report -the viability of liverpool retail india ltd

STEVENS BUSINESS SCHOOL BATCH: 2009-2011 IIP REPORT

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1. INTRODUCTION

1.1 RETAIL CONCEPT

The distribution of consumer products begins with the producer and ends at the ultimate consumer.

Between the producer and the consumer there is a middleman---the retailer, who links the producers

and the ultimate consumers. Retailing is defined as a conclusive set of activities or steps used to sell

a product or a service to consumers for their personal or family use. It is responsible for matching

individual demands of the consumer with supplies of all the manufacturers. The word ‗retail‘ is derived

from the French work retailer, meaning ‗to cut a piece off‘ or ‗to break bulk‘.

Retailing has become such an intrinsic part of our everyday lives that it is often taken for granted. The

nations that have enjoyed the greatest economic and social progress have been those with a strong

retail sector. Why has retailing become such a popular method of conducting business? The answer

lies in the benefits a vibrant retailing sector has to offer—an easier access to a variety of products,

freedom of choice and higher levels of customer service.

The ease of entry into retail business results in fierce competition and better value for customer. To

enter retailing is easy and to fail is even easier.

Therefore, in order to survive in retailing, a firm must do a satisfactory job in its primary role i.e.,

catering to customers. Retailers‘ cost and profit vary depending on their type of operation and major

product line. Their profit is usually a small fraction of sales and is generally about 9-10%. Retail stores

of different sizes face distinct challenges and their sales volume influences business opportunities,

merchandise purchase policies, nature or promotion and expense control measures.

1.1.1 FUNCTIONS OF RETAILING

Retailers play a significant role as a conduit between manufacturers, wholesalers, suppliers and

consumers. In this context, they perform various functions like sorting, breaking bulk, holding stock,

as a channel of communication, storage, advertising and certain additional services.


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1.1.2 DIVISION OF RETAIL SECTOR IN INDIA

The retail sector in India can be divided into two major categories:

1) Organized – only 5% of total share

2) Unorganized

1.1.3 RETAILING FORMAT IN INDIA

Convenience Stores:

These are relatively small stores 400-2,000 sq. feet located near residential areas. They stock a

limited range of high-turnover convenience products and are usually open for extended periods

during the day, seven days a week. Prices are slightly higher due to the convenience premium.

The traditional family run convenience stores serves the purpose of the housewives who

definitely wants to avoid traveling long distances to purchase daily needs. The convenience

factor in terms of items, among people in general can be highlighted as below:

· Groceries

· Fruits

· Drug Store

· Necessary stationery

Specialty Stores:

Organised

Supermarkets

Hypermarkets

Department Stores

Speciality Chains

Company owned & operated stores

Exclusive Brand Outlets

Unorganised

Kiranas: Mom & Pop Stores

Kiosks

Street Markets

Multi-brand Outlets

FIG: 1.1 Division of Retail Sector in India


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Specialty stores stress on one or a limited number of complementary product categories and

extend a high level of service to their customers. In India, the traditionally independent

retailers in the specialized market centre operate in a particular product category, at these

centre attract large crowds. Such specialized retail operations provide expertise economies of

scale, bargain and image to the particular stores.

Chains such as the Bangalore based Kids Kemp, the Mumbai books retailer Crossword, RPG's Music

World and the Times Group's music chain Planet M, are focusing on specific market segments and

have established themselves strongly in their

sectors.

Department Stores:

Large stores ranging from 20000-50000 sq. ft,

catering to a variety of consumer needs, further

clas sified into localized departments such as

clothing, toys, home, groceries, etc.

Departmental Stores are expected to take over

the apparel business from exclusive brand

showrooms. Among these, the biggest success

is K Raheja's Shoppers Stop, which started in

Mumbai and now has more than seven large stores (over 30,000 sq. ft) across India and even has its

own in store brand for clothes called Stop.

The other leading fashion department stores in India are Ebony, Globus, LifeStyle, Pantaloon,

Shoppers‘ Stop and Westside.

Hyper marts:

A hypermarket is a very large retail unit offering merchandise at low prices. Superstores have

a sales area of over 50,000sq.ft. Hypermarkets are characterized by large store size, low

operating costs and margins, low prices and comprehensive range of merchandise.


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Supermarkets:

Large self-service outlets with low-cost, low- margin catering to varied shopper needs are termed as

Supermarkets. These are located in or near residential high streets. These stores today contribute to

30% of all food & grocery organized retail sales. Super Markets can further be classified in to mini

supermarkets typically 1,000 sq ft to 2,000 sq ft and large supermarkets ranging from of 3,500 sq ft to

5,000 sq ft. having a strong focus on food & grocery and personal sales.

Multi Brand outlets:

Multi Brand outlets, also known as Category Killers, offer several brands across a single product

category. They usually do well in busy market places and metros. MBOs give the size and scalability

opportunities. Customers also look for variety of products, choice of price points all in one place. This

is best captured by MBOs, particularly the ones who are positioned as destination stores

Discount Stores:

As the name suggests, discount stores or factory outlets, offer discounts on the MRP through selling

in bulk reaching economies of scale or excess stock left over at the season. The product category

can range from a variety of perishable/ nonperishable goods.

Malls:

This is the largest form of organized retailing today. It is

located mainly in metro cities, in proximity to urban outskirts.

The size ranges from 60,000 sq ft to 7, 00,000 sq ft and

above. They lend an ideal shopping experience with an

amalgamation of product, service and entertainment, all

under a common roof. Example includes Shoppers Stop,

Pyramid, and Pantaloon.


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1.2 INDUSTRY ANALYSIS OF THE INDIAN RETAIL SECTOR

1.2. 1 MARKET STATISTICS

Indian retail market is the fifth largest retail destination globally

Currently, the share of retail to the country‘s GDP is about 22% (US$ 353 billion) & is estimated to

grow to $637 billion in 2015

Organized retail sector has been growing at a faster pace than traditional outlets. Its growth is

expected to grow from 5% to 14%-18% in 2015

Higher disposable incomes, alterations in people‘s lifestyle, easy availability of credit cards, high

exposure of brands through media, increasing number of malls and branded outlets has enabled

this transition of sales from traditional outlets to organized retail

Clothing and apparel contributes to about 36% of the total organized retail sales, following food &

grocery segment, in terms of value, growing annually at the rate of 10% - estimated to grow by

12%-15% per year

Apparel is the fastest growing category with both domestic and international brands

Footwear has the highest retail penetration in organized retail with wide distribution network and

consumer confidence

With the opening up of the economy and globalization, India‘s retail industry has witnessed a huge

change over the years and with FDI now allowing up to 51% in single brand retail

72%

10%

5%5%

3% 2%2% 1%

Fig: 1.2 India's Organised Retail Sector

Food & Grocery

Clothing & Textile

Durables

Watch & Jewellery

Home Décor

Health & Beauty

Footwear

Books, Music & Gifts

Courtesy: Indian Brand Equity Foundation


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1.2.2 POLICY AND REGULATORY ENVIRONMENT

To facilitate easier flow of Foreign Direct Investments (―FDI‖) inflow, instead of having to seek

Foreign Investment Promotion Board (―FIPB‖) approval, FDI up to 100 % is allowed under the

automatic route for cash and carry wholesale trading and export trading.

FDI up to 51% is allowed, with prior Government approval for retail trade in ‗Single Brand‘

products with the objective of attracting investment, technology and global best practices and

catering to the demand for such branded goods in India. This implies that foreign companies can

now sell goods sold globally under a single brand, such as in the case of Reebok, Nokia and

Adidas. However, retailing of multiple brands, even if the goods are produced by the same

manufacturer, is presently not allowed.

Relaxation of FDI restrictions are being vigorously pursued by the business and trade coalitions

and are expected to fall in place over the next 3-5 years.

The most common channels for entry of foreign retailers are the strategic license agreements,

franchising, distribution, manufacturing, joint ventures and cash and carry wholesale trading.

Strategic license agreements

This route involves the foreign company entering into a licensing agreement with a domestic retailer

or partnering with Indian promoter owned companies in the Middle East (UAE) or South East Asian

countries (Singapore, Malaysia, Thailand and Indonesia).

Franchising

This is a widely taken entry route, with many international brands setting up shop via this provision.

When one buys a franchise, he is buying the right to use a specific trademark or business concept.

The business one runs is essentially the same as all other business being run under the same name.

In order to do this, one may have to buy things like products, tools, advertising assistance, and

training from the franchisor (the company that owns the rights to the business).


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The franchising routes operable in India are:

• Unit franchisee: Franchisee is granted rights to operate a single business unit

• Multiple franchisees: Individual unit franchises are given to multiple outlets, a route primarily used by

domestic brands

• Master franchisee: Rights are granted for an entire territory to the master franchisee and the master

franchisee can in turn grant unit and multiple franchisees in that territory

• Regional franchisee: This route is similar to that of the master franchisee, but applicable on a larger

scale. The master and regional franchisee routes are the most preferred and the oft-adopted routes of

entry into India by the international retailers.

Cash-and-carry wholesale trading

100 % FDI is allowed in wholesale trading which involves building a large distribution infrastructure to

assist local retailers and manufacturers.

Joint ventures

International firms can enter into agreements with domestic players, and set up base in India. The

share of the multinational is restricted to 49 % in this route.

Manufacturing

International retailers can set-up manufacturing units for their products in India. Entry through this

route entails the company the rights to retail the products in India through individual retailing outlets.

