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The Changing Face of UK Fashion Retailing Market

   

Added on  2020-10-22

13 Pages3707 Words472 Views
Retail Theory andPractice
The Changing Face of UK Fashion Retailing Market_1
Table of ContentsINTRODUCTION...........................................................................................................................3Introduction to retail...............................................................................................................3Overview on Ted Baker..........................................................................................................3Key changes within UK's fashion retail.................................................................................4Relevant changes within micro environment factor...............................................................5Strategies and tactics that could be used by company............................................................6Recommendations............................................................................................................................9CONCLUSION................................................................................................................................9REFRENCES.................................................................................................................................11APPENDIX....................................................................................................................................12
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INTRODUCTIONRetailer are one who engage themselves in resale of goods and services in smallerquantity to ultimate consumer. They act as an intermediary by linking producer of the productwith its end user or for whom it was produced. For the better understanding of this report TedBaker company has been selected which is British retail clothing company. The global brand thatis Ted Baker basically deals in clothing for women, men and children clothing as well asaccessories (Zada, 2017). This report carries discussion about retailer and overview on company.Additionally, it include changes in UK's fashion retail as well as relevant changes within microenvironment. Furthermore, identify best suitable strategy for the tactics of company.Introduction to retailThe term retail refer to selling of goods and services through intermediary or multipledistribution channel to earn significant amount of profit. The role of retail market is to purchasethe goods from wholesaler or directly from producer with the purpose to deliver it to customer.Additionally the retail mix apart from 4P's that is product, price, place and promotion alsoincludes the other two P's which are personnel and promotion. Moreover, with the expansion ofdigital economy retail market either operate their business from brick and mortar store or byonline retailing (Dimitrakopoulou, 2015). If the business is into fashion then they initiallyidentify the market trend or preferences of customer. Accordingly, they select the design for theircloths and finally present their stuff either in their own retail store or sale it to other retailerswho finally makes the use of their personnel to present the product in such a manner it gains theattention of its targeted segment. Overview on Ted BakerTed Baker is a fashion retail premium company whose headquarter is in London, UnitedKingdom. It was founded in 1987 and basically deals in clothing for different category such asmen, women and kids. The founder of Teb Baker was Ray Kelvin who took the initiative andstarted the business in 1988 with its first store. After few years they take licensee in theirfootwear to manufacture supreme quality of fooptwear. Respective company has earned morethan £550.2 million of revenue on 2018 and has more than four hundred stores worldwide whichshows the market size of it is enormous. One of the reasons for their growth was that with thehelp of their wholesale business they expanded their presence in street. They basically cater huge
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customers from their physical store as well as through online platform. Moreover, their first brickand mortar store was opened around thirty years back in Glasgow then they earned suitable profitand further opened various store in places like Manchester, Nottingham and so on. Additionally,they offer various discounts and showcases wide variety of product through their website toenhance their market size and cover world wide population. Therefore, even after hugecompetition in retail industry above mentioned company earn huge profit because they come upwith unique style (Votsari, 2015). For which they analysing the demand of their existingcustomer which keeps on changing with the change in time. Thus, Ted Baker is known for itscommercial fashion stuff that include distinct hues as well as pattern for its high quality designdue to which they have sound financial position.Key changes within UK's fashion retailTo analyse the external macro environment factor for fashion retail Ted Baker PESTELanalysis is used that causes direct impact on the growth as well as existence of company.Political factor: Political factor include trade restriction, government stability,wagelegislation etc. that directly affect profitability of firm. Herein, Ted Baker which deals inpersonal as well household goods run its operations in various countries within UK. Thus, theyshould diversify their risk by analysing the political condition appropriately. For instance,company can make provision to minimise trade restriction or trade barrier that arise whileimporting the goods on other country. Along with that company must abide by the labourlegislation like fair wages on the basis of output produced. This help the company to maintainthe transparency and decrease the negative implication of political factor.Economical factor: It include inflation rate, foreign exchange rate and so on thatpositively or negatively affect the business. In context to Ted Baker, must operate its business onthe basis of different economic cycle like during the time of boom company can launch premiumproducts because at that time customer is ready to spend. Similarly, at the time of inflationcompany can bring different rage of product with comparatively low price. This clearly depictbusiness operate in dynamic environment so they need to adopt strategy for UK marketaccordingly (Rajkumar and Arulraj, 2018).Social factor: Ted baker should know about the belief, shared culture and attitude ofpopulation before starting their operations. Thus, selected company must make effective decisionor design the outfit based on the likings of customer otherwise company can loose its customer.
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