Competitiveness of the Retail Industry in the UK: A Study on Marks and Spencer

This report analyzes the competitiveness of the retail industry in the United Kingdom, focusing on Marks and Spencer. It examines the latest changes and trends in the industry and identifies the challenges faced by the company. The study aims to provide insights into the retail industry and its impact on Marks and Spencer.

Crafting Your Future:
Professional Practice
and Research

Contents
INTRODUCTION.....................................................................................................................................3
Research Aim..........................................................................................................................................3
Research Objectives................................................................................................................................3
Research Questions.................................................................................................................................3
Background of the Industry.....................................................................................................................3
Literature Review......................................................................................................................................4
Competitiveness of the retail industry in the United Kingdom................................................................4
Latest changes and trends within the environment of the retail industry and their impact on Marks and
Spencer....................................................................................................................................................5
Different challenges faced by Marks and Spencer within the retail industry...........................................5
Research Methodology..............................................................................................................................5
Analysis and Discussion............................................................................................................................6
Findings......................................................................................................................................................8
CONCLUSION..........................................................................................................................................9
Self-Reflection..........................................................................................................................................10
Personal Development Plan....................................................................................................................10
Personal Analysis..................................................................................................................................10
Setting Goals.........................................................................................................................................11
Personal Objectives...............................................................................................................................13
REFERENCES........................................................................................................................................14

INTRODUCTION
The retail industry comprises of different companies that sell goods as well as services to
the customers. The industry has grown immensely over the last years, highly competitive and is
one of the fastest growing industries in the world that contributes to the overall economic
development of a nation (Amountzias and et.al, 2017). The preferences and needs of the
customers keeps changing from time to time. Organization chosen for this report is Marks and
Spencer, which is a leading multinational retail company that was founded in the year 1884 by
Michael Marks and Thomas Spencer. The company is headquartered in London, United
Kingdom and sells a variety of household as well as clothing products. The report analyses the
competitiveness of the retail industry in the United Kingdom as well as the latest changes and
trends within the retail industry. Lastly, there are also different challenges faced by the respective
company in the retail industry.
Research Aim
“To analyze the competitiveness of the retail industry in the United Kingdom. A study on
Marks and Spencer.”
Research Objectives
 To analyze the competitiveness of the retail industry in the United Kingdom.
 To identify the latest changes and trends within the environment of the retail industry and
their impact on Marks and Spencer.
 To determine different challenges faced by Marks and Spencer within the retail industry.
Research Questions
 What is the competitiveness within the retail industry in the United Kingdom?
 What are the latest changes and trends within the environment of the hospitality industry
and their impact on Marks and Spencer?
 What are the different challenges faced by Marks and Spencer within the retail industry?
Background of the Industry
Retail can be defined as the process of buying and selling of goods and services through
different channels of distribution in order to earn profits. Retail organizations operate in a highly
competitive as well as dynamic environment (Aragón and et.al, 2018). Organizations operating

within the retail industry have to constantly innovate and adapt themselves to the changing trends
as well as needs of the customers. The industry saw a rise in urban covered markets, specialty
shops as well as department stores. The advancements in technology as well as demographics
have helped the retail industry within the United Kingdom to grow and serve the needs of the
customers in an effective manner. Today, the reviews and information related to products is
available online and the attitude of the shoppers has also changed drastically. Companies are
increasingly enhancing their presence across different social media platforms in order to become
more accessible to the customers and understand their needs in a much more efficient manner.
Omni-channel marketing strategy has been opted by retail organizations in order to reach out to a
large number of customers and gain a competitive advantage against competitors in the market.
the retail industry is expected to grow even further in the coming years.
Literature Review
Competitiveness of the retail industry in the United Kingdom
The retail industry within the United Kingdom is one of the major contributors to its
overall economic development (Balaji and Roy, 2017). The industry has a number of well-
established as well as new businesses operating with the main aim of serving the needs of the
customers and generate profits. The retail sector in the United Kingdom has changed drastically
over the last few years and the main drivers for this change include selling products and services
over the internet, increased presence on social media as well as changes in the preferences of
customers. The retail industry within the UK is considered to be one of the most competitive as
well as fast-paced industries and is important for the economy. There are many new entrants
within the industry who offer similar products and services to those of Marks and Spencer. One
of the major reasons behind the competitiveness of the industry is that the needs and preferences
of the customers keep on changing. There are different small retail companies within the retail
sector of the United Kingdom to gain a lot of customers and build profitable businesses. They
can compete effectively by offering the customers unique products and services as well as better
customer service than other companies in the market. therefore, it can be said that the
competitiveness within the retail industry is very high within the United Kingdom.

