A dissertation report on indian retail industry trends

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A Dissertation Report
On

“INDIAN RETAIL INDUSTRY
TRENDS”
Submitted For the Partial Fulfillment of Two Year Full Time
Post Graduate Diploma in Management

2010

JAIPURIA INSTITUTE OF MANAGEMENT
NOIDA



DECLARATION

I declare that dissertation entitled “Indian retail industry trends’’ is my own work
conducted under the supervision of ………………..

I further declare that to the best of my knowledge the dissertation does not contain any
part of my work, which has been submitted for the award of any diploma either in this
institute or any other institute without proper citation

Signature of supervisor Signature of candidate



ACKNOWLEDGEMENTS

I am deeply indebted to all who have inspired, guided and helped me in the successful
completion of the project. I owe debt of gratitude to them, who were so generous with
their valuable time and expertise.
I wish to express my deep sense of gratitude to my Internal Guide, …………….., for his
able guidance and useful suggestions, which helped me in completing the project work,
in time.
Needless to mention that ……………….., who had been a source of inspiration and for
his timely guidance in the conduct of my project work. I would also like to thank
………………………. for his efforts in completing my project.
Finally, yet importantly, I would like to express my heartfelt thanks to my beloved
parents for their blessings, my friends/classmates for their help and wishes for the
successful completion of this project.



EXECUTIVE SUMMARY

India is undergoing a retail revolution from the unorganized to the organized sector.
There are now more modern retail formats such as hypermarkets, supermarkets and
malls. Several international companies such as Wal-Mart, Carrefour, and Tesco are
planning their entry and establishment into the Indian market while several domestic
companies are setting up their retail setups, exclusive showrooms and large format stores
such as Reliance, Tata and the whole concept of shopping has altered in terms of format
and consumer buying behavior, ushering in a revolution in shopping in India.

These trends indicate that retailing, as an industry, has come into its own. According to a
study by the Confederation of Indian Industry organized retail sales in India were a mere
Rs. 135 billion in 2000 but today with over 15 million outlets, that provide employment
to over 74 million people (7% of the population), the size of the retail industry stands at
USD 350 billion and it is expected to grow at a compounded 30% over the next 5 years.

Retailing is an important infrastructure perquisite for modernizing India and can facilitate
rapid economic growth. Modernization of all retail services would enable efficient
delivery of goods and value-added services to the consumer, making a higher
contribution to the Gross Domestic Product.

This project focuses on taking an in-depth analysis of retail scenario & consumer trends
as they are emerging and identify the various retailing models that would work, in the
Indian retail market. The analysis is done by looking at Global retail trends vis-à-vis the
ones in India, the current state of the Indian retail industry, industry characteristics and
Economic drivers of change, to understand the consumer buying behavior and what it
foretells about the nature of the Industry. To predict the kind of retail models that would
work in India, besides analyzing the existing ones, the attempt has been to predict
potentially promising formats.



TABLE OF CONTENTS


S.NO. PARTICULARS P. NO.
Certificate from the mentor I
Acknowledgement III
Executive summary IV
List of Tables VII
List of Figures VIII

1.
INTRODUCTION 1-13

Retailing 2
1.1.1 Origin of retail sector 3
1.1.2 How retail developed 4
1.1.3 Family business to formal structure 6
1.2 Top ten retailers 7
1.3 Traditional retail scene in India 8
1.4 Scenario of retail in India 9
1.4.1 Rural retail 11
1.4.2 Luxury retail 12
1.4.3 E-tailing 12
1.4.4 Retail franchising 13
1.4.5 Innovative retail concept 13
1.4.6 Government initiative 13
2. 14-49
RETAIL INDUSTRY STRUCTURE

2.1 The emerging section 17
2.2 Share of organized retailing 19
2.3 Sourcing hub for giant foreign retailing 20
2.4 Opportunities 21
2.5 Prevailing organized retail format 22
2.6 key challenges 24
2.7 Present Indian scenario 25
2.8 Major industry players 26
2.9 Retailing formats in India 42

REVIEW OF LITERATURE 50-58
3.
3.1 Report highlight 54
3.2 Organized retail: India vs. china 56
3.3 Growth in organized retailing 57
3.4 Unorganized Retail- The big brat 60
3.5 The Urban youth 62

OBJECTIVE AND RESEARCH 63-64
4. METHODOLOGY

4.1 Objectives and Sub-objectives of the study 63
4.2 Scope of the project 63
4.3 Research methodology 64
4.3.1 Exploratory Research 64
4.3.2 Research Design 64
64


List of Tables

Table 2.0: Indian Retail structure 15

Table 2.1: Sector wise organized retailing in India 16

Table 2.8: Formats of Major Retail Industry Players 49

Table 3.4: Total Grocery Market in India 61

Table 5.1.1: Monthly budget of consumer and the frequency of shopping 66

Table 5.1.2: Price range available and the product range available in the store 67

