UK Retail Industry - Essay Example

Evaluation of project: UK Retail Industry: market trends Introduction The development of retail industry around the world has been quite rapid andextensive. However, last years are characterized by a decrease in the performance of the enterprises operating in the particular sector. This fact can be explained using many justifications. The limitation of financial development of markets around the world and the relevant turbulences that followed have caused a severe damage to retailers around the world that had to re-format their strategies in order to meet the standards set by customers internationally. Current study will focus on the British retail market. The particular market will be examined as of its performance through the years in accordance with a series of data released by firms that operate in the specific sector of British economy. The methods used for the retrieval of the necessary info are the following ones: a) study of the financial reports of firms that operate in the specific market (only the most successful retailers will be examined – approximately 5 of them), b) survey of customers of British retailers (customers of retailers that are based in Oxford Street, London will be used as participants in the relevant research) and c) review of statistical data related with the performance of firms operating in the British retail industry; these statistical data can be published either by governmental organizations or by private institutions. All the above methods will be evaluated as of their effectiveness regarding the target of the research: identification of the performance of British retailers through the years. Apart from the analysis of the research methods used towards the completion of the study, a series of other issues will be examined in the context of this paper at the level that the reference to the these issues is necessary because of the importance of the subject, the turbulences of the market (which can cause severe delays in the completion of the research) and the unexpected changes in the conditions under which the research is conducted. Because all the above factors can alternate the conditions of the research, they are examined trying to focus on their relevance with the successful completion of the research under evaluation. 1.1 Research questions The research is based on a series of questions that should be divided into two main categories. The first category includes only the main question of the research while the second category includes the secondary questions of the project. The project’s main question is the following one: which are the trends (in terms of performance of retailers) of British retail industry. At a next level, the project’s secondary issues are the following ones: a) the main factors that influence the performance of British retailers; b) the customer preferences within the UK retail market, c) the development of British retail market through the years and d) the prospects for the specific sector of the British economy for the years to come. 1.2 Criteria for effectiveness The effectiveness of current research is based on the following criteria: a) Time required for the completion of the project (no more than one month since its beginning) b) Credibility of results (using 3 different methods of research the credibility of the data – and the results produced – could be considered as achieved) c) Number of participants (more than 80 customers of British retailers have been participated in the relevant research – a number that is considered as satisfactory regarded the target set) d) Analysis and presentation of findings The methods used for the analysis and presentation of findings/ data (retrieved through the methods described in the Introduction section) can be characterized as quite satisfactory if taking into account the subject under examination, the time limits of the research and the resources available. The above criteria of effectiveness are just indicative. In fact, many other criteria could be added in current evaluation plan in accordance with the conditions related with the particular subject and the targets set by the evaluator(s) (Taylor et al., 1988). 2. Evaluation of procedure applied 2.1 Project design The project is based on a three-part research (as described in the Introduction section). However, a relevant literature review is also included in the relevant study as far as it supports the examination and the development of the study’s main and secondary issues. In this context, the project is divided into four main parts. In the introductory section, the study’s research question, its aims and objectives and the research methodology are presented. Within the second part of the paper the literature review related with the particular subject is analytically presented. The most important part of the paper is the third one in which the research methods which were described in the Introduction section are extensively developed. Finally, in the fourth section, the Conclusion over the findings of the research (in section three) and the literature (in section two) is presented followed by a few suggestions (recommendations) on the issue under examination. 2.2 Participants As explained above the research of current paper has three parts. The first and the third part of the research (financial reports and statistical data) do not require the existence of participants presenting their views on the particular subject; however the second part of the research (survey) requires the conduction of research using a questionnaire given to customers of successful British retailers operating in a specific location (Oxford street, London). The participants are not expected to be less than 80 – a higher number will be targeted in order to ensure that the number of participants in the specific research will be approximately 80 (at least). 2.3 Analysis of findings The analysis of the findings of the relevant research should be conducted using different methods in accordance with the particular research methods that are under examination in each specific case (as described above in the introduction section): a. Analysis of data including in the financial report As stated above the trends of the British retail market will be examined primarily through the data revealed by the financial reports of the firms that operate in the specific sector. It should be noticed that only the most successful retailers of UK market will be included in this part of research (their success is assumed using their position in a relevant ranking of performance of British retailers) b. Analysis of data released through the questionnaire As already explained above, current study will be based on three different research methods/ approaches. In this context, a questionnaire will be formulated referring to all the issues presented in the ‘research questions’ section. An effort will be made in order to ensure the relevance of all questions included with the particular issue. The questionnaire will include both questions and answers (i.e. the participants will be asked to choose