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Title: Is retailing really necessary in a country?
Description: The activity of retail shops is always exposed to a lot of different risks that need to be dealt with quickly to avoid any possible losses, although the importance of the role of the internal auditor is to provide assurance on the adequacy and effectiveness of the policies and procedures in place to minimize these risks, as that building audit plan based on risk assessment helps internal Auditor in the coverage of high risks to retail stores and evaluate the effectiveness of controls in place to minimize these risks (Rudolph, Foscht, & Morschett, 2011). Consumer spending is influenced by many factors that are difficult for companies to control, such as the local and the global economic downturn and an increase in oil prices. The most important characteristic of retail trade is dealing directly with the consumer, and is the most matters worse is the failure of the consumer to buy from stores or talk about it in a negative light (Dias, 2003). The reputational risk increases in light of the increasing prevalence of the use of social networks and the speed of dissemination of information about shops or products. Any shortening of consumer service and provide its requirements may lead to influence the reputation and thus the impact on revenue. Work in the retail trade is strongly competition, for ease of entry in this sector and the lack of need for huge investments. Increased competition may hamper revenue growth, as the competition through lower prices of products is a key factor for making a purchase by the consumer. One of the most sensitive operational matters of daily operations is the lack of goods displayed where the danger lies in trouble or failure in the supply / supply chain, which is the main artery for retailers (Ferragut, 2007). The following research focus on identifying the importance of the Retailing in the building up of the national economic abilities.
Description: The activity of retail shops is always exposed to a lot of different risks that need to be dealt with quickly to avoid any possible losses, although the importance of the role of the internal auditor is to provide assurance on the adequacy and effectiveness of the policies and procedures in place to minimize these risks, as that building audit plan based on risk assessment helps internal Auditor in the coverage of high risks to retail stores and evaluate the effectiveness of controls in place to minimize these risks (Rudolph, Foscht, & Morschett, 2011). Consumer spending is influenced by many factors that are difficult for companies to control, such as the local and the global economic downturn and an increase in oil prices. The most important characteristic of retail trade is dealing directly with the consumer, and is the most matters worse is the failure of the consumer to buy from stores or talk about it in a negative light (Dias, 2003). The reputational risk increases in light of the increasing prevalence of the use of social networks and the speed of dissemination of information about shops or products. Any shortening of consumer service and provide its requirements may lead to influence the reputation and thus the impact on revenue. Work in the retail trade is strongly competition, for ease of entry in this sector and the lack of need for huge investments. Increased competition may hamper revenue growth, as the competition through lower prices of products is a key factor for making a purchase by the consumer. One of the most sensitive operational matters of daily operations is the lack of goods displayed where the danger lies in trouble or failure in the supply / supply chain, which is the main artery for retailers (Ferragut, 2007). The following research focus on identifying the importance of the Retailing in the building up of the national economic abilities.
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BRITISH UNIVERSITY IN EGYPT
Is retailing really necessary in a
country? Discuss and justify your
arguments
Nada Mohamed Nehro
11841
Submitted to:
Professor Charles O’Neill
Year 2016
Table of Contents
A
...
2
B
...
3
C
...
5
D
...
9
E
...
11
Page 1 of 12
A
...
Consumer spending is influenced by many
factors that are difficult for companies to control, such as the local and the global
economic downturn and an increase in oil prices
...
The reputational risk increases in light of the increasing prevalence of the use of
social networks and the speed of dissemination of information about shops or products
...
Work in the retail trade is strongly
competition, for ease of entry in this sector and the lack of need for huge investments
...
One of the
most sensitive operational matters of daily operations is the lack of goods displayed
where the danger lies in trouble or failure in the supply / supply chain, which is the main
artery for retailers (Ferragut, 2007)
...
Page 2 of 12
B
...
Throughout the various national and international markets the retailing had been
developed for the enhancement of the capabilities of the customer to receive their
product and services within the most approaches, which would be developing the
capabilities of the organizations, as well as ensuing that the customer will be fulfilled
...
Throughout different strategies, retailers had been
focusing on the expansion of their operations, as well as the enlargement of their
capabilities to succeed in the foreign markets
...
It had been suggested that the role of the retailing in the economy can be
recognised as one of the main factors that would not only enhance the economic
strength, but also would lead to the transformation of the entire commercial a trade
activities and processes within the market
...
Throughout the assessment of the role of the retailers in the markets, it had been
Page 3 of 12
realized that the retailing is considered to be leading to the expansion of employment
opportunities for the population, encourage the mobilization of the resources, as well as
foster the management of the international trade activities and processes
...
GDP of the countries of the Middle East will continue to grow, which will increase
consumer confidence and the next big event for the region
...