Table 5.1.3: Price range available and the paying extra for the well known 68
brand
Table 5.1.4: Product range available in the store and the reference of the 69
friends from where he buys

Table 5.1.5: Parking facility available in the store and the location of the 70
outlet
Table 5.1.6: Delivery facilities available for the consumer and the location of 71
the Outlet
Table 5.1.7: Helpful sales staff and the remember me on next visit 72

Table 5.1.8: Age of the respondent & frequency of shopping 73

Table 5.1.9: Age of the respondent & paying extra for well known brands 74

Table 5.2.1: Average monthly shopping budget of consumer 75

Table 5.2.2: Awareness of different retail sector 76

Table 5.2.3: Retail chain customer like to visit often 77

Table 5.2.4: Customer preference from shopping from Retail chain 78

Table 5.2.5: Frequency of shopping 79

Table 5.2.6: Paying extra for well known brand 80

Table 5.2.7: Buys from where my friend buys 81



Figure 1.1.3: Family business to formal structure 7

Figure 1.4: Percentage Share of retail segments in total retail sector 11

Figure 1.4: Rural-Urban Share in Retail Market 12

Figure 2.2: Share of Organized Retail 19

Figure 2.5: Different Formats at Different Stages 23

Figure 2.8.1: Pantaloons 27

Figure 2.8.2: Shoppers stop 29

Figure 2.8.3: Westside 31

Figure 2.8.4: Piramyd 33

Figure 2.8.5: Reliance fresh 35

Figure 2.8.6: Bharti Wal-mart 36

Figure 2.8.7: More 37

Figure 2.8.8: Vishal retail 39

Figure 2.8.9: Metro cash & carry 40

Figure 2.8.10: Viveks 41

Figure 2.9: Retail formats available in India 47

Figure 3.5: Largest young Population 62

List of figures



CHAPTER 1
INTRODUCTION

In 2004 a study conducted by McKinsey titled “India’s Retailing Comes of Age” had
predicted a definite retail revolution in India. This is turning out to be very true. India is
the last among the large Asian economies to liberalize its retail sector. The “licensing raj”
is long over. A number of Indian and international retailers are entering this nascent,
though dynamic market. Market liberalization and increasingly assertive consumers are
sowing the seeds of a retail transformation that will bring bigger Indian and multinational
players on to the scene. The market is huge at US $350 billion overall. The entry of
multinational companies (MNC) has certainly transformed this sector. The supply chain,
and consumer interest and awareness in branded products have been built from scratch.

Presently, global players are entering India, indirectly, via the licensee/franchisee route,
and more recently through joint ventures with Indian companies as partners. But as the
Chinese experience clearly indicates allowing FDI (with restriction) would add buoyancy
to the retail sector All the major Indian cities have major commercial projects under
construction for retail purposes. In fact, the retail sector has provided the primary boost,
to the commercial property market all over India. Presently, there are over 55 large
shopping malls under development all over India. The retail sector is also getting
acceptance in the job market with more and more business schools focusing on the sector
and large retailers setting up retail academies. This sector is estimated to create 50,000
jobs per year in the next five years.

The Indian consumers are divided into two categories, viz., high-income urban
consumers and low-income urban and rural consumers. The high-income urban
consumers are willing to pay a higher price for having the choice of quality products and
the complete shopping experience in the large retail stores. But, the low-income urban
and rural consumers will go for the price sensitive products which are easily available in



the smaller stores located nearby. The markets in both categories are very large and
hence, there is little direct competition between the two retail sectors.
As the awareness and disposable incomes increase in India, the two categories will merge
slowly, before the competition actually begins. But till then along with modern retail
formats the traditional network especially the kirana stores would coexist. In fact unlike
any other “mature” retail market what will develop in India would be its own homegrown
unconventional marketing mix. Since the consumer market is diverse & traditional retail
has deep socio-cultural roots it would be imprudent to emulate blindly the retail growth
path of any other country.

India remains one of the last frontiers of modern retailing. The complexities of the vast
and varied market will be a challenge. But the retailer who can shape the nascent retail
market as well as adapt to India’s unique characteristics will reap larger rewards over the
long term. Industry experts say there is no magic formula that can make an average
retailer's business boom.

The key to generating growth lies in the willingness to invest money for some years and
experiment with different retail formats. Pantaloon's Managing Director Kishore Biyani
is a case in point. From departmental store Pantaloon and the hypermarket discount store
Big Bazaar, he has diversified into other concepts, including a seamless mall called
Central and the food and grocery home delivery vehicle called Food Bazaar on Call. And
he says more retail concepts are welcome. So, it appears that like in any other business,
he who takes the risk and innovates is most likely to succeed in retail as well!

1.1Retailing

The word "Retail" originates from a French-Italian word. Retailer someone who cuts off
or sheds a small piece from something. Retailing is the set of activities that markets
products or services to final consumers for their own personal or household use. It does
this by organizing their availability on a relatively large scale and supplying them to
customers on a relatively small scale. Retailer is a Person or Agent or Agency or



Company or Organization who is instrumental in reaching the Goods or Merchandise or
Services to the End User or Ultimate Consumer.

