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TABLE OF CONTENT
1. Introduction 5
2. Research methodology 7
9. Branded FMCG 80
12. Recommendation 92
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CHAPTER -1
INTRODUCTION
2
INTRODUCTION
whole.
3. The study aims at understanding the opportunities for various firms in this fast
4. We also examine that what are the perception of consumers regarding this
Industry.
The study will focus on the growth of retail industry particularly in the fast growing
economy of India. It will further put light on the consumer perception & their
brought shopping mall culture in the country. Moreover it will focus on the growing
3
CHAPTER-2
RESEARCH METHODOLOGY
4
RESEARCH METHODOLOGY
A research process consists of stages or steps that guide the project from its
conception through the final analysis, recommendations and ultimate actions. The
project and ensures that all aspects of the research project are consistent with
each other.
Research studies evolve through a series of steps, each representing the answer
to a key question.
5
Res
6
INTRODUCTION
findings, which are also dealt with and lead to a logical deduction towards the
RESEARCH DESIGN
impact and implication of the retail industry, to review and critique the industry
norms and reports, on which certain issues shall be selected, which I feel remain
unanswered or liable to change, this shall be further taken up in the next stage of
exploratory research. This stage shall help me to restrict and select only the
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important question and issue, which inhabit growth and segmentation in the
industry.
The various tasks that I have undertaken in the research design process are:
RESEARCH PROCESS
The research process has four distinct yet interrelated steps for research analysis
D
evelopment of appropriate research design.
C
ommunication of results.
step and specific procedure. The steps undertake are logical, objective,
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EXPLORATORY RESEARCH
Primary Data
Secondary data
PRIMARY DATA
New data gathered to help solve the problem at hand. As compared to secondary
course of research, Consists of original information that comes from people and
observations and test results. Data gathered by the researcher in the act of
conducting research. This is contrasted to secondary data which entails the use
experimentation.
respondents.
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SECONDARY DATA
Information that already exists somewhere, having been collected for another
services. Data that have already been collected and published for another
research project (other than the one at hand). There are two types of secondary
data: internal and external secondary data. Information compiled inside or outside
the organization for some purpose other than the current investigation. Data that
have already been collected for some purpose other than the current study.
compiled for purposes other than the current research effort; it can be internal
information, like medical records, vital statistics, prior research studies and
archival data.
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DATA COLLECTION
Data collection took place with the help of filling of questionnaires. The
questionnaire method has come to the more widely used and economical means
of data collection. The common factor in all varieties of the questionnaire method
essential to make sure the questionnaire was easy to read and understand to all
the samples time and energy hence the questionnaire was designed in such a
way, that its administration would not exceed 4-5 mins. These questionnaires
The first hand information was collected by making the people fill the
questionnaires. The primary data collected by directly interacting with the people.
The respondents were contacted at shopping malls, markets, places that were
near to showrooms of the consumer durable products etc. The data was
collected by interacting with 108 respondents who filled the questionnaires and
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gave me the required necessary information. The respondents consisted of house
wives, students, business men, professionals etc. the required information was
TARGET POPULATION
course is intended. It attempts to describe them as they are rather than as the
describer would like them to be. Also called the audience the audience to be
served by our project includes key demographic information (i.e.; age, sex
group of people you are trying to reach with a particular strategy or activity. The
resource set that is the object or target of investigation. The audience defined in
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age, background, ability, and preferences, among other things, for which a given
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SAMPLE SIZE
I have targeted 50 people in the age group above 18 years for the purpose of the
research. The sample size is influenced by the target population. The target
professional backgrounds.
SAMPLING TECHNIQUE
Simple random sampling technique has been used to select the sample. In this
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CHAPTER-3
15
CRITICAL REVIEW OF THE LITERATURE
SIZE
• Organized Retail’ constitutes only 4.5% of total retail sales - about $6.4
billion p.a.
• However organized retail has been growing at over 24% p.a in the last 5
years
STRUCTURE
The Indian Retail sector is highly fragmented: mostly owner-run ‘Mom and Pop’
There are a few medium sized Indian retail chains like Pantaloon, Shoppers’
Stop, Food world (RPG Group) and Westside (Tata Group) - all growing rapidly
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Dairy Farm, Metro, Shoprite and Marks & Spencer are the only major
international retail chains in India: Each has a marginal presence through either
POLICY
FDI upto 51% is permissible in the retail trade of single brand products
s
Pantaloon Retail 150 1,000,000 F&G, Specialty
RPG Retail 135 590,000 F&G, Specialty
Shoppers’ Stop 100 740,000 Specialty Retail
Lifestyle International 53 325,000 Specialty Retail
Vivek’s Ltd. 46 150,000 Consumer
Durables
Trent (Tata) 38 270,000 F&G, Specialty
Note: Revenues in ($ million), Space: Sq. ft.
OUTLOOK
The overall retail market is expected to grow three-fold in the next 10 years from
India is expected to be among the top 5 retail markets in the world in 10 years
by 2015
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POTENTIAL
The high growth projected in domestic retail demand will be fuelled by The
increasing use of credit cards The growth of the population in the 20 to 49 years
age band There is retail opportunity in most product categories and for all types of
formats Food and Grocery: The largest category; largely unorganized today
Home Improvement and Consumer Durables: Over 20% p.a. CAGR estimated in
the next 10 years Apparel and Eating Out: 13% p.a. CAGR projected over 10
years Opportunities for investment in supply chain infrastructure: Cold chain and
logistics India also has significant potential to emerge as a sourcing base for a
retailers including Wal-Mart, GAP, JC Penney etc. are already procuring from
India
Analysts expects the Indian retail growth process to take a decade since there is
a large population of one billion that needs to be slowly reached and this
population is spread across six hundred thousand villages. The large urban
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population of India is about three hundred million and spread across about a
couple of hundred large cities and smaller towns. Organized retail is expected to
home in on this proportion first in the next five to ten years. At present most of the
large retail activity and brand building is focused on about twenty Indian cities,
Indian retail will slowly expand from the small dots that it represents across the
Indian map and become large spots and areas over the next several years.
Indian government regulations are going through a long and meandering debate
on whether or not India should allow foreign retail chains to come in and if yes,
then how they need to be regulated and controlled. Most see retail as a bastion
that will fully liberalize and globalize India and threaten large employment that is
presently provided by the small unorganized retail network that is present all
across Indian districts including the small towns and villages. The new organized
format will mean a lot of change for the network, the consumers and the product
vendors and this is being analyzed and considered carefully by the government.
