Location of Retailers
Retail Park
High streets
Local
In Bletchley where I live we have a high street this is located in the middle of Bletchley. There are many different types of shops on this high street most of which are now convinent store and cheap houshold stores such as B&M and Wilkinsons. The high street however also has retail stores such as New Look and Dorothy Perkins. Each store creates a range of different target markets. It is very rare to find a luxury brand on a high street, youre most likely to find the cheapest stores on the high street, the maojrity of there pricing strategies will be commpetitive pricing, it would be very unsual to find a premium priced store on the high street.
Our local store where i live would be the Tesco express around the corner this is a convnent store where people can go to grab items such as food or drink quickly. The majority of loclal shops are convinent stores. psycological pricing strategy is what the tesco stores use in order to make people to feel as if they are getting more for there money. This works within the local store as it means that when people quickly go in to grab something they will see other items that look like they are on a good offer and quickly buy them too.
The nearest Retail Park to me within Bletchley is the MK1 Retail Park based next to the Milton Keynes stadium. The target audience for this is very mixed as they have food store, high street fashion brands and cheaper stores such as Primark are located here. The stores pricing strageies that are placed here vary, for example M&S works on a premium pricing stratgey, where as shoops such as New Look and Oufit will be working on a competitive pricing strategy where they are able to compete with eachother sue to having similar product and target market.