Retail Theory and Practice Assignment Sample
Added on 2021-02-21
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Retail Theory and Practice
Table of ContentsIntroduction to retail fashion industry..............................................................................................1Introduction to UNIQLO ................................................................................................................1Key relevant modification or changes within the UK fashion retailer............................................2Relevant changes within the micro environment ............................................................................4Tactics and Strategies that can be utilize by selected organization.................................................5Recommendations............................................................................................................................6CONCLUSION................................................................................................................................7REFRENCES...................................................................................................................................1
Introduction to retail fashion industryRetail refers to the process of delivering product and services by using several sort ofchannels through which people can get to know about the goods. On the other hand, it means thatwherein, different types of goods and services has been develop for the people in order to fulfiltheir demand in an effective way (What Is Retail, 2019). Retail fashion industry is consider to beone of the fastest growing sector throughout the world. In UK, the fashion retailers are growingat a rapid pace by offering unique and variety of products to satisfy different needs of customers.Currently around 555,000 people are being employees in fashion retail companies within UnitedKingdom (UK fashion industry statistics, 2019). There are four biggest giant offering clothingsuch as Burberry, ASOS, Marks & Spencer and Next Plc operates within UK which alsocontribute toward the growth of economy. Among them Next Plc is one of the most activefashion retailer which make around 4.0 billion pound of annual sale within retail market.Introduction to UNIQLO UNIQLO is one of the best retailing company within the Japan which opened their firststore in Hiroshima. This was established in the year of 1949 as a textile manufacturer andheadquartered in Mid Town tower, Tokyo, Japan, along with this it is operating lots of clothingstore. In addition to this it has also opened the speciality retailer store for private label apparel(SPA) over a strategy to produce their own clothing brands and sell them exclusively within themarket era of Japan. With the help of this SPA model they successfully differentiated themselvesfrom the other retailers within the industries by using effective and unique product for satisfyingconsumers at the right manner. On the basis of this the founder of this organisation said thatUNIQLO clothes are Made For All. The UNIQLO brand is working over the aim of providingcomfortable everyday clothing which help in improving the livings of people. In year 2017,UNIQLO has expanded its operations by operating around 830 stores within Japan and 950stores in international market (Global Markets Driving Future Growth, 2019). It also operates itsoperations within UK in order to cater the varying need of people lives in country . TheUNIQLO maintain around 13 retail stores throughout the UK (STORES, 2019). It also workingover expanding more stores in order to capture larger market share for achieve competitiveadvantage as the competition is relatively higher in UK market due to presence of severalretailers who captured majority of market shares (ABOUT UNIQLO, 2019).1
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