Retail Theory and Practice

Retail Theory and Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
a) Identifies key relevant changes in the UK fashion clothing market.......................................1
b) Strategies and tactics that could be used by the retailer to respond to the major changes
occurring in the fashion clothing market....................................................................................5
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Retail is defined as a formative procedure in which process related to selling of products
as well as services is being done via numerous form of distribution channels in order to generate
maximum amount of revenue (Buckle and Thompson, 2020). Present report has been conducted
on, Next Plc, company operates their business functioning as a leading entity which is offering
products like, accessories, footwear, home products, clothing etc. In this report discussions has
been conducted on key relevant changes that are prevailing in UK clothing market and
suggestions to company to effectively respond towards occurring changes.
MAIN BODY
Overview of company
NEXT PLC is operating their business functioning as British fashion retail with having
headquarter Enderby, Leicestershire, UK. With their lucrative and high quality offerings this
entity is satisfying needs and demand of customers (Appiea, Ndletyana and Wilson-Prangley,
2020). Respective company is having commitment of their workforce which is making this entity
a leading organisation in retail industrial sector. Further it has been evaluated that with having
700 outlets and $1,694 stock turnover this company is offerings their services all around the
world. In addition to this, company is operating with three channels, namely, Next International
(chain of over 180 international outlets), Next Directory (home shopping catalogue and website)
and Next Retail (chain of over 550 retail branches).
a) Identifies key relevant changes in the UK fashion clothing market
Background of retail marketing-
Retail marketing is determined as a procedure within which retailers engage in the process of
generating awareness among individuals related to organisational offerings in order to influence
their purchasing behaviour (Dekimpe, 2020). In modern world this process process is becoming
complex within which there is an involvement of different form of selling methods.
Traditional distribution channel- With the help of this chain products and services
reached to customers. In this distributors, retailers, wholesalers and others are included.
1950’s Manufacturer is king- In the year 1950, products and services manufacture are
known as market king. Customers requirements are not high, this makes manufactures to
produce goods according to their wish.
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