Retail Theory and Practice PDF

Retail Theory and Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
Introduction to company.............................................................................................................1
Key relevant challenges within the UK fashion retail................................................................2
Relevant changes within the micro environment........................................................................3
Strategies and tactics that could be used in adapting changes....................................................4
Recommendation.........................................................................................................................7
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
Retail is the process of selling consumer goods or services to customers by using various
different methods or channels of distribution in order to earn profit. Retail business sell finished
goods to customers in exchange for money and retailers satisfy demand of the consumers by
identifying their needs through a supply chain. Retailing involves a direct interface with the
customer and the coordination of business activities from end to end right from the concept or
design stage of a product or offering, to its delivery to the consumer. Fashion retailing is a
process of retailing that includes selling clothing, appeal and accessories. It can be a group of
companies and a part of fashion supply chain that goes from the manufactures to the consumer,
offering goods and services through traditional seasonal spans and according to the fast fashion
timing. This assignment is based on Next Plc., it is a British multinational clothing, footwear and
home products retailer headquartered in Enderby, Leicestershire. This assignment discusses
about key relevant changes within the UK fashion retail, relevant changes within the micro
environment and discussed strategies or tactics that could be used in order to cope up with such
competitive challenges (Baker and Saren, 2016).
Introduction to company
Next Plc was founded in 1864 by Joseph Hepworth and it has around 700 stores of which
519 are in UK and 200 across Europe, Asia and Middle East. It produces or manufacture
fashionable and trendy apparel according to the consumers’ demand both men and women. This
company designs, manufacture and distribute clothing and home furnishing and accessory items
to nearly 330 Next retail stores and through the company's Next directory mail order sales
catalogue. There are 49,033 employees working under it.
There are various different strategies and tactics adopted by Next Plc in order to adopt
changes effectively. The company rapidly, becoming pioneer for the development of chain stores
in Britain. In its fashion products, the organisation is created best designs and collection
according the needs and demands of its consumers. In fashion retail sector it also have various
competitor such as Mango, Gucci, Zara and various national and international brands (Bodie,
2015). Next operations are divided into complementary activities, retail stores and catalogue
sales. These operations of Next plc provided more than £821 million of the company's total sales
in 1998 while representing more than two thirds of operating profit. Prinkmark is on track to
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