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.
The report highlights trends pertaining within retail sector, organisational analysis as well
as recommendations to company for continuing operations in complex retail industry.
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. 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. Top players or enterprises that operate effectively in
retail industry includes Aldi, IKEA, Marks & Spencer, Asda, John Lewis, Argos, Wilko, Card
Factory, Waterstones, NEXT and so on. 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. 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
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