Distribution

An international company can set up distribution offices in India and supply products to the local

retailers. Franchisee outlets can also be set up in this route.

Efforts are also being undertaken by the Government to remove impediments being posed by

licensing and clearance mechanisms in India; with the aim of introducing a single-window

clearance mechanism. This would reduce the entry and establishment timelines for new players in

the market and facilitate easy procedures in issuance of necessary approvals.

The Government is expected to take a calibrated approach in land and rent reforms to improve the

real estate regulatory environment and facilitate easy access to retail space for international

investors.


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Solutions to problems related to the lease rentals and pro-tenancy laws, which significantly deter

international investors, are being pursued by the Government, with initiatives like Special

Economic Zones (SEZs), allotment of Government controlled land etc.

1.2.3 INDIA’S FAST-GROWING APPAREL MARKET

India‘s apparel market is in the throes of change. Rapid growth and rising urbanization have spawned

a new class of consumers with more money to spend, and a growing passion for fashion. In India‘s

high-growth, fast-changing retail clothing market, we see significant new growth opportunities for

foreign and domestic players.

Though menswear has held a special place amongst apparel retailers from the start, women and kids

wear are gaining momentum as the untapped market and an industry with a lot of potential. Most of

the organised retailers picked up men`s clothing section, but a great deal of women`s and kids wear

sections lay in hands of unorganized

sector. However, now-a-days, many

apparel makers are eyeing a share

of this bigger pie with companies

focusing entirely on women`s wear

or kids wear, and menswear makers

too launching special lines of women

and kids wear. There is lot of

specialization coming up in ethnic

and western clothing, in both men`s

wear and women`s wear sections.

Lack of organized players in

women`s wear sector has given way to apparel brands eyeing a bigger share of this untapped

market.

Indian apparel sales are expected to reach an estimated $25 billion this year, having grown in excess

of 10 % over the past 5 years—a growth rate faster than that of the overall India retail market—and

the trajectory is expected to continue. This growth is being driven by a number of factors:


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Increase in disposable income:

By 2005, 21 million of India‘s 210 million households already earned more than $4,000 a year,

qualifying them for membership in what we call ―the consuming class.‖ Based on McKinsey research,

by 2015 the number of consuming class households will likely triple to 64 million.

New occasions:

As the lifestyles of India‘s prospering urban consumers have evolved, their clothing needs have

broadened, reflecting more varied usage occasions. While the Indian shoppers love for clothes has

been unchanged over the years, the average amount spent on clothes and the frequency of shopping

has shown a sharp increase. Indians, who spent an average of $36 (approximately Rs 1,440) in the

2003, were seen to be spending $58 (approximately Rs 2,320) in the same period in 2008. And while

only 8% men and 9% women bought clothes once a month in 2003, 22% men and 31% women now

shop for clothes monthly. Indeed, 38% of Indian respondents to a McKinsey study,2008 said they

were highly likely to buy apparel for special events—a significantly higher proportion than in Brazil

(5%), Russia (3%) or China (6%). Family celebrations and weddings continue to eat up an enormous

share of Indian consumers‘ clothing budgets.

Growth in the women’s segment:

Historically, the men‘s apparel market in India has been significantly larger than the women‘s apparel

market. With only 20 % of India‘s urban women in the workforce, women‘s wardrobes have

traditionally been limited to home wear and items for special occasions. Now, women are more willing

to dress differently when they venture beyond the home—to shop, for example, or visit a school or

office.

Fashion increasingly a form of self-expression:

Increasingly, Indian consumers are embracing the idea of fashion for its own sake, as a means of

self-expression, and not merely as a functional purchase. Traditional clothing remains central to the

way consumers dress, and the quality and craftsmanship of classic Indian clothing have drawn rave

reviews in recent years from some of the world‘s leading designers, style magazines, and fashion

blogs. In a recent McKinsey survey of Indian consumers, 62 % said they thought it was important to

―keep up with trends.‖ More than ever, Indian consumers are experimenting with combining styles, as

seen in the recent ―Indo-fusion,‖ boom, which mixes the silhouettes of the East with the comfort cut of

the West.


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Further urbanization:

At present, just 30% of India‘s population resides in cities, among the lowest urbanization rates of

any nation in the world. But that has been changing. Over the next 20 years, we expect the number of

Indians living in cities to grow by 300 million, where they will buy new styles and fashions to match

new lifestyles. A large percentage of these new city dwellers will be in their twenties, and making first-

time choices for whole categories of clothing items including denims, shirts, and even shoes.

Comparative youth of India’s population:

Against the backdrop of an ageing world, India possesses the advantage of having a largely young

population. 35% of India‘s population is under 14 years of age and more than 60 % of the population

is estimated to constitute the working age group (15-60) till 2050. Two-thirds of Indian population is

under 35, with the median age of 23 years, as opposed to the world median age of 33. India is home

to 20% of the global population under 25 years of age.

1.2.4 RETAIL FORMAT IN TRANSISTION

Modern retailing has entered India in form of malls and huge

complexes offering shopping, entertainment, leisure to the

consumer as the retailers experiment with a variety of formats,

from discount stores to supermarkets to hypermarkets to specialty

chains.

The organized retail sector, which currently accounts for around

5% of the Indian retail market, is all set to witness maximum

number of large format malls and branded retail stores in south

India, followed by north, west and the east in the next two years.

Large branded store chains where products are systematically stocked and displayed, will speed the

transformation of consumer preferences. A clutch of Indian retailers have planned to ramp up the

number of bigger stores in their portfolios the year 2010. The focus for retailers this year has moved

to larger stores for several reasons. For one, retail industry experts said renting larger spaces in malls

gives companies better negotiating power.


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Rents eat up anywhere between 15% and 20% of a retailer‘s revenue, compared with the global

average of 10-15% said by Shubhranshu Pani, managing director for retail at property consultancy

Jones Lang LaSalle Meghraj,.

Pinakiranjan Mishra, partner for retail practices at consultancy firm Ernst and Young, (E&Y) said large

stores can also generate additional incomes through sub-letting spaces for shop-in-shops and in-

store advertising.

Source: article- Retailers Think Big, Shift Focus To Large-Format Stores From Business Standard, April 08, 2010

IMAGES F&R research study (2009) reveals that by the first quarter of 2011, India can expect to have

nearly 120 million square feet of total mall space available through about 350 malls.

North & South in the Lead

Pointing out that the country's North & South have been leading the Malls revolution and continue to

be in the lead, the Report says that the number of operational malls in North zone will increase from

the present 90 in 2010 to 150 by Q1, 2011. Thus, the percentage increase in this zone in number of

malls will be 60 % by 2011 from the existing 90 malls in 2010.

According to the Image F&R projection, the number of operational malls in the South zone will

increase from 21 operational malls in September 2009 to 72 by Q1, 2011.

The highlight of the development in South is that the total existing mall space of 7.2 million square

feet is projected to be more than doubling to touch 18.43 million square feet by 2011.

West Zone & East Zone

In the West, Mumbai has been dominating mall development activity and continues to do so,

accounting for almost 66 % of the total 56 existing shopping malls.

The report says that the number of operational malls in West zone will increase from the 56 as on

September 09 to 87 by Q1, 2011.

In West Zone, about 31 more malls will be added by 2011 where the total available mall space is

16.36 million square feet. This, the Report says will be increasing by 33.9 % by 2011.

And in a broader sense, East zone appears to be tagging along too, albeit at a comfortable pace. The

number of operational malls will be more than doubling from the present strength of 16 as on

September 2009 to 37 by Q1, 2011.

SOURCE: Malls of India, the 2009 edition published by IMAGES Group


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These changes will have far-reaching implications for designers, manufacturers, and retailers

targeting the Indian apparel market. Spanish fashion giant Inditex (Zara) had announced plans to

enter India in 2009. Fast Retailing (Uniqlo) has pegged 2012 for market entry.

FIG: 1.3 APPAREL IS THE MOST PROFITABLE SEGMENT OF THE INDIAN RETAIL MARKET TODAY

CATEGORY TYPICAL RETAILER MARGIN

DESCRIPTION

Food 15-20% More than 80% organised retail in India if food

Apparel 35-50% Highest retailer margins through apparel

Electronics 5-10% Household appliances may provide as much as 8-10%, cell phones may be as low as 5-6%

SOURCE: McKINSEY REPORT, 2009


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SOURCE: IBEF REPORT – RETAIL, DEC 2008

FIG 1.4


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1.2.5 KEY PLAYERS

Pantaloon Retail

Pantaloon Retail, a Future Group venture started its operations with Pantaloon Shoppe in 1993 and

has since emerged the retailing giant of India with over 5 million square feet of retail space spread

over 1000 stores across 71 cities in India. Pantaloon Retail operates in over twenty diverse store

formats, with a spectrum of offerings ranging from food and grocery to carpentry services. It operates

some of the immensely popular retail outlets of India, including the Central chain of malls, Big Bazaar

and Brand Factory. The aggressive expansion rate, combined with the aim of capturing both the

value segment and the lifestyle segment of the market has resulted in Pantaloons capturing a large

part of the organised retail pie.

In terms of retail sales mix also, the share of the

lifestyle segment went up from 27 % in the

second quarter of 2008-09 to 29 % in 2009-2010

(Pantaloon follows a July-to-June financial year).

The company posted a 51 % jump in its net profit at Rs 50.67 crore and a 25% jump in net sales at

Rs 1,912.84 crore for the second quarter ended December 31, 2009.