The government knows that opening up the retail sector will create a lot of
changes in cultural and employment patterns as well as sound the death knell for
several hundreds of thousands of small and tiny enterprises that are involved in
This large change is however unlikely to be possible to stem in the long run. India
will slowly open up and moderate the change but the new retailing experience
that has already been sampled with great success is expected to expand slowly
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but surely till it covers the entire geography of the country.
India map looks at retail as a large area of interest for its Indian and international
audience. India opens this section with a detailed analysis of the retail sector. We
plan a large directory for the retail sector and also plan to bring in expert
commentary and analysis that will help demystify Indian retail and help provide
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RETAIL SECTOR : IN “2007”
Indian retailing industry has seen phenomenal growth in the last five years (2001-
2006). Organized retailing has finally emerged from the shadows of unorganized
analyze the opportunities and factors critical to the success of retail industry in
India.
Key Findings
- Organized retail will form 10% of total retailing by the end of this decade
(2010).
- From 2006 to 2010, the organized sector will grow at the CAGR of around
- Cultural and regional differences in India are the biggest challenges in front of
retailers. This factor deters the retailers in India from adopting a single retail
format.
- Hypermarket is emerging as the most favorable format for the time being in
India.
- The arrival of multinationals will further push the growth of hypermarket format,
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India represents an economic opportunity on a massive scale, both as a global
base and as a domestic market. Indian Retail sector consists of small family-
owned stores, located in residential areas, with a shop floor of less than 500
square feet. At present the organized sector accounts for only 2 to 4% of the total
Retail growth in the coming five years is expected to be stronger than GDP
growth, driven by changing lifestyles and by strong income growth, which in turn
organized retailers succeed in reaching lower down the income scale to reach
The structure of retailing will also develop rapidly. Shopping malls are becoming
least 150 new shopping malls by 2008. The number of department stores is
growing much faster than overall retail, at an annual 24%. Supermarkets have
been taking an increasing share of general food and grocery trade over the last
two decades.
distribution sector, results in logistics costs that are very high as a proportion of
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Distribution and marketing is a huge cost in Indian consumer markets. It’s a lot
easier to cut manufacturing costs than it is to cut distribution and marketing costs.
(FDI) considerably in recent years, while retailing currently remains closed to FDI.
However, the Indian government has indicated in 2005 that liberalization of direct
The next cycle of change in Indian consumer markets will be the arrival of foreign
most companies believe that will not be for long. Indian companies know Indian
markets better, but foreign players will come in and challenge the locals by sheer
cash power, the power to drive down prices. That will be the coming struggle.
The year 2006 marked the beginning of the 'retail revolution' through the entry of
big names such as Reliance with the announcement of huge investments. But
what really grabbed attention was Bharti Group's announcement of its tie-up with
investment of around $5.5 billion, the only other big player was the Future Group
to open 1,000 outlets in the near future, an answer to the aggressive growth plans
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of Reliance. "The year 2006 has assumed great significance in modern retailing
India.
"The most recent noteworthy development was the announcement of the Bharti-
Wal-Mart joint venture. This deal is likely to reinforce confidence levels and will be
to move faster into India. The entry of Wal-Mart could result in more structured
retailers know they cannot afford to not have operations in India. They are
viewing the market with much interest and with the current regulatory framework,
The year also saw big players such as the Aditya Birla Group announce their
entry into retail. Tata and Woolworths entered into a technical collaboration and
launched household appliances and home electronics store, Croma. The Raheja
chain Subhiksha closed the year with nearly 500 outlets across India, making it
stores gained prominence. In fact, it won't be wrong to say that 2006 was the year
for FMCG retailing. And, as analysts predict, FMCG retailing is here not only to
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stay, but also to lead from the front. However, in the category, it is discount
retailing that has gained immense importance, where Subhiksha seems to have
Now starting in 2007 the big players of retail going to open hyper market,
entertainment zone, retail mart for electronic or consumer durable items etc. They
invest huge money on these projects. These project also see as a revolution in
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RETAIL VALUE PROPOSITIONS:
The value proposition that retail offers to a consumer is easy availability of the
• Total Consumer Spend in the Year 06-07 - INR 9800 billion (USD 375
for the USA and 30 years for China. A younger population tends to have
to the consuming class with the growth in income levels. Also, with
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• Globalization: Growing media penetration is leading to a convergence of
service that is lesser in quality than the best offered in any other place on
the globe.
Till 1980s, India knew only kirana stores. Things started to change slowly after
that, with companies like Bombay Dyeing, Raymond's, S Kumar's and Grasim
opening their company owned outlets. Later on, Titan, maker of premium
ORGANIZED RETAILING:
Only 4 per cent of the retail trade in India belonged to organised retail. It covered
Thailand and 80 per cent in the United States. The emergence of organised retail
in India is, moreover, so far restricted to the top 15 cities. The strength of
organised retailing lies in the ability to source directly from the manufacturers due
retail chains can get bulk discounts on large purchases and reduce cost by
eliminating middlemen and by reducing the supply chain. However, the potential
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benefits of lower prices is not evident in the early stages because modern
consumers are willing to pay higher prices for convenience and a superior
shopping environment.
allows a local businessman, a franchisee, to set up a retail outlet using its name
and methods as a joint venture on a 50:50 paid up capital basis. The franchiser
small outlets and warehouse clubs. The special advantages of organised retailing
is:
goods.
services.
• Creating a level playing field for small and medium enterprises vis-à-vis the
large manufacturers.
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The growth of organised retailing is thus expected to lead to value migration from
Scalable and Profitable Retail Models are well established for most of the
categories.
RETAIL FORMAT:
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• In-store Retailers: Operate through fixed point of sale outlets located
30
Major formats of In-store retailers have been listed in Table below: -
manufacturer.
Specialty Stores (Multi- Focus on a specific Greater choice to the
available
Department Stores Large stores having a One stop shop catering
toys, etc.
needs.
Discount Stores Stores offering discounts Low prices
scale.
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Hyper-mart Larger than a Low prices, vast choice
appearance, generally
city
Convenience Stores Small self-service Convenient location and
one roof
Of the Top-200 Global Retailers, 21% of retailers fall in the specialty stores
(1) Traditional
(2) Modern
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Traditional Formats include: -
• Street Markets
• Kiosks
Pyramids, Trent
million sq.ft space, India to have over 375 shopping centres/ Malls
retail.
