Retail Theory and Practices

Retail Theory and
Practices

Table of Contents
INTRODUCTION TO RETAIL......................................................................................................3
INTRODUCTION TO COMPANY............................................................................................3
KEY RELEVENT CHANGES IN UK RETAIL INDUSTRY...................................................4
RELEVANT CHANGES IN MICRO ENVIRONMENT...........................................................5
VARIOUS STRATEGIES AND TACTICS...............................................................................6
RECOMMENDATION...................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION TO RETAIL
Retail comprises of process which facilitates as well as sell out different variants of
consumer products or services to general public (Retail Sector, 2020). In other terms, retail is act
as vehicle or medium through which producers can able to sell their finished products to end-
users and create revenue. For instance, if there is furniture manufacturer produces wide variety of
furniture goods then they sell out same to various stores that in turn sell those items to
consumers. Retail includes sale of merchandise goods from manufacturer directly to buyers who
want to consume that particular product. Fashion retail sector is an integral part of business as it
means the procedure through which procurement of clothes merchandise can be done. It includes
purchasing of trendy clothes from fashion producer and sell out same to consumers. It includes
fashion retailing, marketing, and merchandising. Fashion retail organisations have high
contribution in retail industry.
INTRODUCTION TO COMPANY
Primark is one of largest and well known fashion retail organisation which indulges in
offering number of distinct product range in order to satisfy diversified demands of consumers.
Primark is a leading and flourish Irish fashion retailer and its headquarters in Dublin, Ireland.
Organisation is basically a controlled by ABF which is parent company of PRIMARK. Company
deals and serves high quality products of merchandise clothing. It includes trendy and western
clothing for all class of customer groups (children’s, women, men) and also it deals in home
products, accessories, footwear, personal and beauty care products along with confectionery.
Company owns and regulates approx 370 physical outlets in across 12 countries including
United Kingdom. Primark is solely owned by Associated British Foods. Founder of such largest
retailer is Arthur Ryan who is Chairman of company. Mission statement of Primark is “to offer
high quality and fashionable goods to consumers which value their money”. Vision of company
is to establish high standards and benchmarks for other competitors and to achieve pioneer stage
in fashion retail industry. Company employ and work with more than 78000+ employees and
serves its products in number of different countries. Primark has its own website portal
primark.com which provide access to consumers to buy product at one glance. Moreover,
company has launched three dining experience within its stores under name of Primark Cafe with