Retail Theory and Practice : Assignment
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Added on 2020-12-09
Retail Theory and Practice : Assignment
Added on 2020-12-09
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RETAIL THEORY ANDPRACTISE
Table of ContentsINTRODUCTION ..........................................................................................................................1An overview to the concepts of retail.....................................................................................1An overview of the company.................................................................................................1Key relevant changes in macro environment.........................................................................3Key relevant changes within the micro environment.............................................................6Strategies and Tactics that could be used by Next plc...........................................................8Recommendations..................................................................................................................9CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
INTRODUCTION Retail is the procedure of selling consumer goods and services to consumers throughmultiple channels of distribution. The study is based on retail theories and practises in fashionretail industry. The chosen company is Next Plc that is the largest fashion retailing brand in UK.The study will evaluate the key changes in macro environment for the organisation as well aschanges within the micro environment that can influence the company. To meet the challengesvarious strategic ideas will evaluate and the report will end up with some essential suggestions.An overview to the concepts of retailFashion retailers involve those industries engaged mainly with purchasing fashionproducts such as from various enterprises with the aim of reselling the products to the finalconsumers. Retailing is a convenient, credible and easy method of selling services and goods(Balaji and Roy, 2017). This is as older as the business is but trading has now taken new formsand shapes. The operation in retailing can be done through physical store or through electronicchannelsAn overview of the companyNext is a multinational fashion retailer that is headquartered in the city in England. Nextwas founded by Joseph Hepworth in 1864 (NEXT Plc, 2019). The organisation has around 700stores from which 500 are in UK and 200 across Middle East, Europe and Asia. Next Plc is thelargest clothing retailer in UK by sales. They offer a range of clothing, footwear and homeproducts. The first Next store was opened on 12th February 1982.1
Next has three major channels;Next retail- Retail Chain with 550+ branches in United Kingdom.Next Directory- It is a catalogue of home shopping with 3 million+ active customers ontheir official website.Next International- In this channel they have more than 180 global stores.Next group have three other businesses as well;Next sourcing- This business mainly concern with designing, marketing and buying ofNext products.Lipsy- The business chain is mainly doing designing and selling of clothing items and thetarget people are young women.Ventura- This organisational part of NEXT Plc is a customer service managementcompany.The industry need to distribute stock from the storage warehouse to the stores everyweek. It performs very well in the past few years and since 1995, their sale have increased withmore than 100% and it had state in their annual report that the sales enhanced by 20% in the lastyear (Çifci and et. al., 2016). The Biggest competitor of Next Plc is Marks and Spencer andArcadia Group. It is one of the advance and innovative industries in the market and was the first2Illustration 1: NEXT Plc.(Source: NEXT Plc, 2019)
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