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WHOLESALE TRADING:
Is another area, which has potential for rapid growth? German giant Metro AG
and South African Shop rite Holdings have already made headway in this
attract large volumes from a sizeable number of retailers who do not have to
Retailing today is not only about selling at the shop, but also about surveying the
There has been a significant change in retail trading over the years, from small
kiranawalas in the vicinity to big super markets; a transition is happening from the
traditional retail sector to organized retailing. The unorganized sector still holds a
dominant position in this industry. The organized segment holds just about 1.2% of
the current US$ 245 billion retail market, which is expected to reach about US $ 385
With consumers looking at convenience with multiplicity of choice under one roof and
expectations evolving over time, consumer demand is truly the driving force for
organized retailing in the country. Food and beverages form the main chunk of the
retail market. They are followed by apparel and footwear. The Indian textile industry,
the backbone of the apparel segment, has a large share of the Indian economy,
accounting for over 20% of industrial production as well as providing direct and
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indirect employment to around 65 million people.
Despite the retail store density in India with regard to population being the largest, it
is estimated that over 90% of the stores are less than 500 sq. ft in size. Industry
estimates put the number of retail outlets at 12 million. This is clearly indicative of
fragmented market structure does pose significant challenges for organized retailing,
potential does exist if modern information and supply chain management systems are
expectations.
order to customize their product offering for distinct target segments. Similar
trends are likely to be exhibited in India as all formats present prospects for
growth.
Further, with the emergence of larger store formats like superstores and
hypermarkets in countries like UK, France, Germany, Spain since the 1980s and
Eastern Europe more recently, traditional food retailers have been able to stock
more extensive non-food ranges. In fact, Tesco, UK's leading grocer, has become
the number one apparel retailer in the Czech Republic and also a major player in
Hungary apart from being one of the fastest growing clothing retailers in the UK.
Together with its rival, Wal-Mart-owned ASDA, Tesco is one of the food sector's
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CHAPTER - 4
37
ISSUES RELATED TO FDI IN RETAIL IN INDIA
Traditionally, the retailing sector in India has been characterised by the presence
and-pop shops or kirana stores. The unorganised sector still dominates the retail
sector, with the organised sector accounting for only 3%. Retailing is one of the
few sectors where foreign direct investment (FDI) is not allowed. But India is
brand retailing’ last week. Closer Look at some of the issues related to FDI in
retailing.
Prior to 1997, there were no regulations restricting the entry of foreign players.
Nanz and Spencers are two major companies who were granted permission to
sell products directly to customers. In 1997, it was decided that FDI would not be
allowed for mere trading as it would lead to the outflow of foreign exchange, drive
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Do other countries allow FDI in retailing?
India is one of the few countries where FDI is not allowed in retailing. Almost all
major developed and developing countries have allowed it. Some have imposed
investment in supply chain, etc, while others have opened the sector in a phased
It’s an aspect that’s been greatly debated. There’s a view that modern trade will
living for the existing agricultural society. Others say that by reducing the number
displacement. But this, they insist, will be compensated for by creation of jobs in
allied sectors such as the food processing industries. Currently, the retail industry
is the second largest employer, after agriculture, and it is estimated that the
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40
Will FDI in retail adversely impact kirana stores?
At present, mom-and-pop stores cater to 97% of the total market. They have
markets have not hampered local retailers. In China, Carrefour, the largest
foreign retailer, has 68 hypermarkets and Wal-Mart 47. Despite this, domestic
In India, of the 12 million retail outlets, only about 3.5 million are in urban areas,
where organised retail is likely to be restricted to. So only about 3% (about one
Not really. Many foreign players have entered the Indian market through different
routes. But the restriction has resulted in an uncertain regulatory environment and
retailers.
Foreign players can enter the Indian trading sector through routes like
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and-carry; distribution and through special permission. Franchising is the most
preferred mode through which foreign players have entered the Indian market.
Fast-food chains like Pizza Hut, McDonald’s and brands such as Lacoste, Mango,
Nike etc ,have entered the Indian market through this route.
Similarly, companies such as Swarovski and Hugo Boss have set up distribution
offices in India and these offices supply products, which the company imports to
like Amway and Oriflame entered the Indian market through this route.
While the finer guidelines as to what constitutes single-brand retailing are yet to
come, it’s likely that under this route, retailers would deal with a single brand
anywhere in the world, in India such a decision was taken as a first step towards
opening up the sector and also to probably allay the apprehensions of those who
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CHAPTER-5
43
Technology Used in Retail
Over the years as the consumer demand increased and the retailers geared up to
meet this increase, technology evolved rapidly to support this growth. The
hardware and software tools that have now become almost essential for retailing
Point of sale systems use scanners and bar coding to identify an item, use
pre-stored data to calculate the cost and generate the total bill for a client.
Tunnel Scanning is a new concept where the consumer pushes the full
seconds, the items in the cart are hit with laser beams and scanned. All
• Payment
Payment through credit cards has become quite widespread and this
Rather than manually process a cheque, the retailer voids it and hands it
back to the consumer along with a receipt, having digitally captured and
stored the image of the cheque, which makes the process very fast.
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• Internet
• ERP System
helps the retailer in maintaining his stocks, getting his supplies on time,
preventing stock-outs and thus reducing his costs, while servicing the
customer better.
• CRM Systems
The rise of loyalty programs, mail order and the Internet has provided
retailers with real access to consumer data. Data warehousing & mining
technologies offers retailers the tools they need to make sense of their
consumer data and apply it to business. This, along with the various
APS systems can provide improved control across the supply chain, all the
45
way from raw material suppliers right through to the retail shelf. These APS
Stirling-Douglas.
compare various possible sites for opening new stores. Today, software
packages are helping retailers not only in their locational decisions but in
• Visual Merchandising
The decision on how to place & stack items in a store is no more taken on
the gut feel of the store manager. A larger number of visual merchandising
tools are available to him to evaluate the impact of his stacking options.
The SPACEMAN Store Suit from AC Neilsen and ModaCAD are example
Investment Potential
Despite the huge presence of the unorganized sector, the Indian retail
46
industry is attractive for international players. It is favoured over China's among
various levels. Though the market hasn't seen big time players of the developed
nations yet, the fact that Indian per capita retail space is among the lowest, is
With the Indian per capita income on the rise and the distribution of
grocery stores to present quality food products in ways and methods adopted in
North America and Europe can help in communicating value and attracting
customers.
