National Retail Federation President and CEO Matthew Shay said Friday the retail industry is playing a crucial role in the recovery of the U.S. economy and new regulations should be implemented to support the industry’s success. Shay was the keynote speaker at Valley Industry and Commerce Association’s 23rd Annual Business Forecast Conference held at the Universal Hilton Hotel in North Hollywood. Shay said retail supports one in four jobs in the U.S and drives much of the country’s new job growth. “Retail is as much on the edge as any industry,” Shay said. He proposed regulators should focus their attention on three key measures including promoting global trade, investing in infrastructure and transportation and reforming the corporate tax code. He also discussed the importance of modernizing the VISA system and promoting innovation within the retail industry. Today’s speech marked the beginning of a 12-month series of planned events and panel discussions, dedicated to raising awareness on the retail industry’s impact on the economy, Shay said. Shay said Los Angeles’s role as a major port for international trade made it an ideal location to kick off the “road show.” “This is an important place to have one of the first conversations on the topic,” Shay said.
