The only thing left for the company to do about these changes is abide by them. While it’s difficult to plan around ever-changing political agendas, what is worth considering is how proposed policy changes could affect the retail space. For example, a regulation that bans smoking can be used to help formulate your marketing strategy. The retail industry as a whole saw a downward shift in sales amidst the financial crisis. They can also affect businesses by increasing value-added tax on products or business rates. Premium The government and the politicianswork in collaboration to devise rules and regulations, the citizens, businessesand the retail industry has to obey them. WTO tariffs will also apply to imports and exports between the UK and non EU countries with whom the EU currently has free trade agreements. Retail lending has been a great innovation across the globe in the commercial banking sector in recent years. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. Each country must abide by their political regulations. There are many political and legal factors that affect the food retail industry. 7  Pages. by Alison Conley MACRO-ENVIRONMENTAL FACTORS AFFECTING AUTOMOBILE INDUSTRY 7  Pages. 1. This appears to represent a warning shot and marks the Trump administration’s resolve to mitigate the trade imbalance, alleged currency manipulation, cyber threats and loss of American intellectual property. Pets At Home Group Plc is operating in Retail in more than dozen countries and expose itself to different types of political environment and political … Presence of political support and lobbying for major EU/US aerospace businesses Renault, General Motors, Volkswagen Group 1051  Words | Like it or not, the political interference has to be present everywhere. The political activities in the country can affect the running position and also the sale and purchase of the retail products in any specific market. Election result makes hard Brexit more likely, not less. Despite all the unknowns about Brexit, politicians on both sides of the debate seem prepared to predict confidently what the economy will look like after Brexit, but as accountants we need to be more cautious, making provisions for the different scenarios we might find ourselves in. But there may be issues that are affecting your organisation much more directly. * Contributes 3.1% to the nominal GDP Consumer confidence had fallen an all time low in February this year. Managers must keep a bird’s eye view over political factors. As far as the fashion industry is concerned, the macro environmental factors affecting businesses are those which lie outside small businesses and their competitors. When the UK exits the EU, in the absence of any other agreed arrangements, World Trade Organisation (WTO) tariffs will apply to imports and exports between the UK and the EU. However, the recent lockdown and economic challenges have hit it very hard. First mentions of the Retail Think Tank should be as follows: the KPMG/Ipsos Retail Think Tank. * Huge attraction for foreign car manufacturers Political risk, for examples the Gulf war and terrorism somehow damaging passenger confidence, particularly in the US. The external environmental factors affecting the organized retail industry in india are as follows: Factors affecting the demand and growth of the auto sector in India This environment is composed of laws, government agencies and pressure groups that influence and constrain various organisations and individuals in society. MacIntyre Hudson LLP trading as MHA MacIntyre Hudson is a member of MHA, an independent member of Baker Tilly International Ltd., the members of which are separate and independent legal entities. Understand how key economic factors such as inflation, unemployment, interest rates and consumer confidence affect the level of demand for consumer goods. 1 Retailing in India came with evolutionary patterns from Kirana store to Super market. Like it or not, the political interference has to be present everywhere. One way Target and other retail companies engage at the state level is to support state retail association political action committees (PACs) where allowed by law. This exercise dissects the political, governmental, and legal aspects of a particular business. One of the key factors in affecting retail sales, consumer confidence has slumped to one of its lowest points in recent US history. Acceleration, Deceleration & Moderation in the growth of retail credit in India The fashion retail industry in the UK has a global reputation. Political Factors Affecting Retail Industry In India. The scope of external assessment embraces the analysis of opportunities and threats impacting a certain industry or business. Most importantly, there are key factors that retailers must make themselves aware of when trying to decide where to locate their businesses. To get you thinking, here is a useful list: Classic political factors. 7  Pages. Premium Each of them faces its unique regulatory challenges, although all retailers are affected by nationwide labor impositions such as minimum wage and overtime pay laws. 7  Pages, "Political Factors Affecting Retail Industry In India", as follows: The owners of businesses in the fashion industry have a lesser degree of control over external factors such as consumer characteristics, government influence, technology, and economy (Bohdanowicz & Clamp, 1994). What has politics to do with brands and the Fashion industry? Future political decisions concerning taxation or the retail industry legislation will definitely have an impact in the industry competitors’ policies and strategies. For VAT purposes, assuming the UK leaves the single market, goods supplied to UK retailers would become imports and so would need import VAT to be paid at customs before the goods can be released. You might be surprised to learn that the political climate and election results can have an impact on certain sectors of the retail market, but statistics show that they do. The following discusses the key factors covered by an external assessment: Demography is the study of population and its characteristics. Business, Economics, Economy 319  Words | five (5) key external forces in doing the external assessment exercise, and these are political, economic, social, technological (PEST), and competitive factors. Political Factors Affecting Retail Industry In India. Premium 06 July 2017 But consumer confidence rebounded slightly in March (Rooney, 2009), … However, consumer confidence aside, some retailers who failed to hedge their currency exposure have already seen an increase in the cost of goods purchased from overseas. Addressing the tight labor market. Political Climate. Retail It’s our job to stay on top of changes in the fast-paced retail sector. Factors affecting the growth of Retail Business in India. In the last decade or so there have have been many drastic changes that have had a major impact on retail … Now it is growing as supermarket and hypermarket. Policy formation for example Open Skies liberalisation... Free Like it or not, the political interference has to be present everywhere. As of this writing, U.S.-China relations have soured further after the arrest of Huawei’s Meng Wanzhou in Canada. 12 June 2017. Technology, Media & Entertainment and Telecommunications BDO’s technology specialists have deep experience in helping clients around the globe to navigate the various issues affecting the industry. Last week we looked at the Political Factors in play, this week we will focus on the Economic Factors. The politicians and the government have effects through their exercise of power on th… Project Work Factor analysis, Management, Economy 1694  Words | Premium As per the McKinsey report on fashion industry, “Geopolitical instability, terrorism, Brexit, and stalled trade deals will all increase a pervasive sense of uncertainty in the global economy” (McK-BOF, 2017 report). You can position yourself as a restaurant that maintains a healthy environment free from smoke. The automotive sector in India is growing at around 18 per cent per annum. In India, one can never over-look the political factors which influence each and every industry existing in the country. Essay on Key economic factors affecting retail sales (Updates) Since performance of economy has a profound impact on retail sales, it is important that the economy be in good health so that retail sales could be high. 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