Though the Indian retail industry is still a "protected industry" from the
provide some flexibility on this front. Though FDI can help generate employment
in this sector, it is likely to pose stiff competition for existing small businesses.
Unlike the country's FDI investment objective of technology transfer and export
segment -- can bring to the table issues on size of investment, actual inflows and
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developmental resource that can help in restructuring the industry. It should be
aimed at filling up the resource and technology gaps in the retail segment.
While the differing tax and licensing systems across states could raise
some issues when organized retailers expand nationally, this could well protect
the interests of regional retailers. But the key to success is to build a fairly
transactions. This in the emerging scenario would help retailers to target a wider
audience and maximize returns. Strength in physical distribution will remain the
potential investors. The movement of more and more people up the income
brackets also indicates a good market potential. Labour cost differential, the
removal of investment restrictions and the rationalization of the tax structure can
bring about best practices and the latest offerings to the Indian retail industry.
Growth opportunities for the organized sector can be propelled through land
reforms as well as uniformity in tax structure, which reduces the cost advantage
a competitive environment for the Indian retail industry. Some of the facts about
investment
the retail sector is around US$ 5-6 Billion in the Next five years.
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Location: with modern retail formats having made their foray into the top
• Durables, Footwear & Leather, Watch & Jewellery (18 per cent).
• Fastest Growing Formats: Some of the formats that offer good growth
potential are:
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• Cheap Consumer Credit
CHAPTER -6
50
Methods For Measuring The performance Business of
Retail
these, one derives key metrics to measure and analyse the firm's business
performance. The need for the measurement of these metrics stems from
Simply put, retail, like any other business, must make a profit. Retail
greater detail but also are an invaluable aid in defining sales and revenue
targets.
• Historic performance.
• Benchmarking.
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interpretation of the situation. Apart from comparison within a sector,
The following are some of the performance measures in the retail sector:
Walk-ins is the measure of number of people who walk into the stores
conversion is low but the average transaction value is high. Eg: jewelry
stores
the customers.
It is calculated as:
Avg. Transaction Value= Avg. Sales per day/ (Avg.daily walk in * Avg.
Conversion %)
The ratio gives an indication of how much each customer on an average
spends in the store. Useful for comparison and analysing if this needs to
be increased.
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Display to stock ratio
follows:
with higher sales and experience more stock outs). This ratio should be
kept at an optimum level after considering the sales trend of the SKU, the
too low or else there would be a scenario of frequent stock outs for the
SKU
ratio. It is the sales revenue generated per square foot of Retail space.
It is calculated as:
Sales per employee is indicative of the performance of the sales staff. This
would in turn enable the decision making for their appraisals and further
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training. It would further indicate whether or not the store is adequately
staffed.
outlet. This ratio therefore benchmarks the sales team performance and
times during a year that a company replaces its inventory. The turnover is
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The higher the inventory turnover rate means the more efficiently a
company is able to grow sales volume. There are several things to keep in
1) Only consider cost of goods sold from stock sales filled from warehouse
inventory. Do not include on-stock items and direct shipments. Sure, these
sales are important, but don't involve your warehouse stock (your
investment in inventory).
3) Inventory turnover is based on the cost of items (what you paid for
the same day of the month. Be consistent in using the same cost basis
(average cost, last cost, replacement cost, etc.) to calculate both the cost
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valuations recorded during the past 12 months.
Gross Margin per square ft is indicative of the profitability of the Retail space.
It is calculated as:
many times over a year we get our stock investment returned with a given
Simple gross margin measurement would indicate that the first of these
shows that the second product provided an equal return on stock invested.
We can see from this that we can use G.M.R.O.I. as a powerful measure
merchandise planning.
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In this instance we might well apply the measure at a summary level,
product groups that have greater potential than others in specific branches.
From this we can make better informed decisions as to which should have
ranges expanded or contracted. For example, products with low cover and
high gross margin will probably have experienced stock outs and
high G.M.R.O.I..
Assuming that this performance were not the result of a fashion "blip", it
would make sense to increase the stock support for this area and maybe
increase the space allocated to it. We might also look at increasing the
Conversely a product with high cover and a low gross margin was
return in spite of this. It would therefore make sense to reduce its space
maybe reducing range width at the same time. In extreme cases we might
The adoption and analysis of the illustrated measures enable in-depth sales
analysis not only at the overall level but also at the category and sub-category
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performance of retail outlets, product categories, promotions as well as the
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CHAPTER 7
59
customers through quirky "event packages"/attractions or price promotions.
operation that is limited in time and that is meant to draw increased attention to
the enterprise (the retail outlet or the retail chain) in its sales market or the
Setting objectives
The launch of promotional activity for a store requires creative handling of one of
the above ways of handling retail promotions. The most important factor to be
considered for retail promotion is the objective for promotion. If Food World
advertises that it has got the IR 8/20 rice at one of the lowest prices in the town,
the objective is to use the destination category of the retail grocery store to attract
greater store traffic. Promotions that increase footfalls and therefore improve
store traffic may result in a competing store’s loyal customers to visit and even try
time for the regular loyal store customers. Retail promotion objectives can be
store specific or product specific but the intended result is something that has to
Shopper reaction
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understanding of retail promotion. This concept means monitoring if the
this effort, we would also be able to clearly track brand loyal as well as
implications for the retail outlet. Category purchase timing, brand choice,
and purchase quantity are the three major dimensions that one has to
timing refers to the decision by the consumer to alter the regular purchase
cycle for the product. If Atta (wheat flour) is bought once in a fortnight,
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does she buy Atta earlier because of promotion? Brand choice refers to
Lets take the example of a specialty coffee outlet selling different brands of
how many units come from other brands and how many units are due to
If three-fourths of the sales effect were due to other brands, retailers might
conclude that promotional activities provide little benefit. That is, unless
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promoted items provide higher margins, the vast majority of the effect
that most of the effect increases competition between brands and would
increases appear to be the dominant sources to look for sales effects due
because of a price cut. But in other categories (like house cleaning liquids),
management by households.
