Fashion Industry.edited.docx - Fashion Industry 1 Fashion Industry Student\u2019s Name Course Professor University State City Date Fashion Industry 2

Fashion Industry.edited.docx - Fashion Industry 1 Fashion...

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Fashion Industry 1 Fashion Industry Student’s Name Course Professor University State, City Date
Fashion Industry 2 Introduction (Retail Industry) In many countries, the retail industry is an essential sector that contributes significantly to the national economy, and to the GDP, the United Kingdom is not an exception since the industry significantly contributes to the national revenue. The retail industry is also a major employer in the country, and approximately 12% of the total GDP is contributed by the industry. In the year 2019, the retail industry in the United Kingdom generated approximately £ 391 billion worth of revenue. The retail industry, according to the business dictionary, refers to the sale of commodities for both consumption and use. In other words, retail refers to the selling of commodities to the final consumer, either to an organization or to an individual. Retail, in this case, entails supermarkets, market stalls, or door to door sales. The retail industry is also a major contributor to the national revenue that many countries collect annually, meaning that the industry significantly contributes to national development and growth (Bruce, 2009) . In the year 2017 alone, the retail industry contributed a total of $ 24.6 trillion globally. Measuring by revenue, it is evident that the retail industry is an unchallenged leader in the UK's economy. In a report produced by the Bureau of Statistics, the clothing industry is among the leading employment sectors in the year 20i9; this is despite the industry being partially closed for two consecutive years. According to the report, the retail industry is by revenue surpassing other pioneering industries such as agriculture and manufacturing. Although the clothing retail industry is propelling into greater heights, it is primarily propelled by consumer preferences and needs. The clothing industry is particularly led by fashion and consumption patterns among the consumers; this significantly impacts the way retailers and producers in the industry will operate. In the modern era, consumers are buying what they need and leaving what they don't need, a trend that has significantly shaped the way the industry operates (Crick, 2004) . Consumers nowadays are doing their shopping
Fashion Industry 3 online, and this has shifted the retail patterns among the retailers, most cloth retailers are particularly shifting to online shops, this has particularly been contributed by the drastic shift of consumers from in-store shopping to online shopping. In the year 2008, the UK's retail industry suffered a big loss in sales since the year 1996, a blow that was contributed by the great depression that occurred in the year 2007-2008. Overview of the company: Marks & Spencer Marks and Spencer is a British clothing retailer headquartered in London. The firm has particularly specialized in retailing of clothes and home products. Marks and Spencer is a multinational firm that is renowned globally for its products, most of which have dominated the UK's market. The firm was listed on the London Stock Exchange and has since attracted a lot of markets,

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