How does the retail industry really work?
Believe it or not the UK fashion industry contributes an astounding £20.9 billion (1.7%) to the UK GDP. This totals to more than; publishing and car manufacturing!
There are a variety of different store types which determine how stores can be run or the way in which they are divided. Here are a few examples…
Department store: John Lewis
A department store is a retail establishment with a building open to the public offering a wide range of consumer goods, usually 4 or more classes of goods/concession.
Private limited/Co-operative (John Lewis)
Located in town centres or shopping centres
Large business
Hypermarket
Has food/non-food
Pricing varies on product/brand
Face-to-face contact/Online
Turnover: £3.78bn. (2013)
Harrods, one of the largest retailers in Britain, despite its amazing looks and incredible variety behind closed doors it isn’t all fun and games.
Internet store: BooHoo
A form of electronic commerce which allows consumers to directly buy goods or services from a seller over the internet (such as BooHoo). This type of store does not have a bricks and mortar store, solely on the internet. 1 in 3 people now shopping online!
Private limited company (Boohoo)
Online store/no bricks and mortar
Non-food
Large business
Economy pricing
Online contact/e-mail
Turnover: £67.2 million. (Feb 2013)