Academic literature on the topic 'Commercial / Retail / Business'

Commercial recommender systems are deployed by marketing teams to increase revenue and/or personalize user experience. Marketers evaluate recommender systems not on its algorithms but on how well the vendor‘s expertise and interfaces will support achieving business goals. Driven by a business model that pays based on recommendation success, vendors guide clients through continuous optimization of recommendations. While recommender technology is mature, the solutions and market are still young. As a result, solutions are not fully integrated with other business systems and technology platforms. While the market is retail-focused today, interest and vendor offerings are rapidly expanding to other areas. Retail clients will drive social, location, and mobile enhancements.

This paper provides an evaluation of the strategy alignment of the South African retail sector with the National Development Plan (NDP) governance values and objectives. The paper considers the commercial realities which form the framework for retail decision-makers when they address the challenges in aligning their business growth strategies with the regulatory framework of a capable, developmental state. Within that context, the outcomes of a retail stakeholder alignment study of the NDP strategy themes are analysed. The method involved a policy survey of a purposive sample of retail business and governance stakeholders. The survey findings reflect retailer alignment with many NDP regulatory and ‘active citizenry’ strategies, but with strong beliefs that others are not the retail business sector’s governance responsibility.

Commercial strips are common within metropolitan regions throughout the world and particularly within Canada and the USA. Planners have identified these linear clusters of commercial land use as a form of auto-oriented sprawl on the one hand, and as fertile ground for local independent businesses on the other. Despite the rapid churn of businesses in a number of gentrifying central cities, few studies have examined the distribution or cumulative impacts of commercial remodelling or its relationship to larger scale urban transformations. In this research, we demonstrate methods used to identify spatial patterns in central city remodelling activity. Getis Ord Gi*, also known as hot spot analysis, is used to identify clusters of reinvestment activity associated with locally owned restaurant and retail businesses. Associations with differences in urban form are observed, including clustering of independently owned restaurant and retail businesses along areas of commercial strips with smaller lots. Theories on the location of clusters in older buildings are also tested, with mixed results. In addition, we use a Redevelopment Impact Index to capture the degree of external modification to commercial buildings and the nature of changes in building usage. Point density analysis is used to identify areas where commercial remodels are likely to add up to entertainment and leisure zones. The results of statistical tests show some association between proximity to the restaurant and retail clusters and new, mixed use development. Thus, we illustrate methods of examining emerging landscapes of local restaurant and retail business and their relationship to larger scales of redevelopment. This methodology has applications in the study of incubation and retention of local businesses, land use planning and redevelopment along commercial strips, and gentrification studies.

Urban neighbourhoods are defined as much by their commercial character as their residential; retail services not only provide material needs for those living nearby, but less-tangible social and cultural capital as well. It is reasonable to expect, then, that excessive churn in these businesses can threaten the stability of a neighbourhood. Using a longitudinal data set on mixed-use neighbourhoods in New York City, we test whether or not neighbourhoods of varying circumstances and characteristics experience different degrees and types of retail turnover. Results suggest that there are meaningful differences in retail turnover across neighbourhoods. Retail turnover is directly associated with the type of business activity, commercial infrastructure and the neighbourhood’s consumer profile. However, when all three sets of factors are considered simultaneously in a regression analysis, consumer-related characteristics explain turnover more than those related to the local commercial environment. Specifically, businesses that provide necessity and more frequently consumed goods/services are more stable and chain establishments are more likely to venture into markets with some housing price discounts, growth potential and possibly less organised opposition. Neighbourhoods with less (and more heterogeneous) general retail (as opposed to food service) concentration, as well as bigger businesses, are more stable. More importantly, bigger households and higher shares of white residents are most strongly associated with less retail churn, and population growth is the strongest predictor of more turnover.

Teimuraz Teimurazovich Vashakmadze - Director of the Master's program, assistant professor of business and management strategy, IBDA RASHiGS under the President of the Russian Federation.Emil G. MartirosyanAnastasia Alexandrovna Sergeeva In the post crisis years, the Russian food retail market has skyrocketed and run ahead of the market in general. Our research reveals major value drivers and explores the value creation of companies by comparison based on a P/B ratio. The analysis of performance indicators of the three biggest Russian food retailers provides evidence suggests that ROE can explain the difference and positive relationship of a P/B ratio. Our findings suggest that retail companies are increasing ROE through net profit margin improvement. In addition, we found out that a higher Store/DC ratio has a strong correlation to the ROE of a company. The key question of the paper is identifying a combination of factors that drive performance and value creation in post-crisis period in non-consolidated Russian food retail market. Thus, our research is aimed at providing a broader picture of factors that influence value creation in a retail market, such as cross-docking, franchising, recognition of product matrix, management decision decentralization, focusing on core activity and commercial conditions with suppliers. In this article we have explained the business factors that mostly influenced the corporate ROE and the price-per-book value of the company of the Russian food retail industry. After the analysis of three Russian retail chains we have come to the conclusion that the retail business development in Russia (apart from the consumer market factors) mostly depends on efficient management in operations and on having good commercial conditions with suppliers. At the same time there is a direct impact on the retailers’ gross margins from the specific operational solutions like crossdocking implementations.