Latest changes and trends within the environment of the retail industry and their impact on
Marks and Spencer
The retail industry is going through enormous changes and growing at a very fast pace.
There are various latest trends within the retail industry that have shaped it and contributed to its
overall growth over the years (Belefkih and et.al., 2019). One of the most important retail trends
within the industry is that companies are increasingly investing in omni-channel retail strategies.
Customers today have access to smartphones as well as high quality internet (Top 5 Emerging
Retail Industry Trends, 2020). They consult various websites as well as online platforms in order
to gain information about the product before making a purchase. Personalization is another
important trend within the retail industry that the respective company, Marks and Spencer has
adopted. The company is trying to personalize the products as per the needs as well as
preferences of the customers (Bottasso and et.al., 2017). This has helped the company in
attracting a greater number of customers and gaining a competitive advantage against the
competitors. Not only this, the company also offers its customers with online payment options as
well. Therefore, it can be said that the recent trends within the retail industry have both positive
as well as negative impacts on the overall operations of the company.
Different challenges faced by Marks and Spencer within the retail industry
There are new challenges that the respective company, Marks and Spencer has been
facing a lot of challenges within the retail industry. The behavior of consumers is changing
rapidly and it is mainly because of the growth of e-commerce. A large number of purchases are
made online and this has posed challenge for the respective company as it has to stay updated
about the recent trends. Finding new technology solutions for any problem within the workplace
is another challenge that the respective company has been facing. Difficulty in maintaining the
customer base as well as evolving expectations of the customers can also be sited as some
challenges that the respective company has been facing currently.
Research Methodology
Research methods can be referred to as different procedures that are used by the
researcher while collecting as well analyzing data. Common methods that are used in a research
include questionnaire, interview method, case studies, observations and so on. In context to this
research, various secondary methods such as online websites, articles, books as well as journals

have been used (Cacciolatti and et.al, 2017). The main advantage of using secondary methods for
the process of data collection is that the information is easily available and the researcher can
tailor the same based on the requirements of the study. The main advantage of using secondary
methods in this research is that they are practical and the researcher is able to save a lot of time
as well as money. As it is basically primarily based on already present statistics derived from
preceding research, secondary studies may be performed extra quickly and at a lesser price.
Secondary studies is regularly used prior to large scale primary studies to help make clear what is
to be learned. For instance, a researcher doing competitor evaluation, however who isn't
acquainted with competitors in a market, may want to get admission to secondary assets to
discover a listing of ability competition. Because a person else has already collected the records,
the researcher does now not need to make investments any money, time, or effort into the records
series degrees of his or her look at.
While every now and then secondary facts have to be bought with the aid of a researcher
looking to use it to inform a look at, they’re operating on, those fees are nearly usually decrease
than what the fees could be if the researcher had been to create the same facts set from scratch
(De Boeck and et.al., 2020). Also, the facts from a secondary data set is typically already cleaned
and stored in an digital format, so the researcher can spend his or her time rolling up their sleeves
and reading the information instead of spending time having to put together the facts for analysis.
Another advantage of studying secondary records rather than amassing and reading number one
information is the sheer volume and breadth of records that is publicly to be had.
Analysis and Discussion
From the literature review section, it has been analyzed that the retail industry is one of
the fastest growing industries in the United Kingdom that contributes significantly to its overall
economic development. The retail industry within the United Kingdom has various small as well
as well-established companies. There are many factors that contribute to the overall
competitiveness of the industry. Advancements in technology as well as changes in the
preferences of the customers are among the major factors that have contributed to the
competitiveness in the industry. A lot of companies are focusing on personalizing the products as
well as services for the customers (Dube and Gumbo, 2017). There are many different new
entrants that are entering the market and this is one of the major contributors to the overall

