ekonomske krize. Srednja vrijednost tehničke Srednja tehničke krize. vrijednost ekonomske zavrijeme prodavaonica tržištu narumunjskom ovih razinu učinkovitosti visoku analize pokazuju DEA Rezultati ijedanoutput(prihod). poslenika) inputa (dugotrajnuimovinui prosječan broj za- varijable, odnosnodva tri DEA modeluključuje Mónika-Anetta Alt, Ph.D. je metoda nom razdoblju. Zapotrebe istraživanjakorištena unavede- tržištu narumunjskom nica prisutnih maloprodajnih lanacatzv. „uradi sam” prodavao- 2007. do2010.godine. Uzorak obuhvaća svih10 sam” prodavaonica urazdoblju od uRumunjskoj Predmet radajemjerenje uspješnostitzv. „uradi E-mail: [email protected] Phone: ++40744132896 ++40264418652/3/4/5;Mobile: Teodor 58-60,400591 Cluj Napoca,ROMANIA Mihaili Administration Babes-Bolyai University, Faculty ofEconomicsandBusiness Lecturer DEA, benchmark, kriza, Rumunjska kriza, DEA, benchmark, mjerenje uspješnosti,„uradi sam” prodavaonice, Ključne riječi TIJEKOM EKONOMSKE KRIZE SAM” PRODAJNIH LANACA U RUMUNJSKOJ MJERENJE USPJEŠNOSTI TZV. “URADI ECONOMIC CRISIS RETAIL CHAIN’S EFFICIENCY DURING THE MEASURING ROMANIAN DO-IT-YOURSELF SAŽETAK Data Envelopment Analysis (DEA) Envelopment Analysis Data : . market during the period oftheeconomiccri- theperiod during market level ofeffi ver). The results oftheDEAanalysisshowahigh number ofemployees) andoneoutput(turno- namely, inputs (fi two xed assets andthe average used. The DEAmodelincludesthree variables, Data Envelopment Analysis(DEA)method was chains inall. For oftheanalysis, thepurpose the thegiven during period, thatis10 in themarket all do-it-yourself retail present chainsinRomania of2007-2010. period The sampleencompassed nian do-it-yourself retailers’ effi ofthisstudyisto measureThe purpose Roma- crisis, Romania benchmark, effi words Key ABSTRACT ciency measurement, do-it-yourself stores, measurement, do-it-yourself ciency DEA, ciency in the Romanian do-it-yourself in theRomanian ciency : UDK 658.871:65.011.4>(498) Preliminary communicationPreliminary ciency ciency during the Prethodno priopćenjePrethodno

TRŽIŠTE 86 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE prodavaonica uRumunjskoj. mjerenju tzv. uspješnostinatržištu „uradi sam“ DEAmetoda u putaprimijenjena u radujeprvi poduzeća. Premaučinkovitih saznanjimaautora, irazvoja natržište strategije ulaska prikazane u2010.godini.Uradusuukratko nica natržištu najuspješnijih lanacatzv. „uradi sam“prodavao- razdoblju.menskom To jeujednobiojedanod inozemnu uanaliziranomvre- konkurenciju sam” maloprodajni nadmašuje lanacDedeman ma rezultatima istraživanja,domaćitzv. “uradi seod0,829do0,904.Pre- kreće učinkovitosti Mónika-Anetta Alt DEA intheRomaniando-it-yourself market. measurement bymeansofthe ply performance fl y. Thestudyseems to have beenthe ap- rst to fi and development strategies are discussedbrie- companies’well-performing penetration market in2010. inthemarket The of thebestperformers theanalyzed wasalsoone ring period. Dedeman competitiondu- theinternational outperformed ts, thedomesticdo-it-yourself retailer Dedeman 0.829and0.904.Accordingbetween to theresul- sis. The meanscore oftechnical effi ciency ciency varied 87 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102 - developed a erent erent sectors 5 ciency meas- ciency has produced produced has 6 UDK 658.871:65.011.4>(498) UDK ciency”, ciency”, which was article, entitled “The meas- 4 ected by the economic crisis ected crisis the economic by

ciency measurement methods 3 ciency frontier solved limita- this ciency as a ratio between total betweenciency a ratio as total ciency measurement is needed to to needed is measurement ciency cient during the economic crisis?” crisis?” the economic during cient ciency of the whole company. The ciency of the whole company. countries. Seiford erent ciency studies conducted before 1950 1950 ciency before studies conducted data on more than 800 published articles and the pe- the DEA during to related dissertations were there article This that shows riod 1978-1996. sector, on the DEA studies based the retail in 16 Portugal, Chile, in the USA, mainly conducted the UK. and Spain These studies analyzed the ef- outlets supermarkets, ciencyhypermarkets, of fi departmentsand stores. The modern effi on Farrell’s based are (DEA). DEA is widely used in diff in used method effi for programming linear widely is DEA urement, called the Data Analysis Envelopment (DEA). and in diff urement of productiveurement effi pa- on Farrell’s based In 1978, 1957. in published Rhodes and Cooper Charnes, per, were employed by the companies that turned that the companies by employed were be effi out to the fact due 2011, in that, The relevant study is the economic facing still is market the Romanian sector retail the do-it-yourself Furthermore, crisis. aff is still and was the construction to connected strongly it is since detailed of more a lack is there Finally, industry. analysis of the Romanian do-it-yourself retail sec- the press Overviews in general. in tor available of sales terms in (e.g. insights veryprovide limited top-to the approach c Scientifi period). a given in ics as effi such provide managerial implications. effi The productiv- based on the average mainly were on the productivity later index. and ity indicator, i.e. The of the productivity simplicity concept, effi measuring the popularity explains inputs, outputs total and overall on provide to the con- itsof the method. popularity, Despite failed productivity of cept of effi view concept of effi effi to the modern approach initiated tion and ciency by utilizing measurement multiple inputs with the the results outputsand comparing and performer. best

