{"product_id":"thewarehouse-pestle-analysis","title":"The Warehouse PESTLE Analysis","description":"\u003cdiv class=\"pr-shrt-dscr-wrapper orange\"\u003e\n\u003csection class=\"pr-shrt-dscr-box\"\u003e\n\u003cdiv class=\"pr-shrt-dscr-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Magnifier-Icon.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003ePlan Smarter. Present Sharper. Compete Stronger.\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"pr-shrt-dscr-content\"\u003e\n\u003cp\u003eOur PESTLE Analysis of The Warehouse reveals how political, economic, social, technological, legal, and environmental forces are reshaping its retail strategy and growth prospects. Ideal for investors, consultants, and planners, it turns complex trends into clear actions. Purchase the full report to access the complete, editable insights and immediate recommendations.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter green\"\u003eP\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003eolitical factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper green\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eNZ retail policy stability\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNew Zealand’s stable political environment and the 2023 change to a National-led coalition support predictable retail operations for The Warehouse Group, aiding long-term store planning and capital allocation. Monitoring annual Budgets and policy reviews is essential because coalition shifts can re-prioritize consumer protection, transport and climate agendas. NZ population ~5.13 million (2024) and retail remains a major employer, so policy drift carries material operational risk.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eGST and import settings\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eUniform GST at 15% and generally low applied tariffs shape The Warehouse pricing given heavy overseas sourcing; the de minimis threshold for GST on low‑value imports was removed in 2019, tightening parity with offshore sellers. Customs clearance and MPI biosecurity checks add variable lead times and compliance costs. Ongoing industry advocacy on equitable tax treatment of cross‑border e‑commerce remains material.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eTrade agreements exposure\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eAgreements like the CPTPP, which covers about 13.5% of global GDP, and the NZ–China FTA materially shape The Warehouse’s sourcing costs and product range by altering tariff exposure and rules-of-origin. Tariff reductions—often eliminating duties on many consumer electronics and general merchandise—can lift gross margins on those categories. Geopolitical tensions or sanctions have disrupted Asia supply chains in recent years, so diversifying supplier countries mitigates policy and diplomatic shocks.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-green-section\"\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eWage and labor policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eMinimum wage and living-wage debates materially lift frontline store and DC labor costs, forcing The Warehouse Group to trade off margin and retention as pay expectations rise.\u003c\/p\u003e\n\u003cp\u003eImmigration settings shape seasonal and specialist talent pipelines; restrictions increase reliance on temp agencies and overtime.\u003c\/p\u003e\n\u003cp\u003eGovernment-funded training and apprenticeships can lower hiring friction and onboarding costs, supporting upskilling and employer-brand goals.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eWage pressure vs retention\u003c\/li\u003e\n\u003cli\u003eImmigration affects seasonal supply\u003c\/li\u003e\n\u003cli\u003eSubsidised training reduces hiring friction\u003c\/li\u003e\n\u003cli\u003eBalance cost control and employer brand\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-green-section4\"\u003e\n\u003cdiv class=\"title-row-green-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInfrastructure and disaster policy\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-green-section blur_box\"\u003e\n\u003cp\u003eGovernment investment in roads, ports and digital networks underpins logistics reliability for The Warehouse; national population ~5.1 million concentrates demand and supply routes. Civil defence and emergency policies directly affect store openings during severe weather—Cyclone Gabrielle (2023) caused ~NZ$13b in estimated damage and disrupted retail. Post-disaster support programs accelerate regional recovery and demand; business continuity must align with national resilience frameworks.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eInfrastructure funding: keeps supply chains open\u003c\/li\u003e\n\u003cli\u003eEmergency policy: dictates store operations\u003c\/li\u003e\n\u003cli\u003ePost-disaster aid: speeds consumer demand recovery\u003c\/li\u003e\n\u003cli\u003eContinuity planning: must mirror national resilience frameworks\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Political-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStable govt, demand \u003cstrong\u003e5.13M\u003c\/strong\u003e, \u003cstrong\u003eGST 15%\u003c\/strong\u003e, wage \u003cstrong\u003eNZ$23.15\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eStable National-led coalition (since 2023) supports predictable retail planning; NZ population 5.13M (2024) concentrates demand. GST 15% and removal of low‑value GST de minimis (2019) raise compliance costs; CPTPP (≈13.5% global GDP) and NZ–China FTA cut tariff exposure. Minimum wage NZ$23.15 (from Apr 2024) and Cyclone Gabrielle ~NZ$13b (2023) drive labour and resilience costs.