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Topic Identify and explain how major external*events have made/forced UK retailers to change during the last 40 years?
1. Introduction
“In business the one thing you can be sure of is change” – (Peter Drucker)
In the recent years the development of the retail market has been greatly changed by external factors such as; political, economical, social, technology and legal (PESTL). This is also known as external macro environment, which concerns all businesses. This report will show what impact it has caused the retail business in the last forty years through these factors.
The retailing business has always existed, however it has been changing through external factors external factors. The retail industry is a huge business; an example of a highly profitable retail company would be Tesco. Last year they had total revenue of £38,259 million in Great Britain alone and there Net income was £1,576 million (Wikipedia, 2006). However, when it is bombarded with new laws, technology and other changes it needs to change as well, otherwise they may have huge consequences.
Only recently has the television had become popular, forty years in the past, only a few had a television. In this day and age people can go on the internet through their television sets and shop on their TV.
2. Methodology
In order to carry out this report, this includes, reading through academic materials such as: Omar (1999), McGoldrick (2002), Bromley & Thomas (1993) and also other academic materials from journals, internet and other materials. These writings develop the key issues with the macro envi ...