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RETAILMANAGEMENTA GLOBAL PERSPECTIVE
Text and Cases
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RETAILMANAGEMENT
A GLOBAL PERSPECTIVEText and Cases
Dr. Harjit SinghMFC (Gold Medalist),
MBA (Dual), M.Phil (Commerce)
S. CHAND & COMPANY LTD.(An ISO 9001 : 2000 Company)
RAM NAGAR, NEW DELHI - 110 055
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S. CHAND & COMPANY LTD.(An ISO 9001 : 2000 Company)Head Office: 7361, RAM NAGAR, NEW DELHI - 110 055Phone: 23672080-81-82, 9899107446, 9911310888Fax: 91-11-23677446Shop at: schandgroup.com; e-mail: [email protected]
Branches :AHMEDABAD : 1st Floor, Heritage, Near Gujarat Vidhyapeeth, Ashram Road, Ahmedabad - 380 014,
Ph: 27541965, 27542369, [email protected] : No. 6, Ahuja Chambers, 1st Cross, Kumara Krupa Road, Bengaluru - 560 001,
Ph: 22268048, 22354008, [email protected] : Bajaj Tower, Plot No. 243, Lala Lajpat Rai Colony, Raisen Road, Bhopal - 462 011,
Ph: 4274723. [email protected] : S.C.O. 2419-20, First Floor, Sector - 22-C (Near Aroma Hotel), Chandigarh -160 022,
Ph: 2725443, 2725446, [email protected] : 152, Anna Salai, Chennai - 600 002, Ph: 28460026, 28460027, [email protected] : No. 5, 30 Feet Road, Krishnasamy Nagar, Ramanathapuram, Coimbatore -641045,
Ph: 0422-2323620 [email protected] (Marketing Office)CUTTACK : 1st Floor, Bhartia Tower, Badambadi, Cuttack - 753 009, Ph: 2332580; 2332581,
[email protected] : 1st Floor, 20, New Road, Near Dwarka Store, Dehradun - 248 001,
Ph: 2711101, 2710861, [email protected] : Pan Bazar, Guwahati - 781 001, Ph: 2738811, 2735640 [email protected] : Padma Plaza, H.No. 3-4-630, Opp. Ratna College, Narayanaguda, Hyderabad - 500 029,
Ph: 24651135, 24744815, [email protected] : A-14, Janta Store Shopping Complex, University Marg, Bapu Nagar, Jaipur - 302 015,
Ph: 2719126, [email protected] : Mai Hiran Gate, Jalandhar - 144 008, Ph: 2401630, 5000630,
[email protected] : 67/B, B-Block, Gandhi Nagar, Jammu - 180 004, (M) 09878651464 (Marketing Office)KOCHI : Kachapilly Square, Mullassery Canal Road, Ernakulam, Kochi - 682 011, Ph: 2378207,
[email protected] : 285/J, Bipin Bihari Ganguli Street, Kolkata - 700 012, Ph: 22367459, 22373914,
[email protected] : Mahabeer Market, 25 Gwynne Road, Aminabad, Lucknow - 226 018, Ph: 2626801,
2284815, [email protected] : Blackie House, 103/5, Walchand Hirachand Marg, Opp. G.P.O., Mumbai - 400 001,
Ph: 22690881, 22610885, [email protected] : Karnal Bag, Model Mill Chowk, Umrer Road, Nagpur - 440 032, Ph: 2723901, 2777666
[email protected] : 104, Citicentre Ashok, Govind Mitra Road, Patna - 800 004, Ph: 2300489, 2302100,
[email protected] : 291/1, Ganesh Gayatri Complex, 1st Floor, Somwarpeth, Near Jain Mandir,
Pune - 411 011, Ph: 64017298, [email protected] (Marketing Office)RAIPUR : Kailash Residency, Plot No. 4B, Bottle House Road, Shankar Nagar, Raipur - 492 007,
Ph: 09981200834, [email protected] (Marketing Office)RANCHI : Flat No. 104, Sri Draupadi Smriti Apartments, East of Jaipal Singh Stadium, Neel Ratan
Street, Upper Bazar, Ranchi - 834 001, Ph: 2208761,[email protected] (Marketing Office)
SILIGURI : 122, Raja Ram Mohan Roy Road, East Vivekanandapally, P.O., Siliguri-734001,Dist., Jalpaiguri, (W.B.) Ph. 0353-2520750 (Marketing Office)
VISAKHAPATNAM: Plot No. 7, 1st Floor, Allipuram Extension, Opp. Radhakrishna Towers, SeethammadharaNorth Extn., Visakhapatnam - 530 013, (M) 09347580841,[email protected] (Marketing Office)
© 2009, Dr. Harjit SinghAll rights reserved. No part of this publication may be reproduced, stored in a retrievalsystem or transmitted, in any form or by any means, electronic, mechanical, photocopying,recording or otherwise, without the prior permission of the Publishers.!"#$% &'"%"() *++,-./"$.' &'"%"() *+00
ISBN : 81-219-3207-6 Code : 07A 486PRINTED IN INDIA
By Rajendra Ravindra Printers Pvt. Ltd., 7361, Ram Nagar, New Delhi -110 055and published by S. Chand & Company Ltd., 7361, Ram Nagar, New Delhi -110 055.
