Retail Theory and Practice

RETAIL THEORY AND PRACTICE

Contents
INTRODUCTION.................................................................................................................................3
MAIN BODY........................................................................................................................................3
Relevant changes occurs in the UK fashion clothing market.............................................................3
Applying different strategies and tactics used in reducing the impact of such changes in the
organization.......................................................................................................................................4
CONCLUSION.....................................................................................................................................7
REFERENCES......................................................................................................................................8

INTRODUCTION
Retail industry is considered to be one of the fastest growing industry in the country
and thus carry the business regarding buying and selling of goods or services. They mainly
deal with customers regarding providing such services which fulfill their needs and demands
in better way (Henninger and et.al., 2017). Retails business mainly focus on improving the
facility which is provided through the supply chain management. It refer to managing the
accounts, finance, research department, marketing and sales department and many more.
Though this aspects, they provide quality products to the customer within the stipulated time
period. Present report is based upon the Marks and Spencer which is considered to be one of
the multinational retailer store in UK selling the high quality products such as clothing, home
equipment and eatable products. The concept of this business is brought by Michael Marks
and Thomas Spencer in 1884.
In this report, the matters will covers the aspects relating to identifying the relevant
changes which occurs in the UK fashion clothing market. It also includes the strategies and
tactics which is used by business regarding responding to the issues occurs in the fashion
clothing market.
MAIN BODY
Relevant changes occurs in the UK fashion clothing market
The changes which are examined and also causing major impact on the fashion brand
is relating to the following manner such as:
Creating the unique brand products: This is one of the major challenges which is faced by the
fashion industry in respect of designing the innovative products for the customers. As due to
changes in market trends tough competition is raised in market through designing the
products as per the customer needs and taste. It is not necessary that the uniqueness is
ascertained in the clothing products only but also in the case of packaging or labeling the
products (Rashid and Barnes, 2017). As customer are focusing more on getting the eco-
friendly products. Thus, it refers to the relevant changes which is mainly adapted by the UK
fashion clothing market in respect of retaining the customer interest towards the products for
longer way.
Price Inflation: It considered to be the biggest factors regarding retaining the customer
interest as due to changes in prices of the products results in distracting the interest of the
customer. As customer demands such products which they can easily affordable and in such
case they prefer new clothing every time. But due to changes in prices relating to increasing
in prices of fabrics or delivering cost in higher which indirectly affects the production cost of
the clothing (Jones and Comfort, 2019). Thus, inflation results in delivering the products to
the customer at the price higher than they expected. Through this manner, the impact on UK
fashion clothing industry occurs regarding changes in prices of the products.
Discounting: It refers to one of the biggest changes which is mainly adapted by the fashion
industry regarding attracting the customer interest towards the business. Through the
perspective of discounting, it resulting in bringing competitors in the business through
attracting the customer by providing discount and offers on particular products. Mainly the
changes occurs in respect of providing heavy discount during the festive season. So that they