Retailing in Britain: Traditional Retailers vs Discounters
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Code : COM0081
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Region : Europe
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Introduction:"Napoleon once stated, in derisory fashion, that Britain is a nation of shopkeepers. What he didn't expect was for the British to take this as a compliment." British retailing industry stood true to its reputation for ages and by the turn of the 21st century, it grewto be one of the major sectors of the British economy. In 2001, sales from retailing industry accounted for 23% of the British GDP and employed over three million people, which translated to one in every nine employed in Britain. By 2004, British retailing industry at $443 billion was the second largest retailing industry in Europe after France. As the industry started maturing the traditional players faced difficulties, both, in terms of maintaining growth rate and market shares due to intensifying competition. Even iconic retailers like Marks and Spencer's, WH Smith and J Sainsbury became takeover targets by the end of 2004. Edward Whitefield, chairman of Management Horizons Europe, a retail consultancy in London, commented, "In a consumer economy where the rate of growth is tightening, the sheep will be sorted out from the goats." Analysts opined that the traditional retailing giants, who contributed to the growth of the industry, were struggling to exist in the changing landscape of British retailing industry. |
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