retail theory

RETAIL THEORY

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................4
a) Describing key relevant changes in UK fashion sector........................................................4
b) Discussing strategies and tactics that retailer can use for responding major changes
occurring in UK fashion retail industry.......................................................................................7
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................11

INTRODUCTION
Retail refers to any organization that deals directly with end customers for selling goods
and services. In current scenario, competition has increased which forces retailer to adapt
effective strategies for meeting changing circumstances of industry. The chosen company for
present report is Next plc. which is British multinational clothing, home products and foot wear
retailer of United Kingdom. Present fashion industry of UK has arrived at peak growth level due
to advanced knowledge of changing taste & preference of buyers. The present report will give
emphasis on current changes in United Kingdom fashion industry. Current case study will
present strategies & tactics that can be used by retailer for adapting and implementing changes in
positive manner.
MAIN BODY
a) Describing key relevant changes in UK fashion sector
Clothing industry has been faced additional growth which made organization to study major
actions that can influence smooth business functioning. Globalization, changing customers
demand, life style, and corporate practices result into modification of present working criteria.
Availability of sources of funds, expertise consultation, advanced technology, etc. play crucial
role in impacting clothing sector of world. Next group Plc. is large organization that has
achieved success due to its appropriate business strategies for accomplishing objectives. The
following mentioned are key components which contribute in gaining competitive advantages
for overcoming cut throat globe level completion.
Digital technology adoption
The importance of digitalization has increased at large extent. There are various business
based platform that has been developed for selling clothing items. In addition to this, it provides
facility of obtaining discount, product awareness, visual merchandising, etc. Next Group Plc. as
well as given preference for observing customers activities. Data analytics plays essential role in
forecasting demand and sale of particular product (Rachinger and et.al., 2019.). The reason
behind success of UK fashion retailers in international market is more capability regarding
implementation of digitalized form methods for production, distribution, advertisement,