1 - - ciency ciency ciency of of ciency ciency dur- ciency performance performance ciency/ineffi Albert Einstein 2 ciency measure a is cient in the Romanian the Romanian in cient uenced all economic ac- economic all uenced ectiveness refers to the ex- the to refers ectiveness nation. For all crises bring progress.” bring crises all For nation. ectiveness. Effi ectiveness. cient/ineffi “A crisis can be a real blessing to any person, to any any to person, any to blessing be a real can crisis “A The economic crisis which began in the late 2008 the late began in which crisis The economic infl 2009 has early and a large faced losing companies many tivities and portion of the their marketing value. From point uncontrollable an is crisis the economic of view, with, deal to have managers which phenomenon op- or an a threat represent could which and portunity Albert Following them. Einstein’s for 1. INTRODUCTION 1. MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC The main objective of the paper is to measure measure objective to The is of the paper main Romanian do-it-yourself retailers’effi theory, the economic crisis is more of an oppor- crisis in “It’s that: He believes tunity a threat. than born, is that invention as well as discoveries, and overcomes crisis, Who overcomes big strategies. Who blames without getting overcome. himself, is and neglects talent, own on a crisis his failure his solutions.” to respectful than more problems to Accord- crisis. the perioding of the economic Gregory Platts, and Neely, to ing measurement is the process of quantifying ac- of quantifying process the is measurement tion by using the two possible dimensions: effi ciency and eff of how economically the fi rm’s resources are uti- are resources rm’s the fi economically of how of customer level a given providing when lized satisfaction eff while met. In are requirements customer which to tent of the perform- one dimension only paper, this the effi i.e. measured, was concept ance During the recession, companies face several several face companies the recession, During sales. in Within because of a decrease problems on the effi the focus context, general this Romanian do-it-yourself retail chains. retail do-it-yourself Romanian study this important. Therefore, becomes more “Which questions: tackles compa- the following nies effi were do-it-yourself retail sector during the economic the economic sector during retail do-it-yourself “Whichcrisis?”, were the possible effi “Which and ciency factors these companies?” for strategies development and penetration market 88 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE oped by Charnes,oped Cooper (CCR) and Rhodes in concept The model. the DEA was devel- ofDEA clusion. cations. Finally, impli- managerial and discussion a by followed the last contains section the resultsnext oftheresearch, section containsthe second and third ofthepaper. section The a con- it-yourself market in Romania are presented in in this and acontextual ofthedo- study setting in theretail research. sector used model DEA The fiThe and its usage describes theDEA section rst paper isThe organized as in follows. six sections, market. do-it-yourself Romanian ance measurement by means in the oftheDEA seems to have thefi been rst toperform- apply Romanian do-it-yourself retail sector. study The cations by emphasizing cases particular in the sector. paper provides The managerial impli- plying itto theRomanian do-it-yourself retail studies in theretail using sector by ap- theDEA aimsThis at article supplementing theeffi Mónika-Anetta Alt Førsund and Sarafoglou which originatedthe theory in 1950s. is used nowadays,DEA amethod itis based on (not performer tobest theaverage). Although performance means comparing each fi rm to the relative withmultipletiple The outputs inputs. homogenous group offi rms that produce mul- used to measure therelative performanceofa is alinear programming technique that can be DataThe Envelopment Analysis method (DEA) 2.1. Data Envelopment usage inof its theretail research. sector Analysis and presents method aliterature review theDate describes This section Envelopment 2. DATA ENVELOPMENT ANALYSIS Analysis Method 7 explored theorigins explored of ciency According to Farrell,According mans published article in 1951. Farrell makes references to Debreu and Koop- publishedand Rhodes their Inhis article. paper, ies, which were ignored until Charnes, Cooper tion to effi modern 1957. authors emphasize The Farrell’s contribu- of productive effi of productive 1978 based onFarrell’s measurement paper “The Charnes, Cooper and Rhodes effi entire industry, and then itis called structural applied notbe only at themicro level butto an input concept prices. The spective could ofTE re- their given proportion, optimal in inputs use or price effi put to agiven Allocative setofinputs. effi offithe ability rms to obtain the maximum out- Rhodes in 1978.Rhodes Analysis by Charnes, developed Cooper and represents thebasis oftheData Envelopment programming approach). second The approach pinnings oftheFarrell effi it provided thebasis for thetheoretical under- (econometricfunction approach), and second, methods for aparametric frontier production it gave to thedevelopment birth ofestimation in theliteraturedeveloped strands: in fi two rst, Farrell’s ontheeffi theory effi technical meaningthe same for theentire as does sector among theentire sector. Structural effi close as possible to thecompany’s outputs best entire has to sector theability obtain as outputs price effi cy (TE) and allocative effi ciency) components: has two technical effi (named also economic effi “the effi nique as follows. as nique transposed inbe alinear programming tech- less thanDMU be orequal to unity”. This could to thecondition that thesimilar ratios for every weighted outputs to weighted inputs subject (DMU) is obtained as themaximum ofaratio of effi ciency. Structural ofanyciency Decision Units Making ciency -PE).ciency Technical effi ciency refersciency to offi theability rms to ciency for asingleciency company. 9 which datesciency” back to ciency ciency and productivity stud- 8 ciency shows how the how shows ciency productive effi productive ciency (AE, ciency also named ciency measures (linear ciencyor overall effi iny analysis ciency was 10 proposed that proposed ciency refl ects ciency ciency has ciency ciency cien- - 89 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102 improved ciently. At ciently. 