Pantaloon Retail has many firsts to its name in the Indian market, with discounted store formats like

Brand Factory setting benchmarks for new players entering the market.

The unique selling proposition of Pantaloon Retail is the dual approach to tap both the ―Value‖

segment and ―Lifestyle and Luxury‖ segment consumers, by establishing retail formats in each

segment like Big Bazaar, Fashion Station etc. aimed at value retailing while Central, Pantaloons

captures the lifestyle segment consumers.

Shoppers Stop Limited

Shoppers Stop, established in 1991 with its flagship store- Shoppers Stop by the K. Raheja Group,

has now expanded to over 100 retail outlets spread across 1.1 million square feet of built-up area,

spanning a spectrum of retailing verticals and formats. The group offers formats in the lifestyle and

luxury segment, with the growing affluent middle class population as their target consumer base.

The revenue in the year 2009-2010 is Rs. 141,181.25 lacs (previous year Rs. 127,108.20 lacs),

registering a growth of 11.07% y-o-y basis. The net Profit achieved in the year 2009-2010 was Rs.

5,023.05 lacs (previous year net loss of Rs. 6,371.80 lacs).

Private labels account for more than 21 % of their retail revenues, with Shoppers Stop clocking

impressive total number of transactions to customer footfalls ratio (conversion ratio) of 27 %.


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Strategic partnerships with international retailing players like Mothercare Plc of

Britain and Leisure & Allied Industries of Australia, are aiding Shoppers Stop in

catering to the niche markets.

Shoppers Stop and Hypercity Retail (India) Ltd. have jointly entered into an

agreement with Home Retail Group Plc, United Kingdom, to develop the format of

catalogue retailing in India under an exclusive franchise.

OTHER KEY PLAYERS

Tata Trent Ltd.

• Established in 1998

• Revenues: Rs.40.22 cr

• Retail sector activity: Apparel, Specialty – books and music

• Current store format: Hypermarket, Supermarkets

• Entered in Hypermarket format in 2004 with Star Bazaar

• Future plan: New venture-Infiniti Retail Ltd.

• Manufacture private labels in apparels

• Principal fascia: Westside, Landmark, Star India Bazaar

Landmark Group – Dubai based co.

• Present in India since 1999

• Revenues: US$ 3.2 billion

• Retail sector activity: Apparel, Home décor & Furnishing

• Current store format: Department stores, Hypermarkets

• Entered in Hypermarket format in 2007

• Current outlets: Lifestyle-15 outlets, Max Retail-4 outlets, 3 hyper

markets

• Future plan: Presence in mini metros and Tier-II cities

• Principal fascia: Lifestyle, Home Centre, Max Retail, Spar


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Madura Garments


• Part of the Aditya Birla Nuvo Group since 2000

• Retail sector activity: Apparel

• Principal fascia: Louis Philippe, Van Heusen, Allen Solly, SF jeans, Peter

England

• Joint Venture with international brands: Esprit

• Current outlets: Planet Fashion-50 outlets, Trouser town-9 outlets

• Future plan: Projected to increase to 300 outlets by 2009 and diversify into the women‘s wear

segment

Globus


• Retail sector activity: Apparel

• Current store format: Stand alone stores

• Current outlets: 26

• Future plan: To set up additional 100 fashion stores by the end of 2012.

• Manufacture private labels under Globus and F21

• Principal fascia: Globus

Provogue Ltd.


• Revenues: US$ 38.1 million

• Retail sector activity: Apparel, Footwear

• Current store format: large format store & Stand alone stores

• Current outlets: 126 own outlets & 110 shop-in shops

• Future plan: To manage and develop malls

• Principal fascia: Provogue, Prozone


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1.2.6 KEY PLAYERS’ SWOT ANALYSIS

E

EARLY BIRDS

RETAILERS BRANDS PLANS STRENGTHS CHALLENGES THREATS

K Rhaeja Group

Shopper's Stop, Crossword, Inorbit Mall, Hyper City, Café Brio/Desi Café

Raising the no. of Shopper‘s Stop Outlet to 49 By 2010-End, 60-70 New Crossword Outlets Within Two Yrs, 68 Hyper City in next 5yrs & 100 Café Brio/Desi Café

Pulse On Customer Tastes With Local Retailing Experience

Keeping Up Brand Loyalty

Could Get Bogged Down In Positioning Itself Right

Future Group

Pantaloon, Big Bazaar, Food Bazaar, Central, Ethnicity, Brand Factory, Home Town

A Store A Day For The Next 3-4 Yrs, 3300 Planned By 2011; Currently operates around 1000 stores

Can Evolve On Vast Customer Experience & Existing Models

Expanding Customer Base, Sourcing Products At Cheaper Rates

Straddling With Too Many Retail Formats

Tata Trent

Westside, Star Bazaar, Landmark

Looking To Register In Hypermarkets; Currently operates in 42 retail outlets

growth of nearly 28 % in the retail space since 2009; won an award of ‘'The Most Admired Private Label Fashion Retailer of the Year- 2010'

Sprucing Up Product Offerings, Opening More Outlets, & Introducing New Retail Formats

It‘s Smaller Retail Operations

DEBUTANTS

RETAILERS BRANDS PLANS STRENGTHS CHALLENGES THREATS

Reliance

Reliance Fresh, Reliance Mart, Reliance Super, Reliance Digital, Reliance Jewels,

Shifts the focus to hypermarkets

Growth through value creation. Operates several value & specialty formats

Getting the retail portfolio right for Indian tastes

Lack of experience in retail format, product pricing

Bharti Walmart

Field Fresh

To open up 140 retail stores by the year-end & 15 wholesale store by next 3-years

Bharti's local expertise & Wal-mart's back-end makes a lethal combo

Government interventions at intervals

Product pricing, shelf & overall offerings


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1.2.7 MARKET ANALYSIS OF VARIOUS BRANDS

Source: Article- Brands of India, IMAGE BoF

1.2.7a) KOUTONS RETAIL INDIA

Targeting Indian middle class where they shop as a family

Product Range: wide range of apparel designs suited for all segments including corporate, formal

and casual dressings for men, women and children.

Location: in both large and small city malls and high streets.

No. of Outlets: More than 1400 stores in India out of which 1341 are franchised outlets

Company‘s Fascia:

Koutons the flagship brand

Charlie Outlaw for men

Les Femme for the modern and vibrant women

Koutons Junior for the young and energetic children

K2One for shoes, leather jackets

Accessories: Patent Club and Feel Me.

Turnover till 30 December, 09 was Rs 235.94 million.

Production Capacity:

Manufacturing capacity of 80 lakh pieces approximately per annum (cost around Rs 4 crore),

Finishing capacity of 80 lakh pieces approximately per annum(cost around Rs 4 crore)

No. of in-house manufacturing / finishing units: 18

No. of Warehouse: 14 warehouses spread across Gurgaon

Future Target: All the state capitals and districts of the states

1.2.7b) ROYAL CLASSIC GROUP (RCG)

Year of Establishment: began in 1991 as an exporter

Brand mantras

Customer is the king

Quality is God

Development:

In February 2001, the company launched its maiden T-shirt brand Classic Polo, making its

foray into the domestic market.

Although, Classic Polo is primarily a T-shirt brand, it also offers a complete lifestyle wardrobe

like exclusive T-shirts, shirts, trousers, etc.


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RCG acquired Smash, another T-shirt brand, in 2004

launched its exclusive premium men`s intimate wear under the brand name Smash in 2005.

Brand turnover FY ‗10 (projected): Rs 75 crore

Retail presence:

EBOs: 76; Company-owned: 52; Franchises: 24

Factory outlets: 5

MBOs: 3500+

1.2.7c) CANTABIL

Company: a fashion-and-lifestyle label from the house of Cantabil International

Launched in India: 2000

Merchandise:

Initially formal and semi formal shirts and trousers for men

Subsequently, the brand expanded its portfolio to casuals and smart casuals for men, & also

for the diverse segments of women and children

Brand mantras:

Offer the latest in fashion and style for the Indian consumers

Quality at an affordable price Brand

Turnover FY ‗10 (projected): Rs 150 crore

Retail presence: EBOs: 405

Company-owned: 60 per cent

Franchises: Remaining 40 per cent

1.2.7d) GARBO

Company: National Clothing Supply India Private Limited

Product: Kidswear

Brand mantras:

Quality at affordable price


Retail presence: MBOs: 300


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1.2.7e) PEPE JEANS

Company: PJL Clothing (India) Ltd

Launched In India : 1989

Brand mantra:

Global, bold and ambitious, Pepe Jeans is all about premium jeans and casual wear, young at

heart, positively rebellious with a broad appeal

Product portfolio:

Casual Cotton, Shirts, T-Shirts, Denims, Fashion Tops, Dresses, Jackets and Accessories

Retail presence:

EBOs: 204; company-owned: 78; franchise: 126;

Factory outlets: 12; company-owned: 1; franchise-owned: 11

MBOs: +1500

1.2.7f) NUMERO UNO

Company: Numero Uno Clothing Ltd

Brand mantras

Let the product speak for itself

Superior value for money

Product Portfolio: complete casual wear brand

started manufacturing shirts in 1998 and knits

and jackets thereafter

launched its footwear division in 2006

Accessories are also a strong area of growth


Retail presence:

EBOs: 105; company-owned: 36; franchised: 69

Factory outlets: 12; company-owned: 9; franchise: 3

MBOs: 400+


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1.2.7g) SPYKAR

Company: Spykar Lifestyles Pvt Ltd

Brand mantras

To deliver the right value to the customer

To consistently set free latest fashion for the

youth


Retail presence:

EBOs: 202 (all franchises);

Factory outlets: 56; company-owned: 3; franchise

outlets: 53;

MBOs: 750;

1.2.8 FUTURE OUTLOOK

The Q410 BMI India Retail Report forecasts that total retail sales will grow from INR16.51trn

(US$380.39bn) in 2010 to INR26.02trn (US$679.32bn) by 2014.

