street, commissioned by the Government and published in December 2011.

Retail Park: an out of town retail development with multiple, separate stores.

Retail Pathfinder: LEPs that develop and pilot retail initiatives, arising from the Portas Review and the Government's Retail Growth Strategy, of which Gloucestershire LEP was the first.

Retail Policy Forum: a forum set up by BIS, comprising retailers and Government representatives, for discussion of policy issues affecting the retail sector.

Town Teams: a group of local stakeholders in a specific town who work together to develop a shared view and plan for the future of that town.

Valuation Office Agency: An executive agency of H M Revenue and Customs, which provides the Government with the valuations and property advice required to support taxation and benefits, including Business Rates.


 
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Prepared 4 March 2014