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LITERATURE REVIEW: RETAIL INDUSTRIES IN UK Introduction The recent financial crisis caused huge problems in capitalist countries such as UK and US whereas Asian countries escaped from it. It should be noted that heavily populated countries such as China and India are developing rapidly whereas European countries are struggling to develop as rapidly as Asian countries…
Lynn (2010) also expressed similar opinions as expressed by Inman. “Stakeholders such as the government, customers and dealers often hold a large stake in any negative turn the UK’s economy takes”(Lynn, 2010, p. 65). The retail industry is a sector of the economy in which individuals, employees, consumers and organizations interact each other. UK retail sector is currently facing huge problems as a result of recent recession. This literature review focuses on the retail industries in the UK, specially the segmentation in this sector, as well as how the financial crisis affected it. Basic Trends in Retail Sector of the UK Lower Consumer Confidence: Research shows that when the economic aspects of the country were steady and reliable, the consumer confidence was at its highest. This is evident from the fact that before 2007, when employment levels and positive externalities prevailed in the economy, UK consumers spent lavishly. On the other hand, from September 2007 onwards, a strong decline in consumer spending has been observed. Moreover, consumers started to stay away from borrowing options available to them from 2007 onwards. ...
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