Engaging with commercial partners is increasingly required by public science funding agencies and encouraged by government officials. Reasons for this shift include alleviating the strain on government science budgets and opening up possibilities for scientists to secure jobs in private companies. Universities have also begun to advocate for strategies and policies that facilitate commercial collaborations. Similarly, there is interest—although still scattered in Portugal—among the business sector to look for “something different” in order to prepare for the complex problems that await in an uncertain future. This essay addresses the process of gaining entrée to a major Portuguese food retailer by making use of the metaphors of flirting and dating. The slow process of engagement with this retailer is described, in particular a two-day “backstage” visit of its food retail operations. During these interactions the challenges of commercial–science collaborations with regard to differing expectations and objectives—in areas such as trust issues; confidentiality agreements; integrity of scientific objectives versus the pressures of market-driven organizations; the different nature and uses of information—are unveiled. The disparate conceptions of time and output delivery, together with the different rhythms of making business and making science, are discussed. To conclude, the “dating” and “flirting” stages of the relationship between social researchers and food retailers reflect a slow process that involves diplomatic skills, open minds, and the constant juggling of “familiar” and “unfamiliar” ways of thinking and doing.

The present study identifies the limits and pattern of commercial activities within CBD of Peshawar. Retailing is topmost paying commercial activity and occupies the highest bid-rent location in the city. The Central Business District (CBD) is the retail heart of the city. The spatial arrangement of commercial activities happens to be very complex and their limits are dynamic in the CBD of Peshawar. The land value, rent values, taxation system, commuter behaviour, nature and transformation of commercial activities are directly dependent on this spatial arrangement and delimitation of CBD. The methodology adopted for this study is the combination of traditional rules/methods with modern tool of GIS. The results for spatial arrangement of commercial activities and delimitation of CBD are more precise which can enable the city planners and investors to achieve better sustainable development in city and regional context.

Immigrant entrepreneurship is important to local and regional economies, cultural identity, placemaking, and tourism. Meanwhile, regional conditions, such as the development of suburban immigrant gateway communities and increases in the cost of business ownership, complicate local economic development efforts in urban ethnic districts. This research is presented as a mixed–methods case study of Devon Avenue in Chicago, IL, home to a significant concentration of South Asian–owned immigrant businesses. Challenges and pressures facing businesses are examined through merchant surveys and interviews. Observations reinforce the notion that cultural competency and strong grassroots leadership is vital for economic development planning so that “capitalizing” on an ethnic heritage does not become a tool for commodification or commercial gentrification. Agencies must also be mindful of the impacts associated with suburbanization of immigrant communities and take a long-term, regional approach to planning in ethnic commercial corridors.

Aeronautical revenue from landing and handling charges to carriers is falling significantly below 60% of total revenue and will not persist as the main source of income for airports. Airports in Europe cannot continue to rely on profits from airlines; operating companies need to improve the competitiveness through commercial income from different traveler types. The purpose of this multiple case study was to understand the elements of successful sales strategies by concessionaires (retailers) at the metropolitan airport system of Zurich and Basel in hopes of improving the nonaeronautical revenue from leisure travelers, a price-sensitive customer segment. The conceptual framework was corporate strategic planning with the underlying concept of sustainable business operations. Semistructured interviews included 9 executives and senior managers of concessions and retail operations at Zurich International and Basel EuroAirport, and covered major themes such as managing the shopping experience of passengers as well as collaboration between concessionaires, airports, and airlines. The key findings, which emerged from an inductive analysis of the data, were that the identification of personalized offerings and the inclusion of individual travelers' needs are required to ensure a flexible approach by each airport and shop location throughout the terminal. The collected data contained indicators for holistic and targeted concepts by retail concessions in cooperation with airport stakeholders. Social implications include sustainable retail strategies by promoting value adding products and services, improving the passenger's travel experience, and ensuring the profitability of concessionaires in a changing aviation market.

In every market, competition is a vital ingredient for any working market economy. Large stores like IKEA, OnOff and El-Giganten are often positioned in locations near each other. Shopping areas like Gekås have proven to have large attraction power towards the customers. In down-town shopping areas it is common that large stores take advantage of each other’s capabilities to invoke customers’ interest. By doing so, businesses work together to create a large customer base.

The purpose of this paper is to determine how owners and managers of medium sized retail stores should choose location for their shop.