Price/brand promotion
It has been proved by extensive research in the West that price promotions
promotion of national brands erodes the loyalty of the national brands &
therefore helps the private labels/ store labels to gain market share. While
promotion would lead to loss of national brand loyalty, which would trigger
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the question of store image and loyalty are important. Discount stores like
would become a matter of concern in the future in India. Many retailers see
brands. There are very few store brands in India competing with large
brands. However, for store brands, studies in the US have found that non-
price promotions have a more favorable long term effect on store profit
IT IN Promotions
increase productivity and sales from promotions. They allow supply chain
60% of all retail activities are based around promotions and up to 40% of
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• time losses i.e. communication delays between suppliers and retailers
departments
• real costs at the end of the promotion i.e. the lack of clear cost
identification
65
excitement around outlets in order sustain. Therefore, retail promotion has
promotions through control stores & monitor store profitability will help in
These would be measures that would provide the feedback on the right
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CHAPTER 8
Retain Customers
67
An Outlook Of Strategies Adopted : By European And
It is that time of the year when retailers woo customers by offering different
experience to the consumer and the required sales impetus to the retailer.
Shoppers' Stop has a 15-day 'India Shopping Festival' that offers prizes
Christmas magic promotion going on for 22 days with watches for gifts and
during the Diwali season too and this seems to be working well enough for
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December 13-Jan 27. Rs 1500 is what is needed to spend to be eligible for
the draws and there are gifts on offer on a daily, weekly basis and then the
bumper draws themselves. The total gifts on offer are 4000 diamonds, two
• Ebony is running a promotion 'Ebony Mega Sail' that has free cruises on
draw for these prizes, one has to shop for over Rs 1,500 at an Ebony
store.
Promotions are a crucial tool in the retailers' arsenal to draw people into
their stores and considerable time, effort and money are invested for the
attracting the customer to the store. The more attractive the promotion, the
easier it is to bring the customer to the store. They love to feel involved
69
positive word of mouth publicity.'
Promotions can be of different types and each retailer has to decide the
promotional mix for their stores. This will in turn depend on the objective of
equity for the store in the minds of the customer. This will tell customers
how the store is differentiated from other stores and encourages tryouts
and doubters to come in to the shop and experience the offering. Says
inform customers about your store, its products, prices and services &
70
Another is a short-term yet relevant objective of increasing sales during the
promotional period. Usually, the objectives are a mix of these two. Says Ajay
seen from three perspectives. One is the brand promotion itself, like the Seven
third is customer segment promotion where certain customers are targeted upon
for these promotions." The last mentioned segment is the customer loyalty
advertising in different media that in turn costs more money. Ultimately, the
One is the vendors themselves who have a significant stake in the store.
of the promotional mix, in turn getting publicity with the store as one of the
participate in the promotion and benefit from the huge crowd-pull of the
promotion. Says Kelkar, "There are a couple of partners like credit card
promotion, where we play the role of the aggregator." Thus, Shoppers' has
71
partners like Gili and Citibank who are partnering them in the promotion.
Evaluating promotions is the next task. Kohli asks some very pertinent
customers to the store and stimulating sales of both promoted and non-
term, it is difficult to see which ones are fully achieving these aims. Which
are truly cost effective? Which are driving extra profits for stores? And
There are some intangible benefits of sales promotion in the form of store
during this period is one. The other is measuring additional profits created
by running the promotion versus the cost of the promotion itself. Says
in sales during the promotional period. Past experience has shown them
that this is possible. The Parikrama sale that Shoppers' ran saw a growth
in both sales and footfalls of about 25%. The Seven Wonders promotion
saw footfalls increase about 20% while business grew by about 25%."
Also, one must not forget the fact that promotions often involve stocking up
that involves additional costs. Thus, the entire cost of the promotion should
be evaluated against the sales generated and then the profit to determine
72
the success or otherwise of the promotion.
In the final analysis, promotions are part of a retailer's life and setting
objectives is the most crucial activity, as every thing else will follow in
tandem. Evaluation a promotion is the other critical factor that will enhance
the feel-good factor created by a promotion with hard facts on its cost Vs
rupee spent on promotions must earn its worth as Kohli puts it, "each &
Sector
investigate the best way to foster and retain customer loyalty. We take a
73
loyalty cards within retailing.
loyalty card schemes and by extracting customer knowledge with the aid of
sophisticated data-mining and analytical tools. Over the past few years,
strategic model to help retailers decide on the most effective loyalty card
strategy.
framework and analytical model. This model can be used to help clients
evaluate and select the right loyalty card strategy to meet their business
goals.
74
The report helps retailers answer three key questions like the need for
and how to rework a failing scheme. This helps them evaluate the success
The Purchaser-Purveyor Loyalty Card Model shows five major loyalty card
• Pure - involves spending and accruing benefits only with the card-issuing
• Push - involves spending at several retailers and accruing benefits with the
with a bank to gain access to many retailers through the use of a common
petrol from the card issuer in order to claim gifts from a catalogue provided
75
by a third party (for instance, Shell's SMART Card.)
An example would be the use of general credit cards in order to claim gifts
from a catalogue.
Asda supermarkets.
was carried out (see diagram 'Selecting a Strategy'). It revealed that 33 per
cent were Pure, 14 per cent were Push, 31 per cent were Pull and 22 per
strategies.
Measures of Success
evolved. Every loyalty card strategy must have clear performance targets.
76
factors:
scheme?
-analysing loyalty card information, and improving the effectiveness and efficiency
services
product sales.
77
retailer's loyalty card strategy. Relevant critical success factors need to be
78
Cost of Loyalty Card Schemes
The cost of these schemes comprises charges (for the privilege of having
4 per cent increase in overall turnover. The speed with which the
the card and the overall turnover and profitability of the retailer (see
based) card. Each scheme has its own advantages and disadvantages.
Furthermore, different tactics and operations can radically alter the cost
79
Deciding the Right Strategy
for the loyalty card strategy, key measures to monitor its success, key
tactics and operations for its success and strategic moves when the
Pure schemes are used primarily for retaining existing customers and are
the retailer, the key measures must be aimed at increasing the expenditure
strategy.
its customer base and financial services base. Key measures must be
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tend to act as reward cards and payment cards simultaneously.
research information.
81
regardless of where those purchases take place. It is suited to financial
Purchase loyalty card strategies tend to rely on high use availability, high
brand awareness and low costs, especially processing costs. They tend to
benefits and increase the number of primary customers and overall market
loyalty cards. Key tactics and operations regarding loyalty cards must be
competitors' loyalty cards. The most likely starting point would be a Pull or
Offer').
