4. Speak about the changes the us and uk department stores have gone through.

The US and UK department stores faced with decline in popularity. It can be explained by consumers demanding better value and a more interesting and stimulating experience while shopping. Department stores faced strong competition from speciality retailers and discounters. Their steady loss of market share may be partly because the concept was born in a different era, a time when, for families, a trip to the stores combined shopping with entertainment. And now, what is needed is a new approach.A typical example of this approach working is seen at Selfridges. This UK group has recast itself from a sleepy 70s-style department store into a retailing good-structured modern department store. One of the main changes is that more floor space is rented to vendors, in what is sometimes referred to as the showcase business model: vendors design their own booths and are encouraged to be creative. The problem is that all department stores look the same.

Unit 5. Money.