Retail economic outlook 2026

Event Chair: Jacqui Baker, Partner, Head of Consumer Markets and Retail, RSM; Chair of ICAEW's Retail Advisory Group
Jacqui heads RSM's national consumer markets group and retail sector group in the UK. As an audit Partner based in the Liverpool office Jacqui has a breath of expertise in retail, advising a number of national retailers together with independent stores. Whilst she specialises in the consumer sector, Jacqui also has an interest in entrepreneurial, growing businesses, with extensive experience in advising private equity backed businesses, understanding the unique opportunities and challenges they face.

Tom Pugh, UK & Ireland Chief Economist, RSM
Tom, provides economic insights for businesses operating within the real economy. He works closely with RSM partners across the UK, as well as with colleagues in the US, to monitor how changes across the pond could affect the local market. After graduating from the University of Manchester in 2009, he went to work for HM Treasury. This was in the middle of the financial crisis, so he was assigned to help redraft the banking regulations. He then spent eight years at Capital Economics, where he first covered commodities, then the UK economy in the wake of Brexit and the onset of the pandemic.

Stephen Springham, Partner and Head of Retail Insight, Knight Frank LLP
Stephen has more than 20 years’ experience working exclusively in the retail sector, in a research, analysis and consulting capacity. He has a uniquely ‘holistic’ view of retail, having worked for an array of employers with varying focuses on the retail sector – Retail Analysis, Strategic/Management Consultancy, M&A/Due Diligence, Equity Performance, Accountancy and Property. His initial focus was on retail occupier markets, working as a retail analyst and developing a deep understanding of key drivers and performance of consumer and retail markets. For the last 15 years, he had specialised in retail property, initially working as a Retail Consultant for Experian and subsequently as Head of Retail Research for the property advisor King Sturge ﴾transferring to the role of Director of Retail Research at Jones Lang LaSalle following the two companies’ merger in 2011﴿. He joined Knight Frank’s Retail Team in April 2015 to head up and drive the Retail Research function.