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How has the UK retail sector adapted to recent changes in the economic climate effectively? - Dissertation Example
Pages 54 (13554 words)
It has been found that despite the fact that the UK population is only 1% of the population of the globe; the United Kingdom took fourth place in the world trade. Mechanical engineering and transport, manufactured goods and chemicals are the main exports of Great Britain…
The economic cycle or business cycle faces different phases that include slump, recession, recover and boom. During the last decade, the world witnessed turmoil in global market in the form of financial crisis that resulted in adverse impacts on almost every country of the world. Companies face different market circumstances in different phases and they react accordingly, In order to retain their positions in the market, they have to adopt different strategies so that they are able to generate enough revenue. The global downturn during 2008-2009 is one of the worst recessions faced by the world economy. All the developed western countries like US, UK, France etc were badly hit by the global meltdown.
Many companies of these developed nations were unable to cope up with the recession despite adopting different strategies and finally went bankrupt or were acquired by other companies. Lehman Brothers, Washington Mutual, Barnsley Building Society, Alliance & Leicester and Bear Stearns etc to name a few.
Generally, a huge number of financial markets are still coping with the effects of financial crisis. Particularly, governments have played a significant role in supporting its financial markets to survive in midst of such financial crisis. In the British economy, retail sector enjoys noteworthy importance due to its contribution in GDP of the country. ...