Development of the Retail Industry Samples †MyAssignmenthelp.com

Question: Discuss about the Development of the Retail Industry. Answer: Development of the retail industry in the past two decades This is a report, which depicts the development of the retail industry in the past two decades. The market environment in the retail industry has changed drastically and new players have emerged in to the market. The competition in the market has become intense due to this very reason and detailed information is given in the paragraph below. Australian retail industry has changed in the past 20 years, the number of competitors back then were minimal and the major shareholders were Woolworths and Wesfarmers who have been in Australian retail industry for a long time. However, the scenario started changing in the early 2000s when companies like ALDI came in to market and changed the game (Kasai Chauke, 2017). Woolworths was the market leader at that time and had the majority of the market share. However, ADLI offered products at a cheaper rate and the product quality was similar to that of Woolworths and they started their aggressive expansion in the market. The retail market in Australia is currently booming and the competition has become fierce. Even though Woolworths is still the market leader but they have a lost a significant customer base in the past decade (OMahony Lobo, 2017). Therefore, it can be concluded that there are lot of market opportunities in the current retail market and the company, which capitalize on it, will gain competitive advantage. Thus, it can be concluded that Woolworth has lost its competitive advantage in the market and ALDIs aggressive expansion strategy is causing trouble for Woolworth. The company needs to follow similar strategies if they want to maintain themselves as the market leader. References Kasai, C., Chauke, X. D. (2017). Investigating Customer Perceptions of Loyalty Cards and their Influence on Purchasing Behaviour in Major Retail Stores.Journal of Marketing and HR,5(1), 302-324. OMahony, B., Lobo, A. (2017). The organic industry in Australia: Current and future trends.Land Use Policy,66, 331-339.