competitiveness. Marks and Spencer is one of the most competitive companies in the United
Kingdom. Since the company is one of the main retailers of the country and has operations
across different geographic locations. This has contributed to the overall effectiveness of the
industry.
There are different trends as well as changes within the retail industry that have impacted
the respective company, Marks and Spencer in both positive as well as negative manner.
Advancements in technology are one of the major trends within the retail industry in the retail
industry. This is because it has made it easier for companies to understand the needs as well as
preferences of their customers in an efficient manner. Not only this, besides being an old
company, Marks and Spencer has been able to adapt itself to the different trends of the industry
and gain a competitive advantage (Efstratiadi and et.al., 2019). The economic conditions of the
country are also changing constantly and therefore, it is important for organizations operating
within the industry to adapt themselves to the same. The needs as well as preferences of the
customers are changing and Marks and Spencer is adopting itself to the same.
There are different challenges that companies within the retail industries are facing like
the small retail businesses are not able to implement latest technology due to budget constraints.
Consumer behavior is converting swiftly, and this is largely due to the explosive boom of e-
commerce (Tungande and et.al, 2020). Customers have many picks at their fingertips before they
commit to a buy selection. A large percentage of purchases are now made on-line, but research
show that customers choose to buy matters in man or woman at brick-and-mortar stores. It’s
commonplace for customers to investigate merchandise online simplest to make a purchase in
character. Therefore, the enterprise must see this as an possibility rather than a signal of doom.
It’s highly smooth to expand its business into an online platform (Filimonau and Gherbin, 2017).
Good purchaser experience is a key thing in creating brand loyalty. One of the commonplace
errors made with the aid of retailers is let their existing customers move and assume they are able
to without difficulty replace them. If you maintain this mind-set, the organization will locate it
tough to maintain the commercial enterprise increase.
Customers are looking for different options of products in order to satisfy their needs in
an effective manner. Not simplest has the quantity of outlets increased exponentially in current
years, but so has the information available to clients (Froud and et.al, 2017). This method savvy

customers generally tend to spend quite a few time studying their purchases – and do not forget
the whole consumer revel in at the same time as doing so – earlier than committing. The quantity
of desire humans revel in today has additionally caused a waning of logo loyalty, with customers
switching between outlets and on line/in-keep channels from buy to buy, relying which great
serves their needs on the time.
Luxury retailers aren't resistant to this trend either, as even wealthy customers now have a
tendency to shop around for the exceptional option. This decline in logo loyalty clients offers a
completely unique retailing trouble, as stores try to locate new and revolutionary manner to
appeal to shoppers – both existing and ability.
Findings
From the above report, it has been found that the retail industry is growing rapidly and at
the same time there are also various challenges that the respective industry has been facing. It
has also been found that Marks and Spencer is one of the major retailers in the United Kingdom.
The company has always tried to innovate its products and services as per the needs and
preferences of the customers (Herbert and et.al, 2018). The UK is a pacesetter in retail tech and a
hotbed for innovation. UK tech companies are the usage of go slicing technology together with
AI and facts analytics together with immersive technology to enhance efficiencies, client
pleasure and assist. Globally cell retail agencies want to be in markets wherein there are high
spending clients and an abundance of technologies. The key for such companies is how they
could appeal to new clients, find and utilise new technology and enforce them. UK retail has
most of these elements, making it a tremendous place for tech start-america and financing. Many
human beings have greater disposable profits, certainly without commuting, spending money on
food-to-items / eating out, tour. Therefore, over the past three months could have spent extra in
the retail region.
There are many challenges that the company Marks and Spencer has been facing recently
because the preferences of the customers have been changing. Although the company has
operations across different geographic locations, it has not been able to implement the latest
technology in its stores (Johnes, 2019). Customers are now choosing various multi-channel
options in order to buy products. These challenges have made it difficult for the company to
reach out to a greater number of customers. Also, there are various trends that are influencing the

retail industry to a great extent. Savvy consumers are beginning to expect omnichannel retail
experiences from their favorite manufacturers, meaning a seamless and consistent revel in across
channels which includes online, cell and in-character. If a consumer purchases an item online, as
an instance, the omnichannel version method the patron can go back the object to any brick-and-
mortar area, no matter wherein it become bought.
For retailers that keep on-line inventory separate from brick-and-mortar inventory, this
will speedy complicate logistics — especially if the ones distribution centers are placed on
contrary ends of the UK. Nowadays, companies are increasing their online presence in order to
reach out to a greater number of customers. M&S provide an extensive variety of products and
services to their clients. They “provide a wide preference of outstanding cost, great food,
clothing and home merchandise, which all sourced and made responsibly”. M&S are
continuously improving their product presenting as they stated of their annual file, “the
technologists’ paintings carefully with providers to introduce new, modern merchandise, which
have real realistic benefits for our customer”. This enables M&S to keep its customers and to
benefit a aggressive advantage. Though switching to on-line ordering and deliveries reduces the
chance of getting into touch with humans carrying viruses, there may be nevertheless a fear of
contamination due to negative hygiene at order fulfillment centers or shipping networks (Lu and
Boateng, 2018). Autonomous success and transport reduce risks round this, which is a issue
likely to lead to accelerated recognition and adoption of those new technology. Retailers have
lengthy advocated bloggers and influencers to earn cash by way of sharing associate hyperlinks,
and advertise thru product placement. Increasingly, manufacturers are capable of reduce out the
center guy and sell immediately to the consumers who follow and engage with these online
flavor-makers. Therefore, these are some of the major findings of the report (Nguyen, 2019). In
order too gain a competitive advantage in the industry, the respective company will have to offer
improved and innovative services to its customers.
CONCLUSION
From the above report, it can be concluded that the retail industry is one of the major
contributors to the overall economic development of a nation. There are various trends that
companies operating within the industry have to adopt in order to gain a competitive advantage
and perform effectively. Also, there are certain challenges that organizations operating within the

