Private equity is looking elsewhere, and many investors show no interest in small and mid-sized retailers, but True co-founder Matt Truman sees opportunity in the industry.

It's official: our industry is despised by investors and government in equal measure.

Last year, the world of private equity allocated just 3% of all its capital to our global sector as it preferred to chase the single most crowded trade in history, technology.

Meanwhile, anything with a listed market cap of less than £1bn is increasingly not worthy of even coverage, let alone deep research and considered analysis.

UK retail is the largest private sector employer, responsible for nearly one in 10 workers. When combined with the consumer sector, it comprises 410,000 active firms and delivers just under 20% of UK GDP. Put simply, it is the single largest ecosystem by both employment and business volume that spends its days feeding and clothing people.

Yet this and previous governments have chosen to bombard it with taxes and legislation that hinder investment and offer little to benefit the underlying consumer or the retail flywheel.

Few realise or think about the fact that it is an industry that will probably be a net beneficiary of Al. Few think about its wider social impact, especially offering youth employment opportunities and the power of human interaction. Few think about the extraordinary array of talented, proven, and successful entrepreneurs we have at our disposal. Almost no one thinks about how to cherish and actually invest in it. At least not in the UK.

. He's Germany's first federal minister for digital transformation and government modernisation, and a former chief executive of 

, one of Germany's leading retail groups. Dr Wildberger outlined a vision and a plan that is completely lacking in the UK.

He believes that ‘retail is infrastructure for everyday life’ that keeps cities alive and communities connected. Retail represents 26 million jobs in Europe, roughly one in seven, which means retail policy is also employment policy, skills policy, social policy, and opportunity policy.

He is firm on fair competition and community security being more important than the rights of criminals, and his plans were succinct and well-structured. The UK is crying out for a similar vision and a plan. Meanwhile, we have been waiting for three years just to close the de minimis tax loophole. It is breathtakingly pedestrian.

I believe that Al will be one of the great enablers for our industry over time.

Retail is complicated and ever-changing. It involves lots of people. It moves goods across continents. Those goods often have shelf lives. Wars, pandemics, and geopolitics have a nasty habit of disrupting supply chains. And consumers are extremely demanding about price, quality, convenience, and service. This inherent complexity makes profit levels harder to come by than for a SaaS technology business, but in the complexity lies its defensiveness and the opportunity.

If someone had told me that since founding my firm 14 years ago, this sector would incur Brexit and the loss of European Union partnership and trade, the collapse of sterling, the ongoing erosion of liquidity in the UK stock market for small to mid-cap companies, a supply chain crisis or five, a cost-of-living and inflationary crisis, Covid tariffs, two wars, and two rounds of President Trump, even the optimist in me might have turned around and headed the other way. Over my 26 years in our industry, I haven't witnessed such a plethora of challenges, and to invest has been challenging and volatile, but the complexity makes it ever thus. And now we have Al...

So is the world overlooking an opportunity? With valuations at a 30% discount to long-run averages, free cash flow yields in the double digits, but capital and liquidity are scarce, opportunity is everywhere for the brave investor.

But what about Al? I believe that Al will be one of the great enablers for our industry over time. The agentic possibilities are staggering, but the beauty of the complexity of physical goods and services is that it is difficult to fully displace them. We have it firmly down as a sector that will greatly benefit from Al if you are alive and open to its possibilities.

Opportunity-wise, we are not focusing on the customer-facing agentic shopping trend via third-party LLMs as many others are. We see the agentic operating model as a great opportunity. We see far more efficient operating models coming on stream that deliver significant economic advantage, which in turn will allow the beneficiaries to put humans back into the front line to deliver great service.

It is service and the human touch that will deliver a competitive advantage. 'Human-led, enabled by technology' is how we frame it. The combination of depressed valuations, scarce capital and a sector firmly positioned as an Al beneficiary will surely awaken some investors' interest. We will always have the complexity. As a result, we will always have our fair share of failure, but in a world searching for opportunity, look no further than the entrepreneurs and managers of today's retail companies.