Both a qualitative and quantitative approach were used in this thesis; the qualitative approach was used for conducting interviews with 6 people involved in running the stores and municipality. This was done to collect information from actors that had the experience and knowledge about the subject of the thesis. The quantitative approach involved a survey done upon shopping habits of consumers in the same area. The reason for conducting both these researches was to diminish the biased answers that we would have got from conducting the research from one group only. By asking the store managers/owner and customers, as well as a representative of the municipality, we were able to provide a complete perspective on the situation.

Our findings showed that there were some major differences between a down-town shopping area and a shopping mall. It also became clear that the preferences and capabilities of the stores were important for selecting locations. Consumer preference on where to go shop was showed to be almost the same for A6 and down-town with a slight advantage towards A6. Still, the requirements on opening a store in a shopping mall oppose down-town was different.

Titel: Business strategies for retail and office properties,  A qualitative study of business strategies from a real estate company perspective.  Subject: Bachelor’s thesis in business administration specialization business management 7,5 credits and corporate finance and property valuation 7,5 credits Author: Alice Möller & Diana Morales Keywords: Business strategies, commercial properties, retail properties, office properties  Problem statement: How does the market look like for retail and office properties? How are business strategies implemented for retail and office properties and how are uncertainties taken into account? What factors influence the strategy decision regarding commercial real estate?  Purpose: The purpose of the study is to describe how property owners business strategies are adapted and executed and how uncertainty in the retail and office properties is taken into account. Then it’s investigated which factors may have an impact on decisions and what the market looks like for retail and office properties in medium-sized cities.  Method: A qualitative investigation was conducted to get answers to the study’s questions. With the help of semi-structured interviews, the respondents have provided exhaustive information regarding business strategies for commercial properties in uncertain situations.  Conclusion: The results of this study show that the market for retail and office properties is doing better than expected. The study shows that the factors that affect the strategy decisions are mainly the market and the outside world. Uncertainties are taken into account by having close communications with tenants but also by being flexible, adaptable to different situations and managing the property portfolio. The business strategies that are mainly used are innovation, communication and having a diversified property portfolio. Despite the fact that real estate companies either have an established or an unspoken business strategy, the companies work with several different strategies.
Titel:  Affärsstrategier för butik-och kontorsfastigheter,  En kvalitativ studie om affärsstrategier utifrån fastighetsbolags perspektiv Ämne: Kandidatuppsats i företagsekonomi inriktning verksamhetsstyrning 7,5 hp samt företagsfinansiering och fastighetsvärdering 7,5 hp  Författare: Alice Möller & Diana Morales Nyckelord: Affärsstrategier, kommersiella fastigheter, butiksfastigheter, kontorsfastigheter Problemformulering: Hur ser marknaden ut för butik-och kontorsfastigheter? Hur genomförs affärsstrategier för butik - samt kontorsfastigheter och hur beaktas osäkerheter? Vilka faktorer påverkar strategibeslutet avseende kommersiella fastigheter?  Syfte: Studiens syfte är att beskriva hur fastighetsägares affärsstrategier anpassas och utförs samt hur osäkerheten för butik- och kontorsfastigheter tas i beaktande. Därefter utreds det vilka faktorer som kan ha en inverkan på beslut samt hur marknaden ser ut för butik-och kontorsfastigheter i större städer.  Metod: En kvalitativ undersökning utfördes för att få svar på studiens frågeställningar. Med hjälp av semistrukturerade intervjuer har intervjurespondent tilldelats uttömmande information avseende affärsstrategier för kommersiella fastigheter vid osäkra situationer.  Slutsats: Resultatet för denna studie visar på att marknaden för butik-och kontorsfastigheter går bättre än förväntat. Studien påvisar att de faktorer som påverkar strategibeslut främst är marknaden samt omvärlden. Osäkerheter beaktas genom att ha en nära kommunikation med hyresgäster men även genom att vara flexibel, anpassningsbar för olika situationer samt hantera fastighetsbeståndet. Affärsstrategierna som främst används är innovation, kommunikation och att ha ett diversifierat fastighetsbestånd. Trots att fastighetsföretagen antingen har en fastställd eller en ej uttalad affärsstrategi arbetar företagen med flera olika strategier.