13 ciency and and ciency cient by in- by cient UDK 658.871:65.011.4>(498) UDK ciency by taking into into taking by ciency introduced the assumption of of the assumption introduced 12 argue that the most that argue important cient if h = 1 and there is no oc- no is there 1 and if h = cient 14 ciency calculation, without speci- become effi outlet may cient cient if there is any possibility raise is any to cient if there fi cient if there is any possibility down to cut is any if there cient fi the input quantity without raising the quan- tity other input variables and maintain- of any quantity. ing the same output ineffi output quantityany the input without raising quantity other output quan- cut down or to tity. variable returns-to-scale (VRS). returns-to-scale variable Rhodes and Cooper Charnes, In 1981, advantage of the DEA model is the simplicity of of the DEA the simplicity modeladvantage is technical effi Thefying model output price. and the input the es of ineffi causes possible identifi inputs effi their use which the DMUs some practical give the authors the same time, it is First, the studied sample. regarding advice data any the sample from exclude important to the exceeding ratios with the output-to-input order in deviations, standard 2.5 by mean sample the DEA distortion. Second, the frontier avoid to of on the number dependent highly is approach inputs and outputs, as well as on the sample size. in of DMUs the number that recommended It is than greater times three the sample be least at of outputs inputs and of the number the sum included in the Third, study. the results obtained to the studied ned only confi the DEA by are or be not generalized they can and only, sample sample. with another comparison used for decades of the DEA three During development, of variants/mod- a lot included DEA techniques empiri- numerous in used DEAels. are models are able to linearly scale the inputs. In later stud- inputs. the In later scale linearly to able are al. et ies, Banker the defi nition of DMU’s effi nition of DMU’s the defi issues: the slack consideration a) In orientation: case of the input a DMU is inef- In case of the output orientation:DMU is a b) An ineffi an inputs by all outputs/decreasing all creasing slack. In that its corresponding to equal amount effi is DMU case, situations. b) of a), currence Wang and Wu cient cient inputs K cient cient that cient cient score is calculated l , l = 1,... N) pro- N) , l = 1,... l ) with cient cient when no n = 1,..., N, a meas- N, = 1,..., l H M , l ≥ 0; r = 1..s; i = 1...k; ≥ 0; r = 1..s; i = is calculated as fol- ,, where u is an Mx1 Mx1 an u is ,, where l ef- are frontier cient 1

,...,Y 1 1 n , ν cient if h<1. h<1. if cient r 11 2 X ’ X rrl iil Y , / ν uy ν l n fi r m s ( D M U 1 1 1 s Y = k = N cient score. cient ’ ciency measure of the i-th r i ∑ ∑ ciency for DMU ). The used variables have to be be to have variables used The ). max ; Kn Kn l 1 X outputs (Y

X ≤ 1, l =1,…,N; u l =1,…,N; ≤ 1, ,... '* 1 M

ciency of one DMU ν u' *Yu' 2n X rrl iil uy ν , X 1 1 1n ineffi is if h = 1 and cient s = k = i r ∑ ∑ ure of a ratio of all outputs over all inputs can be can inputs all outputs over of all ratio of a ure u as such obtained, non-negative. For each DMU fi cient in terms of DEA, the others are ineffi of DEA,are terms others the in cient fi relative to the best performance. All the DMUs the best the DMUs All to performance. relative on the effi situated are which ineffi they get an and Each DMU is evaluated with regard to the ef- to with regard evaluated is DMU Each an effi get and will frontiers cient fi re- constant a assumed rsthad DEA models The fi producers that means which (CRS), scale to turn 100%, subject100%, to: None of the DMU could be effi more could None of the DMU as follows: The effi The vector of outputs weights and v is a Kx1 vector a Kx1 v is and vector of outputs weights ndings values for of inputs. This involves such fi the effi v that u and maximized.DMU is The effi maximum There is a sample of a sample is There MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC The optimal weights are obtained by resolving resolving by obtained are weights The optimal is One DMU equation. programming the linear effi In other words, one DMU is effi is one DMU words, In other out- a higher of producing capable is DMU other or oriented), (output the same input put from the same output from of producing alternatively, oriented). (input input less ducing lows: lows: (X 90 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE cal effi Mónika-Anetta Alt ment Analysis. Seiford diff in In theliterature ofstudies there is awidevariety 2.2. Data Envelopment distance function direction. distance function super-effi (MDEA),model which introduces newconcepts: dynamiction, study effi scale trade-off calculate variables, qualitative include deviation, Koopmans effi forms models which: ofDEA incorporate Pareto- only economic This establishes ones. sary new applied to not anumber neces- ofactivities, some variables. In1990s, was model theDEA in agglomerationciency and negative value of effi slacks, variables, non-discretionary ables, effi allocative use: the traditional forms to variants extended which thesis presents asynthesis models from of DEA capital, assets, costs, shareholders’ funds, profits, sales)tribution services, and fi nancial (labor, marketingcustomer dis- expenses, satisfaction, ers also have using been marketing (promotion, In performance measurement research- studies, necessary. as measurement is recognized strong competition. Therefore, theeffi retail (Romania sector is adeveloping one) and countries arewitha modern well-developed, tugal, Spain, UKand Romania. Almost all ofthese 1995 since Por- Chile, retailing in USA, the in used (TableDEA 1). has widely method been DEA The tant in studies thefi eldof retailing, onthe based followingpresentsThe impor- the most section the DEA. published and dissertations articles related to from 1978 to 1996. Hecounted more than 800 whichDEA-related covered articles, theperiod erent fi elds which the Dataused Envelop- ciency analyses. Marinescu analyses. ciency research Analysis usageinretailing iny n hg super-effi high and ciency ,use simultaneous date modifi ca- iny eiec input/output evidence ciency, iny evrnetl vari- environmental ciency, 16 ciency, modify the DEA DEA the modify ciency, made a bibliography of 15 in herPh.D. ciency and ciency - the Romanian ofFinance Ministry website. the companies’ balance published sheets on input/outputThe variables were obtained from more appropriate point of view). from apractical is used withvariable returns to scale (which is In this study, an output-oriented model DEA demand, which is their outside control. aim to maximize to theoutput,subject market inputs are under thecontrol ofmanagers, who market, companies are outputoriented since the chains in the Romanian market during there- market