Retail Market Environment in the Republic of Ireland Assignment

Retail Market Environment in the Republic of Ireland - Assignment ExampleThe political and economic stability provided by Irish government policies brought inflation and budget deficits under control subsequently two years of overheating, resulting in increased labour force skills, employment, and foreign investments. Irelands population of 4.1 million, growing at 1.2% yearly, is the youngest in the EU with more than 53% below the age of 35. Literacy is high, poverty is low, and government forecasts private employment to grow at 5.6% and GDP ($222 bn in 2005) to grow steadily at 4.7% in 2006.The economic big H triggered substantial changes in the Irish retail landscape and transformed what was once a collection of broken shops offering specialised services, small general stores offering various dry goods and fresh foods, and department stores interchange clothes and household items. Rapid growth increased mobility, improving the access to information and altering the tastes and obtain habits of consumers, who are more discriminating in getting the highest likely quality at the lowest possible price. The retail sector is adapting to these changes through continuous entrepreneurial innovation and business consolidation. There are shortly eleven categories of retail marketing channels in Ireland, ranging from small boutiques to large hypermarkets (Forfs, 2006).The average consumer in Ireland is young, affluent, healthful educated, employed, and with a high disposable income. The second part of the paper will be devoted to an compend of Irelands consumer profile.Environmental Assessment of Irelands Retail SectorProbably the most important development in Ireland has been the lifting in January 2006, according to plan, of the Groceries Order, a 20-year old law designed to minimise cutthroat price competition among retailers by prohibiting below invoice selling (CSG, 2005). We made a LoNGPEST analysis to assess the political, economic, social, and technologic al effects of the novel lifting of the Groceries Order that may have widespread local, national, and global consequences.Overview of the Retail Market SectorTable 1 contains an overview of the top competitors in Irelands retail market