Retail Theory and Practice | Report

Running head: RETAIL THEORY AND PRACTICE
Retail theory and Practice
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RETAIL THEORY AND PRACTICE1
Table of Contents
Introduction to Retail:................................................................................................................3
Introduction to Company:..........................................................................................................5
Key relevant changes within the UK fashion retail:..................................................................5
Relevant changes within the micro environment:......................................................................8
Strategies and Tactics:................................................................................................................9
Recommendations:...................................................................................................................11
Conclusion:..............................................................................................................................11
References:...............................................................................................................................13

RETAIL THEORY AND PRACTICE2
Introduction to Retail:
According to the esteemed opinion of D'Silva et al. (2018), the basic concept of retail
business terms it to be an approach of business where the business organizations are selling
their services or the products to the end users for their usage. Having said that, DellaVigna
and Gentzkow (2019), mentioned that the transaction in retail business can take place through
a number of sales channels such as the direct mail, online or the brick and mortar store
houses. Fernie and Sparks (2018), also claimed that the main aspect of a business that is to be
regarded as retail business is selling the product to the end users directly. The common types
of the retail stores which are employed for the smooth management of the retail business are
observed to be the departmental stores, box stores, e- retailers, discount stores and warehouse
stores (D'Silva et al. 2018). Considering the concept of the fashion retail, Hwangbo, Kim and
Cha (2018), claimed that the type of retail business which involves the selling of accessories,
apparel and clothing products, is recognized as the as fashion retailing. Along with that,
Hwangbo, Kim and Cha (2018), mentioned that the fashion retailing is a consumer goods
market which is particularly focused on the clothing, accessories and footwear products and
is characterized by the intense level of competition, short lifecycle and frequently changing
customer preferences.

RETAIL THEORY AND PRACTICE3
(Information: Number of Fashion e-commerce users in United Kingdom from 2017 to 2024,
by segment (in millions))
(Information Courtesy: Statista.com. 2020)
From the statistics, the growth of the fashion retail industry in UK is pretty prominent.
The number of e- commerce users in the apparel, footwear along with bags and accessories
section were see to be the 39.2 million, 27.1 million, 12.5 million respectively in the year
2018 (Statista.com. 2020). At the end of 2019, the numbers are expected to increase 41.3
million, 29.3 million and 14 million respectively for the three segments (Statista.com. 2020).
Other than this, the estimated growth of the three segments by the end of 2020 looks like 43.6
million, 31.7 million and 15.8 million in numbers (Statista.com. 2020). On the other hand,
United Kingdom is expecting a year on year growth of 7.8% in their revenue generation in
the year 2020 and that is expected to make their revenue reach 25217 million US dollars
(Statista.com. 2020). The generation of such substantial revenue places the country in the
fourth place in the global revenue ranking. The market volume of the fashion retail industry