Of this, organized retail, which constitutes just 5% of the total market, is estimated to grow at a

CAGR of US$ 107 billion by the year 2013 from US $20 billion in 2007, signifying a huge potential.

Strong underlying economic growth, population expansion, the increasing wealth of individuals

and the rapid construction of organised retail infrastructure are key factors behind the forecast

growth.

As well as an expanding middle and upper class consumer base, there will also be opportunities

in India's second and third-tier cities.

The greater availability of personal credit and a growing vehicle population to improve mobility

also contribute to a trend towards annual retail sales growth of 11.4 %.

India‘s per capita GDP has grown exponentially over the years and is expected to grow further.

This along with the transition of the middle class will lead to a reduction in poverty and further the

burgeoning middle class. In 2005, the middle class segment was relatively smaller in size,

comprising just 5% of the total population but this is expected to increase to 41% by 2025.

The total apparel consumption by these classes is said to increase more than 10 times from $3.6

billion in 2006 to $37 billion by 2025. This data simplifies the vision for India‘s retail sector.


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Further, the consumption rate is growing stronger day by day and the combination of rapidly rising

household incomes and a growing population will

lead to a significant increase in consumption.

The aggregate consumption of India is

expected to grow to Rs 34 trillion by 2015 and Rs

70 trillion by 2025, a four-fold increase from the

current levels of Rs 17 trillion. The Indian market is

expected to be the fifth largest market in the world

by 2025, surpassing the market of Germany.

Although low growth of 6% annually is likely to continue for the next two years, the AEPC vision is

based on sustained growth of top five apparel suppliers. Based on the past export trends of India,

feasibility study and the assumption that the world apparel market would grow moderately at 8%,

AEPC fixed the target for apparel exports by 2015 at US$34 billion.

The retailers are also working to overcome key hurdles. Increasing market share, improving brand

image, insulating the export market by diversifying, tackling production-related issues and

reducing cost disadvantage, keeping a check on debt-funded expansion, penetrating the rural

markets and Tier-I and Tier-II cities, offering products for the lower income bracket and much

more, is on the retailers‘ minds to make the most of the next projected boom in the market cycle.

With the second largest population in the world growing at an average of around 1% per annum

coupled with rising income levels, the retail sector will ride on the consumption wave that

continues to be one of the most significant components of the Indian GDP.

Malls are expected to be one of the major growth drivers of apparel retailing and in terms of

opening new retail outlets, apparel retailers and brands attained a higher than expected growth

rate. The market potential is clearly evident from the number of stores being added to the list of

existing ones every year.

The number of operational malls is expected to grow two-fold with a major slice of development

taking place in Tier-II and Tier-III cities, which are relatively newer avenues for the industry.

1.2.9 FLATTERING REMARKS

Apparel industry is considered an environment-friendly industry due to its low emission levels. The

industry can leverage carbon credits saved in this industry and trade them in the world market. In

fact, it can be a new source of revenue for our industry.


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Given the fact that because of the rise in the global equity markets, the prices of some of the

apparel stocks such as Zodiac, Provogue and Koutons have already gone up by an average of

150% in the last six months.

The Indian Brand Equity Foundation (IBEF) too upholds most of these projections. The country‘s

retail market is the fifth largest retail destination globally to be ranked as the most attractive

emerging market for investment in the retail sector by AT Kearney‘s eighth annual Global Retail

Development Index (GRDI) in the year 2009.

Commercial real estate services company, CB Richard Ellis‘ findings state that the retail market in

India is currently valued at US$ 511 billion.

Further, CB Richard Ellis states that India has moved up to the 39th rank in the list of the most

preferred retail destination in the world in 2009, up from 44 last year.


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1.3 COMPANY PROFILE

Liverpool Retail India Ltd. ventured into the readymade garments sector in the year 2006 with its

diverse product line of Shirts, Trousers, T-shirts and Men's and Women's Accessories. Liverpool

incorporated in the year 2001 by launching its fashion retail chain across the country under the same

brand name of "Liverpool". Liverpool is the only Brand from Ahmedabad, infact from Gujarat who has

all over India retail presence in such a short span.

Retail Format: Discount Format Stores

1.3.1 FOCUS

The focus of the brand and infact the products USP is Quality, Variety and its very attractive Price

bracket in which they come. With the exceptional fits, styling and COLOR options available in the

products range, Liverpool promises to be an instant success amongst the young generation and

working professionals.

Liverpool Retail India Ltd. is owned by a team of distinguished Promoter and Directors.

:: Promoters

Mr. Vijay Singh Rathod

Mr. Kailash Gupta

:: Present Directors

1. Mr. Vijay Singh Rathod, Director, Liverpool Retail India Ltd.

Masters in Economics from Agra College, Agra

First job: a lowly-paid milk supervisor for Hindustan Lever Ltd in the moffusil town of Etah in

Uttar Pradesh way back in 1988.

2. Mr. Kailash Gupta

Education: post graduate in Personnel Management from XLRI, Jamshedpur, and also has

degree in law from the University of Delhi

Serves as Managing Director of National Multi-Commodity Exchange of India Ltd., Neptune

Overseas Limited and a GoI recognized Export House

Has been Director of Personnel & Administration at Shipping Corp. of India since July 2006

Serves as Managing Director of Liverpool Retail India Ltd.


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3. Mr. Dharmendra Kothari

Director at Liverpool Retails India Ltd.

Served as Senior Manager at RSM McGladrey FPO – H & R Block Group Company

Worked as Manager Finance & Accounts at Creative Global Services

Was at Shoppers Stop Limited at Assistant Manager – Accounts

Education:

The Institute of Company Secretaries of India

Institute of Chartered Accountant of India

Mohanlal Sukhadia University

Liverpool entered in the fashion retail sector with a vision to not only spread its business in the

domestic Indian market, but also make its presence felt internationally.

Currently the company has 554 stores spread in

different states of India namely Gujarat, Rajasthan,

Bihar, Madhya Pradesh, Delhi, Punjab, Haryana,

U.P., Uttaranchal, Karnataka, Tamil Nadu, Assam,

Jammu & Kashmir, Himachal Pradesh, Orissa,

Kerala and West Bengal.

The company has just launched a budget-

conscious new brand called 'Barcelona' in June,

2008, which offers garments for men and women between the price range of Rs 400 and Rs 2000 at

151 outlets in the country.

The company has stepped into international market having started two stores at Dubai and shortly

entering into Europe, Japan, Nepal and other International locations.

Liverpool aims to cross 1000 stores target by the year end of 2011-12. Showroom area varies from

500 sq-feet to 3000 sq-feet, with the latest Retail Design and Visual Merchandise.

Liverpool target customers are of all age groups & currently, the company sources its garments from

third parties.


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1.3.2 STRENGTH

Liverpool is rapidly developing its brand image in customers mind and turning them into loyal

customers of Liverpool. Customer loyalty doesn‘t come easy in today‘s highly competitive market. Our

customers are satisfied buyers not only because we meet their requirements in terms of a premium

brand but one that's reasonably priced too, which is the secret behind our customer‘s loyalty.

Liverpool has a good market presence with attractive schemes and offers running on a regular basis.

As the garments are designed keeping in mind the latest fashion trends, forecasts and colors, they

are not only affordable but fashionable too.

1.3.3 BRANDS

1.3.4 KEY PROGRESS FOR LIVERPOOL RETAIL INDIA LTD.

1.3.4a) Liverpool Set To Carve Its Name In Guinness

Liverpool has strongly promoted its brand nation wide and within a short span of time has

succeeded, by establishing 125 franchise outlets. The company now aims high to enter Guinness

Book of World Records by coming up with 150 retail outlets in 16 states simultaneously.

Launched two stores in Dubai

Source: Fibre2fashion News Desk – India, April 09, 2008


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1.3.4b) Liverpool To Invest Rs. 500cr in 2 yrs

To set up a new manufacturing plant

To start new brands

To expand its current Liverpool stores to 600 outlets by March 2009 and 1000 outlets by March

2010 across the country.

To enter the high-end garment market, plan to open a chain of designer boutique stores for which

it will tie up with some of the major designers in the country – Rs. 30 crore would be invested

Source: Business Standard, June 16, 2008

1.3.4c) ‘Liverpool’ Opens 151 Stores On A Single

Day; Enters The ‘Limca’ Book Of Records

Launched 151 retail stores for another apparel brand

called ―BARCELONA on 15th June 2008. Interestingly,

all the stores were launched on the same day and at

the same time across the country. Barcelona clothes for

men and women would be priced between Rs 400 and

Rs 2000.

Source: Fibre2fashion News Desk – India, 23 June, 2008

1.3.4d) Liverpool Plans IPO; Mulls Acquisitions

Liverpool Retail India Ltd plans to launch an initial

public offer (IPO) in the financial year 2010-2011. Around INR 1 billion is expected to be raised

from banks through loan and private equity whereas INR 1 billion may be raised through the IPO.

