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Unit 3 Retail Formats UNIT 3 RETAIL FORMATS Structure 3.0 Objectives 3.1 Introduction 3.2 Theories of Structural Changes in Retailing 3.3 Classification of Retail Formats 3.3.1 Form of Ownership 3.3.2 Store Strategy Mix 3.3.3 Non-store Retailing 3.4 Modem Retail Formats 3.5 Chain Stores in India 3.6 Let Us Sum Up 3.7 Key Words 3.8 Activities 3.9 Terminal Questi c tns After studying this unit, you will be able to: identify the different types of retailers both in store and non-store retailing; classify retail formats and explain them; distinguish the store and non-store retail formats; discuss the emerging trends in modern retail formats and I outline the emerging retail chains across the sector. I 3.1 INTRODUCTION I The term retail format is the basic structure of a retail business conceived, designed, and developed to cater the needs of the end users. I Retail formats come in a whole variety of shapes and sizes. These can be quite different in terms of the ownership of retail business itself, the characteristics of the premises used and the orientation of the product range. The origin of retail formats in India may be seen with the establishment of shandies, weekly markets. In due course of time retailers opened small shops and stocked different products of their own housc! at a central place for consumers known as market place. Some types of formats have been in existence with us for over a century (traditional retail formats (e.g., mom and pop stores) while new kinds of retail formats are fast emerging and developing, offering the consumer a constantly evolving choice of shopping arena'which embraces an enormously wide range of businesses (e.g., malls, shopping centres etc.) 3.2 THEORIES OF STRUCTURAL CHANGES IN RETAILING Retailing ha's always been a iiynamic industry and retail firms have brought innovative approaches into retailing, changing the industry as they entered, developed and grew. Understanding how and why this process occurs is essential 3 1 Content Digitized by eGyanKosh, IGNOU ! Overview of. for success in the industry. We will examine three theories of how firms change Retailing and in doing so change the industry. In retailing, change is not a matter of change, it is a virtual certainty The Wheel of Retailing: The Wheel of retailing is one better known theories of structural change in retailing. It was proposed by Malcom P MacNair at Harvard University. The wheel of retailing concept describes how the retailing institutions change during their evolutionary life cycles. New retailing institutions enter the markets as low-status, low margin, and low price operations. As these retailers achieve success; attempts are made to increase their customer base and sales. Products are upgraded, facilities are improved, and new services are added. Prices and margins are incr'eased to support these higher costs. New retailers enter the market to fill the low-status, low margined, and low-price niche. The cycle begins again. Hence, the retail store passes through stages of growth and decline. Hence, it can be said that a retail store emerges, enjoys a period of accelerated growth, reaches a maturity, and declines. The wheel of retailing is criticized because it does not explain all changes in retailing. In fact. r many stares do not start as low price and low-service dutlets. .I The Dialectic Process: A second theory holds that retailing evolves through a dialectic process-the blending of two opposing store types into a superior form. For example, speciality stores offer specialized merchandise, wide array of services, and attractive surroundings to a large and diverse market. The blending of these two formats produces the speciality discount stores. Natural Selection: According to this theory, retail stores evolve to meet changes in the micro-environment. The retailers that successfully adapt to technological, social, demographic, economic, political and legal changes are most likely to grow and prosper. The variety stores are an example of this theory who failed to adapt to changing environment. As it takes into account macro-environmental forces, the theory of natural selection is more inclusive than those of the wheel of retailing and the dialectic process, which are based solely on a profit-cost analysis. By gravitating to those stores that best meet theilr desires and needs, and shunning those stores that do not, consumers exert a powerful force on the evolution of retailing as does any other part of the macro-environment. 3.3 CLASSIFICATION OF RETAIL FORMATS Retail markets are broadly divided into Organized & Un organized forms. Generally the unorganized form of a retail set up is operated under a single ownership. e.g., mom & pop stores. Organized retailing can be classified based on different factors. Regardless of the particular type of retailer (such as a super market or a departmental store or a co-operative stores etc.) , retailers can be broadly classified on the basis of (a) ownership (b) Store strategy mix and (c) Non store operations as shown in fig. 3.1. 