As Nathan Rothschild said in the 18th century, and as a brave investor might say in 2026: ‘The time to buy is when there's blood in the streets, even if the blood is your own.’

Matt Truman's latest Retail Week column is here, where he makes the case for why retail is one of the most overlooked investment opportunities in the market today.

Almost no one thinks about how to invest in retail

 has completed the strategic acquisition of 

, the Czech-based indoor cycling app that uses real-world video as the foundation of its training experience. 

The deal brings together two of the most recognised platforms in indoor cycling, with both companies set to continue operating independently, serving their respective communities with differentiated products and subscription offerings. 

Eric Min, Co-founder and CEO of Zwift, commented: 

The acquisition comes at a moment of strong momentum for the category. The indoor cycling market is growing at its fastest rate since COVID, driven by the increased affordability of smart trainers and a widening audience of first time cyclers through indoor training. 

Zwift Ready smart trainers and Zwift Ride smart frames will now be fully compatible with the Rouvy platform, unlocking new experiences for users and lowering the barrier to entry for newcomers to the sport. 

We look forward to supporting the team as they bring the joy of cycling to more people. 

Zwift has acquired Rouvy, the real-routes indoor cycling app, marking a significant step in the expansion of the global indoor cycling category. 

Zwift Acquires Rouvy  

As part of our ongoing partnership with the World Retail Congress this year, we handpicked a select group of technology companies as part of a dedicated showcase for the solutions delivering real, measurable impact for retailers today and helping secure the future tomorrow. 

We want to say a huge thank you to those who visited the zone and to the technologies who were selected this year. 

Over the past few days, we conducted guided tours on: 

Where we introduced the following technologies to global industry leaders to help solve their retail pain points: 

Start-ups, Scale Impact: Unlocking Real AI Value

We then took to the main stage where we presented a panel moderated by Managing Director 

 that, as retail navigates constant change, the differentiator isn’t just technology, it’s mindset. The companies creating real value are those willing to move beyond what they know, challenge old thinking, and embrace new ways of operating. Human leadership and empathy will become key differentiators for winning as business becomes more AI-centric.  

Those who joined us on the panel each gave their tangible recommendation on how to unlock real AI value: 

Laura emphasised the importance of not starting with the technology itself. Retailers should first focus on understanding the use cases and underlying business challenges first, then identify the right technology partners. In her words, it’s about starting with the problem, and then working back to find the technology that solves it. 

Jeffrey spoke about the level of fear and anxiety around AI adoption, but his message was reassuring: you’re not actually behind, you’re early. The key here is finding your own starting point and not be under pressure to have it all figured out.  

Mark highlighted that the deciding factor is rarely the technology, model or protocol, but rather people and leadership. He stressed that leaders need to bring a different mindset in how they approach and solve problems, particularly as AI becomes more embedded in how organisations operate.  

The opportunity here is clear but unlocking it will require a shift in how we think, learn, and lead. 

This year we curated a landmark report celebrating the companies delivering real, measurable value for retailers. 

Retail is being reshaped at pace by technology and AI, yet many retailers are still struggling to translate technology investment into measurable value. While capabilities continue to evolve, clarity on what actually works, and delivers impact at scale, remains limited. 

This report explores how leading retailers and technology providers are closing that gap. It examines where real value is being created today, and why certain approaches are breaking through. 

Download your copy of the report by filling in the form here.

We’ll see you next year's WRC in Milan!

As part of our ongoing partnership with the World Retail Congress this year, we handpicked 13 technologies to take part in the Value Creator Zone, moderated a panel on unlocking real AI value and curated a landmark report containing 30 real-world case studies in retail.

Hello, we’re True. We’re reimagining business through advisory and investment.

A unique model for investing, innovating & growing

Meet the changemakers

A portfolio that excites us. Every day.

True stories

Opinion

Almost no one thinks about how to invest in retail

News

Zwift Acquires Rouvy

Events

True x World Retail Congress 2026 in Berlin