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D E D I C A T I O N“This book is dedicated to my wife Prabhjot, son Avneet
and daughter Ms. Reet without their inspirationand tireless efforts this book would
not have been possible.”
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PREFACE TO THE SECOND EDITION
I dare not lengthen this book much more,lest it be out of moderation and shouldstir up men’s apathy because of its size.
AnonymousI’m encouraged by the widespread response from India as well as abroad to the previousedition of the book. This new edition is a major revision of the book that brings it fully up todate, expands the coverage, and includes numerous improvements to the original material.The changes reflect my own experiences in using the book, as well as suggestions receivedfrom readers. As such no new chapter has been introduced but this revised edition containsretail in detail.In revising the book I took the opportunity to rewrite and rearrange material especially inchapter 5: Retail Marketing Segmentation, Chapter 11: Managing a Retail Brand (earliercalled Branding Strategies) and in Chapter 16: Supply Chain Management.As expected, the book has been written in simple language with clear-cut explanation andsuitable examples. The key aspects are presented in boxes or in annexures to make the con-cept crystal clear. I’m sure like previous one, this edition will not only be appreciated butalso will be of greater use to the readers.Author is grateful to the entire team of Management, Editorial and DTP staff of S. Chand& Company Ltd., New Delhi for their sincere cooperation and bringing out the second editionin such less time.
Dr. Harjit Singh
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PREFACE TO THE FIRST EDITIONDriven by changing lifestyles, rising income levels, favourable demographic patterns and by
the entry of corporate sector, Indian retail is growing like never before. Mall space, from ameager one million square feet in 2002 has touched over 50 million square feet by end-2008 andis estimated to cover 100 million plus square feet by 2010. Besides this, Indian cities are alsowitnessing a paradigm shift from traditional forms of kirana retailing to well organized selfservice sector. This is also evidenced by AT Kearney’s Annual Global Retail Development Index(GRDI) 2007 that has ranked India on the top in terms of Market saturation and time pressureas compared to Russia and China. Though the market has been dominated by unorganized players,the entry of national and international organized players is set to change the scenario. Organizedretail segment has been growing at a blistering pace, leaving all previous national and internationalestimates. Bangaluru, Delhi, Noida, Chennai, and Hyderabad have become major retail hubs.Large conglomerates like Tata, Birla, ITC, RPG, Reliance, and Raheja have initiated huge investmentin retailing. Oil giants like IOC, BPCL and HPCL are also expanding from fuel retailing togrocery & food retailing. Foreign collaborations are exploding and triggering the rapidly growingIndian middle class.
However, the success of retail industry would depend on how efficiently retail stores performtheir day-to-day operations. The store operations play very important role in the profitability andlong-term survival. The rate at which new and new stores are coming up and are getting out ofthe competition is a serious issue for Indian retail industry. It seems that these retail stores arecoming in the market without proper homework. The approach, a store has towards merchandisingplacement, the visual aspects, the customers and team work, affects the store’s bottomline. Thestore staff doesn’t know how to attend the customers wisely? How to implement new techniquesof selling and sales promotion? Even store manger is not effective in training and developmentparts of employees. Money is being spent on training and development of store’s employees stillretail staff hesitate in experimenting new in their selling behaviour. With the increasing competition,they necessitate to be updated when it comes to cost cutting techniques and managing store’s day-to-day activities.
This book, in its present form is an icy shower in the hinterland of retail world and is intendedto provide a comprehensive text to cover this much talked but less understood issue in the globalperspective and is essential reading for anyone who wants to know the nuts and bolts of retailing,its present status and interested in knowing how it is affecting the life of common men. The globalcontext has been kept in view throughout the book and the basic ideas are supported by empiricalfindings and media reports.
The book is divided into six sections. Section I introduces the reader to basic concepts andtheories of retailing, various retail formats, essence for strategic planning in retailing, retailing inIndia and across the globe and sets the tone for strategic retailing. Further, reasons for retailgrowth, global retailing trends and various aspects of consumer behaviour are mentioned.
Section II deals with Retailing Strategy, Store Location, Retail Marketing Segmentation, StrategicPlanning in Retail, Financial Strategy and Inventory Control. The reader is also exposed tomanagerial issues associated with merchandise optimization, forecasting, emerging opportunitiesand threats in retail selling.
Section III which is Merchandise Management explains how effectively merchandise is plannedand managed. Further it comprises of planning as to what to buy, from where to buy, how much
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