My definition of sustainability...
Is maintaining a balance when considering the economy, environment and social issues which may affect your business in order to be successful in the market that the business is in.
MAIN FACTORS OF SUSTAINABILITY
Political factors which may affect a retailer are things such as the state of the government, what party is in control, minimum wages, the governments relationship with other countries. A very recent political issue which would affect retailers based in the UK and have stores around Europe is the United Kingdom leaving the European Union. Being part of the EU allowed businesses to trade more efficiently and it created a much easier process for retailers to open up stores in other EU countries. However now the UK have left retailers will need to consider the cost of keeping stores in the UK or in EU countries, getting stock to and from stores would have increased even the price to rent the store. A retailer may need to decide whether they are making enough revenue and have a large enough demographic to remain in that particular country; this is a risk as it reduces their popularity and target market.
Factors such as what a country's financial status would affect a retailer, whether a country is in recession, inflation rates, how much revenue as a whole the country are making. If a country is in a recession or in decline then a retailer would feel the affect of this especially if they are a high end retailer or a more expensive high street retailer, they may see a loss in revenue and number of customers demanding their clothes. Whereas a retailer selling cheaper clothes could see an increase or sales to remain the same because they are providing clothes which are at a more reasonable price during difficult times.
Demographics, standard of living, education, equal opportunities, population and culture trends. A retailer would need to consider before opening a store what kind of people live in that area and what they may demand from that store. In addition whether there are enough people of a certain age who would be willing to work in the store because the company want each store to run smoothly and give good service. An example would be if a retailer wanted to open a store in a small town and the population was small they wouldn't want to buy a large store but rather get a store that is more 'C' grade.
This part of PESTLE has become very important for a business to expand even more, social media, website for shopping online, creating professional advertisements and images using software like Photoshop and more efficient with internally and externally. Social Media now allows retailers to promote themselves with ease and helps when showing how they want to be identified. It is also very effective way to interact with their customer, as well celebrity endorsements are now much easier to promote and have had a lot more success.