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 after two years of overheating, resulting in increased labour force skills, employment, and foreign investments. Irelands population of 4.1 million, festering 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 consumption to grow at 5.6% and GDP ($222 bn in 2005) to grow steadily at 4.7% in 2006.The economic boom triggered substantial changes in the Irish retail landscape and transformed what was once a array of small shops offering specialised services, small general stores offering various dry goods and fresh foods, and department stores selling clothes and household items. Rapid emergence increased mobility, improving the access to information and altering the tastes and shopping habit s of consumers, who are more discriminating in getting the highest possible quality at the last possible price. The retail sector is adapting to these changes through continuous entrepreneurial innovation and business consolidation. There are currently eleven categories of retail marketplaceing convey in Ireland, ranging from small boutiques to large hypermarkets (Forfs, 2006).The average consumer in Ireland is young, affluent, well educated, employed, and with a high disposable income. The second part of the paper will be given up to an analysis 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 right 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 technological set up of the recent 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