Understanding the fashion retail market UV20372 M/600/0637 Learner name: VRQ Learner number:
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UV20372 Understanding the fashion retail market This unit provides you with the knowledge and understanding of the current fashion retail market and seeks to develop your awareness of its ongoing challenges. UV20372_v2
Level 2 Credit value 3 GLH 30 Observation(s) 0 External paper(s) 0
Understanding the fashion retail market Learning outcomes On completion of this unit you will: 1. Understand the development of fashion retailing 2. Understand the different store formats offered by fashion retailers 3. Understand how current social and economic factors affect fashion retailers 4. Understand multi-channel retailing Evidence requirements 1. Knowledge outcomes There must be evidence that you possess all the knowledge and understanding listed in the Knowledge section of this unit. This evidence may include projects, assignments, case studies, reflective accounts, oral/written questioning and/or other forms of evidence. 2. Tutor/Assessor guidance You will be guided by your tutor/assessor on how to achieve learning outcomes. All outcomes must be achieved. 3. External paper There is no external paper requirement for this unit. UV20372 3
Developing knowledge Achieving knowledge outcomes You will be guided by your tutor and assessor on the evidence that needs to be produced. Your knowledge and understanding will be assessed using the assessment methods listed below: Where possible your assessor will integrate knowledge outcomes into practical observations through oral questioning. Observed work Witness statements Audio-visual media Evidence of prior learning or attainment Written questions Oral questions Assignments Case studies 4 UV20372
Knowledge Outcome 1 Understand the development of fashion retailing You can: Portfolio reference a. Describe the main historical developments that have influenced present day fashion retailing b. Describe how the characteristics of present day fashion retailing have been shaped by political, economic, social and technological factors UV20372 5
Outcome 2 Understand the different store formats offered by fashion retailers You can: Portfolio reference a. Identify the different store formats that are used by fashion retailers and describe their respective customer profiles b. Explain the reasons why retailers choose different store formats 6 UV20372
Outcome 3 Understand how current social and economic factors affect fashion retailers You can: Portfolio reference a. Describe current social and economic factors which may affect fashion retailers b. Describe how fashion retailers respond to market challenges c. Describe future opportunities for areas of growth in the fashion retail market UV20372 7
Outcome 4 Understand multi-channel retailing You can: Portfolio reference a. Explain what multi-channel retailing is b. Describe how fashion retailers have used multi-channelling effectively 8 UV20372
Unit content This section provides guidance on the recommended knowledge and skills required to enable you to achieve each of the learning outcomes in this unit. Your tutor/assessor will ensure you have the opportunity to cover all of the unit content. Outcome 1: Understand the development of fashion retailing Main historical developments: Late Georgian, Regency (Greek dress, Egyptian ornament, Spanish ornament and gothic influence), romantic, Victorian (early, mid and late), Edwardian, Art Nouveau, oriental, first world war, 1920s (the flappers and bright young things), Art Deco, era of utility clothing (Second World War), new look era, Hollywood glamour girls and swimwear, 1950s (rock and roll and teenagers), 1960s (the mini in swinging London, pop art, flower power, boho hippy and ethnic folkloric), 1970s (disco fever, punk, and ready to wear), 1980s (new romantics, power dressing yuppies, minimalism). Shaping of fashion retailing by political, economic, social and technological factors: Political (First and Second World Wars, labour exploitation and child labour), economic (the great depression, credit crunch, recession, foreign workforce/call centres to reduce costs), social (removal of class barriers, musical eras of the 1950s, 1960s, 1970s and 1980s, social networking, the rise of the celebrity), technological (mass production, television, internet, advanced materials and fabrics, mobile phone technology). Outcome 2: Understand the different store formats offered by fashion retailers Store formats: Department stores, flagship stores, online stores, mail order, party selling, online. Customer profiles: Demographics (age, gender and socioeconomic status), types (non-customers, prospective customers, near customers and customers). Reasons for store formats: Maximise buying opportunities for customers, promote brand identity, maximise sales, turnover and profits, reduce overheads, lower buying costs and higher margins, customer recognition. UV20372 9
Outcome 3: Understand how current social and economic factors affect fashion retailers Current social and economic factors: Social including growth of designer labels and specialist clothing shops, greater attention to quality of life, healthy living and concern for the environment, greater need for self-expression, increase in foreign living and styles, celebrity role models, social networking, growing consumer movement, greater emphasis on quality rather than price, economic (price competition, improved standard of living, personal disposable income per head, rate of inflation, cost of credit, levels of employment, taxation). How fashion retailers respond to market challenges: Promotional discounts and special offers, embracing fair trade and environmentally friendly approaches, targeted marketing and advertising, implement mystery shopper system of competitors, review and amend pricing structure, embrace new technologies, improve staff expertise and level of customer service, respond to staff satisfaction surveys and customer feedback, alternative store formats. Future opportunities for areas of growth: Growth strategies, penetration, merchandise development, market development (in new and existing areas), diversification, new store and location, globalisation. Outcome 4: Understand multi-channel retailing Multi-channel retailing: Providing customers with a range of viewing, purchasing and communication methods, communication (via email, telephone, in store and through a website), purchasing (via catalogues, television shopping, mobile phone technology and the internet). Use of effective multi-channelling: Greater customer focus, improved customer service experience, increased channels and opportunity for sales, increased sales and profits, increased customer loyalty, purchasing flexibility, point of contact for customers, enhanced returns policy and after sales support. 10 UV20372