Magazine article Marketing

Retail's Changing Structure

Magazine article Marketing

Retail's Changing Structure

Article excerpt

From a consumer point of view, the experience of such a prolonged recession has resulted in a fundamental re-evaluation of the retail equation. Although consumers have become more conscious of price they do not appear to be any more prepared to compromise quality or range expectations than they were before the recession. What they are looking for is best value for money. Of course, perceived value is itself subjective and varies according to individual and over time.

The increased emphasis that is being placed on value for money contains an implicit suggestion that there was a time when consumers were not concerned with obtaining good value for money, which is of course nonsense. There is evidence to suggest, however, that during the late 80s perceptions of the value equation came to encompass a broader range of psychological product or services attributes which no longer have the same appeal. There has been a re-focus of attention on the more basic attributes of good quality at a competitive price.

The shift in the pattern of demand has developed alongside the maturation of the supply side structure with increasing concentration and an oligarchic structure developing in both food and non-food sectors of retailing.

In the non-food sector, such trading conditions provide fertile territory for the development of particular types of retail operation which could have a significant impact on the retail landscape in the UK over the next few years. …

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