.To tackle this uncertainty, retailers must align any scheme with their
concept altogether
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CHAPTER-9
RETAILER’S CHOICE
83
84
THE BRANDED FMCG: BOTH CONSUMERS AND
RETAILER’S CHOICE
One of the first tasks that any retailer does before starting shop is deciding
on the product mix at the store. This is not a one-time process and is
simpler for the food & grocery retailers, on the top 100 FMCG brands in the
Retail Audit for the twelve months ended August 2004 except for cigarettes
and carbonated soft drinks, where the figures based on market intelligence
The popular cigarette brands i.e.( Gold flakes,Wills Navy Cut), three soft drinks
i.e.(Pepsi, Thums up, Coco Cola), two biscuit brands i.e.(Britannia, Parle), two
detergents i.e.(Nirma, Wheel) and one oral care brand i.e. (Colgate) make up the
top 10 FMCG brands in India. The top 10 brands between them tote up Rs
15,230 crore (US $ 3.2 billion) and account for no less than 37 per cent of the
sales of the top 100 FMCG brands in this survey, which total Rs 39,144 crore. If
the Indian market for FMCGs is estimated at Rs 90,000 crore, then these ten
brands contribute nearly 14 per cent of sales and the top 100 brands contribute
Of the 10 brands, seven brands are owned by MNCs, three by Indian companies.
That's not all, there are some other interesting trends: 62 of the top 100 brands as
value, MNC brands hold 70 per cent of total top 100 sales or Rs 27,470 corer (US
85
$5.8 billion). Fifteen companies own these 62 brands, and not surprisingly, 27 of
The number three brand is Pepsi at Rs 1,740 core. At number four comes Thums
Up, ahead of Coca-Cola, its parent's flagship brand. Britannia takes the fifth
place, with its slew of products, aggressive advertising and its `health' platform for
biscuits. Colgate is at number six, followed by Nirma (7) , Coca-Cola (8) and
Parle (9). These are figures the soft drink and cigarette companies have always
For the first time, Brand Equity presents estimates - after talking to reliable
industry experts and senior officials of the companies concerned - that gives you
a sense of the annual sales of soft drinks in India. Brand Pepsi at Number 3 (Rs
1,740 corer) includes the Rs 94-crore new variant Pepsi A-Ha. Thums Up at
fourth position (Rs 1,350 corer) and Coca-Cola at eight (Rs 1,030 corer) dominate
the list, as expected. Mirinda ranks 20 (Rs 540 crore), Limca is at 18 (Rs 600
crore), followed by Fanta at 30 (Rs 400 crore), 7-Up at 53 (Rs 210 crore) and
It's interesting that the Indian brands Thums Up and Limca, which have been
familiar to consumers for many years, rank in the top 100 right next to their MNC
owners. The Indian soft drink market seems to be operating along global lines,
with the entry of MNC players causing heightened market activity, advertising,
PepsiCo's brands are based on consumer spends and a weighted mean retail
price, while Coca-Cola India's brands are ranked on gross revenue excluding
86
sales tax. The extent of HLL's dominance of the Indian FMCG market is also
clear. The 27 HLL brands are worth Rs 9,243 crore and account for 25 per cent of
the top 100 brand sales. But HLL has just one brand in the Top 10: Wheel with
sales of Rs 814 crore, though a further 17 brands do make the top 50. Nirma
dominates in its own way. Ranked seventh amongst India's largest brands, with
sales of Rs 1,182 crore (US $240 million), its position is testimony to Karsanbhai
Patel's strategy of value for money. The company today claims Nirma's user base
exceeds 400 million people, a number even a global leaders would envy. Nirma
has another of its brands in the top 100: Nima, ranked 23, with sales of Rs 459
corer. The consolidated Tata brands - Tata Tea and Tata Salt - rank at number 14
with sales of Rs 646 chore, which includes the tea and salt brands.
Category movers
Personal care, cigarettes and soft drinks are the three biggest categories in
FMCG. Between them, they account for 35 of the top 100 brands. In value terms,
these 35 brands rake in 50% ( Rs 19,707 corer) of the total sales of Rs 39,144
corer of the top 100 FMCG brands. The personal care category has the largest
number of brands - 21 - in it. Heavy weights such as Lux, Lifebuoy, Fair and
Lovely, Vicks, Ponds all clubbed in it. There are 11 HLL brands in the 21,
aggregating
Rs 3,799crore - or 54% of the personal care category. Cigarettes account for 17%
of the top 100 FMCG sales and just below personal care. ITC alone accounts for
60% volume market share and 70% by value of all filter cigarettes in India. ITC's
87
two brands - Wills Navy Cut (including Classic) and Gold Flake alone account for
Rs 5,500crore of sales - that's 83% of all sales of the five brands estimated.
The soft drinks' segment is dominated by MNCs. The 9 brands analyzed based
Thums Up, the brand that Coke tried to kill in its young days in India, in fact is
Up and Limca, two key brands that Coke acquired from Parle, now account for no
less than Rs 1,950crore in sales for Coke. The Coca Cola Company in India
accounts for Rs 3,757crore of sales of soft drinks, while PepsiCo with three
brands studied. Two bottled water brands make it big in the top 100. Coke's
The foods category in FMCG has been attracting lots of attention recently, with a
slew of launches by HLL, ITC, Godrej and others. This category has 18 major
brands in it, aggregating Rs 4,637crore. Most companies have had mixed results,
with the market for salt hotting up in competition between Tata Chemicals and
HLL; atta between HLL, Godrej Pillsbury and Cargill. Dabur and Zandu battle it
out in the health foods segment, while Nestle and Amul slug it out in the powders
segment. This category has also seen innovations like softies in ice creams,
chapattis by HLL, ready to eat rice by HLL and Pizzas by both GCMMF and
Godrej Pillsbury. This category seems set to see faster development as the
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brands worth Rs 2,365crore. But the Indians have a few power brands in this
category too. Amul, which is India's largest foods company at Rs 2,500 crore,
makes it presence felt here with all its products. Parle and Britannia, ranked
highly on the top 100 FMCG brands, dominate the biscuits category. These have
launched a series of products at various price points. Britania has been quite
competitions.
Oral care, dominated by Colgate and HLL brands, has had a tough time.
