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Accesories Mens report
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| Words: 1909 | Submitted: 04-Mar-2015
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DescriptionAccessories business analysis
Business Analysis - Accessories Department
Stability of government, and what government type. Will they bring in new legislation or rules that will affect trading for this company? Supply from abroad etc.
Corporation tax. Is it set to increase or decrease? Even the slightest of % increase will have a huge impact on large organisations.
Corporation Tax will be reduced by 2% from April 2011, rather than 1% as previously intended, and fall by 1% in the next three years, to reach 23%. (http://www.bbc.co.uk/news/business-12828434)
Minimum wage increase. Means the businesses costs will go up, will they be able to afford to keep the same levels of staff? If not, how are they gonna choose who to get rid of.
March 20 2012 - Changes to national minimum wage rates will take effect from October 1 2012:
The adult (aged 21 and over) minimum wage rate will increase from £6.08 to £6.19 an hour
The Youth Development Rate (18-20 year olds) will remain at £4.98 an hour
The minimum wage for 16-17 year olds will remain at £3.68 an hour
Apprentice pay will increase from £2.60 an hour to £2.65. .
Recent credit crunch.. on website it says that the store hasn’t really been affected.
‘In the final quarter of 2008, the UK entered a recession, the first since 1991. By 2011, unemployment had risen to 2.5 million compared to 1.5 million in 2006, with record numbers of young adults (16-24 year olds) being impacted. This gave rise to a cultural subgroup amongst the 16-24 year olds known as NEETs (Not in Education, Employment or Training). By December 2010, around 938,000 16-24 year olds fell within the NEETs classification’. Mintel British Lifestyles - The Emotional Impact of Economic Uncertainty - August 2011
Stiff competition in meadowhall. Much competition in MEadowhall to face, and as they are all under the same roof, consumers don’t have far to go to see other accessories. Necessary to have quality products at reasonable prices then. Keep abs on competitors and what offers they are doing.
Inflation would not matter too much to consumers if incomes were keeping pace, but they are not. For almost two years inflation has been well above the level of wages increases. Even taking the Value-Added Tax (VAT) increase out of the equation would not close the gap (it would, roughly, halve it.) Mintel British Lifestyles - The Emotional Impact of Economic Uncertainty - August 2011
Changes in buying habits. Keep up to date, especially with shoes or bags for example. People want to be trendy. If the shop isn’t doing market research to see whats popular, then there sales will decrease, maybe get a bad rep.
‘For the future, one interesting aspect of the apparel market is the recent strong growth in sales ...
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