3 2 Content Digitized by eGyanKosh, IGNOU Independent Retailer Retail Formats ____9 Form of _I__, Retail Chain Ownership b w Retail Franchising _1_9 Co-Operative r 9 Convenience Store * Conventional Super market ,~toreStrategy b Mix Departmental Stores F Speciality S tore/Hyper Market * Hyper Markets In home/TV home retailing b Vending machines + Tele-sales Non Store b Operations b Telephone retailing 9 Catalog retailing Direct response marketing Electronic Retailing (e-tailing) Fig. 3.1: Classification of Retail Formats Let us now discuss the different formats which are classified in fig. 3.1. 3.3.1 Form of Ownership A retail business like any other type of business can be owned by a sole proprietor, partners or a corporation. A majority of retail business in India are sole proprietorships and partnerships. 3 3 Content Digitized by eGyanKosh, IGNOU Overview of Independent Retailer: Generally operates one outlet and offers personalized service, Retailing a convenient location and close customer contact. Most of the independent retailers fail because of the ease of entry, poor management skills and inadequate resources. Retail Chain: It involves common ownership of multiple units. In such units, the purchasing and the decision making ate centralized. Chainsoften rely on specialization. standardization and elabourate control systems. Consequently chains are able to serve a large dispersed target market and maintain a well known company name. Retail Franchising: Is a contractual arrangement between a "franchiser" (which may be a manufacturer, wholesaler, or a service sponsor) and a "franchisee" or franchisees, which allow the latter to conduct a certain form of business under the established name and according to a specific set of rules? The franchise agreement gives the franchiser much discretion in controlling the operation of the small retailer. Cooperatives: A retail co operative is a group of independent retailers that have combined their financial resources and their expertise in order to effectively control their wholesaling needs. They share the purchases, storage, shopping facilities, advertising planning and other functions. The individual retailers retain their independence but agree ~ on broad common policies, e,g., Amul I 3.3.2 Store Strategy Mix Retailers can be classified by retail store strategy mix, which is integrated combination of hours, location, assortment, service, advertising, and prices act; the various categories are: Convenience Store: Is generally a well situated, food oriented store with long operating house and limited number items. e.g., a store where milk, eggs, bread etc are sold. Conventional Supermarkets: Is a diversified store which sells a broad range of food and non-food items. A supermarket typically carries srpall house hold appliances, some apparel items, bakery, film developing books, audiolvideo etc. egg: Apna Bazaar, Sharkar Bandar, Sabka Bazaar etc. Departmental Stores: A departmental store usually sells a general line of appeal for the family, house hold linens, home furnishing and appliances. Large format appeal departmental stores include Pantaloons, Ebony, Shoppers stop and Westside. Specialty Store: Concentrates on the sale of single line product or services, such 'as audio equipment, jewelry, beauty and health care etc. Successful specialty stores in India include, Music World for audio needs, Tanishq for jewellery, Pizza Hut and Nebulas for food items. Hypermarkets: Is a special kind of combination store which integrates an economy super market with a discount department store. A hyper market generally has an ambience which attracts the family as a whole. Eg: Pantaloon Retail India Ltd. (PRIL) through its hypermarket 'Big Bazaar' offers products at prices which are 25%-30% lower than the market prices. 3.3.3 Non-Store Retailing In non-store retailing customers do not go to stores to buy. On the other hand a non- retailer does not utilize conventional store facilities. Thi~type of retailing has been growing much faster than store retailing. The reasons are the ability to buy the merchandise available at the local stores, the increasing number of women workers, and the presence 34 of the unskilled retail sales persons who cannot provide the inforrnation'to help shoppers make buying decisions. The major types of non-store retailing are: Content Digitized by eGyanKosh, IGNOU In HomeITV Home Retailing: Here, a sales transaction takes place in a home Retail Formats setting- including door-door selling. It gives the sales person an opportunity to demonstrate products in a personal manner. HeIShe has the prospect's attention and there are fewer distractions as compared to store settings. E.g., Eureka Forbes vacuum cleaners and water filters. In case of TV home shopping customers watch a TV programme demonstrating merchandise and then place orders for the products over telephone. The promenent players in this are Asian Sky Shop, Telebrands, TSN, etc.
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