Retail Theory Practice

Retail Theory Practice

Table of Contents
INTRODUCTION...........................................................................................................................1
CHANGES WITHIN THE MARKET ...........................................................................................1
RESPONSES TO CHANGES ........................................................................................................3
Strategies in response to changes ...............................................................................................3
Tactics ........................................................................................................................................6
CONCLUSION ...............................................................................................................................7
REFERENCES ...............................................................................................................................8

INTRODUCTION
The term “ retail” refers to a process of trading consumer products and services to the
people, by using different modes of promotional tools or channels of distribution to earn a
maximum revenue with more profit margins. They satisfy the demand of the customers through a
supply chain. In this modern retailer takes a various operational decisions that involves product
assortment, types of outlet and warehouse, support service and many more. Next plc is one of the
British multinational clothing, home products retailer and footwear, headquartered in Enderby.
It has around 500 stores in UK. This report consider the relevant changes in UK fashion clothing
market and suggests some strategies and tactics that retailer should use to respond the major
changes that occur in the UK fashion clothing market (Pantano and Timmermans, 2019).
CHANGES WITHIN THE MARKET
A Retail marketing is the process of promote awareness and interest of their products
offerings in order to generate sales form their consumers. Changes are occurred in every business
, so that company can operate their business and earn more profits and market share in UK.
Changes in fashion clothing sector in UK occur because of there is a change in people taste and
preferences. It is an essential strategy which provide an opportunity to purchase goods and
services from multiple stores. If company work according to changes occur in the society helps
the business to earn more profits and stability in the current market. There are some changes that
occur in the fashion clothing sector that also affect the Next plc sales. To become a luxury and
designer fashion store in UK, manager of Next plc analyse and identify the changes that are
explained below (Hagberg, 2016). Preferences- In current and present scenario, organisation mainly focus on the customer
preferences. Because of constantly change in the needs, wants and demand of the
consumer, company can properly examine them and make and manufacturing the
products so they will earn more profits and more market growth in the market place. For
a company, customers are a sea of knowledge and insights and to develop and modify the
products and services, manager of company constantly evolving taste and prefrences of
customer. And when the customer remain for a long time with a company they become a
loyal towards the company. In context of Next plc, manager constantly and regularly
identify their customers taste and preferences and the trend they follow in clothing sector.
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