For the enhancement
of the retailing organizations and businesses with their different sizes, appropriate
infrastructure should be acquired by the nations
...
This major
expansion of retail outlets which include global or local brands will increase the potential
risks and imposes on its owner companies should develop policies and procedures to
reduce these risks and the role of the internal auditor highlights here through the
assessment of the adequacy and effectiveness of policies and control procedures and
to inform senior management any improvements that will help in achieving the
objectives of the company
...
And here we must review the most important
risks to retail shops and the role of the internal auditor and the adequacy of control
(Saggi & Pack, 2006)
...
UAE Case Study
Retail and shopping sector in the UAE has succeeded in establishing a strong
position within the largest contribution to the annual GDP of non-oil sectors, while the
travel and hospitality industry and large investments in the sector helped to make the
country a popular destination for visitors from the Gulf region to tourism and shopping
...
Also carries the coming year’s opportunities for companies in the retail
sector, especially the retail sector and a large important does not matter all large
commercial centres, but also covers the traditional markets and even small shops and
thus represents a large segment of the local economy
...
Forecasts indicate that the
UAE jump to second place on top countries in the growth of the retail investment sector,
to continue to maintain its position among the countries of the region and North Africa
...
UAE comes a list
of the fastest growing in the retail world, posting a very high cumulative growth,
indicating that the state is leading the region in achieving faster global growth in the
retail investments, while the region has witnessed great development in attracting global
brands
...
Consumer confidence has not adversely
affected by expectations about slowing economic growth in the region, where the retail
sales data suggest consumer spending and that the retail sector achieves faster growth
of the UAE economy in general
...
According to the analysis, the luxury retail sector offers many
promising opportunities, a key supporter of economic growth, thanks to wealthy
consumers and high income earners who make up potential customers to the luxury car
sector growth
...
It is confirmed that the retail sector
continued growth of the sector, supported by a number of factors; especially the United
Arab Emirates issued regional tourist destinations, in light of the instability witnessed by
many countries in the region in recent years
...
Centres and
organizations will benefit greatly from the significant decline in commodity prices
globally available in the UAE good profit margins
...
The decline in commodities and raw materials and oil prices helps to pump
many goods to the UAE market at good prices
...
Highlights the role of shopping and retail festivals that have been
developed for a long-term strategy for the advancement of this sector to new heights, in
line with a global reputation enjoyed by the general Emirates and Dubai especially,
which is a global destination for shopping tourism, and so what the wealth of ingredients
is unmatched sophisticated infrastructure, and upscale shopping centres, also includes
a large collection of international brands
...
Over the past few years has increased interest in investing in
this sector, where the construction of the largest and most prestigious shopping centres
in the world
...
Forecasts indicate that
Dubai is on the verge of a new phase of growth in the retail sector, as a result of many
factors that support the sector, especially the tourism and aviation sector, as well as
logistics services with international standards, and that Dubai has established its place
in attracting global brands
...
They added that
Dubai offers unparalleled opportunities for foreign companies, and to maintain its
position as a destination essential for tourism and business in the region, and is the
quality of the available commercial space, and the outlook positive catalysts for retailers
seeking global expansion
...
Studies indicate that Dubai still keeps the first among Arab countries in terms of area
Page 8 of 12
shopping centres, and that per capita retail space in shopping centres in Dubai is the
highest in the region (Gupte, 2011)
...
Summary
The decline in consumer greatest danger for retail spending which significantly
affect the cash flow, which in turn affect the daily operations of procurement from
suppliers and meet their daily obligations of the company
...
The most important
characteristic of retail trade is dealing directly with the consumer, and is the most
matters worse is the failure of the consumer to buy from stores or talk about it in a
negative light
...
Any shortening of consumer service and provide its requirements may lead to
influence the reputation and thus the impact on revenue
...
Increased competition may hamper revenue growth, as the competition
through lower prices of products is a key factor for making a purchase by the consumer
...
The E-commerce is one of the most important emerging
risks that may accelerate in the light of major developments in the technology sector
...
The small and large retailers should be supported by the
governments for ensuring that there would be high ability for the states to attract
investments, tourism, and other national and international events
...
In
addition, it is recommended that the states would develop appropriate to monitor and
study the impact of changes in economic indicators such as government spending and
oil prices and the unemployment rate measures, as well as monitoring consumer, which
measures the degree of consumer optimism about the state of the market confidence
index is a tool to find out the expected behaviour of the consumer in the future
...
As well, the governments
should be formulating agencies that would be analysing the results of secret shopper in
order to quality of services provided and the quality of the staff dealing with the
consumer measure, as well as providing appropriate training for staff to deal with the
consumer and provide correct information
...
