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Retail Theory and Practice Assignment (Doc)

   

Added on  2020-10-05

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Retail theory and practice.
Retail Theory and Practice Assignment (Doc)_1
Table of ContentsIntroduction to retail....................................................................................................................3Introduction to company.............................................................................................................3Key relevant changes within the UK fashion retail:...................................................................4Relevant changes within the environment..................................................................................6Suggest and discuss strategies and tactics that could be used.....................................................7RECOMMENDATIONS. ..............................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
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Introduction to retailRetail sector is an large sector in which includes all shops that sell goods and services tothe ultimate consumer and they buy for their personal use not for business purpose. In retailsector includes shops from kiosks and small grocery stores to the large chain of supermarket andlarge departmental stores. It is one of the final stage in distribution process. There areapproximately 2,90,000 retail outlets in UK with total revenue in £ 366 billion in 2017 and morethan third proportion of consumers spends in shopping through retail stores. It is one of thelargest private retailer by 2.9 million employees in UK. Proportion of retail sales by online salesmode in 2017 is 4.3%. Retailing basically concerned with understanding the taste andpreferences of consumers by developing good merchandise assortment and display it is in storesin effective manner to attract large no. of consumer base. Retailing is one of the most intrinsicpart of every day life and in UK billion dollar conglomerates provide the large retailing servicesin which Wal mart, McDonald, marks and Spencer etc..Introduction to companyThis report is based on Hennes & Mauritz AB is an Swedish multinationalclothing retail company that deals in fast clothing of women, men and teenagers with children's.H&M associated with various outlets within 62 countries with more than 4500 stores andemployed more than 1,77,000 employees. In their group includes nine clearly defined brandsname in which COS, Monki, Weekday and other various brand operate under it (Kitchin andTate, 2013.). It provides lot of stylish products to their consumers and invest in advance supplychain, technological advertisements and use analytics and Artificial intelligence to give best totheir consumer base. To engage with their consumer base they provides an inspiring experiencesby connecting with them by social media and research about how and when and whereconsumers choose to purchase their products. They focus on integration of their physical storeswith the digital mode of communication so that they can enlarge their business opportunities. Itstarted its business in 1947 with single store for women's in Sweden and become global fashionbrand in whole world. Now at present it deals in 71 markets and grab attention of their consumerby digital mode of transmission (Schwarz and Hunter, 2012.. ). They aimed to open new stores
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by continuous development and strong store portfolio. It has large chain of proficient employeesaround the world and share value driven to work central for consumers. In future It work towardsa sustainable approach in fashion industry by using circular and renewable energy so that costshould be saved. They bring out the resources that are sustainable in nature and eco friendly also.To motivate their employees they use innovation in work and proceedings with imposedtransparency by value chain. It has 73% of employees in position of responsibility is women andit focus on empower the women workforce (Viljoen and Wiskerke Eds., 2012.).Key relevant changes within the UK fashion retail:Every industry face some changes in condition of while it deal in international marketand changing in work and conditions of market that directly impacts on their business. H&M isone of the Swedish multinational chain of retailing and deals in large consumer base. Somerelevant changes that occur in that industry which should be describe with help of PESTELanalysis that are as follows:Social changes:In retail fashion sector which one of the most optimism in that industry plagued byuncertainty. The fashion industry moving a seismic shift and look ahead and reveal some toptrends that give shape to that industry. It adopts some massive changes for long term that is thebackdrop that happening in an environment. The global fashion industry is moving towards thedigital adaptation by accessing consumer needs and reach with them through online sales apparel(Bodie, 2015). On an average people spends eight hours a day on online, the modern shoppersfeel comfort by using digital channels and content change as changes in consumer purchase pathfrom a traditional linear mode and consumer wants continuous brand experiences all time.Consumers expect perfect functionality and support that is immediate every time and becomehabitual for frequent delivery and consumers focus on more purchase decision by social media,peer reviews and influencer marketing. Further consumers become less brand loyal and want toswitch brands for discount that offer by other companies by 30% or more than it. On other handcompanies to connect with large consumer base move towards online movement and steepdecline in brick and mortar stores and focus on reducing operating cost of stores and connectwith each other and innovate in them so that they can enlarge business opportunities (Pantano,,2014). Consumer become conscious towards sustainability and become conscious towardsenvironment .In case of H&M today it recycled or use sustainable sources about 57% and that
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