during chains intheRomanian Because ofalimited number ofdo-it-yourself availability. their of thereasons for choosing thesevariables was al. value, earning share) per indicators. Donthu et. operational result, value revenue, added, market According to Barros and Alves, and toAccording Barros 3. METHODOLOGY: DEA ment to theoptimal point. the optimal path for theinput variables adjust- dynamic gives model information DEA about (2007). Incomparison withthestatic the model, and Alves, (2004) and Sellers-Rubio and Mas-Ruiz namic is studies: Baros ofDEA usedin two model and longitudinal are studies also present. dy- The ented withvariable returns to scale. Transversal is model output ori- widely used DEA most The tensive and for sales, activity), theoutput. employees, for theinput (retailing is alabor in- ables in theprevious are: studies thenumber of and situation. sales widelyused vari- most The variables that refl the ect fi rm’s goals, objectives the onesto choose for research are input/output authors plan. suggestment that These action the retail fi rm includesmanage- factor in its the tor) by themanagement, depending onwhether variables (environment and customer factor fac- uncontrollable and factors) personal labor and 17 distinguished controllable (retail, managerial (retail, controllable managerial distinguished MODEL 34 in acompetitive 35 One 91 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102 DEA index ciency, DEA ciency, model oriented DEA CRS, VRS DEA CRS, DEA, Malmquist DEA, Malmquist productivity index productivity index cost effi Tobit regression model regression Tobit DEA stochastic (order-m) DEA stochastic DEA CRS, VRS, Malmquist DEA CRS, productivity index (MPI), a restricted DEA, CRS, output UDK 658.871:65.011.4>(498) UDK DEA stochastic (order-m) and (order-m) DEA stochastic and bootstrapping Malmquist bootstrapped Tobit regression bootstrapped Tobit bootstrapping Malmquist index DEA VRS, CRS output oriented and DEA DEA vs. regression; IDEAS program regression; DEA vs. sales DEA VRS, input-orientated sales services turnover, gross salesgross dynamic DEA model satisfaction erent services erent sales, profi ts profi sales, sales revenue, sales revenue, sales revenue, sales revenue, sales and profi sales and profi VRS, CRS, output oriented t DEA sales, customer customer sales, diff operating results sales, operational sales, sales, distribution sales, output, breadth of output, breadth earnings per share operational results results, value added results, assortment, index of profi t before taxation before t profi conventional physical conventional revenue, market value, revenue, sales, operating resultssales, Malmquist productivity index costs capital capital process services location INPUTS OUTPUTS MODEL DEA promotions labor, capital labor, labor, capital labor, employees, assets employees, average number of average number of full-time related costs, internal costs, related employees, total assets total employees, store size, store location, location, store size, store points, stock,points, other costs employees, cost of labor, cost of labor, employees, marketing expense, store marketing store expense, sales person labor, cashier sales person labor, assets, shareholders funds shareholders assets, employees, square meters square employees, sales employees, outlets, capital outlets, employees, ts sales and profi DEA capital, labor, intermediate intermediate labor, capital, store manager experience, experience, manager store labor, experience, location, experience, labor, intermediate consumption intermediate equivalent employees, cost equivalent employees, number of employees, total total number of employees, personnel costs, fi xes assets, xes assets, fi personnel costs, labor, sales general expense, sales general expense, labor, cash-out stock, points, other of labor, number of cash-out of labor, 2003 erent non- erent 1997-2007 1995-2003 1995-2003 2006-2007 1999-2000 1995-2001 1959-1995 2000-2005 2000-2001 47 retail outlets, outlets, 47 retail 12 diff hypermarket and 100 supermarkets, STUDIED PERIOD STUDIED 22 hypermarket and multi market retailer 54, retail food stores, stores, food 54, retail supermarket, in 2000 restaurant, 1990-1992 restaurant, food consumer stores food 35 department stores, 35 department stores, 47 retail outlets of one 47 retail 13 outlets of a chain of 96 supermarket chains, 96 supermarket chains, 10 hypermarket chains, 24 outlets of a fast food food 24 outlets of a fast 234 hypermarket stores, 234 hypermarket stores, supermarket, 1998-2003 41 retail stores, between stores, 41 retail specialized retail sectors, sectors, retail specialized and supermarket chains, 45 specialty and retailers the leading hypermarket NO. OF STORES, TYPE, TYPE, STORES, OF NO. grocery stores, 1988-1997 grocery stores, 552 outlets of a multi-store, 552 outlets of a multi-store, UK USA USA USA USA N.A.* Chile Spain Spain Spain Spain Spain Portugal Portugal Portugal Romania COUNTRY Data Envelopment Analysis usage in retailing research in retailing Analysis usage Data Envelopment 23 21 25 26 33 30 31 32 27 28 29 24 22 18 19 20 YEAR AUTHORS/ Moreno and Moreno Sanz-Triguero (2011) Sellers-Rubio and Mas-Ruiz (2007) Moreno Moreno (2008) Mateo de F. Mateo de F. (2006) et. al. Yu and Yu Ramanathan (2008) Barros and Barros (2003) Alves Donthu et. al. Donthu al. et. (1998) Mostafa (2009) Thomas et. al. Thomas et. al. (1998) Sellers-Rubio (2006) et. al. Barros Barros (2006) Rachford Rachford (2003) Alt and Dabija (2010) Sellers-Rubio and Mas-Ruiz (2007) Barros and Barros (2004) Alves Keh and Chu (2003) * N.A. available – not the author done by review literature Source: Table 1: Table MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC 92 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE named Dedeman since 2010. has dominated been by theRomanian company DEA model was model used. DEA modern do-it-yourselfmodern retail business too. while, Ambient Sibiu a and Dedeman developed businesses at thebeginning of1990’s. Mean- materials distributors their and theyall started and Dedeman are building important themost Ambientop theirbusinesses.Arabesque, Sibiu building materials distributors had time to devel- ter theRomanian market before 2002, Romanian Given thereluctance offoreign investors to en- England, Australia. England, by Professor Coelli Tim