Confrontés au pouvoir de marché croissant de la grande distribution française, les fournisseurs n’ont cessé de demander l’intervention de l’Etat. Cette intervention a pris la forme du titre IV du livre IV du Code de commerce, un ensemble de règles juridiques encadrant les négociations commerciales annuelles entre distributeurs et fournisseurs. Cette thèse décrit les transformations du Titre IV et évalue la portée du recours au droit dans un contexte marchand. L’enquête porte sur l’élaboration des règles du Titre IV, le contrôle entrepris par la DGCCRF (une administration du ministère de l’Economie et des Finances) ainsi que l’appropriation de ces règles par l’une des enseignes de la distribution française. Les résultats éclairent les conditions sociales d’efficacité des lois destinées à protéger des acteurs économiques faibles. Pour rendre le Titre IV efficace, l’administration a introduit dans le droit des principes moraux et a incité les juges à s’écarter des normes écrites pour évaluer les situations au cas par cas. Les résultats montrent également les ambiguïtés d’un tel recours au droit. Pour s’approprier et contourner les règles dirigées contre elle, la grande distribution s’est dotée de ressources juridiques. Face à cela, l’administration a réagi en rendant les règles plus précises, facilitant ainsi de nouveaux contournements par les distributeurs. Le recours au droit crée également une solidarité entre les professionnels du Titre IV, qu’ils soient affiliés à l’administration, aux fournisseurs ou aux distributeurs. Chez ces professionnels, la défense de l’autonomie du monde du Titre IV finit par primer sur les intérêts des acteurs qu’ils sont censés représenter
Faced with the increasing market power of French mass retail, suppliers lobbied the state into protecting them. The state intervened by creating a new set of rules (“Titre IV du livre IV du Code de commerce”: henceforth “Title IV”) that specifically targeted the annual bargaining process between retailers and suppliers. This dissertation describes the transformation of Title IV and questions whether law constitutes a useful resource to settle structural economic imbalances. To achieve this, I investigated how Title IV was drafted and enforced by DGCCRF (a department of the French ministry of Finance) and how retailers responded to those rules. Results show how to turn economic and commercial law into an effective weapon in the hands of weaker market players. To make Title IV effective, the state regulator incorporated moral principles into statutes and encouraged judges to adjudicate on a case-by-case basis, rather than strictly following the letter of the law. However, results also show the limits of law as a means of settling economic imbalances. By hiring lawyers and complying symbolically with regulations (rather than obeying the letter of the law), mass retailers gradually internalized Title IV. DGCCRF responded by drafting more precise rules. This had the unexpected consequence of making symbolic compliance even more widespread. Title IV had another unexpected effect. It created a sense of solidarity among a group of legal professionals and civil servants. To that group, defending the boundaries of Title IV as a field of expertise became more important than defending specific economic interests

L'architecture commerciale s'est largement développée depuis plusieurs décennies sous la forme d'espaces insulaires privés, présentant une multipolarisation de l'offre et générant des milieux difficiles à traiter et intégrer. Cette recherche porte précisément sur la qualification des équipements commerciaux dans leur relation à leur contexte urbain limitrophe. Nous les abordons comme générateurs de milieux ambiants spécifiques sur leurs abords et sous l'angle de leur emprise sur la ville. L'objectif de cette thèse est ainsi d'analyser les effets d'implantation des commerces de grande envergure sur les espaces proches, et de formuler des critères de conception concernant leurs relations aux tissus urbains et aux paysages environnants. Quels sont les facteurs permettant une meilleure articulation des équipements commerciaux avec leurs contextes à retenir, afin de repenser les stratégies urbaines et les modèles de conception ? Quelles sont les évolutions dans la composition de leurs enveloppes et dans les espaces publics attenants ? Comment engager les acteurs privés et publics à intégrer des dimensions qualitatives incluant des ambiances dans la planification du commerce de grande distribution dans la ville ? L'hypothèse de ce travail est de porter attention aux limites spatiales et sensibles entre les espaces privés commerciaux et publics urbains, partant du fait que c'est une des conditions pour développer des opportunités d'urbanité aux abords des équipements commerciaux. Pour évaluer cette hypothèse, nous avons choisi d'investir deux cas : le centre commercial Beaulieu récemment réhabilité sur l'Île de Nantes, et le pôle de commerces et de loisirs Carré de Soie à Vaulx-en-Velin. Il s'agit d'explorer les qualités spatiales des deux équipements commerciaux et de leurs environnements tout en interrogeant les stratégies urbaines déployées dans ces deux opérations (la première est une réhabilitation et la seconde une création nouvelle). L'analyse des situations préexistantes et du processus d'établissement permet de saisir les origines et mécanismes de projet. L'approche in situ est conduite à partir des interfaces sensibles pour saisir les espaces accessibles aux piétons ainsi que les enjeux d'ambiance et d'usage. Cette démarche s'appuie sur des entretiens auprès des acteurs principaux de la fonction commerciale et à travers l'observation et de mesures in situ. À partir de ces investigations, des configurations d'emprise du commerce sur la ville sont distinguées. L'identification de ces configurations d'ambiances nous permet d'explorer trois scénarii possibles pour le futur, et de préciser les degrés de continuité urbaine du commerce sur le territoire. Ils intéressent directement la planification et la conception du commerce dans la ville afin de gérer les multiples équipements commerciaux existants, d'anticiper les évolutions des formats de commerce et de proposer de nouvelles interfaces sensibles avec leur contexte proche
Business architecture has largely developed itself for decades in the form of private insular spaces. These spaces show a multi-focusing of the offer, and generate areas difficult to treat and integrate. This research is precisely about the qualification of business facilities and their relationship to their close urban context. We take them as generators of specific sensitive space and through the angle of their take on the city. The objective of this thesis is to analyze the effects of implanting large-scale businesses in nearby areas, and to formulate conception criterias about their relationships to urban fabric and nearby landscapes. What are the factors that allow a better articulation of the business facilities while keeping attention to their context, so as to rethink the urban strategies and the conception designs? What are the evolutions in the structure of their construction, and the evolutions in the nearby public spaces? How could we get public and private actors to integrate dimensions of quality, including ambiances in the planning of retail trade in the city? The hypothesis of this work is to give attention to the spatial and perceptible limits between private business areas and public urban areas, using as a starting point the fact that it is one of the necessary conditions to develop urban opportunities in the general area of business facilities. To validate this hypothesis, we have chosen to study two cases: the Beaulieu shopping centre that was rehabilitated not long ago on Ile de Nantes, and the shopping and leisure centre Carré de Soie in Vaulx-en-Velin. The goal is to explore the spatial qualities of the two business facilities and their surroundings, all this while questioning the urban strategies deployed in these two operations (the first on is a rehabilitation and the second one is a new creation). The analyze of the pre-exiting situations and of the integration process allows to realize the origins and the mechanisms of the project. The in situ approach is done from nearby spaces around business facilities to get spaces accessible to pedestrians as well as the question of atmosphere and use. This reasoning lies on discussions with the main actors of the business planning and through the observation and in situ measures. For these investigations, it is possible to distinguish different grips on city business. The identification of these ambiance layouts allows us to explore three possible scenarios for the future, and to specify the levels of urban continuity for business on the territory. They directly affect the planning and conception of business in the city, so as to manage multiple existing business facilities, to anticipate the evolutions of the business sizes, and to suggest new nearby space around facilities with their nearby context

