Inquiry Project on Trends in Retail: A Case Study of NEXT

CW1:Inquiry project

Table of Contents
INTRODUCTION...........................................................................................................................1
LITERATURE REVIEW................................................................................................................1
Trends in retail.............................................................................................................................1
METHODOLOGY..........................................................................................................................2
RESULTS OR DISCUSSION.........................................................................................................3
Analysis of company....................................................................................................................3
RECOMMENDATIONS.................................................................................................................5
CONCLUSIONS..............................................................................................................................6
REFERENCES................................................................................................................................7
APPENDICES.................................................................................................................................8

INTRODUCTION
Project could be delineated to a sequence of activities that are to be completed for the
purpose of accomplishing specific results. Similarly, inquiry project is a work that includes
group of learners that investigates a worthy problem, idea or issue (Hirst, 2019). It is an authentic
work which comprises serious engagement together with investigation. For present inquiry
project report, considered organisation is NEXT which is multinational footwear, home as well
as clothing products retailers having headquarters situated at Enderby, UK. The company have
approx 700 stores among which circa 200 across Middle East, Europe, Asia and circa 500 are
located in United Kingdom (Anaya and Pollitt, 2020).
The report highlights trends pertaining within retail sector, organisational analysis as well
as recommendations to company for continuing operations in complex retail industry. The aims
of the research are to make sure that the organizations which are operating within the retail sector
are able to find out the ways in which they can target specific customers using the latest trends in
retail and are able to attain their particular goals and objectives quite effectively and efficiently.
LITERATURE REVIEW
Trends in retail
In accordance to statement of Von Briel (2018) retail industry is defined to that sector
wherein ventures or enterprises sells any type of commodity to an individual consumer for own
usage. In this industry, product or service selling takes place through certain mechanisms such as
store at bricks together with mortar location, departmental shops, postal services and hence forth.
Retail industry have went through enormous structural changes in last couple of years with
digital technology addition to e-commerce at centre to transform retail landscape of UK.
Gibbons (2020) says that retail industry of UK is considered as £395 bn industry. Store
shut down in the month of March and April of 2020 has huge negative impact on retailers as it
have resulted in nearby 5 to 6% of overall annual decline in annual sales (Aversa, Hernandez and
Doherty, 2021). In 2020, approx to 3096655 retail outlets exist within retail sector. It is also
determined that around 324% of online sales have increased in last couple of years (Dewalska-
Opitek and Bilińska-Reformat, 2021). Top players or enterprises that operate effectively in retail
industry includes Aldi, IKEA, Marks & Spencer, Asda, John Lewis, Argos, Wilko, Card Factory,
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Waterstones, NEXT and so on (Kaushik and et.al., 2020). Key trends associated by retail
industry are as follows:
Digital by design: Year 2020 is proved to be one of transformation year for retail industry
through offering compelling cases about digital first approach (Li and et.al., 2020). It is because
retailers have to close down their stores due to Covid-19 restrictions as well as consumers were
informed for shop from home. For the purpose of reaching to locked down consumers, retailers
had to make decision for only channel available for scaling their online potentiality. It is
expected that this will lead to more and more number of retailers adopting digital first approach
(Mbambo, Olarewaju and Ngiba, 2021).
Health becomes new battleground: It is one of trend within retail sector that consumers
are changing their behaviours. They are working to emphasis more on healthy and wellness
which have wider chances of improving demand for wearables addition to data services so to
deliver personalised programmes (Peker, Kocyigit and Eren, 2017). More time as well as money
are dedicated by consumers for looking after themselves and it is devises greater opportunity for
retailers of UK.
Thoughtful experiential: Growth of online have put pressure on retailers for the purpose
of reassessing true value addition to role of stores. In last couple of years, experience related
retailers struggled with limited footfall together with opportunity for fostering consumer
engagement (Needham and et.al., 2020). Experts in the industry believes that experience remains
important to future of outlets which requires to be more thoughtful (Retail Trends 2021, 2021).
Moreover, cost pressure along with investment in experience requires to ensure that all these
makes sense as per brand perspective, deliver commercial return as well as adds consumer
values.
Eco-friendly shopping as main consumer priority: With changes in ecological factors,
consumers are becoming more aware about ways to protect environment. For this, the are
demanding from retailers about implementing measures which will permit them for
environmentally conscious shopping with the help of participation in recycling schemes so to
develop sustainable goals (Moorhouse, tom Dieck and Jung, 2018). Top retailers of UK have
announced that in the year 2022 they will be launching a Deposit Return Scheme which will
permit consumers to make payment of 20p deposit on individual use drink containers so to get
refund on being returned to returns place (Newing, Hood and Sterland, 2020).
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