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Retail Theory and Practice INTRODUCTION 3 MAIN BODY3

   

Added on  2021-02-19

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Retail Theory and Practice

Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY...................................................................................................................................3a) Introduction of the company...................................................................................................3b) Key relevant changes within the UK fashion retail................................................................5c) Relevant changes within the micro environment....................................................................6d) Suggest and discuss strategies and tactics that could be used................................................7CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTIONRetail sector is currently people leading sector, which has varied customer and peopleswho are purchasing products or services from this industry. Retail means a complete platformwhich involves transferring of goods or services by company to consumer's using intermediaries.These people are basically third party, who uses a support such as resources, funds etc. Role ofretail has led to making of existence of goods or services directly to people using innovative toolsuch as in-store display, trail using and sales promotion (Brenes, 2016). Especially, into thefashion zone, retail firm are continuously expanding its own brand presence either store based oroffline. In fashion, still consumers choice is giving preferences to in-store feel, experiences andvision. In UK, fashion such as Marks & Spencer, H&M etc. are ruling the market, as they havehigher reach to the customer and top valued product quality & denomination. This report will be carry on Marks & Spencer headquartered in Manchester, UK. M&Sdeals in retail market of the UK and worldwide. It is one of a leading retail business in the UK,which deals in selling fashion products, groceries, financial services etc. M&S is top on rankingwith market share of 17.6 percent. Report will tell about identification of a market of fashionretail in the UK and also worldwide. Also, report will also tells about key relevant changes thatneeds to be made retail sector of the M&S (Ciravegna, 2017). Also, discussion of a Pestleanalysis and strategies or tactics to en-richness this sector to builds up business existences of theM&S and also increases existences of the M&S into the UK market. Also, report is all aboutgrowth orientation of a firm as well as how business existences can be raised up to determinesgrowth expectation of the M&S. MAIN BODYa) Introduction of the companyMarks & Spencer is the British multinational retailer headquartered in Westminster, UK. Firm isspecialised in selling high level quality clothing, home products & food products. M&S is listedon the London stock exchange and comes under top 100 endeavour of the global business. M&Swas founded by Michael marks and Thomas Spencer in Leeds. Firm has potential to sell its itemson both offline and online preferences, as business is currently works under offline chain, wherephysical and premium outlook stores are exists and daily people flow has been noticed.

Marks & Spencer have higher reach of its customer's and almost grab market size. M&Shave almost 979 stores in an entire UK, out of which only 350 stores used to sell garments &fashion in comparison to their other successful products. In the fashion industry, M&S have fulltime relationship with their supplier, store retailer's as well as logistics support of which sellingand availability of a product has becomes easy and secures. Sources: Market size & revenue of the M&S, 2018Given diagram reveals that market size has been grown from 2010 to 2017, but at lowershare. M&S is one of the leading firm in terms of revenues and acquiring customer base on timeto time basis. Along with this, M&S used Brick or mortar stores, which means stores has beentaken on leases or rent by this firm to do business operations (Kamran-Disfani and et. al., 2017).Th suitable idea is to save cost as well as making additional expenses in making of new stores.Due to multiple stores, customer are available with option to go to any stores and then buy theirfavourite outfit or fashion outfits. Changes such as method of selling using online and using ofa technology will be options for M&S to top level customer, as e-commerce is recognised one ofthe leading sector for purchases of own choices.Illustration 1: Market size & revenue of the M&S

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