La rivoluzione digitale è un evento storico che sta trasformando la società in tutti i suoi aspetti. La globalizzazione, l’evoluzione tecnologica e l’accesso istantaneo ai dispositivi elettronici sono i principali fattori che hanno determinato profondi cambiamenti nel mondo del Retail e modificato sia i modelli di business della vendita al dettaglio, sia il comportamento degli acquirenti. La più promettente delle attività associate a Internet è l’E-commerce. Questo processo di cambiamento prima ha posto a dura prova le aziende, poi, pian piano, le ha uccise. Le aziende, infatti, lamentano il fatto che per colpa dei big dell’E-commerce i loro negozi stanno diventando vetrine e poi vittime di un processo dove il cliente prova un prodotto in negozio per poi acquistarlo online. Lo studio condotto ha analizzato i cambiamenti dei consumatori, le statistiche sulle chiusure dei negozi fisici, il supporto che i nuovi strumenti possono fornire alle aziende, ma anche le strategie con le quali il grande colosso mondiale Amazon ha raggiunto il vertice. L’analisi ha voluto dimostrare che quando le aziende decidono di integrare l’e-commerce al Retail tradizionale si scopre che, spesso, nascono nuove opportunità economiche e le vendite nei negozi fisici possono incrementare. Due eccellenti imprese italiane, Esselunga e Torrefazione Carbonelli, costituiscono la prova che l’implementazione di una strategia di innovazione digitale insieme all’integrazione del negozio fisico risulta vincente. Per qualsiasi azienda che intenda rinnovarsi, il grande colosso mondiale Amazon, definito il colpevole della chiusura di tanti negozi fisici, se studiato in tutta la sua evoluzione e soprattutto sui fattori che hanno condotto al suo enorme successo, può diventare il modello da seguire e non essere visto come nemico. È importante per le aziende fronteggiare il cambiamento in corso e uscirne vincitori inquadrando l’innovazione tecnologica come un’opportunità e non una minaccia.

Le produit de luxe n’est pas un bien comme les autres. Ses qualités matérielles et immatérielles lui confèrent une valeur particulière qui oblige son producteur à le vendre dans un environnement commercial adapté. La règle de droit peut-elle considérer cette particularité économique ? Paradoxalement, la France est leader mondiale du marché des produits de luxe, mais nul n’est en mesure d’affirmer avec précision ce qu’est le luxe. Intégrer une notion aussi insaisissable au sein d’un raisonnement juridique semble difficile. Pourtant, les atteintes subies par les titulaires des droits du produit de luxe ont convaincu le juge européen de mettre en place des règles protectrices spéciales. Le but poursuivi est légitime. Il s’agit de protéger les investissements réalisés pour vendre et promouvoir le produit de luxe. Mais cette démarche légale s’appuie sur une méthode de qualification qui n’est pas satisfaisante. L’«aura», le «prestige» ou la «sensation» de luxe qui émanent du produit marqué, sont des critères trop subjectifs pour assurer l’application systématique et cohérente de règles protectrices. C’est pourquoi, outre la démonstration d’un corpus de règles applicables au produit de luxe, il convient d’analyser les fondements de sa reconnaissance par le droit positif, ainsi que l’instauration d’un régime unifié reposant sur des critères de définition précis, prenant en considération les qualités intrinsèques de ce bien particulier
The luxury product is not a product like any other. Its material and immaterial qualities confer a special value that requires its producer to sell it in a proper business environment. The rule of law can it consider this economic feature ? Paradoxically, France is world's leading luxury goods market, but no one is able to state precisely what is luxury. The law seems unsuited to integrate a concept as elusive as luxury. Yet, violations suffered by the owners of luxury product rights have convinced the European judge to set up special protective rules. The aim is legitimate. This is to protect the investments made to sell and promote luxury products. But this legal approach is based on a method of qualification which is not satisfactory. The "will", "prestige" or the "feel" of luxury emanating frombranded product, are too subjective criteria to ensure systematic and consistent implementation of protective rules. Therefore, in addition to the demonstration of a body of rules applicable to the luxury product, it should analyze the foundations of its recognition by positive law and the establishment of a unified system based on criteria precise definition, taking into account the intrinsic qualities of that particular property