industry face. With a lot of new entrants as well as established businesses, the retail industry
within the United Kingdom has become very competitive. This is also because of the
advancements in technology and that companies are increasingly adapting themselves to the
needs as well as preferences of the customers.
Self-Reflection
Reflective writing is an analytical exercise in which the writer describes a real or
imaginary scene, event, interaction, passing idea, or reminiscence and adds a personal reflection
on its meaning (Treadgold and Reynolds, 2020). I wish to enter the retail industry because I think
that it offers a variety of opportunities to new comers as well as people who have an experience
of working in the same. The retail industry is growing increasingly and this means that there are
various job options available wherein one can execute their skills as well as knowledge. For
example, there is a need for candidates who are qualified and have effective knowledge about the
industry. The specialized skills that will be required include excellent communication skills,
interpersonal skills as well as knowledge of the latest trends in the market. These skills are
important because the employers within the industry expect the employees to have them.
Creative and ethical leadership are also required by the candidates in case they want to work for
a well-established firm. While working on this project, I got an opportunity to develop my
understanding about the different challenges that are faced by retail companies. Not only this, I
also learned about the latest trends of the industry and their impact on the operations of an
organization. Before undertaking this research, I had certain assumptions about the industry such
as that there are not many challenges that are faced by the industry and so on. But now I have
learned that various challenges that can impact the overall trends and challenges can have on the
operations of the companies. This shows that I need to work on various skills so that I am able to
get a good job within the industry. Also, in order to improve the same, I will try to learn different
sources so that I can react to the same effectively in the future. There are different alternatives of
looking at a problem and I will try to improve on my perspective. There are a lot of job
opportunities in the retail industry and one needs to have certain skills in order to attain the same.
Personal Development Plan
Personal Analysis
Strengths Opportunities

 Good communication skills
 Time Management skills
 Organizing skills
 Integrity
 Getting a job in the retail industry
within UK
 Interacting with different types of
customers
Aspirations
 I want to gain a job as manager within
a reputed company
 In the short-term, I want to develop
new skills that will contribute to my
overall development
Results
 I will measure the results by seeking
feedback from my supervisor as well
as colleagues
Setting Goals
What do I want
to learn?
What do I have
to do?
What support
and resources
will I need?
How will I
measure my
success?
Target date for
review of
results.
Communication
skills
In order to
develop strong
communication
skills, I will try
to work in
groups and
teams. This will
also help me in
developing
confidence.
Apart from this,
I will also join
an online course
that will also
allow me to
develop
Group of people,
laptop
I will ask my
colleagues as
well as
supervisor to
provide me
feedback
regarding my
performance.
15 days

effective
communication
skills.
Leadership skills Leadership skills
are another
important skill
that I will need
to develop. And
in order to
develop the
same, I will
develop strong
communication
skills and also
coach the team
members if they
have problem.
Team of
subordinates
I will ask my
manager as well
as team
members to
review my
performance as a
leader
20 days
Presentation
skills
In order to
develop
presentation
skills, I will
practice in front
of my colleagues
or coworkers.
Also, I will try
to attend other
presentations to
gain knowledge
about the same.
Audience and
laptop with
PowerPoint
The audience
will be asked to
review my
performance
20 days

Personal Objectives
Short-term goals (next six months)
Work on developing new skills and enhancing my existing knowledge about the retail industry
as this will help me in improving my performance
Medium Term Goals (next 2 –3 years)
Develop plans about entering a reputed firm in the retail industry so as to build a reputed
career within the industry
Long Term Goals (following 3 to 5 years)
To work as a manager in the coming 3 years and lead a team of individuals to help the
organization achieve its goals and objectives

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https://www.mulesoft.com/resources/api/top-retail-industry-trends >.