oftheUniversity ofNew for measuring effi product urement in this study. specialized software, DEAP was used for the effi software DEAP for all fi rms each year. and someofthedataperiod was not available inthegiven hadchanged that thesample fact nal analysis could notconducted be due to the the 2007-2010 Unfortunately, period. longitudi- Do-it-yourself chains’ effi chains’ Do-it-yourself put variable is represented by turnover. areees essential out- in The theretail activities. employ- and assets Fixed employees. of number put variables used are fi xed assets and average isstudy based ononly three variables. in- The searched (10), period effi Mónika-Anetta Alt dominate themarket, as well as Penny and Penny discount XXL stores Carrefour market orRewe withBilla supermarket Carrefour Hypermarket, Carrefour Express and with Metro and Real, Cash &Carry Carrefour with sector, where international chains, such as Metro Unlike theRomanian grocery modern retailing 4. CONTEXTUAL SETTING: MARKET IN ROMANIA DO-IT-YOURSELF 36 Anoutput-orientated VRS 37 the do-it-yourself sector ciency was analyzed for for analyzed was ciency this in analysis ciency ciency, was developed 38

ciency meas- which in 2000. began by Romania’s accession negotiations withtheEU time.same Foreign investors were encouraged foreign investors (Praktiker and Bricostore) at the introduced (Ambient by domestic Sibiu) and year history. In2002, anewretail format was RomanianThe do-it-yourself market has a10- data for 2011 was collected from retailers’ web- do-it-yourself chain in the2007-2011 The period. Table 2presents thenumber ofstores for each chains. do-it-yourself by ered stores, there are 10 Romanian counties uncov- of recovery yet. Despite thelarge number of marketwith theconstruction showing nosigns years, recent in down slowed has expansion ness more than 100 large stores, sothepace ofbusi- 2011,By thedo-it-yourself market had reached 25%. In 2009, thedo-it-yourself retail market shrank ket leader, followed by Bricostore and Dedeman. Until therecession Praktiker was themar- period, stores –18 in 2008. –opened 122006, in 2007, withthelargest number ofnew through- 11out thecountry: newstores were in opened chains retail their expanded companies one in Central and Eastern Europe. Do-it-yourself Romanian economy was developing thefastest Mr. Bricolage) (OBI). and 2008 Inthis the period, Rom, Tekzen (Hornbach, 2007 (bauMax), 2006 chains their stores opened in 2005 (Interhome), sion in 2007 was accepted. Newdo-it-yourself the resolution regarding thecountry’s EU acces- do-it-yourself market increased 2005, after when in 2010),in the crisis (Interhome period becomeinsolvent and 8in 2011. 11 newstores were in 2009, opened 14 in 2010 nies pressed onwiththeir expansion strategy: economic environment, do-it-yourself compa- market leader in 2010). Despite theunfavorable manian do-it-yourself retail chain the became new economic environment (Dedeman, theRo- market in order to test itin 2011. companies, Leroy Merlin entered theRomanian 41 While small retailers could not survive 42 large retailers took advantage ofthe 43 Besides do-it-yourself theexisting 39 The competition in the The 40

44 93 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102 UDK 658.871:65.011.4>(498) UDK all do-it-yourself retailers present in the Romani- in present retailers do-it-yourself all chains), the studied period during (10 market an with data collected on the Romanian Ministry of three were there Unfortunately, website. Finance cases of missing data Hornbach (for in and 2007 whereas 2009) in Décor 2008, Interhome for and un- the market enter not did (OBI) one company of studied the number com- 2008.til Therefore, period the cov- during 10 8 to from varied panies statistics of the Descriptive research. this by ered 3. Table in presented are studied variables 5. RESEARCH RESULTS RESEARCH 5. the do-it- of The measurement performance year, each for separately run was market yourself The studied included sample 2010. to 2007 from 2007 2008 2009 2010 2011 200620072007 52007 12008 12011 7 1 2 0 2 0 9 2 2 2 3 0 13 5 3 4 4 0 14 5 3 7 4 0 N.A.* 7 0 20022003 1120022002 11 8 122005 20 13 2 12 13 25 17 12 2 14 26 22 12 14 5 27 27 15 5 27 - FIRST FIRST STORE 51 55 53 52 46 47 48 50 49 45 54 TOTAL 49 79 96 111 108 Sibiu Décor Ambient Interhome Number of stores for each do-it-yourself chain in the 2007-2011 period chain in the 2007-2011 each do-it-yourself for Number of stores 78 Bricolage Mr. 9 Hornbach Rom Tekzen 26 Dedeman 3 Bricostore 4 Praktiker 5 bauMax 1 1011 Merlin Leroy OBI chains (Germany’s Praktiker, Hornbach and and Hornbach Praktiker, begin- is market do-it-yourself The Romanian (Germany’s ning to show signs of crowding.chains Seven foreign Aus- Merlin, Leroy and Bricostore OBI, French compete Tekzen) Turkish bauMax and trian Am- (Dedeman, local investors with three – a franchise). Bricolage Mr. and Sibiu bient expect specialists market Do-it-yourself some the in place take to or acquisitions mergers the in the country in market do-it-yourself future. near Table 2: Table sites and that for previous years was collected collected was years previous for that and sites articles. newspapers pe-through given In the the in chain retail the largest was riod, Praktiker Dede- by followed It was market. do-it-yourself 2010, Since Sibiu. Ambient and Bricostore man, too. important player an become has bauMax MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC 94 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE Table 3: Mónika-Anetta Alt of all three TE (VRS, CRS and SE).of all three(VRS, In2009, TE 4outof were effi CRS and SE). chains 5outof9studied In2008, of them are effi 1,TE and are located ontheeffi In 2007, chains 6outof9studied had thescore of effi terms ofconstant returns to scale (CRS) and scale variable returns to theeffi scale (VRS), ble 4. Beside thetechnical effi effi Technical weights peers and input peers, targets. slacks, effi technical provides thefollowing data each about DMU: The effi Source: research –not available * N.A. ciency (SE)ciency was also calculated. EN1134,4,6 104,167,606 45,640,965 1,143 109,858,215 46,827,837 MEAN 1,217 110,954,803 38,788,659 MEAN 69,060,392 1,154 20,946,918 MEAN 255 MEAN 2007 2010 2009 2008 A ,5 6,4,7 353,111,578 164,844,373 3,752 248,030,231 129,736,211 MAX 2,971 255,832,247 95,002,148 