Retail Theory and Practice Assignment : H&M

Added on - 21 Feb 2021

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RETAIL THEORY ANDPRACTICE
TABLE OF CONTENTSIntroduction to retail........................................................................................................................1Introduction to the company............................................................................................................1Key relevant changes within the UK fashion retail.........................................................................2Relevant changes within the micro environment.............................................................................3Suggest and discuss strategies and tactics that could be used.........................................................4Recommendations............................................................................................................................6Conclusion.......................................................................................................................................6REFERENCES................................................................................................................................7
Introduction to retailRetailing can be defined as a process of selling services or goods to consumers throughmultiple distribution channels in order to earn profit. It involves direct interface with customersfrom design stage to product offering stage to offering delivery and post delivery service to thecustomers. There are various kinds of retail businesses such as: fashion, grocery, departmentstores etc. Out of all these retail businesses, fashion retail business is one of the most commonbusiness (Martino and et.al., 2017). In fashion retailing cloths are designed, manufactured andsold. So it can be said that business of buying cloths from manufacturers and selling it tocustomers is known as fashion retail business. Fashion retail industry is one of the mostdemanding industry as profit in this industry completely depends upon understandingconsumer’s needs and desires and responding with appropriate products. Without understandcustomers desires it is not possible to run a successful fashion retailing business.Introduction to the companyH&M also known as Hennes and Mauritz AB is a Swedish multinational retail clothingcompany in fashion retail industry. H&M is one of the most famous clothing brands known fortheir fast fashioning clothing for women, men, children and teenagers. H&M was founded in1947 almost 72 years ago and was founded by Erling Persson. The main headquarters of H&M isin Sweden and is present at more than 5000 locations with worldwide presence. Main productssold by H&M is accessories and clothes. They are one of the most famous fashion brands knownwho employ more than 150,000 employees. They have both physical bricks and mortar stores aswell as online presence. physical bricks and mortar stores have various subsidiaries like Monki,Weekday, Cheap Monday, COS, ARKET and Other Stories(Mo, 2015). H&M and is associatedsubsidiaries are present in more than 62 countries both online presence and retail stores butonline shopping is only available in almost 33 countries. H&M’s main mission statement is“Fashion and quality at the lowest price” and their current objective is focused on growth, salesand expansion. They are the second largest global retail stores known with high brandrecognition. Their total retail sales is more than $22.4 trillion dollars and is continuouslyincreasing year by year. Their main competitors are ZARA, UNIQLO, GAP, TRENDS andmany more. Other than this there are various newly emerging fashion retail organizations whoare giving a tough competition to H&M as this industry is a fiercely competitive industry.1
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