among a series of answers for each particular question). The format of the questionnaire is presented in order to explain/ justify the methods used for the analysis and evaluation of its results. At a first level, the results are distributed into categories in accordance with their relevance with the particular subjects (co-examined in current research as described in the ‘research questions’ section). Then, the results are interpreted focusing on their closeness with the main subject. In other words, questions that are related with the main subject of the research are considered as having a priority compared to those the rest of the questions that are related with the general aims and objectives of this research. The answers that are given to the primary and secondary questions (as described above) are described and evaluated using relevant tables – graphs are also employed in order to represent the trends of the study. It should be noticed that the results will be evaluated using the view of the literature – in other words, the answers given will be examined in accordance with the views of researchers in the particular sector. The possible refusal of participants to answer on specific questions will be also mentioned trying to identify the reasons for this behaviour. The interpretation of results will be both qualitative (i.e. in combination with the literature presented throughout the paper) and quantitative (through appropriate graphs and tables that will represent the answers of participants in a more ‘practical’ form). c. Analysis of data published by governmental and non-governmental organizations The statistical data that have been retrieved through the relevant publications of governmental and non-governmental organizations are presented in a table format – divided in categories and are discussed in combination with the findings of the survey and the data retrieved by the firms’ financial reports. Assumptions are then made regarding the trends revealed by the data that have gathered using the above three methods. The analysis of the research findings focuses on the achievement of the following targets/ has the following characteristics: a) the retrieval of data is analytically explained; there is no chance of doubting the credibility of findings revealed through the three research methods employed in the research, b) the effectiveness of the findings is appropriately proved through their analysis, c) the presentation of the findings is clear and there is no risk of misunderstanding of information provided, d) the findings are relevant in terms of the time of their retrieval. 3. Constraints of evaluation The evaluation of the research presents certain problems which could be categorized into the following categories: a) The simultaneous work on the data retrieved through the different methods is not possible; in this context it could be stated that the evaluation made will be partially subjective when referring to specific issues that are developed in all methods used in current study b) The participants are chosen randomly; it would be rather impossible for them to be organized in groups especially if taking into consideration the conditions of the conduction of the specific survey c) In some cases the time required for the retrieval of data was more that was initially estimated; this was resulted to the delay on the completion of the relevant survey in accordance with the time framework set for current study d) Ethical issues appeared when conducting the survey; some participants claimed that the specific survey referred to issues that related with personal views that could not be revealed (like for example when being asked for their view regarding the most successful retailer in the specific region – a reference to specific retailer should be made – a question to which a few participants avoided to answer). 3.1 Timing The retrieval of the data used in current study has to be ‘synchronized’ (referring to the data retrieved through the three approached used in current research). However the above target is not easy regarding all parts of the research. More specifically, the data revealed in statistical reports refer to the previous years; no recent data can be retrieved through the particular method. On the other hand, the data retrieved through the second method, survey, are current. As for the first category, the date involved are, most commonly, of the previous years – for the current year only specific data are available through a firm’s financial report. In accordance with the above, it is necessary that the research is appropriately organized in terms of the time to which the data refer. An hierarchical presentation of data (starting from the past up to the present) would be an appropriate solution for avoiding any problem related with the timing of the data involved in current research. 3.2 Risk management As explained above, the data used throughout this project cannot refer to the same period – at least not absolutely; they may present minor differentiations regarding the time to which they refer. For this reason, it is possible that the assumptions made to be partially contradictory. The above problem can be avoided only if appropriate measures are taken in advance making sure that the final assumptions on the issue under examination will refer to specific points of time (Shadish et al., 1993, Chemlisky et al., 1997) or periods for which the data revealed are the same (or at least present common trends). 3.3 Implementation criteria The design of the research has been presented and analyzed with accuracy. However, the fact that all the stages of the relevant research have been precisely described cannot lead to the assumption that no changes can be made during the progress of the research (Patton, 1981, House et al., 1996). In fact, the alteration of some of the points of the research may be necessary in order to meet the trends of the market or other conditions that have been occurred unexpectedly. Because the research includes three different approaches it is possible that minor alterations will be required during the progress of the research in order for the data revealed to be relevant (in terms of timing and their content) with the issue under examination. 3.4 Evaluator Current research will be based on three different approaches. All these approaches are examined and evaluated by an external evaluator, i.e. by a consultant who is appointed by a funding corporation in order to provide the necessary material regarding the issue under examination and especially to deliver an integrate report regarding the effectiveness of the research methods employed throughout current study. The role of the evaluator can be explained using a variety of approaches (Glass, 1976); because of the involvement of many different research methods (which have to be evaluated in the context of this paper) the importance of the participation of evaluator in the completion of this study is considered to be significant. On the other hand, the evaluator has the responsibility for the credibility of the results produced and presented (Pawson et al., 1997, Chelimsky et al., 1997); for this reason the responsibilities and the rights of the evaluator should be carefully reviewed ensuring that the powers given to the evaluator are in accordance with the targeted result: production of credible assumptions regarding the effectiveness of the methods used for the identification of current trends of British retail industry. 