Retail Theory and Practice Assignment - Next Plc
Added on 2020-10-22
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RETAIL PRACTICEAND THEORY
Table of ContentsINTRODUCTION...........................................................................................................................2SECTION 1......................................................................................................................................3Introduction to retail and fashion retail..................................................................................31.1 Describe your clothing retail store...................................................................................31.2 The changes in the fashion clothing market.....................................................................41.3 Changes in the retail environment....................................................................................51.4 Identify in detail the problems that your organisation is facing in the UK fashion clothingmarket.....................................................................................................................................8SECTION 2....................................................................................................................................102.1 Uncertainty in the retail..................................................................................................102.2 Models used to implement change.................................................................................102.3 Change recommendations for the chosen company.......................................................113. Outline the overall strategy to be adopted........................................................................11CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12
INTRODUCTIONRetail refers to the process of making sale of goods and services of day to day use toconsumers by way of various channels of distribution with the aim of earning increased revenuesand profits. In modern world, retail companies meet the needs and requirements of people byway of a supply chain. The present report is based upon Next Plc which is a multinationalcorporation dealing in a wide range of footwear, clothing, accessories and home products. Thisenterprise is headquartered in Enderby, Leicestershire, UK. This report will take a look into thechanges taking place within fashion retail industry and the retail environment. Also, it takes intoaccount the problems faced by company along with the strategies used to bring changes withinnthe enterprise (Berry, Broadbent and Otley, 2016).SECTION 1Introduction to retail and fashion retailThe term 'retailer' is specifically used only when a service provider provide for the smallorders of a big quantum of individuals who are ascertained to be end users instead of providingfor large scale orders of a small quantum of corporate, wholesale or government clients. Modernretail entities take a number of strategic decisions inclusive of determination of market, type ofstore, effective product assortment, customer services, market positioning of retail store, supportservices and after sale assistance. Retail stores occur in a wide variety of types and contexts suchas strip shopping complexes, large store, indoor shopping malls etc.Fashion retail is a segment of retail market which deals in ascertaining the latest trendsand lifestyle needs of people and then rendering products that strive to fulfil those demands andensure maximum satisfaction being derived from them. Fashion retailers describe their strategiesbeginning from their value proposition, key positioning factors such as experience, speed,assortment, channels so as to differentiate themselves from other rival companies. Thesegmentation of fashion brands 1.1 Describe your clothing retail storeNEXT PLC is a British fashion retail company which has its primary operations withinUK and has continuously being trading since a long time. This organisation captivates theattention of people by provision of its high-quality and lucrative offerings associated with home-ware, accessories, clothing, footwear to people (Bloom and et. al., 2012).
Features of company: The best features of this company is the commitment and loyaltyof its human resources towards making it the topmost brand within retail market.Location: This organisation has branches spread across geographies such as Europe,Middle East and Asia (Dholakia, Dholakia and Chattopadhyay, 2012). Business format (Store Based): Next Plc is operating in an effective manner within UKand mainly has three channels, namely, Next Retail (chain of over 550 retail branches), NextDirectory (home shopping catalogue and website) and Next International (chain of over 180international outlets). Business format (Non-store based): Next Plc takes orders via mail and also deals inonline shopping wherein company has introduced initiatives like next day home delivery (withfee of minimum £3.99) for orders placed before midnight. Customers have access to collectionand return of items at any nationwide store. Further, new in-house delivery service has beendeveloped so as to deliver large home products easily with the capability to deliver on weekends.Classification by size: On the basis of size, retail stores can either be high street ordepartmental. Next is a departmental store having 700 outlets spread across the world of which500 are found to be in United Kingdom. gross profit margin, stock turnoverClassification by margin- The profit margin of the company is 34.19% and the stockturnover of it is $1,694.1.2 The changes in the fashion clothing marketBackground of retail marketing- Retail marketing is a process by which the retailerspromote awareness and interest of their goods and services in an efforts to generate sales fromtheir consumers. It is vital commercial activity which provide an opportunity to purchase goodsan services from the different merchants. Now these days, it is a complex and diverse field whichinvolves all types of selling of products. Traditional distribution channel- Distribution channel is a chain by using it, goods andservices are passes or reaches to the customers. It include retailers, wholesalers, distributors andothers. 1950’s Manufacturer is king- In 1950, the manufacturer of the products and services arethe king. The needs and demands of customers are not much high so as the manufacturerproduce, the customer purchase that (Dos Santos, Svensson and Padin, 2013).
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