Launched first Liverpool family store in Rajasthan in August

Launched foremost Liverpool Kidsland outlet in Gujarat in September

SOURCE: Fibre2fashion News Desk – India, 16/10/2009


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1.3.4e) Shapoorjee Chandabhoy To Invest In Ace Tours, Liverpool

Mumbai-BASED non-banking finance company (NBFC) Shapoorjee Chandabhoy Finvest Pvt Ltd

(SCFPL) plans to invest Liverpool Retail India Ltd. The negotiation with company is at the final

stage and expected to conclude within the next few months.

If all goes as planned, SCFPL will pick up 20% in Liverpool Retail India Ltd, an Ahmedabad-based

readymade garment retailing company, for Rs 15 crore.

SOURCE: 22 Jun 2010, ET Bureau

1.3.4f) City-Based Apparel Firm Eyes Stores In Japan

Liverpool Retail India Ltd plans to set up stores in Japan and Nepal this fiscal. The company also

intends to come out with an IPO of around Rs 150 crore. For its foreign venture, it is in talks with

Japanese and Nepal-based firms.

Planned to start 20 stores in Nepal and an equal number in Japan

Claimed to be the number two apparel company in the organised retail sector after Koutons Group

SOURCE: Ahmedabad Mirror, 20 July, 2010

1.3.5 CURRENT SCENARIO

Liverpool Retail India Ltd. currently operates around 500 Exclusive Brand Stores running on

the franchise format. It has only one warehouse which is situated in Naroda, Ahemdabad. Its

biggest project ever, which includes setting up of garment manufacturing unit, huge lifestyle stores &

warehouse facilities is in the pipeline.

Liverpool Retail India Ltd.‘s minimum guaranteed payments to franchisees cover lease rentals,

employee costs, and other establishment costs apart from incentives on sales.

Presently the company is facing heat of minimum guarantee fad. Due to the peculiarities of the Indian

real estate market minimum guarantee has come to the fray. Hence presently the company is in

restructuring stage where it is focusing on cost cutting & withdrawing the loss making franchisees.

Most of the company‘s earlier franchisees had been provided a fixed minimum guarantee on the

assumptions of good sale. The reason to offer minimum guarantee is to ensure returns to

franchisees. The risk is covered due to MG.


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The company has now initiated to restructure the format of the Minimum Guarantee from the fixed

one to the commission base. The commission can range from 25% to 33% on the net sale.

The fundamental of the thought is to reach a level where both parties undertake their fair share of

risks to make it turn into a business format franchising.

Next to these essential commercial factors (investments and earnings), the support facilities from the

company, like supply chain management, merchandise in tune with the season and competition,

stock refreshment as per industry standards, quality uncompromised, and price worth the product that

constitute the key ingredients for the goodwill of the company are put under scanning in the reforming

strategy. Among other things, the company will also revamp its discount model this year.

1.3.6 OPPORTUNITY

An important aspect of the current economic scenario in India is the emergence of organized retail.

There has been considerable growth in organized retailing business in recent years and it is poised

for much faster growth in the future. India is on the radar of Global Retailers and suppliers / brands

worldwide are willing to partner with retailers here. Further, large Indian corporate groups like Tata,

Reliance, Raheja, ITC, Bombay Dyeing, Murugappa & Piramal Groups etc and also foreign investors

and private equity players are firming up plans to identify investment opportunities in the Indian retail

sector. Retail Space is no more a constraint for growth.

Favorable demographic and psychographic changes relating to India's consumer class, international

exposure, availability of increasing quality retail space, wider availability of products and brand

communication are some of the factors that are driving the retail in India. Indian consumers are

rapidly evolving and accepting modern formats overwhelmingly. Customers also look for variety of

products, choice of price points all in one place

The economy is tougher to categorize as an influence on shopper behavior – particularly as it relates

to choosing one format over the other. Thus, to ensure high return on investment & a competitive

edge in the market, the company needs to ascertain the new retail formats i.e. multi-brand outlets

(MBOs) & large format stores (LFS) that are flavor of the season. Consumers want the convenience

of shopping at branded stores that have a wide range of products and broader aisles. They are

looking for all the modern conveniences and they appreciate all-under-one roof concept.


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Exclusive brand outlet (EBO) does ensure that the store is never out of stock, thanks to the

predominant one-brand presence & also EBOs are in command with better visual merchandising,

more control over the brand, customer experience etc. However, veterans argue that it is the multi-

brand outlets, which drive more footfalls. In the MBOs, the retailers offer wider range of merchandise.

In the response to the open poll question on IndiaRetailing — Exclusive brand stores may allow for

greater depth and branding of merchandise, but multi-brand outlets and shop-in-shops are really the

revenue drivers for a brand — 91.67% of the respondents support the statement while the remaining

8.33% of them negated it.

MBOs and shops-in-shop (SIS) can certainly help a brand build its footprint more rapidly and with

lower capital & give the size and scalability opportunities than it could with only exclusive brand

outlets, as discussed by Devangshu Dutta, chief executive, Third Eyesight.

Positioning a brand in multi-brand outlets enables the brand to enhance reach across a cross-section

of customers, thereby driving revenue.

The company can enter into new retail formats along with its current store layout as the exclusive

stores would help in building the brand and the multi-brand stores and shop-in-shops will help in

increasing the visibility and reach of the brand as sales channels for the fast moving SKU‘s in the

brand.


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2. INTERNSHIP PROJECT DETAILS

2.1 RESEARCH METHODOLOGY

TOPIC: ―The Viability of Liverpool Retail India Ltd. In Large Format Stores‖ The research was to be conducted in mainly four stages:

STAGE 1: Identifying the Problem

a) Primary information was explored about the company‘s retail format.

b) Inputs, about the basic (Generic) factors that are considered while patronizing a retail format

were gathered.

c) Various materials published in similar studies were consulted.

d) Key factors & the kind of data required for successful completion were being identified.

STAGE 2: Collecting Suitable Data

a) A questionnaire was framed while considering both the key & the generic factors, which affects

consumer selection behavior & decisions.

b) Personal interview taken of following people:

Entrepreneurs, Store Managers & Staff working in various retail formats

Customers who buy apparels from various types of retail stores

STAGE 3 : Analysing & interpreting the collected Data

A data sheet has been formatted & analysed by feeding the data collected by filling

Questionnaires into excel sheet systematically.

STAGE 4 : Writing the Report

Detailed report has been made as per the analysis from time to time in a most possible proper,

convenient & scientific format by applying suitable higher order statistical procedures to define &

interpret the required information.


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2.2 RESEARCH DESIGN

TOPIC: ―The Viability of Liverpool Retail India Ltd. In Large Format Stores‖

AREA OF RESEARCH: Marketing - Retail Management

RESEARCH OBJECTIVES:

To propose Liverpool Retail India Ltd. a business plan about investment in Multi-brand outlets

(MBOs) & Large Format Stores (LFS)

o To provide information about various pros & cons of the new investment in LFS

o To give data of current status & performance of other apparel brands in all formats of

retail stores

o To derive the relationship between the fresh investment & impact on sales of Liverpool

retail in market

o To know consumer purchasing behavior in Large Format Stores (particularly apparel

department )

RESEARCH TYPE

Our research type is Quantitative and Suggestive research because it compares the performance

of various formats of retail outlets and attractiveness of the investment in the new retail formats.

DATA REQUIREMENT

For this research we required:

i) Entrepreneurs who are already functioning in EBOs, MBOs & LFS

ii) Store Managers & Staff of the various brands present in the store

iii) Customers who are actually purchasing from various types of apparel retail stores

DATA COLLECTION METHOD

Target population was asked to fill up the Questionnaire and Information has been sourced from

books, newspapers, trade journals, and white papers, industry portals, government agencies,

trade associations & monitoring industry news and developments.


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SAMPLING DESIGN

Sampling Techniques: Probability Sampling Method

In this Probability sampling Method, we had used the Simple Random Sampling as in our

research each respondents in the population had an equal opportunity of selection. Each

Respondent was selected independently of every other respondent.

Sample Size: 100 people

Survey area: Customers located in different area of Ahemdabad city

Scaling Techniques

We have used the Comparative Scaling techniques as for capturing the data about the

preference and performance of various formats of retail store.

LIMITATIONS OF THE STUDY

It was be difficult to get sales details from the store managers of other apparel brands because

of its confidentiality.

The bias of respondents while filling questionnaire cannot be eliminated.

The business proposal is purely on the basis of assumptions due to the lack of data &

experience of the researcher.


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2.3 CONSUMER SURVEY ANALYSIS

2.3.1 Consumers’ Ideal Time for Shopping Apparels

Particulars

No. of respondents

On Weekends 11

Once or more in a month 16

Once in two months 22

Only on special occasions 27

Only when necessary 24

ANALYSIS:

According to survey, people buy clothes during celebrations such as birthdays, Diwali, or marriage as

27% & 24% of the total respondents prefer to buy apparel on special occasion or when necessary

respectively. Also 22% respondents told that they buy clothes on regular interval of two months or

more for trying out latest fashion.

The 27% of respondents who shop frequently buys clothes from local market or near-by outlets.