MAX 137,264,449 2,576 40,384,983 MAX 423 MAX I 1 8,4 2,221,965 781,843 2,152,988 117 2,015,908 MIN 2,230,496 137 1,074,127 MIN 856,335 88 1,508,854 MIN 86 MIN D1135,0,4 107,950,337 53,701,344 92,676,657 1,163 48,656,444 SD 1,051 104,674,837 41,043,093 SD 96,455,103 1,078 27,489,575 SD 238 SD analysisciency using software theDEAP Twocient. are them effi of Summary ofdescriptivestatistics Summary ciency score, types of return to scale, scale, to return of types score, ciency NUMBER OF scoresciency are presented in Ta- EMPLOYES cient in terms ofall three (VRS, TE inciency terms of cient frontier. Two FIXED ASSETS cientin terms (EUR) ciencyin TURNOVER home Décor became insolventhome Décor became in 2010. the effi the sample, namely Interhome Décor, remained on only onecompany period, During thestudied from scale size (SE=CRS/VRS). of CRS were operating at productive themost ees). companies The that were effi inputs (fi assets the xed and number of employ- possible (turnover) outputs for thegiven level of The effi effi effi were chains CRS and SE). Finally, in 2010, 4outof 10 studied them was effi 10 chains studied were effi (EUR) cient in terms CRS and SE). ofall three (VRS, TE cient frontier every year.cient every Unfortunately, frontier Inter- cient company produced themaximum cient in terms ofall three (VRS, TE (Hornbach N.A.*) (Hornbach Rom Mr.bauMax, Bricolage, Tekzen Praktiker, Décor, Interhome Bricostore,Ambient, Dedeman, 8 chains: Décor Interhome Rom, OBI,Hornbach, Mr.bauMax, Bricolage, Tekzen Praktiker, Décor, Interhome Bricostore,Ambient, Dedeman, 10 chains: N.A.*) Décor (Interhome Rom, OBI,Hornbach Mr.bauMax, Bricolage, Tekzen Praktiker, Décor, Interhome Bricostore,Ambient, Dedeman, 9 chains: N.A.*) (Hornbach Rom, OBI Mr.bauMax, Bricolage, Tekzen Praktiker, Décor, Interhome Bricostore,Ambient, Dedeman, 9 chains: STUDIED COMPANIES cient and only oneofthem was cient, and only oneof cient in terms 95 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102 cien- TE, VRS TE, IN 2010 ciency was not not ciencywas UDK 658.871:65.011.4>(498) UDK ciency was between was ciency 10. OBI the OBI could reduce ciency, TE, VRS TE, IN 2009 number of employees by 57 people. number of employees o its effi improve to each inef- The same analysis could be made for company. cient fi of effi level a high shows The DEA analysis The Romania. in cy market the do-it-yourself in effi of technical score mean and 0.904. 0.829 lon- size, the sample in of the changes Because gitudinal analysis of technical effi the compare to performed. possible not It is TE, VRS TE, IN 2008 0.38 0.616 1, CRS-1, Scale-1 0.568 0.904 0.855 0.85 0.829 TE, VRS TE, IN 2007 9. OBI RomTekzen 9. Bricolage 9. Mr. the follow to OBI had ciency, cient companies can be can inter- companies cient cient companies were Mr. Bricolage Bricolage Mr. were companies cient DEA rankings the 4 periods for DEA analysis results for the 2007-2010 period the 2007-2010 for results DEA analysis that this company should increase its turno- should increase that this company by 48.3% using the same input; ver model of Hornbach input/output combina- tion in 92.4%, and the baumMax model in the 7.6%. remaining YEAR 2007 YEAR 2008 YEAR 2009 YEAR 2010 1. Interhome décor1. bauMax 1. Bricostore1. Ambient Sibiu1. Bricostore1. Praktiker 1. Praktiker RomTekzen 1. 1. bauMax Bricolage 1. Mr. 7. Dedeman 1. Interhome décor Bricolage8. Mr. 6. DedemanTekzen 1. 1. bauMax 1. HornbachInterhome 1. décor Sibiu 7. Ambient 1. Praktiker Bricolage 8. Mr. 1. Interhome decor 6. Bricostore Ambient Sibiu 7. 1. Hornbach 8. bauMax 5. Dedeman 1. Dedeman 7. Ambient Sibiu 6. Praktiker 5. Bricostore Rom Tekzen 8. 1. Ambient Sibiu1. Ambient 2. Dedeman3. Bricostore4. Praktiker5. Interhome Décor 16. bauMax 1, CRS-1, Scale-a Bricolage 7. Mr. 0.856(Brico Expert) 18. Hornbach 1 Rom9. Tekzen Scale-1 1, CRS-1, 1 0.78610. OBI 1, CRS-1, Scale-1 0.865MEAN 1, CRS-1, Scale-1 0.588 0.594 0.978 - 1 1 0.978 1 1, CRS-1, Scale-1 - 0.887 0.79 1 1 - 1 1 0.424 0.511 1 0.845 - 0.68 1 0.517 Table 5: 5: Table Data for the ineffi for Data follows: as preted o in 2010 indicates OBI of 0.517 for TE score a o its effi improve to The effi least OBI in 2008, Rom Tekzen in 2009in 2007, and OBI 2010. in again Table 4: Table MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC Source: research Source: Source: research research Source: 96 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE selected peer (6 peer cases)selected was Praktiker. second most panies The period. in thestudied casesmost (8) ofother as apeer com- selected another one. Itis evident that Hornbach was in a summary ofcases where each fi rm peer is a to peers of ineffi The effi drop. Bricostore) amoderate experienced effi ternational do-it-yourself retailers (Praktiker and in 2010. performer came thebest Meanwhile, in- then6 atto 2008, 5at before 2009 itfi nallybe- chain’s rankingis interesting how Dedeman’s, theRomanian rose from effi their number 8Ambient in Sibiu orTekzen) while others improved 2007 to drop adrastic experienced in their effi nomic environment, inwhich somecompanies recessionThe created period aturbulent eco- numbers (presented in Table 5). chains are ranked by theconsecutive ordinal of DEA havingof DEA theranking ofone(1.). Ineffi meaningful.be All effi rank order ofcompanies in diff ple in each year. However, thecomparison ofthe score should interpreted be relative to thesam- score orin or2010. 2009 in 2008, ofTE TE The score for Ambient ofTE Sibiu in 2007 withthe Mónika-Anetta Alt Table 6: Source: research 0 B - - - 8 4 - 5 6 - 4 3 5 3 4 - 2 - - 1 - - 2 3 - - 3 1 ------4 2 - - 3 2 1 - - 1 - 1 10. OBI 1 - - 9. TekzenRom 8. Hornbach 7. Mr. Expert) (Brico Bricolage 1 6. bauMax Décor 5. Interhome 4. Praktiker 3. Bricostore 2. Dedeman 1. AmbientSibiu cient companies are referred to as the significiency cantly (likeDedeman). It Peer count summery forPeer the2007-2010period countsummery cient companies. Table 6presents cient companies in terms erent may years IN 2007 IN PEER ciency (like ciency cient IN 2008 IN PEER chain model,and Dedeman –asuccess model. Hornbach –asmall chain model, Praktiker –abig formance cases should discussed be in detail: According to theresults, three interesting per- el generates theeffi during0.904 therecession mod- DEA The period. effi technical do-it-yourself retail market had arelatively high results revealThe oftheDEA that theRomanian the companies’ performance. of themarketing mix have role an in important ality. For instance, variables such as theelements fl a simple representationects of the complex re- ver) in has used this been study, re- themodel of average employees) and oneoutput(turno- inputs (fi withtwo ble model assets, xed number ance is very complex. Although a multiple varia- Envelopment Analysis. concept The ofperform- Romania in the 2007-2010 using period theData onthedo-it-yourselfing study retail market in This paper presents theresults ofabenchmark- 6. DICUSSION AND IMPLICATIONS MANAGERIAL IN 2009 IN PEER score 0.829ciency and between compares cient and frontier IN 2010 IN PEER TOTAL 97 TRŽIŠTE ■ Vol. XXIV (2012), br. 1, str. 85 - 102