碩士
淡江大學
國際企業學系碩士在職專班
99
Title of Thesis：The retail commercial bank business expansion strategy - to S Companies in Taiwan Total pages：91 Key word：Bank Retail Business、Mission Statements、Strategy Formulation Name of Institute：Graduate Institute of International Business,Tamkang University Graduate date：June of 2011 Degree conferred：Master Name of student：Chen Chao-Chih Advisor：Dr.Lin Jyh Horng (陳 朝 郅) Dr.Lai Chin Chang (林 志 鴻 博士 賴錦璋 博士) Abstract: This research mainly discusses that after multiple financial crises and financial integrations in recent years, the appropriateness of the finance returns to the retail trade. This research attempts to use the theoretical framework of Lin and Pao (2004) as the main study spindle and also references to Hirtle and Stiroh (2007) that emphasized on the importance and tendency of returning to retail trades, Carter and McNuty (2005) that stressed on the bank development and profitability when the bank removes the control and after the technological innovation and First Manhattan Consulting Group (2001) that facing to the threat when managing retail trades and the main source of profits and also give business suggestion. According to the above study to establish the research model of this study and then discuss the appropriateness of case companies when manage retail trades. This research found that the best strategy, the research construction and the supporting information of the study case company confirmed that it is already formed a new developed trend that the bank industry expands the retail business market positively and also becomes the main operation and profit sources to the financial industry nowadays. It uses the analysis of theoretical framework in Lin and Pao (2004) to discuss the elements of the competitive business strategy formulation in S company; uses the 7S pattern to analysis the case for the advantages and disadvantages of the bank interior environment; uses Five Competitive Forces to analysis the opportunity and threat of its industry environment; and then uses the PESTEL pattern to evaluate the influence of the overall environment. Finally, it explores the superior strategy elements of a case company manages the retail trade by the internal, industrial and the overall environmental analysis in order to form the best strategy of a case company and then achieves the enterprise mission. According to the research results of this thesis, it is confirmed that the S Corporation is appropriate to expand the financial retail trades by the execution of the optimal strategy “to expand the retail and enhance the market”, and then achieve the mission of placing among the top ten commercial banks in Taiwan area so that enhance the value of the bank itself relatively by promoting the business quantity, the scale and the profit.

碩士
輔仁大學
應用統計學研究所
92
The purpose of the research is by using the document and expert experience to choose 18 financial variables for six segment and 6 non-financial variables for three segment of manufacturing industries and wholesale & retail businesses. Using the methods of correlation analysis, non-parameter test, binary logistics regression analysis and multinomial logistics regression analysis to build credit rating model to find the main variables that will effect the corporate credit rating. By studying the relationship for the choose variables and the two industries’s credit rating, we can find the result is：First, Return on Investment Analysis, it is obviously have more influence on this model. Second, acid ratio and current assets to total assets’ ratio, it means short term money demand has important meaning. Third, reliability of financial statement is a valuable non-financial variable. For the individual industry, have the following characteristics: First, in addition to Return ability, the asset allocation and method of financial manage also the key point for measure manufacturing industry’s credit rating. Second, in addition to Return ability, it also place emphasis on sales revenue and management for measure wholesale & retail business’ credit rating. Third, in the non-financial variables, manufacturing industry focus on the ability of business operation and industry future vision; but wholesale & retail business focus on the market share. Finally, according to the result, from the practice status, operation cost and the influence of improvement, this research gives many useful suggestions to the credit officers and credit research.

