UK Fashion Retail Industry Assignment
Added on 2021-02-21
10 Pages2953 Words54 Views
INDIVIDUAL REPORT
Table of ContentsINTRODUCTION...........................................................................................................................3MAIN BODY..................................................................................................................................3Relevant changes within the UK fashion retail industry.............................................................3Changes in Micro environment...................................................................................................5Strategies......................................................................................................................................6Recommendations........................................................................................................................8CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................1
INTRODUCTIONRetail basically involves exchange of goods and services in a limited quantity and isgenerally done to the ultimate consumer i.e. the one who is purchasing it for consumptionpurpose rather than for further selling etc. This is usually done through various stores or outletswhich can be nine as well as offline. Fashion retail is particularly referred for a company or agroup of company that deals in fashionable products and commodities and the items that aretraded by them usually comprise of clothes, jewelleries, accessories etc. and other wearablethings that a consumer can buy (Chan, Ngai and Moon, 2017). Marks and Spencer is aninternational company dealing specially in high quality premium sector clothing, homeaccessories and food products. With around 80787 employees being employed at variouslocations distributed all over the world through 1463 stores, the Marks and Spencer Companyhas a strong physical presence and is a big part of the lifestyle of people in multiple number ofcountries. Apart from the strong offline presence i.e. through stores and malls, the onlinepresence of the company is strong as well by providing extremely god quality cloth at affableprices. The company usually targets customers belong to medium upper or upper class segmentby providing a wide range of luxurious products. Apart from strong online as well offlinepresence, the company has also conducted a series of aggressive marketing campaigns in order togain the customer base and regularly be in news regarding their clothes and merchandise. In thecurrent report, the major changes that the fashion retailers specifically Marks and Spencer arefacing in UK’s economy will be discussed along with an analysis of micro environment as well.Further, in this report, specific strategies and tactics that can be used in order to meet the microas well as macro challenges have been discussed. Lastly, this report will also present the relevantconclusions and recommendations that can be made with respect to Marks and Spencer that willhelp the company in increasing and maintaining their sales.MAIN BODYRelevant changes within the UK fashion retail industryIn order to analyse the entire macro environment regarding the fashion retailing industryof UK, the best tool that can be used to analyse various aspects of the macro environment isPESTLE Analysis tool can be used. Political Factors: In UK’s economy one of the major factor that has been impacting the politicalenvironment recently is Brexit. The decision of UK to leave the European Union has impacted
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