57 UDK 658.871:65.011.4>(498) UDK of the country. In 2009 and 2010, it opened one one opened it 2010, and 2009 In country. the of the studied During period, per year. store more the Ro- in chain retail the largest had Praktiker manian market. which chain, retail German another is Hornbach in late, relatively market the Romanian entered Horn- openedin Bucharest. rst store Their fi 2007. situ- open- strategy, expansion limited a applied bach Brasov, of city are stores Two 2010. until per year one store ing the in located and Bucharest near one is Bucharest, in located is fourth Unfortunately, the country. the of center the in ated data sheet its balance publish not did Hornbach for 2007 and 2008. Hornbach is considered to be market. the Romanian in chain retail a small be a success to considered is Dedeman Finally, pe- its the crisis in performance thanks to case, which company a Romanian riod. is Dedeman in business retail started materials its building eastern region, city in (Moldova of Bacău 1992 rst opened Dedeman the fi part of Romania). the city in 2003 in store modern do-it-yourself in the northern situated partof Suceava, of the took Dedeman Romania. in region Moldova region’s Moldova of the uncovered advantage multina- large by ignored was which market, By 2008, Dedeman Bricostore). (Praktiker, tionals in were of them 12 and stores, openedhad 13 crisis the economic During region. the Moldova their reduced the multinationals all period, while open- was Dedeman new stores, in investments Transylvania in mostly per year, 4-5 stores ing (western part of Romania) and Muntenia-Oltenia Dedeman In 2010, part(southern of Romania). the to according and, leader became the market (in the best Nowadays performer. DEA analysis, retail do-it-yourself the largest is Dedeman 2012), total. in stores with 29 Romania in chain 7. CONCLUSION 7. a widely used is Analysis The Envelopment Data using method the performance measurement in do-it-yourself The variables. Romanian multiple once least at frontier cient cient, some of them experi- ord a loss in two consecutive two in a loss consecutive ord By cri- the time the economic 56 cient companies, which is important is which companies, cient sis broke out in 2008, Praktiker’s retail chain had had chain retail 2008, out in Praktiker’s broke sis every almost part covering 25 stores, reached Praktiker is a German retail chain, a part of Metro chain, retail a German is Praktiker do-it-your- the Romanian entered which Group, was Praktiker 2002. September in self market the introduced which Bricostore, by preceded on the Romanian format retail do-it-yourself to chose Praktiker earlier. months six only market city, the capital in Bucharest, rst store open the fi entrance the market the most common was which In 2003, company. a multinational for from approach the in a region Transylvania, entered Praktiker to the city in a store opening by west of Romania, decided it developed Bacău), of Cluj-Napoca. Although Praktiker opened an- of more city the be part (eastern region the Moldova in store other in to Romania, of was which market, Transylvanian the cover rst fi considered had Praktiker By 2005, of view. point economic 2006- the During opened 3-4 per year. stores development chain 2008 retail period, Praktiker’s the opening of new 4-5 ed through intensifi per year. stores Hornbach and Praktiker were the most selected were Praktiker and Hornbach par- In the following companies. peers other for develop- and penetration market their agraphs, with the together discussed, are strategies ment leader. the market as strategy of Dedeman, during the studied period. In complement to the to the studied period.during complement In analyzed. also was indicator t/loss DEA, the profi be if the activities observed even It may of that, effi were a company Inter- 2009 2010), and (in Praktiker a loss: enced 2010) bauMax (in 2010), 2009 and (in home Décor such chains Big retail 2010). (in Bricolage Mr. and aff Praktiker can as Dé- Interhome like chains retail but small years became Décor Interhome In 2010, not. can cor insolvent. each company to the frontier. Furthermore, the Furthermore, the frontier. to company each value inputs target optimal the model generates forineffi of the studied of OBI, all With the exception chains reached the effi MEASURING ROMANIAN DO-IT-YOURSELF RETAIL CHAIN’S EFFICIENCY DURING DURING EFFICIENCY CHAIN’S RETAIL DO-IT-YOURSELF ROMANIAN MEASURING CRISIS THE ECONOMIC managerial information. 98 ■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE 3 Donthu, Yoo, N., Assessment: B.:Retail Using Productivity Data Envelopment Analysis, 13. 12. Dedeman offi Dedeman ,internal company data obtained via e-mail 11. . Charnes,Cooper, A., W.W., E.:Evaluating Rhodes, Program and Managerial 9. Effi Bricostore offi 8. offi BauMax 7. 