Competitors and the Market

In the current market Topshop has seen a decline in customer loyalty, due to the increase in social media market and the increase in trend following. Many of Topshop’s competitors use a similar business strategy, fast fashion following trends, however being one of the more expensive retailers in its market Topshop looses out to those brands who offer the same products for smaller prices, yet not being acknowledged in the higher end market, it sits in between function and longevity in terms of the products it offers, in a market where consumers either need something fast and disposable or long lasting and durable, Topshop offers both of these, however people look more to cheaper brands such as high street brand H&M or online competitors such as PLT for disposable fashion, or looking to higher end brands such as Chanel for durability.

These are all the Mintel report that helped me analyse the current positioning of Topshop in the current market place and also the type of market in which topshop must sell, meaning customer type, income and location. 

These reports helped me come to the fact that Topshop is clearly dwindling in popularity behind its competing high street and online retailers.

These reports helped me in terms of figuring out the type of audience Topshop has and the needs of the audience, I think the audience range is similar to most high street retailers in term o feeds and income, potentially this is why Topshop looses out a bit because other retailers offer cheaper clothing and with the average spend being £50 it would make more sense to get your cheap disposable fashion at a cheaper price where you can get more for your money, however the thing these brands do not offer like Topshop is assured quality in their products. 

These reports show the needs customer need and the factors that need to be taken into account when proposing strategies.

These reports helped me analyse which of its competitors are doing the best in the market, finding this would help me in choosing the way in which to build up Topshop's popularity once again, looking at the business strategies of those which seemed to be the favourites and taking inspiration for how to build up the strategies of Topshop. It was found that cheaper high street retailers seem to be the favourites for quick fashion, and online fast fashion brands top even the cheaper high brands in the online market, to take over this Topshop needs to bring something exciting and new to each market if it wants to keep its quality of product at the same time as gaining back this audience.