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eFactor\u003c\/th\u003e\n\u003cth\u003eStat\u003c\/th\u003e\n\u003cth\u003eImpact\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003ePopulation\u003c\/td\u003e\n\u003ctd\u003e5.13M (2024)\u003c\/td\u003e\n\u003ctd\u003eMarket size\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGST\u003c\/td\u003e\n\u003ctd\u003e15%\u003c\/td\u003e\n\u003ctd\u003ePricing\/compliance\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eMin wage\u003c\/td\u003e\n\u003ctd\u003eNZ$23.15 (Apr 2024)\u003c\/td\u003e\n\u003ctd\u003eLabour costs\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDisaster\u003c\/td\u003e\n\u003ctd\u003eNZ$13b (Gabrielle 2023)\u003c\/td\u003e\n\u003ctd\u003eResilience spend\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_orange\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-includes\"\u003e\n\u003ch2\u003eWhat is included in the product\u003c\/h2\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Word-Icon.svg\" alt=\"Word Icon\"\u003e\n\u003cstrong\u003eDetailed Word Document\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eExplores how Political, Economic, Social, Technological, Environmental and Legal forces uniquely affect The Warehouse, with data-backed trends, industry- and region-specific examples, forward-looking insights for scenario planning, and actionable implications to help executives, investors and consultants spot risks and opportunities.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"plus-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Plus-Icon.svg\" alt=\"Plus Icon\"\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-includes\"\u003e\n\u003cdiv class=\"title-row-includes\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Excel-Icon.svg\" alt=\"Excel Icon\"\u003e\n\u003cstrong\u003eCustomizable Excel Spreadsheet\u003c\/strong\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-includes\"\u003e\n\u003cp\u003eConcise, visually segmented PESTLE summary of The Warehouse that’s easily dropped into presentations, editable for region or business line, and shareable for quick team alignment and strategic planning.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-2_new_design\"\u003e\n\u003cdiv class=\"frst_big_letter_heading\"\u003e\n\u003ch2\u003e\n\u003cspan class=\"frst_big_letter_letter orange\"\u003eE\u003c\/span\u003e\u003cspan class=\"frst_big_letter_text\"\u003economic factors\u003c\/span\u003e\n\u003c\/h2\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-wrapper orange\"\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eConsumer confidence and inflation\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eHousehold sentiment and cost-of-living pressures compress basket size and drive trade-down toward essentials and private label; elevated inflation has pushed consumers away from discretionary spend. With the RBNZ OCR having peaked at 5.5% in 2023, value formats benefit as mix shifts to essentials. Price elasticity remains high in electronics and homewares, making promotional cadence and tight inventory discipline critical in downcycles.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003csection class=\"sub-highlight-box\"\u003e\n\u003cdiv class=\"sub-highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFX and import dependency\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"sub-highlight-content\"\u003e\n\u003cp\u003eNZD volatility materially affects landed costs: NZD averaged about 0.60 USD in 2024 with roughly 8% intra-year swings, increasing import cost variability for The Warehouse, which sources a majority of non-food inventory from Asia. Hedging (forward contracts, options) and supplier negotiations on price\/lead-time have been used to stabilise gross margins. Sharp currency swings have forced periodic price resets that test customer loyalty and promo elasticity. Dual-brand positioning (The Warehouse and Noel Leeming) provides category and margin mix flexibility to offset FX-driven cost pressure.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-2_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Image.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eInterest rates and credit\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHigher OCRs—which peaked near 5.50% in 2023–24 per RBNZ—raise borrowing costs and suppress big-ticket electronics demand, while BNPL and store-credit uptake (used by roughly a third of NZ online shoppers) boosts conversion but increases credit risk and provisioning needs. As monetary policy eases, historically observed rebound in appliance replacement cycles can lift volumes. Maintaining lean working-capital buffers (inventory and receivable days management) preserves liquidity across rate cycles.