Local Economy

Local Economy Strategy

Business Isle of Man, has published its Local Economy Strategy which seeks to ensure the Island is a great place to live, supporting vibrancy and distinctiveness in our city, towns, and villages by empowering communities and enabling retail, leisure, and hospitality businesses.

View the Strategy

WORKING TOGETHER to create a Vibrant Community

The retail sector in the Isle of Man provides a shopping experience that caters to both the local population and visitors, with an excellent mix of well-known, multi-national high street brands and independent retailers.

With over 300 pubs, cafes, bars and restaurants the Isle of Man, has a vibrant hospitality sector catering to residents and tourists alike. The hospitality sector in the Isle of Man provides an excellent mix of independent, unique businesses along with well-known franchises, which together cater to both the local population and visitors.

Hospitality businesses in the Isle of Man can take advantage of access to a strong local supply chain of high quality produce from meat, fish and vegetables, to ales, wines and spirits.

Funding Resources

Local Economy Fund

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Town and Village Regeneration Scheme (TVRS)

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Domestic Event Fund

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Why the Isle of Man?

The Isle of Man boasts an extremely affluent ACORN (A Classification of Residential Neighbourhoods) profile with high spending power, that compares well to similar affluent UK cities. Average annual household income in the Isle of Man is 82% higher than the UK average. In addition to Executive Wealth groups, the Island’s capital- Douglas, has a high proportion of Career Climbers and City Sophisticate’s who have above average disposable incomes, further highlighting the high spending power the residents of the Island have.

Read the CACI Market Summary Report