11%

16%

22%27%

24%

Graph 2.3.1 Consumers’ Ideal Time for

Shopping Apparels

On Weekends

Once or more in a month

Once in two months

Only on special occasions

Only when necessary


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2.3.2` Chosen Location To Buy Apparels

Particulars % of

respondents

Local Market 2

Near-by local retail outlets

25

Exclusive Brand Outlet – (e.g. Spykar, Pepe)

28

Multi Brand Family Store - (e.g. Kenzer, Half-ticket)

11

Large Format Store - (e.g. Central, Pantaloons, Westside)

34

Do not prefer to buy ready-made garments

0

ANALYSIS:

34% of the sample size has adopted the new retail format to shop followed by exclusive brand: 28%.

Near-by local retail outlets also take prominence when going out for shopping as 25% of the overall

respondents prefer them over other areas.

2%

25%

28%11%

34%

0%

Graph 2.3.2 Chosen Location To Buy Apparels

Local Market

Near-by local retail outlets





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2.3.3 Preference of Retail Store Format

Type of Retail Store

Least Preference

Neither less nor high preference

High Preference


28 25 47


44 43 13


28 32 40

I.

ANALYSIS:

ANALYSIS:

High preference is given to the exclusive brand outlets (47%) followed closely by large format store

(40%). The basis for going to exclusive brand outlet is the variety of merchandise available there &

the staff ambience and service is good as compared to large format store where only limited stock is

available & it‘s much more about self service. The respondents informed that they are not use to the

new trend of going from one corner to other for shopping a single garment.

0

10

20

30

40

50

Least Preference

Neither less nor

high preference

High Preference

28 25

47

44 43

13

28 3240

Graph 2.3.3 Preference of Retail Store Format


Multi Brand Family Store -(e.g. Kenzer, Half-ticket)



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2.3.4 Scale Of Brand Consciousness While Purchasing Apparel

Rating

No. of Respondents

1 = Least brand conscious 18

2 = Little brand conscious 22

3 = Neutral 27

4 = Much Brand conscious 19

5 = Most Brand conscious 14

ANALYSIS:

Only 33% of the respondents told that they look for branded apparels while shopping whereas 27%

were neutral on rating their brand consciousness i.e. they said that it depends on the mood or

occasion to go for branded or unbranded apparel.

Besides this 40% respondents are certainly not brand-stuck as they feel that comfort & style is more

important while wearing. So it‘s a good sign for new entrants in the industry to excel by serving the

latest taste to the buyers.

18%

22%

27%

19%

14%

Graph 2.3.4 Scale of brand consciousness while

purchasing apparel

1 = Least brand conscious

2 = Little brand conscious

3 = Neutral

4 = Much Brand conscious


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2.3.5 Ideal Destination To Get Favourite Brand Apparels

Particulars

% of Respondents

Exclusive brand outlet 45

Large format store 55

2.3.6 Action Taken When Preferred Brand’s Stock Is Unavailable

Particulars % of

Respondents

Wait for the stock to come 13

Go to another outlet of the same brand

24

Look for some other brand immediately

50

Hang around for some time, then finally shifts to another brand

13

ANALYSIS:

As per the survey, people are now moving towards large format stores (55%) to purchase their

favourite brand apparels due to the characteristics of variety.

Further if they don‘t like the stuff or stock is unavailable of their preferred brand 50% respondents

said that they would switch to other brands immediately. Thus the frequency of brand loyalty is

decreasing gradually.

This is the present distinctiveness of this dynamic & ever changing apparel retail sector.

45%

55%

Graph 2.3.5 Ideal Destination To Get

Favourite Brand Apparels

Exclusive brand outlet

Large format store

13%

24%

50%

13%

Graph . 2.3.6 Action Taken When Preferred Brand’s Stock Is Unavailable

Wait for the stock to come

Go to another outlet of the same brand

Look for some other brand immediately

Hang around for some time, then finally shifts to another brand


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2.3.7 Consumers’ Quantity of Purchase while Shopping For Apparels

Particulars % of Respondents

Exactly what is needed 43

More than what had been planned

50

Much more than planned

7

ANALYSIS:

Exactly half of the respondents do shopping more than planned so once they go for purchasing

apparels they look for new styles and new products & if they match their taste they‘ll certainly buy

it.

This gives opportunity to the stores to keep multiple items along with the main merchandise such

as formal wear store keeps tie, belts & handkerchiefs as accessories.

43%

50%

7%

Graph 2.3.7 Consumers’ Quantity of Purchase

while Shopping For Apparels

Exactly what is needed

More than what had been planned

Much more than planned


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2.3. 8Striking Quality of Large Format Stores

Particulars % of

Respondents

Product range and variety across all age groups

30

Multiple brands under one roof

34

Loyalty programs 7

Ambience/ in store setup 4

Convenience in shopping

4

Rebates and discounts on purchase

15

Visual display 6

ANALYSIS: Multiple brands under one roof (34%) & product range across all age groups (30%) are presently the

new tastes & obvious winners of liking large format stores. 15% of the respondents, generally in early

twenties, also marked rebates & discount on purchase for going to shop in large format stores. The

individual store is unable to fulfill all the demands of the customer at one go so the key to their query

is Large Format Store.

30%

34%7%

4%

4%15%

6%

Graph 2.3.8Striking Quality of

Large Format Stores

Product range and variety across all age groups

Multiple brands under one roof

Loyalty programs

Ambience/ in store setup

Convenience in shopping

Rebates and discounts on purchase

Visual display


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2.3.9 Significant Characteristics while Favouring a Retail Store

Characteristics

% of High Rating-

Respondents Mean of Ratings

Quality 100 4.21

Variety 100 4.05

Multi Brand 97 3.8

Convenience 93 3.73

Store Ambience 88 3.66

Window Display 86 3.46

Staff Ambience 81 3.46

Affordability 81 3.27

Deals & Offers 65 3

Out store promos 54 2.57

In-store promotions 46 2.51

ANALYSIS:

The customers of sample size gave high priority to quality & variety available while selecting a retail store to shop. The multi-band, convenience & store ambience are the important characteristics that a shopper looks for. The contrasting fact visible here is the affordability & deals and offers are given least preference over the other factors. This clearly evidences change in buying habits of Indian consumer. Thereafter they are also held by the visual merchandising of a store. They want to get

well treated by the staff of the stores.

11%

11%

10%

10%

10%9%

9%

9%

8%

7%6%

Graph 2.3.9 Significant Characteristics While Selecting

a Retail Store to Shop

Quality

Variety

Multi Brand

Convenience

Store Ambience

Visual Merchandise

Staff Ambience

Affordability

Deals & Offers

Out store promos

In-store promotions


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2.3.10 Rate Of Accessibility To The Facility Of Exclusive Benefits And Privileges Given In Large Format Stores

Particulars % of

Respondents

Yes 64

No 36

ANALYSIS:

The response to this question illustrates a differing opinion from the earlier one. On the one hand

respondents have not given importance to the out-store as well as in-store promotions but on the

other hand the rate of accessibility to the exclusive benefits & privileges given in Large Format Stores

is quiet high.

The reason behind to provide these benefits is to retain customer loyalty as today‘s buyer is more

experimenting & brand-switcher.

From the end of the customer, these customer loyalty programs give better remuneration in long term

than discounts & other offers.

64%

36%

Graph 2.3.10Rate Of Accessibility To The Facility OfExclusive Benefits And Privileges GivenIn Large Format Stores

Yes

No


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2.3.11 Ideal Retail Store Format For Various Brands To Shop From

Particulars % of Respondents

BRAND

Exclusive Brand Outlet

Large Format Store

Flying Machine 57 43

Van Heusen 56 44

Pepe Jeans 43 57

Wrangler 64 36

Lee 45 55

Levi‘s 52 48

Liverpool 30 70

Koutons 38 62

ANALYSIS

The large format store is the current flavour of the respondents over the exclusive brand outlet. The

shopper now doesn‘t want to attach to a single brand for a long time as well as he wishes to have all

the brands under one roof for convenience. People are much loyal to the brands such as Wrangler,

Flying Machine & Van Heusen but Liverpool & Koutons, both discount stores, are much preferred in

Large Format Store so there is a new opportunity for both the brands.

57 5643

64

45 52

3038

43 4457

36

5548

7062

Flying Machine Van Heusen Pepe Jeans Wrangler Lee Levi’s Liverpool Koutons

Graph 2.3.11 Ideal Retail Store Format For Various Brands To Shop From

Exclusive Brand Outlet Large Format Store


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2.4 NEW INVESTMENT PROPOSAL

2.4.1 For the fresh investment in multi-brand outlets & large format stores the company should focus

on three decisive factors:

Shape the category:

Winners will innovate occasions, looks, and wardrobes; the focus will therefore be broader than just

building brands. E.g.:

Over the past three years, for instance, major jewelry brands have revived a 5,000 year-old

―sacred‖ day known as ―Akshay Tritha,‖ which now accounts for the largest single-day jewelry

sales in India.

The ―Friday dressing‖ concept, introduced by one apparel brand, asked young professionals to

buy brighter colors for Fridays, expanding the wardrobe in the process.

There is even a place for more cutting-edge trends such as organic clothing: apparel retailers Van

Heusen and Arrow recently launched 100 % organic lines made of cotton, linen, and natural dyes.

Focus on inventory and markdown management:

Today, apparel is one of India‘s most attractive business segments due to its high margins.

Looking at an index based on the cost of a basic white shirt, it has found that Indian apparel prices

have doubled over the last decade, and tend to be 25 to 30% higher than in China as a result of

supply chain inefficiencies and restricted competition.