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"product-orange-section\"\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eLabor market dynamics\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eTight US labor market (3.7% unemployment, BLS Dec 2024) pushes wages up and constrains store staffing; average hourly earnings rose ~4.1% y\/y in 2024. Productivity tools and scheduling analytics can cut labor costs 5–10% and offset pressure, while targeted training boosts service differentiation in competitive categories. Automation in distribution centers (McKinsey: productivity gains 20–40%) mitigates shortages and reduces fulfillment times.\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eUnemployment: 3.7% (Dec 2024, BLS)\u003c\/li\u003e\n\u003cli\u003eAHE growth: ~4.1% y\/y (2024)\u003c\/li\u003e\n\u003cli\u003eScheduling analytics: -5–10% labor cost\u003c\/li\u003e\n\u003cli\u003eAutomation: +20–40% productivity, faster fulfillment\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"product-box-orange-section4\"\u003e\n\u003cdiv class=\"title-row-orange-section\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-2.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eFreight and supply chain costs\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"content-row-orange-section blur_box\"\u003e\n\u003cp\u003eGlobal container and domestic trucking rates drive The Warehouse everyday low-price positioning, with freight representing roughly 3–6% of retail COGS and 2024 diesel spikes (Brent ~USD84\/bbl average) pushing trucking costs ~10–12%, compressing margins and OTIF; port congestion routinely adds 1–2 percentage points of margin pressure. Multi-node warehousing and vendor-managed inventory lift resilience, while collaborative forecasting with key brands cuts stockouts up to ~30% and markdowns ~15–20%.\u003c\/p\u003e\n\u003cp\u003e\u003c\/p\u003e\n\u003cul class=\"lst_crct\"\u003e\n\u003cli\u003eFreight share of COGS ~3–6%\u003c\/li\u003e\n\u003cli\u003eDiesel spike impact on trucking costs ~10–12% (2024)\u003c\/li\u003e\n\u003cli\u003ePort congestion margin pressure 1–2 ppt\u003c\/li\u003e\n\u003cli\u003eVMI reduces stockouts ~30%\u003c\/li\u003e\n\u003cli\u003eCollaborative forecasting lowers markdowns ~15–20%\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003c\/div\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e\n\u003csection class=\"highlight-box\"\u003e\n\u003cdiv class=\"highlight-icon\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/PESTLE-Content-Economic-Box-Icon-Color-1.svg\" alt=\"Icon\"\u003e\n\u003ch3\u003eStable govt, demand \u003cstrong\u003e5.13M\u003c\/strong\u003e, \u003cstrong\u003eGST 15%\u003c\/strong\u003e, wage \u003cstrong\u003eNZ$23.15\u003c\/strong\u003e\n\u003c\/h3\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"highlight-content\"\u003e\n\u003cp\u003eHousehold squeeze and high OCRs (peak 5.5% 2023) shift mix to essentials\/private label; electronics remain promo-sensitive. NZD ~0.60 USD avg (2024) raises import cost volatility, hedging and dual-brand mix mitigate FX margin risk. Freight (3–6% COGS) and 2024 diesel\/Brent ~USD84\/bbl pressured margins; BNPL ~33% online shoppers boosts conversion but raises credit risk.\u003c\/p\u003e\n\u003ctable class=\"tbl_prdct green_head blur_tbl\"\u003e\n\u003cthead\u003e\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eOCR peak\u003c\/td\u003e\n\u003ctd\u003e5.5% (2023)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNZD vs USD\u003c\/td\u003e\n\u003ctd\u003e~0.60 (2024 avg)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eFreight share COGS\u003c\/td\u003e\n\u003ctd\u003e3–6%\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eBrent 2024\u003c\/td\u003e\n\u003ctd\u003e~USD84\/bbl\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eUnemployment (US)\u003c\/td\u003e\n\u003ctd\u003e3.7% (Dec 2024)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cbutton class=\"get_full_prdct_green\" onclick=\"get_full()\"\u003e\u003c\/button\u003e\n\u003c\/div\u003e\n\u003c\/section\u003e\n\u003cdiv class=\"container_new_design\"\u003e\n\u003cdiv class=\"text-section text-1_new_design\"\u003e\n\u003ch2\u003e\n\u003cspan style=\"color: #3BB77E;\"\u003eFull Version Awaits\u003c\/span\u003e\u003cbr\u003eThe Warehouse PESTLE Analysis\u003c\/h2\u003e\n\u003cp\u003eThe preview shown here is the exact The Warehouse PESTLE Analysis document you’ll receive after purchase—fully formatted and ready to use. The content, structure and insights visible are identical to the downloadable file, with no placeholders or teasers. After checkout you’ll instantly get this exact, professionally structured report.\u003c\/p\u003e\n\u003c\/div\u003e\n\u003cdiv class=\"image-section image-1_new_design\"\u003e\n\u003cimg src=\"\/cdn\/shop\/files\/GENERAL-Explore-Preview.svg\" alt=\"Explore a Preview\"\u003e\n\u003c\/div\u003e\n\u003c\/div\u003e","brand":"PortersFiveForce","offers":[{"title":"Default Title","offer_id":56162578694521,"sku":"thewarehouse-pestle-analysis","price":10.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0914\/5276\/8633\/files\/thewarehouse-pestle-analysis.png?v=1762703702","url":"https:\/\/portersfiveforce.com\/products\/thewarehouse-pestle-analysis","provider":"Porter's Five Forces","version":"1.0","type":"link"}