Competitiveness of the Retail Industry in the UK: A Study 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.