Retail Store Marketing Plan Assignment Example | Topics and Well Written Essays - 1250 words

Retail Store Marketing Plan - Assignment Example The report will however specifically focus on the apparel retailing sector. The purpose of this report is to make a promotional plan of an apparel retailing company in UK. The report will shed light on the desired image and store name, the target customers for the new store, and the competitive advantage to be offered by the company. Apart from that, the report will provide several recommendations regarding the layout of the store, its atmosphere, customer service offerings and the promotional techniques to be adopted for the retail outlet. Lastly, the report will also suggest about the most appropriate location strategy. Therefore before getting further deep, the study will provide a brief overview of the global apparel retailing industry. Apparel Retailing Industry: A Brief Overview The apparel retailing industry is one of the fastest growing industries of the world. It consists of ‘childrenswear’, ‘menswear’ and ‘womenswear’. According to the reports, the total revenue of the global apparel retail industry was $1,031.5 billion in the year 2009, which represented a compounded annual growth rate of 3.1%. This report has also emphasized on the fact that majority of the revenue generated was from the sales of womenswear. It nearly constituted $534.4 billion, reflecting a total share of 51.8% of the overall sales. The industry is forecasted to reach a total value of $1,162.8 billion by the end of 2014, reflecting an increase of 12.7% from the year 2009. The major markets of apparel retailing stores are Europe, Asia-pacific and America. Both America and Europe hold 37.3 % of the overall revenue share, while the Asia pacific region embraces 25.5 % revenue share (Datamonitor, 2010). Despite the ongoing financial downturn, the global apparel industry is maintaining a strong growth. The industry is characterized by vast product differentiation, shorter product life cycle, and low switching cost. The bargaining power of consumers of this industry is assessed to be low, while intensity of rivalry among the existing players is moderate. The industry is therefore regarded as fairly attractive (AM Mindpower Solutions, 2010). Moreover, in spite of the consolidation process, the industry is still fragmented and thus provides enough opportunity for the small and new players. The findings also reveal that the retail clothing industry is highly attractive and can provide great opportunities for success to new players. However, for a company to get success, it is also important to design the operation and marketing strategies appropriately. Therefore, prior to getting further deep, the study will describe the business briefly. The study will also shed light on the strategies to be adopted by the company. Description of the Business The company will be involved in the business of manufacturing and marketing of the apparels products. The company will operate through retail outlet, which will be located at the city centr e. The products of the company will be childrenswear, menswear and womenswear. There will be large number of variants in each of the categories. For example, there will be availability of formal clothes, informal clothes, as well as sport clothes. The basic intention of the company is to ensure all the sections of the society are served effectively and it offers wide range of products and service. Another aim of the company is to make sure the prices of the products remain affordable. SECTION II Store Name and Store Image The store name and the image