Colgate's sales are more than the other four in the category put together. This
category has led the trend into herbal toothpastes with Colgate and HLL both
getting into it. Brands like Vicco have been in it for some time, and are expected
to gain from any expansion of this category. Freebies - 100 grams free with 150
Godrej and Reckitt are two players in the household care category with their
Clinic and Sunsilk make it to the top 100, although P&G's Head and Shoulders
and Pantene have been making inroads into their markets. Clinic is nearly double
the size of Sunsilk. In the shaving systems category, Supermax from Vidyut
Metallics is faced with the strong Gillette, though significant price gaps exist
between the two. Gillette makes it at no 98 in the list. This category has famous
brands like 7 O'clock, Topaz, Gillette Sensor, Excel and Wilman, to name a few.
89
CHAPTER-10
90
Challenges Before Retail Sector In India :
industry
status. The consequence is quite obvious. 100% Foreign Direct Investment (FDI)
the extent of 49%. The Food World chain is one such venture, with an ownership
pattern of 51:49 between RPG and Dairy Farm International, Hong Kong. Foreign
players can enter the wholesale sector , in the cash and carry format. The Metro
chain has recently entered the country as a ‘cash and carry’ outlet. A branch has
been opened in Bangalore and a second would be opened very soon in the same
city. The fear that the small-scale retailers will be displaced is delaying the FDI
approvals. On the other hand, without the FDI sector is deprived of access to
foreign technologies that is imperative for faster growth. The Government has
allowed FDI in direct marketing, but has reservations about extending it to the
industry. Under the liberalized regime of the WTO the ‘Protected nature’ of an
industry may do more harm than good. In the short-run the Government may
succeed in protecting the domestic industry, but in the long run we would be
would also block any attempt by the domestic industry to become competitive
internationally.
91
Lack of a uniform tax : The country requires a uniform tax system for the
truly national chain. The present chains, in spite of claiming to be national chains
are restricted to certain regions of the country. Players are confined to state
more imperative in a country like India where, the regional disparity in production
of commodities is high.
infrastructure,
in infrastructure development for different stages of the supply chain are also
limited.
the Organized sector in India, especially because of the low investment needs. In
India Organized retailing is only 2% of total retailing of worth US$ 180 billion. This
is playing at multiple levels For instance, the reason for low number of discount
92
sector is also the main reason for the Government Of India’s restrictions on 100%
Low operational size : The number of retail outlets in India is more than number
of outlets in most of the other countries, small size retail outlets dominate the
Indian scene. 96% of outlets are lesser than 500 sq ft. The retail chains of India
are also smaller than those in the developed countries. For instance, the
superstore food chain, Food World is having only 52 outlets whereas ‘Carrefour
retailing is very low, which is only $180 billion. Even the largest players have a
turn over of only US $ 140 million, which is very small by the global standards.
India with second largest population in the World and a fast growing economy has
huge untapped potential of organized retailing, which is not given its due
However, this is much restricted currently in India because of ladour rules and
regulations. The sector is unable to employ retail staff on contract basis. This
operations. The industry has to take special clearance for extended working
hours and even seven days working from the Labour department. However, in the
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CHAPTER-11
94
FINDINGS & ANALYSIS
70
60
50
40 YES
30
NO
20
10
0
Interpretation: As we have seen from the above column chart that the 65 percent
of respondents say yes and only 35 percent say no, because they
95
2. How many retail organization you know of your city?
15 10
Less than 2
25 2 to 3
3 to 4
more than 4
50
Interpretation: As we have seen from the above pie chart that the 10 percent of
96
4.How many time you usually go for purchase?
10
20
Never
Two Times
Four Times
40 More
30
Interpretation: As we have seen from the above pie chart that the 10 percent of
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5. Do you make plan before your purchasing from retail shop.
YES
NO
NO, 35,
35%
YES, 65,
65%
Interpretation: As we have seen from the above pie chart that the 60 percent
say yes i.e they make plan for their purchase and rest of them purchase
atrandomly.
98
6. Are you satisfied with your purchasing every time.
NO, 35,
35%
YES, 65,
65%
YES
NO
Interpretation: As we have seen from the above pie chart that the 65 percent of
99
7. What characteristics attract you to purchase?
Ist,Iin all
d&
IIIrd,
Interpretation: As we have seen from the above pie chart that the 10 percent of
option, 28% are attracted by Ist,IInd & IIIrd option and rest of them
100
8. Will you suggest other person to purchase from retail organization.
NO
22%
YES
NO
YES
78%
Interpretation: As we have seen from the above pie chart that the 22 percent of
people will never suggest other person to purchase from retail shop because of
their bed experience but 78% of person will suggest other person to purchase
101
10. Retails shops is “which type of place for purchasing? According to your
perception”.
C't
Say
5%
Best
Good Good
35% C't Say
Best
60%
Interpretation: As we have seen from the above pie chart 60% of people
perceive that the retails are best place for purchasing 35%
102
CHAPTER-12
RECOMMENDATION
103
RECOMMENDATIONS FOR FACING CHALLENGES
Opinions on FDI were divided at the IFF symposium. “The Government of India
would be wise not to open the doors to foreign retail too wide as it is better to
develop India's own modern retail model than give away the businesses to global
retailers like Wal-Mart and Tesco.” selective approach in allowing FDI, which
• Mall Development
• Luxury retailing
o The wish list of retailers included setting up single window clearance and
the demand for according industry status to retail was high on their
agenda. B.S. Nagesh earlier said, "Indian retail has no parentage in the
104
ministry it wishes to adopt, rather than asking the government to adopt
off and I assure you that the Indian government will give it the boarding
card.”
YEAR BOOK 2005 which Kamal Nath released on the occasion, he said of
accounted for a mere Rs.28,000 crore, just 3 percent of the total market.
hence the need to plan differently,” he explained. the Retail Report 2007
that sizes up the total Indian market, organised retail, various sectors and
scope therein, and size and performance of key players. These two studies
establish benchmark figures for the Government and industry to work on.
REVITALISING A BRAND:
Retail brands, big and small, face ups and downs in their performance graph,
competitors. And with modern day markets getting innovative to the fore, retailers
market share. Anna Pretty, Wedgwood, UK, described one such success
105
“From product, layout, store interiors, packaging to communication and greetings,
consumer who has much wider options when it comes to shopping,” Anna said.
First of all it was considered necessary to effect changes in the retail and design
aspect. A new image was imparted to the store, followed by re-introducing of the
core merchandise with special focus on quantities and packaging. Then new
products and categories were introduced with the aim of presenting a whole
All this was not easy task for this store with 250 years of history.
