Developing Professional Practice - Essay Example

The new large scale retailers took three forms: department stores, co-operative societies and multiple chains (Jenkins, Johnson and Watson, 1997, p.1). It is estimated to boost in size by 15% in the next five years. UK retail industry contributes towards the 8% of the UK’s Gross Domestic Product (GDP), which involves mounting success of UK retailers overseas and the growth of e-commerce which accomplishes far beyond borders of United Kingdom. It also accounted for 4.5 million part-time and full-time equivalent jobs (Hillingdon, 2012, p.1). Hypermarkets like Asda and Tesco are proficient to capture wide customer base due to their diversified offerings.

Along with Asda and Tesco, Morrison and Sainsbury’s also accounted for a market share of more than 80% of retail food sales in the United Kingdom. Travis Perkins Plc operates as a builder’s merchant and home improvement retailer in the United Kingdom. It is a leading company in the builders’ merchant and home improvement markets and is the largest supplier of building materials in the United Kingdom. . This report will focus on the core structural elements of the retail industry and the main challenges currently facing by the retail industry in the United Kingdom.

Core Structural Elements The core structural element of the Retail industry in the United Kingdom comprises of the key players who have captured a broad customer base because of their diversified offerings. To name a few, these were Tesco, Asda, Travis Perkins plc, J Sainsbury plc, Co-operative Group Ltd, Marks & Spencer Group plc and HMV Group plc. There are also recent developments experienced in the retail industry and because of such developments the UK retailers are considered to be the largest retailers in the world.

Key Stakeholders In United Kingdom, the key players in the retail sector were Tesco plc, Asda, Travis Perkins plc, J Sainsbury plc, Co-operative Group Ltd, Marks & Spencer Group plc and HMV Group plc. Tesco plc is an international supermarket chain based in United Kingdom. It has acquired first position in UK retail market. The core purpose of the company is to create value for the customers in order to receive their lifetime loyalty. It is the largest British retailer by both domestic market share and global sales.

The main product of the company includes financial services, groceries, life insurance and telecom. Their strategies involve looking after employees of the company so that they can serve the customers in a better way. It accounts for 42.8 billion pounds in terms of revenue and 2,480 million pound in terms of trading profit (Annual Report, 2012, p.1). Travis Perkins plc operates as a builder’s merchant and home improvement retailer in the United Kingdom. The purpose for the existence of Travis Perkins is to create wealth for the