Understanding Retail Change and Evolution
Added on 2020-07-22
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RETAIL THEORY AND PRACTICE
TABLE OF CONTENTINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1P1 Key relevant changes in UK fashion clothing market.......................................................1P2 Strategies and tactics respond to major changes of market...............................................3CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................8
INTRODUCTIONThe retailing theories and practices can be defined as such tactics which may be utilisedto build more effective as well as efficient retailing business. This may facilitate to attain severalgoals and objectives of company. They will adopt these beneficial techniques to prove betterproducts or services to complete the needs and demands of people (Thorpe, 2011). This willresult in improving goodwill of firm in market by grabbing more shares of it and build strongposition amongst competitors. This report is based on Zara company is a Galician fast fashionretailer based in Arteixo, Galicia and founded in 1975 by Amancio Ortega and Rosalia Mera. Italso owns various brands along with it such as Massimo Dutti, Pull&Bear, Bershka, Stradivarius,Oysho, Zara Home and Uterqüe. It may be considered that Zara as of 2017 manages up to 20clothing collections a year in its business. This assignment will involve key changes in fashionmarket and techniques to respond various modifications implemented in firm.TASKP1 Key relevant changes in UK fashion clothing marketThere are various changes which are needed to be applied in companies to improve theproductivity as well as profitability. It is necessary to compete with competitors and stronggoodwill of brand to attract new clients and retain the current ones. Basically, the fashionindustry has significantly evolved, specifically over last 20 years. They need to understandchanging dynamics of business organisations which have forced by retailers. Along with it, theyneed to consider flexible design, quality and velocity to market, so as to develop key strategies inorder to maintain profitable position in market. People want to purchase trendy products as theyneed to get up to date as per current scenario and clients are fond of adopting such changes veryfrequently. Several relevant changes which are implemented in UK fashion fashion clothing aregiven below: Evolution of clothing styles: - There is various kind of people and they have differentwants, demands, taste and preferences. Zara have to identify all these preferences and to fulfilthem by applying some unique features or qualities in its products. It is important to determineneeds to observe cohesion as generation and distinguish them from mainstream (Laseter andRabinovich, 2011). This will help to ensure the new style which can become real signal ofidentity as well as more compatible for youngsters as per their values of style. It is easily1
implemented modification which generates from previous fashion through some unique ideas.Along with this, it is not much costly and well adopted by people with satisfaction. This willfacilitate to apply any change easily by assuring better profitability for the organisation. Hence,evolution of styles renders more profits by investing limited amount of capital.New styles and paradigm shift: - It refers to such factors which have two stages likenormal and extra ordinary science. This basically described that normal is one withoutintroducing new radical ideas and try to enhance value of product within paradigm (Ruegg andMarshall, 2013). This means, firms have to solve crisis related to features of goods or servicesand apply few necessary changes in current one. Adding new quality to previous creation isconsidered as extra ordinary stage in concept of paradigm. There are various emerging trendswhich can be identified in changing market area then it will become essential for Zara toimplement some modifications. This includes changes in strategies or policies by which the y aremanufacturing the products as well as services to complete demands of clients more successfully.People want everything up to date as per changing trends of market and adopt them veryfrequently by leaving current things. This will work as forcing factors for Zara to apply some ofunique as well as innovative changes for making their services of clothing more attractive andsatisfactory then other competitive firms. It facilitates the company to build strong position incompletion of market and attract new customers with retaining the current ones.Cycle of becoming mainstream: - It refers to focus on main product or service of anorganisation while applying any kind of changes. It is important to think about this, if new stylesconcern and interest of young generation of then automatically most of people will easily adoptthat. But in case, if it will create some of critical point then generate public attention and stylewill not considered as alternative signal any more. This will become part of mainstream cultureas it creates identification issue for pioneers of styles. Primarily, the new styles of fashion aregenerated which have an effective communication with set of values against mainstream. Butafter that, many of firms adapt it to expand values of their own products or services then it willbecome mainstream (Mahadevan, 2015). It may conduct by early adapters learn secret codewhich allows to understand and follow modifications of fashion world proposed by pioneers.After some time, many companies observes this and adopt the same trend frequently one by onebut still do not know about actual principles of it applied by external changes in fashion. Hence.It is observed that, there are certain alternative styles emerging all time and this procedure can be2
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