Retail real estate analysis is the most well developed, complex and technological of any of the other real estate product categories. This chapter begins with a review of the background literature. Real estate market analysis has been performed for retail longer than for any other category. Unlike medicine, in which some practices, such as bleeding a patient, have become obsolete, no major method that has been widely adopted by the industry during the past 100 years has subsequently gone out of use. Instead, these methods have been modified and incorporated into contemporary analysis and technology. This chapter next proceeds to the macro level with a presentation of how a real estate location strategy is developed for a large, multibranch retail chain. Afterward, a brief discussion of the micro-level strategy is presented following the four steps introduced in the preceding chapters. The methods, technology, and analysis of the four steps for retail real estate have already been presented in chapter 4. Because the retail side has been such a pioneer, methods developed for retail ultimately find use, with some modification, in real estate market analysis of all the other real estate product categories; hence, the four steps were presented as part of the general methods of chapter 4. It has always been the case that certain locations for retail activities offer distinct advantages over other locations. But knowing which locations were best has not al-ways been the complex task it is today. Until the late nineteenth century, the retail location decision was quite simple: always locate at the downtown commercial node. Changes in transportation technology increased the geographic range of the individual household. Each successive transportation era brought increasing geodemographic complexity to the city. The eras of transportation can be broken down by transportation mode: . . . First, households relied primarily on walking from home to work to shopping. Second, for some of the larger cities, the trolley car and other innovations in public transit brought an increased geographic reach of the average household. Third, the personal automobile allowed many households to move beyond the limited corridors of public transit.

Many cities and communities are working toward urban sustainability goals. Yet, retailers and merchants may not find environmental benefits to be compelling when compared to the direct costs of landscape and trees. Nonetheless, a quality outdoor environment may provide atmospherics effects that extend store appeal to the curb and heighten the positive experiences and psychological reactions of visitors while in a shopping district. A multi-study program of research shows that having a quality urban forest canopy within business districts and commercial areas can promote positive shopper perceptions and behavior. Positive responses include store image, patronage behavior, and willingness to pay more for goods and services. This chapter provides a summary of the research, connects results to psychological marketing theory, provides evidence-based design recommendations, and makes suggestions for potential future research activity.

It is becoming evident that mobile technology can enhance a current e-business system to provide competitive advantage in business activities. These enhancements in mobile device applications such as in mobile hotel checkin system, m-payment system for parking tickets, and mobile donor transplant system are evolving with usage of wireless technology such as Wi-Fi, Bluetooth, and WiMax (Worldwide Interoperability for Microwave Access). Other examples include wearable mobile technologies used in military observation tactics and civilian clothing accessories for entertainment purposes. The lack of current mobile strategies, can cause some businesses to over spend or under utilize potential mobile applications. The use of a mobile strategic framework will help provide the insights to improving companies in their commercial operations and examples of these mobile solutions are outlined in relation to commercial applications which have been implemented in hospitals, retail Supply Chain Management (SCM), and in Customer Relationship Management (CRM). These types of systems are known to improve quality of service and provide competitive advantage. A mobile framework is presented to introduce the application of user mobility to mobile usage as an extension of existing Intranet, Extranet, and Internet e-business application. This Mobile Business Application Framework could assist practitioners in identifying the financial and competitive aspects in relation to mobile technology applications into their business infrastructure.

It is becoming evident that mobile technology can enhance a current e-business system to provide competitive advantage in business activities. These enhancements in mobile device applications such as in mobile hotel checkin system, m-payment system for parking tickets, and mobile donor transplant system are evolving with usage of wireless technology such as Wi-Fi, Bluetooth, and WiMax (Worldwide Interoperability for Microwave Access). Other examples include wearable mobile technologies used in military observation tactics and civilian clothing accessories for entertainment purposes. The lack of current mobile strategies, can cause some businesses to over spend or under utilize potential mobile applications. The use of a mobile strategic framework will help provide the insights to improving companies in their commercial operations and examples of these mobile solutions are outlined in relation to commercial applications which have been implemented in hospitals, retail Supply Chain Management (SCM), and in Customer Relationship Management (CRM). These types of systems are known to improve quality of service and provide competitive advantage. A mobile framework is presented to introduce the application of user mobility to mobile usage as an extension of existing Intranet, Extranet, and Internet e-business application. This Mobile Business Application Framework could assist practitioners in identifying the financial and competitive aspects in relation to mobile technology applications into their business infrastructure.

In recent years, the financial services industry has been witness to considerable consolidation (Berger & Udell, 2006; De Nicolò, Bartholomew, Zaman, & Zephirin, 2004; Figueira, Neills, & Schoenberg, 2007) and organizational progress in order to sustain two main objectives: efficiency and commercial effectiveness (Epsten, 2005; Sherman & Rupert, 2005). In order to sustain customer-oriented and efficiency strategies, banks have started to explore new ways of conducting their business, introducing areas of innovation in their services, practices, and structures to offer the most complete array of services possible (Quinn et al., 2000). On the other hand, new services and products drive retail banks to explore new ways of producing or delivering these novelties. This is true especially for Internet banking services that offer services to customers 24/7, and it becomes clear that adding new services, that is, trading online or bill payments, is easily and quickly geared towards improving commercial effectiveness. The following chapter aims at describing to what extent the Internet has developed new services and businesses, and what are the main figures of the phenomenon in Europe. Moreover, the Internet has introduced new coordination processes within each financial institution. Let us think about Intranet portal, content management tools, and business process management suites, which are now quite spread in banks due mainly to their technological ease-of-use. Thus, Internet is representing an innovation wave extremely relevant for the financial industry as a whole, and the effects on banks’ performance is emerging. What do we expect in the near future? In all probability, the usage of Web-based application will be bigger and bigger also in other contexts of the bank processes, even if some risks could occur when clear strategies and change management practices do not direct the innovation.