3.5 Politics of dissemination The structure of the research can ensure the credibility of results produced. Moreover, as already noticed current research is based on the use of three different approaches which can be characterized as quite effective if taking into account the circumstances of the particular research and the characteristics of the issue under examination. However, because there is always the risk of failure when conducting a specific research additional measures should be taken in order to ensure the minimization of the effects of a potential failure (referring to the application of the standards of research as set by its designer and its evaluator) on the credibility of the assumptions made regarding the particular issue. In this context, the researcher could possibly set the conditions under which the dissemination of findings would be completed (in any case that a failure in the research – as described above – could be identified by its evaluator). In other words, the process of dissemination of findings would be regulated by the rules set by the evaluator who has the exclusive power to set the relevant standards and conditions. 4. Conclusion The development of British retail market cannot be denied. However, this development was not radical but it was achieved through a gradual increase of the performance of retailers in various regions within UK. In accordance with a study published by Oxborrow (2000, 27) ‘resulted from the reconfiguration of retailing in the 1980s when the concept of lifestyle shopping, pioneered by Next ‘forced’ consumers to develop a preference for more sophisticated product ranges, better quality and higher design content’. In other words, customers in UK had to be adapted on a continuous changing retail market which is characterized by the entrance of new competitors and the increase of the power of the ‘traditional’ firms of the specific sector mostly through the development of brands and the acquisition of competitors. As it is revealed in the above study of Oxborrow (2000) British retail market is characterized by ‘the dominance of seven chain store groups that collectively account for almost half of all sales; these include Marks & Spencer (16%), the Burton Group, BhS, Next and Littlewoods; the fastest growing retailers, however, include smaller chains such as Oasis and New Look, while the most profitable are Burberry, River Island, Monsoon and Mackays’ (ICC Business Ration Plus, in Oxborrow, 2000, 29)’. Through the years, the development of firms operating in the particular sector has been impressive. This was a target achieved with the support of technology. In a recent study it was revealed that ‘almost one fifth of e-commerce in 2000 was business to consumer, worth some £10 billion; much of this was financial sector business, such as stock trading, however, a figure of £1.2 billion was reported for general consumer shopping’ (Retail Industry, 2007). Because of the above trends and developments the presentation of the particular issues related with the trends of British retail market has been considered to be important if taking into account the constant changes and turbulences that characterize the specific sector. On the other hand, the evaluation of the research related with the specific subject reveals a series of interesting findings: a) British retail industry is highly developed however this development is not equally distributed among the competitors in this industry; they are only a few firms that can be considered as successful in this market; most of the firms that operate in this sector do not have a profitable presence in the British market; b) customers’ preferences tend to be differentiated under the influence of various factors (sales is the most important of these factors) and c) the research used for the development of issues examined in this paper can be considered as quite effective especially if taking into account the fact that it includes three different methods/ approaches. Other findings could be also related with current study. One of the most significant finding of the research evaluated through this paper is that the terms and the conditions of research plans can be differentiated in accordance with the cultural and social characteristics of each particular market and the targets set by the researchers. This means that each time that a research plan is under evaluation, appropriate measures should be taken in advance ensuring that the appearance of unexpected problems will not affect the credibility of the research or the time required for its completion (at least much more from the initially estimated time framework). References Chelimsky, E. (1987) ‘What have we learned about the politics of program evaluation?’ Educational Evaluation and Policy Analysis 9 (3) pp. 199-221 Chelimsky, E., Shadish, W. (Eds.) (1997) Evaluation for the 21st Century. Thousand Oaks, CA: Sage Glass. G.V. (Ed.) (1976) Evaluation studie : Review Annual. Vol.1. London : Sage House, E., Haug, C., Norris, N. (1996) ‘Producing Evaluations in a Large Bureaucracy’ Evaluation 2 (2) pp.135-150 Oxborrow, L. (2000) ‘Beyond Needles and Thread: Changing Supply Chains in the UK’ Emerging Changes in the UK Apparel Supply Chain, January 2000: 25-83 Patton, M.Q. (1981) Creative Evaluation. Beverly Hills: Sage Publications Pawson, R., Tilley, N. (1997) Realistic Evaluation. London: Sage Publications Retail Industry (2007) Comparison between U.S. and UK E-tail trends http://retailindustry.about.com/library/bl/q2/bl_imrg0525b.htm?terms=commercial+finance+plc Shadish, W.R., Cook, T.D., Leviton, L.C. (1993) Foundations of program evaluation: theories of practice. London: Sage Taylor FitzGibbon, C., Lyons Morris, L. (1988: 2nd Edn.) How to design Program Evaluation. Newbury Park, Calif: Sage Publications Wholey, J.S., Hatry, H., Newcomber, K. (Eds.) (1994) Handbook of practical program evaluation. San Francisco: Jossey-Bass Appendix (General overview of the evaluation Project) The manager of a large retailer in UK evaluates the performance of British retail market following the next methods for collecting the data: 1. Review of the financial reports of specific British retailers (the most powerful ones in accordance with their financial performance) 2. Survey of customers (A questionnaire was distributed to the customers of a series of retailers locating in Oxford Street, London) 3. Review of statistical data released by governmental and non-governmental organizations specifically regarding the subject under examination The above project is evaluated in current paper highlighting its strengths and its constraints and identifying its significance for the market under examination (British) but also for the international one. Read More