Retail Theory and Practice of Primark
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Added on 2020-10-05
Retail Theory and Practice of Primark
Added on 2020-10-05
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Retail theory and practice
Table of ContentsINTRODUCTION...........................................................................................................................3Identifies key relevant changes in the UK fashion clothing market ..........................................3Strategies and tactics that could be used by the retailer in order to adopt major changes thatoccurred in fashion clothing........................................................................................................6RECOMMENDATIONS.................................................................................................................7CONCLUSIONS .............................................................................................................................8REFERENCES................................................................................................................................9
INTRODUCTIONRetail is the process of selling goods and services to consumers in order to maximise theprofits of the company. Retailers directly sale their products to consumer and they can easilyidentify the demands of consumers by providing the services by filling small orders ofcustomers. Retail practices are commonly considered as the act of buying products. The study iscompletely based on the retail fashion clothing store Primark, a high-street fashion retailerorganisation. This corporation deals with a large variety of fashioned clothings and this companyhad recently entered strategic contract for selling celebrity sportswear. The research will alsohelp in understanding about key relevant changes in UK fashion clothing market that will affectthe profitability of the company. The report will mainly focus towards providing the strategiesand tactics used by Primark in order to acquire major changes in fashion clothing market. Key relevant changes in the UK fashion clothing market Retailing industries generally provides uninterrupted availability of goods and services toconsumers which mainly sales customer demanded product according to their interest anddesires. So for this purpose retail marketing is an important key element which avails largevariety of products and services (Burns and Smith, 2015). Primark is the high-street fashionretailers and this company have also started selling the sports wear products. It is most popularretail store who provides goods and services with a nominal and affordable prices. This retailershop have entered a strategic exclusive contract that acquired a collaboration of another brand inorder to sale celebrity sports wear into the fashion clothing market. It has covered over 174 retailshops in UK out of which 10 openings are yet to be announced till the year end of 2018. There are many key relevent changes occurred in the UK fashion clothing market such as:Organisation had top face political changes which result in uncertainty of the fashionindustry and this had impacted on the sales of the Premark products.Such political factors caused imbalance in supplychain due to which company have toface various financial challenges.Another factor which is occurred in Uk fashion clothing market is decrease in thedemands of the consumer. It has impacted greatly on Premark retail firm who is doingwell by generating strong profits and this industry had to face many economicchallenges. These challenges are occurred due to the less consumer demands of the
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