Winners will need to get the back-end operations right much earlier than the scale of the market

suggests: managing margin through smarter in-season markdowns, a disciplined balance

between core fashion and high fashion, managing inventory through a proper mix of made-to-

order and later engagement rates, and keeping 50 to 60% of regularly restocked items at the core

have become part of a winning retail formula.

Though optimum margins on these pieces of clothing may not be as much as the more expensive,

high-impact fashion pieces, they keep customers coming back regularly.

The high fashion range should be advertised and showcased, but kept only to 10 to 15% of

inventory to reduce the impact of markdowns.


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Take a segmented view of the market:

As in many other emerging markets, not all consumer segments or geographies are the same.

E.g., consumers in the north tend to spend more than in other regions due to cooler climates and

different approaches to social occasions.

Similarly, retailers cannot ignore the smaller cities, which will drive apparel growth opportunities,

even for more expensive brands. Benetton, for example, recently hit $100 million in sales in India,

and is targeting $250 million within the next 3-4 years, largely by targeting smaller cities, which are

already contributing about 20% to the company‘s growth and growing much more quickly than in

the larger markets.

Winners who want to build real scale in India will be those who understand the market in a

granular manner, and then ―own‖ the customer throughout their lifecycle with a portfolio of brands,

price points, and formats.

2.4.2 PRDUCT INFORMATION

Retail Format: Large Format Store

Brand: Liverpool ‘Youth

Category: Semi-Premium Brand

Style: Casuals

Merchandise: Denims & T-shirts

Accessories – Wallets, Belts, Handkerchiefs

Price Range: T-Shirts = Rs. 699/- to Rs. 999/-

Denims = Rs. 899/- to Rs. 1599/-

2.4.3 TARGET MARKET

Demographic

Age - Between 18yrs - 30yrs

Income - >INR 15,000 p.m.

Generation - Generation Y

Psychographic

Personality – Competent, Sophisticated, Strivers, Achiever, Experimenters

Life Style – Brand Conscious, Pleasure & comfort seeker,

Behavioral

Loyalty Status – Shifting loyal

Readiness Stage for buying – Interested

Attitude towards product - Positive


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2.4.4 INVESTMENT SPECIFICS

Investment Breakup:

= Rent amount* + merchandise cost + salary + margin given to store authority + miscellaneous

(branding, snacks expense, incentives, etc.)

*Rent Amount includes furniture fixture, Account Staff/Cashier, Security, Electricity and Common

Maintenance

2.4.5 SOURCES OF FINANCE

Own reserves: Rs. 5 Lac

Bank Over Draft: Upto Rs. 50000

2.4.6 ASSUMPTIONS

Our projections are based on the assumption that the economy, consumer spending habits and

population growth in India will continue for the foreseeable future.

It must also be assumed that the company‘s present and future suppliers will continue to sell

inventory at prices that allow us to maintain present margins. It is also important that the company

is able to hire reliable employees at reasonable wages.

Rent amount:

Store Space Required: 250 sq. ft.

Cost Price per sq. ft: Rs. 150/- to Rs.250/- p.m.

Rent per month: Rs. 220 * 250 = Rs. 55000/-

Merchandise cost

FY 2011 FY 2012 FY 2013

Avg. Cost price of Jeans (in Rs.) 350 400 400

Avg. Cost price of T-shirt (in Rs.) 150 200 200

No. of pieces bought per year 2800 1600 1200

The merchandise bought would be in the ratio of 60:40 i.e. 60% of the total merchandise will

be jeans & 40% will be t-shirts.

During season sale, the discount limit on the merchandise would be up to 40% of the original

selling price.


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As per company policy: 1 sq ft. = 5 garments

So, 250 sq ft. = 1250 garments

Hence, 1250 garments are required in the store for display & 100 garments will be needed for

stock up in the store house through out the year.

The creditors will give 90 days credit limit to the company.

Cash Budget for the first year - 2011 (Projected) in Rs.

Jan Feb Mar April May June July Aug Sep Oct Nov Dec

Opening Balance 500000 429000 446429 56238 73524 99038 1224 26424 59167 5382 4846 38799

Sales 0 120000 110000 108000 118800 108000 151200 129600 146200 118800 143000 135000

Other Income (Interest)

0 0 0 0 0 0 0 0 0 0 0 0

Additional Capital 20000 20000 0 35000 25000 10000 35000

Total Cash Inflow 500000 549000 556429 164238 192324 227038 132424 156024 240367 99182 137846 208799

Rent 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000

Salary 0 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000 10000

Purchase 0 0 405000 0 135000 135000 108000

Commission (25% on Net Sales)

0 28571 26190 25714 28286 25714 36000 30857 34810 28286 34048 32143

Advertisement Expenditure

10000 5000 1000 0 0 0 0 1000 0 1000 0 0

Misc. Expenditure 6000 4000 3000 0 0 0 5000 0 0 0 0 0

Interest ( 6% pa) 100 0 0 175 50 0 175

Total Cash Outflow 71000 102571 500190 90714 93286 225814 106000 96857 234985 94336 99048 205318

Net Cash 429000 446429 56238 73524 99038 1224 26424 59167 5382 4846 38799 3481

Profit & Loss Statement for the first year ( Projected) in Rs.

Opening Stock 0 Sales 1388600

Purchase 783000 Closing Stock 365850

Gross Profit 971450

Salary 120000 Gross Profit 971450

Rent 660000

Commission 330619

Misc Expense 13000

Advertisement Exp 18000

VAT 28838

Interest 500

Net Profit -199507


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INCOME STATEMENT (Projected)

First year '11 Second year '12 Third year '13

Sales 1388600.00 2290000.00 2410000

Less : Cost of Production (417150.00) (465050.00) (384000)

Gross Profit 971450.00 1824950.00 1589473

Less : Administrative & Selling Expense (1170457.00) (1587300.00) (1368142)

EBDIT (199007.00) 237650.00 954861

Less : Depreciation 0.00 0.00 0

EBIT (199007.00) 237650.00 954861

Less : Interest (500.00) (500.00) (50)

EBT (199507.00) 237150.00 954811

Tax @ 30% 59852.10 (71145.00) (286443.30)

EAT (139654.90) 166005.00 668367.70

2.4.7 INCOME STATEMENT PROJECTIONS

The gross sale in the statement shown here is on the basis of no. of units sold per year that is 1500,

2000 & 2300 for the FY 2011, FY2012 & FY2013 respectively.

Based on growth rate of apparel retail sector & our marketing plans, location, store size and product

offerings, we expect to collect annual sales of Rs.13,88,600 in year one, Rs. 22,90,000 in year two &

Rs. 24,10,000 in year three. The break-even would be achieved before the completion of the third

year of the opening of the store. Our minimum monthly fixed costs are Rs.65, 000 per month per

store.

The accompanying income statement gives the specifics of a single store & demonstrates the

company's profitability.

Thus on the basis of presumption at this point it can be concluded that though the project shows loss

in the first year of opening, as the sale grows in the later years the profits margin increases itself

keeping all the external factors constant.

The company can make it a sound investment by its deep knowledge & long experience in apparel

retail industry.

By keeping the quality, variety & style at most priority & good communication strategies followed by

constant watch on the market dynamics & behavioral change in shoppers‘ buying pattern, the

company can make the venture a grand success in long term.


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3. REFLECTIVE NOTE ON INTERNSHIP

In the 6 weeks of the internship program, I have discovered much about the retail industry and its

working culture. I got a good exposure to the real image of corporate life; walking along with multiple

liabilities, new challenges and mind stress every morning. The person who has the skill to manage

this steady stress with ease will get shine as an asset in this field.

I had been specified on-the-job training in marketing division as well as visual merchandising

department. Though both the sections have completely different functions they are interdependent to

hold the company successfully from the front-end.

In the highly dynamic marketing department the duties & responsibilities are changed or added as the

situation demands.

The training helped me in understanding the operations and working at the company based on

franchisee format. I have found out that franchising today has not been restricted to product only

where the franchisor, franchisee transact the product but the franchisor has gone above limits to

include into fold training and orientation of franchisee and his team in maneuvering incredibly

successful sales and imprinting brand name in the minds of customers, through franchise outlet, who

surrogates the face of the brand.

The online as well as telephonic co-ordination among departments which are inside as well as

outside the infrastructure has become an integral part of the job specification.

The project given during the internship enhanced my knowledge about the procedures exercised to

enter into different formats of a retail store. I got the opportunity to meet eminent personalities of the

apparel retail industry to gather information for the report.

The noteworthy learning is to get assurance about the correctness and clarity of information on any

subject or matter prior to taking any decisive action.

The training taught me that to be successful at a position one requires the absolute knowledge of the

industry, clarity of job description & aptitude of learning.

I personally think that sales and marketing is not everyone‘s cup of tea but if one set his target high

and continuously strive towards that, nothing is impossible. The only thing required in our field is a

right & positive attitude towards attaining one‘s goal.


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4. CONCLUSION

After studying the customer survey questionnaire statistically and theoretically as well and after

observing the consumer‘s mood and their preferences it can be inferred that Big Retail is here to stay.

Consumers make retail format choices based on a complex set of interrelated attributes or ―utilities‖.