Franchising as a global growth strategy, especially in emerging markets, is gaining its popularity. For example, the U.S. Commercial Service estimated that China, having over 2,600 brands with 200,000 franchised retail stores in over 80 sectors, is now the largest franchise market in the world. The popularity of franchising continues to increase, as we witness an emergence of a new e-business model, Netchising, which is the combination power of the Internet for global demand-and-supply processes and the international franchising arrangement for local responsiveness. The essence of franchising lies in managing the good relationship between the franchisor and the franchisee. In this paper, we showed how e-business and analytics strategy plays an important role in growing and nurturing such a good relationship. Specifically, we discussed: managing the franchisor/franchisee relationship, harnessing the e-business strategy with aligning the e-business strategy with application service providers, an attention-based framework for franchisee training and how big data and business analytics can be used to implement the attention-based framework.

Franchising as a global growth strategy, especially in emerging markets, is gaining its popularity. For example, the U.S. Commercial Service estimated that China, having over 2,600 brands with 200,000 franchised retail stores in over 80 sectors, is now the largest franchise market in the world. The popularity of franchising continues to increase, as we witness an emergence of a new e-business model, Netchising, which is the combination power of the Internet for global demand-and-supply processes and the international franchising arrangement for local responsiveness. The essence of franchising lies in managing the good relationship between the franchisor and the franchisee. In this paper, we showed how e-business and analytics strategy plays an important role in growing and nurturing such a good relationship. Specifically, we discussed: managing the franchisor/franchisee relationship, harnessing the e-business strategy with aligning the e-business strategy with application service providers, an attention-based framework for franchisee training and how big data and business analytics can be used to implement the attention-based framework.

International franchising as a global growth strategy, especially in emerging markets, is gaining popularity. For example, the U.S. Commercial Service estimated that: (1) China, having over 2,600 brands with 200,000 franchised retail stores in over 80 sectors in 2007, is now the largest franchise market in the world; (2) India, having over 70 international franchise operations successfully operating with an investment of $1.1 billion and sales turnover of $2.7 billion in 2009, has made franchising the second fastest-growing industry in the country. The popularity of franchising continues to increase as the world witnesses an emergence of a new e-business model, Netchising, which is the combination power of the Internet for global demand-and-supply processes and the international franchising arrangement for local responsiveness. The essence of franchising lies in managing the good relationship between the franchisor and the franchisee. In this chapter, the authors show that e-business strategy plays an important role in growing and nurturing such a good relationship. In addition, the chapter discusses how an effective e-strategy can help a growing franchise go abroad to emerging markets through soft landings to reduce risks and costs.

An equilibrium economic model for policy evaluation related to electricity generation has been developed; the model takes into account the non-renewable and renewable energy sources, demand and supply factors and environmental constraints. The non-renewable energy sources include three types of fossil fuels: coal, natural gas and petroleum, and renewable energy sources include nuclear, hydraulic, wind, solar photovoltaic, biomass wood, biomass waste and geothermal. Energy demand sectors include households, industrial manufacturing and commercial enterprises (non-manufacturing businesses such as software firms, banks, restaurants, service organizations, universities, etc.). Energy supply takes into account the electricity delivered to the consumer by the utility companies at a certain price which maybe different for retail and wholesale customers. Environmental risks primarily take into account the CO2 generation from fossil fuels. The model takes into account the employment in various sectors and labor supply and demand. Detailed electricity supply and demand data, electricity cost data, employment data in various sectors and CO2 generation data are collected for a period of seventeen years from 1990 to 2006 in U.S. The model is calibrated for the aggregate data. The calibrated model is then employed for policy analysis experiments if a switch is made in sources of electricity generation, namely from fossil fuels to renewable energy sources. As an example, we consider a switch of 10% of electricity generation from coal to 5% from wind, 3% from solar photovoltaic, 1% from biomass wood and 1% from biomass waste. It should be noted that the cost of electricity generation from different sources is different and is taken into account. The consequences of this switch on supply and demand, employment, wages, and emissions are obtained from the economic model under three scenarios: (1) energy prices are fully regulated, (2) energy prices are fully adjusted with electricity supply fixed, and (3) energy prices and electricity supply both are fully adjusted.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.