Retail Theory and Practice on Marks and Spencer

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Added on 2020-10-04

Retail Theory and Practice on Marks and Spencer

Added on 2020-10-04

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Retail Theory and Practice

Table of ContentsINTRODUCTION...........................................................................................................................1Introduction to retail...............................................................................................................1Introduction to company.........................................................................................................1Key relevant changes within the UK fashion retail................................................................2Relevant changes within micro environment.........................................................................4Suggesting and discussing strategies as well as tactics that could be used ...........................6Recommendations..................................................................................................................8CONCLUSION ...............................................................................................................................8REFERENCES .............................................................................................................................10APPENDIX ...................................................................................................................................12

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INTRODUCTIONRetail sector is the fastest growing sector that helps to provide different variety ofservices to their potential customers. It includes all kinds of variety of products and services thatare highly required for the consumers. Retail sector is providing the all consumer product andservices that makes the customer satisfied and happy. Study will be based on retail practiceswhich will be depends on Marks and Spencer. Present study will be discussing about the overallmarket of retail and Fashion supermarket trends. Besides, it also explains the key relevantchanges within UK fashion retail. Apart from that, study will also discuss relevant changes anddynamic environment of market that affect overall industry’s profit. Introduction to retailFashion retail chain is the long term market that expands the business activities andprofitability ratio. Retail sector is offering a wide variety of product range at different prices.Besides, it also helps to take care of the organizational goals and provides a wide range of smalland large products as per the demand of consumers (Armstrong and et.al., 2015). Along withthat, it is the best and approachable market. The best example of big retail Fashion retail isWalmart. Tesco is the global competitor in 2014. many other retailers are already maintained thehigh competition in the market such as Asda, Aldi, M&S and Tesco. This sector spread in large number of levels that affect the other competitors and factorsof growth. Level of retail sector in the UK market is highly large and long lasting. In terms offashion retail market, M&S is the best example that provides a variety of range of new tendencyclothing fashion outlets. M&S provides all better and attractive services to their customers in thebest possible manner.Introduction to companyMarks & Spencer is the big multinational company in UK. It is the biggest Britishmultinational company in fashion industry. M&S is well known for its wide range of productsand growth. M&S is the greatest company which is spread in clothing and home branches marketgrowth (Brigham and et.al., 2016). It is the long lasting effect on the overall country or market. Itis the best approachable and productive function for the company which helps to fulfill theneeds of the consumers. Retailer has embarked on a radical transformation that company hasprovided to their customers. Under the expanded programmers M&S eliminated 25% of the floor1

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space devoted to clothing and home wares (Sullivan, Gershuny and Robinson, 2018). M&S ishaving 1035 stores in the UK out of which 300 are of clothing. Rest of the store market arerelates to the food conversation. UK fashion market has returned to growth from heavydiscounting and seasonal trends for makes customer happy and satisfied All over, UK is the largefashion market that has been providing best and lovely market growth. Retailers have been givenefforts by focusing on getting the value right (Fernie and Sparks, 2014). Marks & Spencer isspecialized in many sectors such as clothing, fooding market. M&S always take the bestapproachable target goals in order to meet the needs of the customer. Key relevant changes within the UK fashion retailMacro environmental factors are the driving cause that directly affect company orindustry in a direct or indirect manner. Besides, it also engages the best approach to identify thecurrent changes in market. Through research, it has been proved that 2016 was the toughest timefor fashion industry at time of attack of British and volatility in Chinese stock market. Thisbrings new major changes and long lasting effects on the overall industry. There are providingthe analysis of external market of fashion industry of UK with the help of Pestle analysis model(Fernie and Sparks, 2014).PESTLE analysisPolitical factorsPolitical elements can become the major driving components for fashion industry.Several economics and policy changes have given negative impact on the fashion industry in2016 and 2017 (PESTLE analysis of the fashion retail industry, 2017). Due to uncertainty,geographical events, Political factors are always unexpected and challenging for the companyAccording to Geopolitical reports terrorism, Brexit fashion industry has been changed rapidly.After the impact of Brexit, many of the UK companies get affected in terms of profit andchallenging goals. Due to Brexit fashion industry affected in many of the terms. Such asDevaluation of the pound, end of free trade, clothing price hike and drop consumer confidence. Example: for example PETA boycott against companies who use real animal furs skindue to use of animal skin material in the purpose of making clothes. Economic factors2

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