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Retail management a strategic approach
Retail management a strategic approach
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Numerous researches have been done in past about this topic but to mention all would go beyond the purview of this paper hence only a few selected ones have been stated herein.
In 1987, Brown explained the costs of a retail format in relation to consumer costs. He referred to various costs incurred by the consumers such as effort, time, or psychological costs along with monetary costs. Non-store formats then emphasized especially on savings in non-monetary costs. Their major appeal is the ease of shopping and convenient access they provide beyond the constraints of location.
Rao in 1999, talked about benefits of e-commerce for retailers which gave them burgeoning market access and information with the benefits of lesser procurement and
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A retailer can be defined as a trader who recurrently sells commodities in small quantities. The sale of goods or commodities in small quantities is done directly to consumers. According to PHILIP KOTLER
Retailing comprises of all the activities related to selling goods or services to the final consumers for their personal use. A Retailer or Retail store is any business enterprises whose sales volumes comes primarily from retailing.
TYPES OF RETAIL SECTOR
In India, Retailing is a major pillar of the economy and accounts for 35% of GDP. The retail industry comprises of organized and unorganized sectors. More than 12 million outlets function in the country and only 4% of them are larger than 500 sqft in size. ORGANIZED
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They are located mainly in metro cities, in close proximity to urban outskirts. Their area can range from 60,000 sqft to 7,00,000sqft and beyond. They lend an ideal shopping experience with a carnival of product, service and entertainment; all under one roof. Its examples include Shoppers Stop, Pyramid, and Pantaloon.Shopping-centres. The development of malls across India has attracted the attention of real-estate developers and corporate houses. Earlier it was the large, organized retailers with their up-to-date, up-market outlets, and direct consumer interaction- who had been a key factor driving the growth of organized retail in the country, now it is the malls which are playing the role. Division in malls such as up-market malls, mid-market malls, accurate planning, quality products at lower prices, correct identification of needs and the right timing can certify the success of the mall revolution in India.
SPECIALTY STORES
Several 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 aiming on specific market segments and have proven themselves strongly in their sectors.
DISCOUNT STORES
Discount stores or factory outlets, as their names suggest offer discounts on the MRP by selling in bulk and reaching economies of scale or excess stock left over at the season. Their product category can vary from
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
Over the summer I experienced my first real job in retail. It was fun because I didn’t have to always stand behind the cash register and deal with customers. I could be working at customer service one day and apparel the next day. While there were pros to having that job there were also cons. If I had to work in apparel I knew that I would be working hard the entire shift, and depending on what manager was in that day and what shift I got would determine how that day would end. For example, if I had to work in customer service during a closing shift I knew I would probably be in the front by myself for about half of time I worked and would be there longer than I planned. In all my experience with working in retail I have dealt with three
The retail industry is as old as human civilizations, and it’s worth noting the retail sector is much better geared to change than most sectors. Over the past couple of decades there has been a wide range of changes in the retailing business. The retail sector dates back to the early 1800’s when the first local corner store sold common household items and basic groceries. As its name states, the corner store was just that, stores strategically placed on corners on high foot traffic areas for easy access. As society started to grow so did the need for new consumer goods and how a consumer would reach those goods. Department stores became popular simply because they were able to offer an assortment of categories and a variety of items within those categories all under one roof. The first two cities to start developing large scale department stores were New York City, and Chicago. In New York in 1846, the first building was built offering a variety of goods at fixed prices that were shipped from Europe. Department stores moved away from the idea of bartering and all items sold were considered fixed. However, department stores did offer discounts and coupons as a way to get customers in the door. In 1862, the largest department store was built during this time in New York City. The department store was on a full city block with eight floors and nineteen departments of dress goods, furnishing materials, carpets, fine china, toys and sports equipment. All these items were arranged around a central glass-covered court. The glass windows quickly became a staple in the department stores design. The act of window shopping was introduced and quickly all department stores had floor to ceiling windows advertising the newes...
Over the previous couple of decades, modern business has been evolving rapidly and the retail industry has been no exception. Whereas previously the customers received retail ads and offers from disconnected sources, today retailers are operating a combination of all available retail marketing methods to reach the customer.
All choices made by Seven-Eleven are structured to lower its transportation and receiving costs. For example, its area-dominance strategy of opening at least 50 to 60 stores in an area helps with marketing but also lowers the cost of replenishment. All manufacturing facilities are centralized to get the maximum benefit of capacity aggregation and also lower the inbound transportation cost from the manufacturer to the distribution center (DC). Seven-Eleven also requires all suppliers to deliver to the DC where products are sorted by temperature. This reduces the outbound transportation cost because of aggregation of deliveries across multiple suppliers. It also lowers the receiving cost. The information infrastructure is set up to allow store managers to place orders based on analysis of consumption data. The information infrastructure also facilitates the sorting of an order at the DC and receiving of the order at the store. The key point to emphasize here is that most decisions by Seven-Eleven are structured to aggregate transportation and receiving to make both cheaper.
Introduction India is the world’s second most populated country with over 1.2 billion people. Since its independence from British rule in 1947, the country has been more or less a stable democracy. Until 1991, Indian governments imposed economic austerity and its markets were comparatively closed to the world. Economic reforms in 1991 brought about a change which made India an attractive and huge market for multinational corporations from all over the world (Joshi 8). Retail industry within a globalized world is one of the most thriving and profitable sectors.
Even the slowdown in current global economies could not bring retail sector down as retailers keep seeking for opportunities overseas to avoid challenging economic condition, which make this sector becoming more globalised and competitive. As an heir of an industrial components retailer, I also believe there are bountiful opportunities to grow in this emerging industry. But without deeply and truly understanding in every aspect of retailing, one could not survive in the battle. For this reason, I would like to pursue my education further by studying Master in retail management to obtain knowledge in retailing and hopefully become successful in the field.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating
wholesalers and retail the items to end buyers. Subsequently the retailers are relied on upon free
2. Organized Retail: The emergence of organized retail have lead to more variety with ease in browsing, opportunity to compare with different products in a category, one stop destination (entertainment, food and shopping) etc, which is playing an important role in bringing boom in the Indian FMCG market. Currently the modern trade is capturing 5% of the total retail space, which will increase to 10% and 25% in 2010 and 2025 respectively. Also, as the credit card and organized retail trend picks up, people won’t think much while buying and buy more.
In conclusion, e-commerce makes our life much more easier, because it saves time, we can get our goods with in a short period of time, other than that it connects to businesses around the world, we can buy goods that we can’t get from the local market. The last thing we also can get goods that are not available in the shopping mall and with the cheaper price. As I know, using e-commerce to shop online is the right choice for because it is so convenient.
The main advantage of online shopping is convenient. Online shops open 24/7. People who live in remote areas do not need to speed long time on the traveling to the stores. Consumers who come from other cities/countries can easily buy the native and specialty goods by just a click instead of going to that cities/countries themselves. The relevant information of products can be received from any location in seconds. Study showed that 72% of online shoppers preferred surf online than go to retail store to attain information about a product (Lokken et al., 2003). Online shopping also has greater price information (as cited...