Throughout these reformations, the
governments would be ensuring the effective management for the entire national
retailing markets and retailing organizations, for the sustainability the benefits that would
be gained from the retailing investments and transactions
...
Bibliography
Blatt, DeHerder, Sorensen, Zhang, & John
...
Strategies for Success in Retail (Collection)
...
Retrieved from
https://books
...
com
...
(2003)
...
Retrieved from
https://books
...
com
...
(2007)
...
Lulu
...
Retrieved from
https://books
...
com
...
(2011)
...
Penguin Books India
...
...
eg/books?id=EkONnJTgwtcC&dq=dubai+retailers&source=gbs_navlin
ks_s
Lewis, R
...
I
...
in Retailing: Application of Information Technology and Corporate Models in
Retailing
...
Retrieved from
https://books
...
com
...
(2016)
...
Oxford Business Group
...
...
eg/books?id=XyZrDQAAQBAJ&dq=dubai+retailers&source=gbs_navlin
ks_s
Patel, N
...
(2005)
...
Academic Foundation
...
...
eg/books?id=JqwlvXImtAcC&dq=dubai+retailers&source=gbs_navlink
s_s
Page 11 of 12
Rudolph, T
...
, & Morschett, D
...
European Retail Research: 2011 | Volume 25, Issue 1
...
Retrieved from
https://books
...
com
...
, & Pack, H
...
The Case for Industrial Policy: A Critical Survey
...
Retrieved from
https://books
...
com
...
, & Faris, A
...
The Economy of Dubai
...
Retrieved from
https://books
...
com
...
(2012)
...
OUP Oxford
...
...
eg/books?id=bnvQDIeIsAUC&dq=retailing+importance+to+countries
&source=gbs_navlinks_s
Yeoman, V
...
Tomorrow's Tourist: Scenarios & Trends
...
Retrieved from
https://books
...
com
Title: Is retailing really necessary in a country?
Description: The activity of retail shops is always exposed to a lot of different risks that need to be dealt with quickly to avoid any possible losses, although the importance of the role of the internal auditor is to provide assurance on the adequacy and effectiveness of the policies and procedures in place to minimize these risks, as that building audit plan based on risk assessment helps internal Auditor in the coverage of high risks to retail stores and evaluate the effectiveness of controls in place to minimize these risks (Rudolph, Foscht, & Morschett, 2011). Consumer spending is influenced by many factors that are difficult for companies to control, such as the local and the global economic downturn and an increase in oil prices. The most important characteristic of retail trade is dealing directly with the consumer, and is the most matters worse is the failure of the consumer to buy from stores or talk about it in a negative light (Dias, 2003). The reputational risk increases in light of the increasing prevalence of the use of social networks and the speed of dissemination of information about shops or products. Any shortening of consumer service and provide its requirements may lead to influence the reputation and thus the impact on revenue. Work in the retail trade is strongly competition, for ease of entry in this sector and the lack of need for huge investments. Increased competition may hamper revenue growth, as the competition through lower prices of products is a key factor for making a purchase by the consumer. One of the most sensitive operational matters of daily operations is the lack of goods displayed where the danger lies in trouble or failure in the supply / supply chain, which is the main artery for retailers (Ferragut, 2007). The following research focus on identifying the importance of the Retailing in the building up of the national economic abilities.
Description: The activity of retail shops is always exposed to a lot of different risks that need to be dealt with quickly to avoid any possible losses, although the importance of the role of the internal auditor is to provide assurance on the adequacy and effectiveness of the policies and procedures in place to minimize these risks, as that building audit plan based on risk assessment helps internal Auditor in the coverage of high risks to retail stores and evaluate the effectiveness of controls in place to minimize these risks (Rudolph, Foscht, & Morschett, 2011). Consumer spending is influenced by many factors that are difficult for companies to control, such as the local and the global economic downturn and an increase in oil prices. The most important characteristic of retail trade is dealing directly with the consumer, and is the most matters worse is the failure of the consumer to buy from stores or talk about it in a negative light (Dias, 2003). The reputational risk increases in light of the increasing prevalence of the use of social networks and the speed of dissemination of information about shops or products. Any shortening of consumer service and provide its requirements may lead to influence the reputation and thus the impact on revenue. Work in the retail trade is strongly competition, for ease of entry in this sector and the lack of need for huge investments. Increased competition may hamper revenue growth, as the competition through lower prices of products is a key factor for making a purchase by the consumer. One of the most sensitive operational matters of daily operations is the lack of goods displayed where the danger lies in trouble or failure in the supply / supply chain, which is the main artery for retailers (Ferragut, 2007). The following research focus on identifying the importance of the Retailing in the building up of the national economic abilities.