0 Charnes, Cooper, A., W.W.,10. E.:Measuring Rhodes, theEffi C.P.: Barros, Effi 6. . Barros, C.P., Hypermarket retail Alves, C.A.: store effi 5. relatively high technical effi technical high relatively the Romanian do-it-yourself retail market had a and turnover). results reveal The oftheDEA that three variables (fi assets, xed number of employees market performance measurement was based on Mónika-Anetta Alt 1. Alt, M.A., Dabija, D.C.: Effi Alt,M.A., 1. market. nian not include all do-it-yourself chains in theRoma- the sample. Therefore, sampledoes thestudied the researcher to exclude thesecompanies from forced years certain in companies retail on data challenge for this ofresearch. kind Somemissing is a data relevant accurate and of availability The chain model,and Dedeman –asuccess model. Hornbach –asmall chain model, Praktiker –abig were briefl performers the three best y discussed: ket penetration and development strategies of 0.829 in therecession and 0.904 mar- The period. . Barros, C.P., Anempirical analysis grouth Alves, in retail C.A.: aPortuguese ofproductivity chain us- 4. Banker, Charnes,Cooper, R.D., A., W.W.: Somemodels for estimating technical and scale ineffi3. Ambien Sibiu offi 2. LITERATURE Retailing Research, Operational of Journal pean tion ofData Envelopment Analysis, 668-698. Management tion oftheeffi andManagement &Distribution Retail pp. 269-278. ence Proceedings of the 1 ing Malmquist productivity index ing Malmquist productivity cies in data envelopment analysis, 2010 (Hungary), Budapest pp.12-19. , Vol. 74, No. 1, 1998, pp. 89-105. cial site: www.bauMax.ro cial site: www.bricostore.ro cial site: www.dedeman.ro ciency measurement among hypermarkets and supermarkets and the identifi the and supermarkets and hypermarkets measurement among ciency ca- study, case A drivers: ciency , Vol. 34, No. pp. 2, 135-154. 2006, cial site: www.ambient.ro ciency score between ciency in Romania’s Hypermarket: Data Envelopment Analysis. Confer- Analysis. 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Finally, adetailed marketing store level for large retail chains, such as Dede- at the detailed measurement be could also ofresearch.the wholeperiod performance The for available is sample the from chains retail all Productivity will be possible when the dataor doing a longitudinal using study Malmquist for application The ofanotherservices. model DEA marketing and distributionfaction, expenses variables, such as promotion, customer satis- put variables, especially diff market could include more diff do-it-yourself Romanian the of research Future ciency in ciency Portugal, ciency of Decision Making Unit, Unit, Making Decision of ciency nce (Pre-1986) , No. 30, 1984, pp. 1078-1092. 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■ Vol. XXIV (2012), br. 1, str. 85 - 102 TRŽIŠTE 40 39 38 37 36 35 34 33 32 31 Mónika-Anetta Alt 57 56 55 54 53 52 51 50 49 48 47 46 45 44 43 42 41 Downloaded from Saptamana Fiananciara Newspaper site, http://www.sfi Newspaper Fiananciara Saptamana from Downloaded n.ro/articol_19348/re- Alt, M.A., Dabija, D.C.: Effi Dabija, M.A., Alt, Downloaded from Downloaded theMr. Bricolage offi Swoboda, B.,Berg,Dabija, B.,Pop, D.C.: N.A., Store Retail Image ofGrocery Formats in Romania Downloaded from Downloaded theBricostore offi Downloadedfrom the Leroy Merlin offi Downloaded from Downloaded Ziarul Financiar Newspaper site, http://www.zf.ro/companii/interhome-ram- Moreno, Sanz-Triguero, J.J., Estimating technical M.: effi Downloaded from Ziarul Downloaded Financiar Newspaper site, http://www.zf.ro/business-construct/o-piata- Downloaded from theAmbien Downloaded Sibiu offi Sellers-Rubio, Mas-Ruiz, F. R., (b): op. cit., pp. 52-69. Downloaded from Romanian Ministry of Finance site, Finance http://www.mfi of Ministry Romanian from Downloaded nante.ro/pjuridice. Downloaded from Downloaded theTekzen offi Downloadedfrom theHornbach offi Downloaded from European Commission Delegation in Romania offi Downloaded from theInterhome Downloaded Décor offi Dedeman, internal company data obtained via e-mail (17 Downloaded from Downloaded thebauMaxoffi Downloaded from the Praktiker offi Downloaded from Saptamana Fiananciara Newspaper site, http://www.sfi Newspaper Fiananciara Saptamana from Downloaded n.ro/articol_19348/re- Downloaded from The Center of Effi Downloaded from Downloaded theOBIoffi Barros, C.P., (a): Alves, C.A. op. cit., pp. 554. Downloaded from Ziarul Downloaded Financiar Newspaper site, http://www.zf.ro/business-construct/o-piata- Downloaded from thePraktiker Downloaded offi Downloaded from Downloaded theDedeman offi Downloaded from Downloaded Ziarul Financiar Newspaper site, http://www.zf.ro/companii/bricostore-are- 25, 2010 (Hungary), Budapest pp.12-19. 2012) telele_de_magazine_de_bricolaj_continua_sa_se_extinda.html (12telele_de_magazine_de_bricolaj_continua_sa_se_extinda.html pe-extindere-6838508 (12 ane-cu-doua-magazine-din-cinci-la-mai-putin-de-un-an-de-la-pariul-de-3-milioane-de-euro- ment ces: Analysis ofSpanish retail sector, saturata-in-bricolaj-nu-chiar-9001076/poze/?p=2 (12 saturata-in-bricolaj-nu-chiar-9001076/poze/?p=2 (12 2012) html?pagina=domenii (12 uq.edu.au/economics/cepa/deap.htm (28 eu/romania/eu_romania/index_ro.htm (12 – Relevance ofRetailer attributes, telele_de_magazine_de_bricolaj_continua_sa_se_extinda.html#ixzz1sEBai4cQ (12telele_de_magazine_de_bricolaj_continua_sa_se_extinda.html#ixzz1sEBai4cQ ence Proceedings of the 1 the of ence Proceedings 20-de-milioane-de-euro-pentru-investitii-cea-mai-mare-parte-in-romania-8034975 (12 ro_RO/93713/index.html (10 ro_RO/93713/index.html , Vol. 39, No. 4, 2011, pp. 272-288. ciency in Romania’s Hypermarket: Data Envelopment Analysis, Confer- Analysis, Envelopment Data Romania’s in Hypermarket: ciency th th st January, 2012) January, 2012) January, EMAC Regional Conference, (Eds: Bauer, Agárdi, A., I.), September 24- th cial site, www.obi.ro (10 January, 2012) January, cial site, (10 www.tekzen.ro cial site,(10 www.bauMax.ro European Retail Research cial site, www.praktiker.ro (10 cial site http://www.praktiker.ro/praktiker international/html/ cial site, www.bricostore.ro (10 cial site, (10 www.dedeman.ro International Journal of Retail & Distribution Manage- &Distribution Retail of Journal International cial site, (10 www.hornbach.ro Analysis and (CEPA) Productivity ciency site, http://www. cial site, www.leroymerlin.ro (10 cial site, www.mrbricolage.ro (10 cial site, (10 www.ambient.ro th th cial site, www.interhome.ro (10 June, 2008) January, 2012) January, th th ciency and bootstrapping Malmquist indi- Malmquist bootstrapping and ciency January, 2012) January, 2012) th January, 2012) January, th January, 2012) January, th January, 2012) January, , Vol. 23, No. 1, 2009, pp.101-124. th th January, 2012) January, January, 2012) th th th th January, 2012) January, January, 2012) January, January, 2012) January, 2012) January, th cial site, http://ec.europa.site, cial January, 2012) January, th January, 2012) January, th January, 2012) January, th January, 2012) January, th January, January, th January, January,