“Then we felt the need to create a feeling for the customer to make him or her
walk in to Wedgwood store and want to stay there,” Anna Pretty said. The
emphasis was clearly to offer old wine in a new glass and at the same time
like picture frames and greetings. “Materials were the same but had a new style,”
she said. The same company, with same values had a new focus. The focus
“It's the people who build brands, not blind advertising; and to be successful, it's
absolutely necessary to create the buzz amongst the high profile customers,”
echoed the success mantra from International marketer of the Year Bob
Pritchard, CEO, Mkt. Force One, Inc., USA. Bob, who carries with him 30 years of
marketing experience and an unmatched oratory skill, started his inspiring IFF
106
Fashion-Retail Conclave presentation on Positioning and Brand Equity-How to
Gain a Competitive Edge with the compliment that India is a country of fantastic
satisfaction, High Quality sales and Store Loyalty, Bob said it is the Vision,
businesses. He said, “95 percent of the factors such as product, price, customer
and brand awareness fail; 92 percent of the customers find like products
• Emotional experience
• Perception
• Service Experience
• Media Experience
• On-line experience
While spelling out some of the unique fundamental factors that help achieve
107
• Selling emotional benefits
• Effective communications
• Positioning statement
PLANNING MALLS THE CORRECT WAY: Malls being the modern-era retail
destinations, a good part of the IFF seminar was devoted to detailed presentation
Bagaria, Chairman, Asipac Project Consulting Services, one of the leading mall
The foremost task was to have a detailed business plan, based on the company's
targets and constraints, Amit Bagaria said. This would include Tenancy mix,
The second stage was that of Design conforming to the Plan as “Design always
ought to come only after everything is planned in advance, taking care of the
projected average and peak footfalls (PAPF) and Average duration of visit
(ADOV),” said Bagaria. Keeping in mind the above a mall planner has to think of
the number and types of parking, vertical circulation, washroom facilities, food
108
The developer also needs to look at the critical factors, which are generally
overlooked, like Selecting the best mall planner and architects and Coordination
between the involved role players like planners, structural engineers, leisure
Bagaria spoke at length about the differences between the Indian and
Schematic and Functional design stages and about what all expertise is required
for On-site construction management. His conclusion was that the prevalent
process in India is more time consuming than the international model, which
Experience and expertise flowed as Walter Kleinschmit, Principal R2E (Retail &
Real Estate) Consultants and former general manager, Kingdom Centre (Riyadh,
Saudi Arabia) presented his 10 Rules To Obtain Sustainable Returns from Malls.
“It is challenging to get customers and it is so very easy to lose them, after so
much energy spent that situation needs to be avoided,” Walter said and added,
project.”
The major factors affecting the success graph of malls, the doctrines that work to
109
1. Planning: Understanding the mission, converting it to objectives that are met
5. Leasing & Lease Renewals: Location being the most important aspect of any
6. Maintenance: The main stress was laid on the following trivial looking aspects
like: - Baby Changing Station - Level Sidewalk - Garbage Removal - Clean Walls
etc;
7. Security: “A Sense of Well Being”, No Hassles (Little Risk, Great Place to take
your family), - Not to scare away those who pay your salary;
behind Maintenance and Security that add value to customers, like - Concierge
110
Advertising), - Informative Directory (can generate revenue), etc;
111
CHAPTER-13
CONCLUSION
112
CONCLUSION
The Indian retail sector is witnessing tremendous growth with the changing
moment, it is still premature to say that the Indian retail market will replicate the
success stories of names such as Walt-Mart Stores, Sainsbury and Tesco but at
Retailing in India is gradually inching its way toward becoming the next boom
industry. The whole concept of shopping has altered in terms of format and
malls and huge complexes offer shopping, entertainment and food all under one
roof. The Indian retailing sector is at an inflexion point where the growth of
going to take a higher growth trajectory. A large young working population with
median age of 24 years, nuclear families in urban areas, along with increasing
going to be the key growth drivers of the organized retail sector in India.
The Indian consumer is dressing up, eating, spending, like never before. And
helping him look good , ready to eat, leather products are the hugely successful
brands. Quick to adapt to current trends and the latest in fashion and completely
in sync with customers' wants, these highly versatile brands have given a bold
113
new shape to whether the ready-to-wear apparel industry, leather industry, Gems
branded wear, ornaments, leather products. The reasons are clear - one, the
increased disposable income of Indian households and two, the fast paced
changes in the leather, apparel, food industries. Today's customers are fussier
than ever before - they are more aware of current trends, are totally in sync with
the latest in fashion and demand the best products as well as service at an
affordable price.
like Raymond, Levis, Pantaloon, Ebony, John Player, Lifestyle, Shoppers Stop,
TCNS Clothing, Spykar, Pizza Hut, Mc Donald, DTC Diamond, Tanishq( A TATA
product)etc. already have their retail stores at various part of the country.
As the sector is growing many foreign companies are eying to enter into the retail
market and specially in the apparel sector. It was difficult for them to directly enter
into Indian retail sector earlier, but now as the FDI in the sector has been allowed
up to 51% it has opened up the sector for the foreign companies to set up their
business .
Perception of the consumer towards the retails also goods. They are ready to
adopt the “Mall Culture” and they are also ready to change according to that
culture. Retailers also use so many promotional tools to attract the consumers.
114
CHAPTER-14
BIBLIOGRAPHY
115
BIBLIOGRAPHY
PRIMARY DATA
QUESTIONAIRE
• Business Standard
BOOKS:
116
• Retail Marketing – Sullivan & Adcock
Evans
117
CHAPTER -15
REFERENCES
118
REFERENCES
• http//:www.ficci.com
• www.economictimes.com
• www.eretailbiz.com
• www.fashion2fasion.com
• www.pantaloon.com
119
CHAPTER-16
QUESTIONNAIRE
120
QUESTIONNAIRE
Yes No
a. Less than 2
b. 3 or 4
c. 5 or 6
d. more than 6
e. None
• ---------------------------------------
• ---------------------------------------
• ---------------------------------------
• ---------------------------------------
121
4. How many time you usually go for purchase?
Yes No
Yes No
[i. Five star environment ii. Product line iii. Customer support iv. Convenience]
A only 1.
122
B 1 & 2.
C 1,2 & 3.
D All
Yes No
• _________________________
• _________________________
• _________________________
• __________________________
• __________________________
• __________________________
10. Retails shops is “which type of place for purchasing? According to your
perception”.
123
Best good can not say
Thanks
Address________________________________________________
___________________________________________________
Place_______________ Date____________
124