The relative importance of any one of these utilities is influenced by the environment the consumer is

presented with on any given shopping occasion & hence the consumer‘s preferences are changing

rapidly and becoming highly diversified. It is difficult for the retail stores to satisfy all the needs of the

customers. The most of the consumer‘s want to get some best quality, variety, exclusive benefits and

privileges given on every purchase and a shopping comfort as well. Those who are able to purchase

their needs and want for a month in a bulk prefer to go to the large format stores. Because of

competitions in the market the branded wears have also become affordable so the younger

generation prefers to purchase from the retail outlets where multi-brands are available. Thus, only the

big retail chains are able to satisfy all these needs of the new age consumers whereas there is still

some consumers mostly of the late 20‘s who are willing to purchase from the exclusive brand outlets.

Some of them have perception that these big stores are too costly to afford and some of them are not

able to make purchases in a bulk so they do not want to waste their time to go especially to the big

store for 2-3 items purchase.

Our survey respondents certainly seem to feel that ―who you are selling to and how‖ is going to trump

―what you are selling‖ in the future. This means formats like ―the youth store‖ or ―the senior store‖

might make more sense than ―the apparel store‖.

And the respondents clearly feel that the market is going to take a step back in importance to format

success.

Assuming that improvements in infrastructure and lower real estate costs become a reality, Big Retail

still has a long way to go before satisfying the highly diverse needs of the Indian population. As a

result, there will be a steady state where Big Retail will co-exist with Small Retail.


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5. BIBLIOGRAPHY

Marketing: An Introduction (7th Edition) by Armstrong and Philip Kotler (2005), Dorling

Kindersley (India) Pvt. Ltd., New Delhi.

Marketing Research: An Applied Orientation (5th Edition) by Naresh K.Malhotra &

Satyabhushan Dash (2009), Dorling Kindersley (India) Pvt. Ltd., New Delhi.

Research Methods for Business Students (3rd Edition) by Mark Saunders, Philip Lewis and

Adrian Thornhill (2007), Dorling Kindersley (India) Pvt. Ltd., New Delhi

Retailing: Environments & Operations (Indian Edition) by Andrew J Newman & Peter Cullen

(2009), Cengage Learning India Pvt. Ltd., New Delhi.

‗Retail Hotspot‘ The Hindu Business Line, 22 August 2002

http://economictimes.indiatimes.com/articleshow/6078501.cms

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=45981969

http://www.primaryinfo.com/apparel_retailers.htm

http://www.bespokecreations.net/Resources/Brands%20of%20India_Part_1.pdf

http://www.business-standard.com/india/storypage.php?autono=326168

http://www.clickindia.com/detail.php?id=2485181

http://www.docstoc.com/docs/10893194/Indian-Retail-Industry-Report-220708

http://www.docstoc.com/docs/12163960/RETAIL-CONCEPT

http://www.financialexpress.com/news/apparel-retailers-move-to-small-towns-for-

growth/494604/0

http://www.franchiseindia.com/magazineArticlesView.php?magzid=49&artid=49-1-

1&title=May+2009+Vol.+10+No.+3&p1=2&p2=&year=2009

http://www.indiaretailing.com/news.aspx?topic=1&Id=4155

http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-09/Retail-

Clothing-Store.html

http://www.oppapers.com/essays/Branded-Outlets-Vs-Multi-Brand-Stores/224478

http://www.scribd.com/doc/27403185/Indian-Apparel-Retail-Sector-an-Overview

http://info.shine.com/Article/Retail/Retailers-think-big-shift-focus-to-large-format-

stores/4000/cid139.aspx

http://www.thebusinessplanstore.com/business_plan_financial_projections.htm#BalanceSheet

s

http://thirdeyesight.in/articles/all_about_format.html

http://economictimes.indiatimes.com/articleshow/6078501.cms

http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=45981969

http://www.primaryinfo.com/apparel_retailers.htm

http://www.bespokecreations.net/Resources/Brands%20of%20India_Part_1.pdf

http://www.business-standard.com/india/storypage.php?autono=326168

http://www.clickindia.com/detail.php?id=2485181

http://www.docstoc.com/docs/10893194/Indian-Retail-Industry-Report-220708

http://www.docstoc.com/docs/12163960/RETAIL-CONCEPT

http://www.franchiseindia.com/magazineArticlesView.php?magzid=49&artid=49-1-1&title=May+2009+Vol.+10+No.+3&p1=2&p2=&year=2009

http://www.franchiseindia.com/magazineArticlesView.php?magzid=49&artid=49-1-1&title=May+2009+Vol.+10+No.+3&p1=2&p2=&year=2009

http://www.indiaretailing.com/news.aspx?topic=1&Id=4155

http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-09/Retail-Clothing-Store.html

http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-09/Retail-Clothing-Store.html

http://www.oppapers.com/essays/Branded-Outlets-Vs-Multi-Brand-Stores/224478

http://www.scribd.com/doc/27403185/Indian-Apparel-Retail-Sector-an-Overview

http://www.thebusinessplanstore.com/business_plan_financial_projections.htm#BalanceSheets

http://www.thebusinessplanstore.com/business_plan_financial_projections.htm#BalanceSheets

http://thirdeyesight.in/articles/all_about_format.html


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6. ANNEXURE

A STUDY ON THE CUSTOMER PERCEPTION ABOUT EXCLUSIVE BRAND OUTLET (EBO), MULTI BRAND OUTLET (MBO) & LARGE FORMAT STORE (LFS)

I, Nikita Sanghvi, the student of Stevens Business School, Kalol, is doing a study on customer perception about EBO, MBO & LFS stores. I would like you to fill up the questionnaire given below. Your valuable feedback will help me with the analysis required in completing my project report. Q1. How often do you shop in an apparel and lifestyle showroom?

a. On Weekends [ ] b. Once or more in a month [ ] c. Once in two months [ ] d. Only on special occasions [ ] e. Only when necessary [ ]

Q2. From where do you buy your apparels?

a. Local Market [ ] b. Near-by local retail outlets [ ] c. Exclusive Brand Outlet – (e.g. Spykar, Pepe) [ ] d. Multi Brand Family Store - (e.g. Kenzer, Half-ticket) [ ] e. Large Format Store - (e.g. Central, Pantaloons, Westside) [ ] f. Do not prefer to buy ready-made garments [ ]

Q3. Rate your shopping preference on the scale of 1-3 where: 1= least preferred & 3= Most preferred

a. Exclusive Brand Outlet – (e.g. Spykar, Pepe) [ ] b. Multi Brand Family Store - (e.g. Kenzer, Half-ticket) [ ] c. Large Format Store - (e.g. Central, Pantaloons, Westside) [ ]

Q4. How brand conscious are you; rate yourself on the scale of 1-5: (Rate: 1= least brand conscious & 5= Most brand conscious) [ ] Q5. To buy your preferred Brand apparels you go to its-

a. Exclusive brand outlet [ ] b. Large format store [ ]

Please state the reason for your choice: ______________________________ Q6. What do you do when your preferred brand’s stock is not available?

a. Wait for the stock to come [ ] b. Go to another outlet of the same brand [ ] c. Look for some other brand immediately [ ] d. Hang around for some time, then finally shifts to another brand [ ]


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Q7. When you go to shop for apparels, your purchase remains:

a. Exactly what you need [ ] b. More than what you had planned [ ] c. Much more than planned [ ]

Q8. What attracts you towards a Large Format Stores?

a. Product range and variety across all age groups (menswear, women wear and kids wear) [ ]

b. Multiple brands under one roof [ ] c. Loyalty programs [ ] d. Ambience/ in store setup [ ] e. Convenience in shopping [ ] f. Rebates and discounts on purchase [ ] g. Visual display [ ]

Q9. Rate the importance of following for you in a retail store on a scale of 1 to 5, where:

Least important =1 & Most important =5

a. Multiple brands 1 2 3 4 5

b. Variety 1 2 3 4 5

c. Quality 1 2 3 4 5

d. Store ambience 1 2 3 4 5

e. Window display 1 2 3 4 5

f. Staff behavior 1 2 3 4 5

g. In-store promotions 1 2 3 4 5

h. Sales promotion initiative publicized out-store 1 2 3 4 5

i. Deals and offers 1 2 3 4 5

j. Convenience in shopping and product placement 1 2 3 4 5

k. Affordability 1 2 3 4 5

Q10. Would you like to buy apparels of a new brand launched in the Large Format Store?

a. Yes [ ] b. No [ ]


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Q11. Do you think location of store in the proximity area affects your purchase behavior?

a. Agree [ ] b. Neither Agree nor Disagree [ ] c. Disagree [ ]

Q12. Have you availed the facility of exclusive benefits and privileges given to loyal customers who frequently visit the stores? (E.g. Green card in case of Pantaloons, and first citizen cards in case of Shoppers Stop)

a. Yes [ ] b. No [ ] Q13 For the following brands, from where would you like to shop: Exclusive Brand Outlet Large Format Store a. Flying Machine [ ] [ ]

b. Van Heusen [ ] [ ]

c. Pepe Jeans [ ] [ ]

d. Reid & Taylor [ ] [ ]

e. Wrangler [ ] [ ]

f. Lee [ ] [ ]

g. Levi‘s [ ] [ ]

h. John Players [ ] [ ]

i. Allen Solly [ ] [ ]

j. Liverpool [ ] [ ]

k. Koutons [ ] [ ]

PERSONAL INFORMATION

1. Name: _________________ 2. Gender:

Male [ ] Female [ ] 3. Age group (in yrs):

a. Under 18 [ ] b. 18-25 [ ] c. 26-35 [ ] d. 36-55 [ ] e. > 55 [ ]

4. Area of the residence: ________________________ 5. Occupation: ________________________

report -the viability of liverpool retail india ltd

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