Retailing is the final step in the distribution of merchandise - the last link in the Supply
Chain - connection the bulk producers of commodities to the final consumers. Retailing
covers diverse products such as apparels, consumer goods, financial services and leisure.

A retailer, typically, is someone who does not affect any significant change in the product
execs breaking the bulk. He/ She is also the final stock point who makes products or
services available to the consumer whenever require. Hence, the value proposition a
retailer offers to a consumer is easy availabilities of the desired product in the desired
sizes at the desired times.

In the developed countries, the retail industry has developed into a full-fledged industry
where more than three-fourths of the total retail trade is done by the organized sector.
Huge retail chains like Wall-Mart, Carr four Group, Sears, K-Mart, McDonalds, etc have
now replaced the individual small stores. Large retail formats, with high quality ambiance
and courteous, and well-trained sales states are regular features of these retailer.

1.1.1 Origin of Retail Sector:

Early Trade:
When man started to cultivate and harvest the land, he would occasionally find himself
with a surplus of goods. Once the needs of his family and local community were met, he
would attempt to trade his goods for different goods produced elsewhere. Thus markets
were formed. These early efforts to swap goods developed into more formal gatherings.
When a producer who had a surplus could not find another producer with suitable
products to swap, he may have allowed others to owe him goods. Thus early credit terms
would have been developed. This would have led to symbolic representations of such
debts in the form of valuable items (such as gemstones or beads), and eventually money.



1.1.2 HOW RETAIL DEVELOPED:

Peddlers and Producers:
The Retail Trade is rooted in two groups, the peddlers and producers. Peddlers tended to
be opportunistic in their choice of stock and customer. They would purchase any goods
that they thought they could sell for a profit. Producers were interested in selling goods
that they had produced.

General Store:
This division continues to this day with some shops specializing in specific areas,
reflecting their origins as outlets for producers (such as Pacific Concord of Hong Kong),
and others providing a broad mix, known as General Store (such as Casey's in the
Midwest of the U.S.A.).

Although specialist shops are still with us, over time, the general store has increasingly
taken on specialist products. Customers have found this to be more convenient than
having to visit many shops - thus the term "Convenience Store" has also been applied to
these shops. As the popularity of general stores has grown, so has their size. This
combined with the advent of Self-Service has lead to the Supermarket, or Superstore.

Early Markets:
Over time, producers would have seen value in deliberately over-producing in order to
profit from selling these goods. Merchants would also have begun to appear. They would
travel from village to village, purchasing these goods and selling them for a profit. Over
time, both producers and merchants would regularly take their goods to one selling place
in the centre of the community. Thus, regular markets appeared. The First Shop:
Eventually, markets would become permanent fixtures i.e. shops. These shops along with
the logistics required to get the goods to them were, the start of the Retail Trade.



The Birth of Distance Retailing:
Defined as sales of goods between two distant parties where the deliverer has no direct
interest in the transaction, the earliest instances of distance retailing probably coincided
with the first regular delivery or postal services. Such services would have started in
earnest once man had learned how to ride a camel, horse etc.
When individuals or groups left their community and settled elsewhere, some missed
foodstuffs and other goods that were only available in their birthplace. They arranged for
some of these goods to be sent to them. Others in their newly adopted community
enjoyed these goods and demand grew. Similarly, new settlers discovered goods in their
new surroundings that they dispatched back to their birthplace, and once again, demand
grew. This soon turned into a regular trade. Although such trading routes expanded
mainly through the growth of traveling salesmen and then wholesalers, there were still
instances where individuals purchased goods at long distance for their own use. A second
reason that distant selling increased was through war. As armies marched through
territories, they laid down communication lines stretching from their home base to the
front. As well as garnering goods from whichever locality they found themselves in, they
would have also taken advantage of the lines of communication to order goods from
home.

Origins of Retail
It is likely that, as markets became more permanent fixtures they evolved into shops.
Although advantageous in many respects, this removed the mobility that a peddler or
traveling merchant may still have enjoyed. For some shopkeepers, it made sense to obtain
extra stock and open up another shop, most probably operated by another family member.
This would recover business from peddlers and create new business and the greater
volume would allow the shopkeeper to strike a better deal with suppliers. Thus the retail
chain would have started. Its thought that this process would have started in china over
2200 years ago with a chain of shops owned by a trader called Lo Kass.



The First Self-Service Store:
This all changed in 1915 when Albert Gerrard opened the Groceteria in Los Angeles, the
first documented self-service store. This was soon followed a year later by the Piggly
Wiggly® self-service store, founded by Clarence Saunders in Tennessee in the U.S.

Growth:
This new type of shopping was more efficient and many customers preferred it. Although
personal service stores remain to this day, this new concept started a rapid growth of self-
service stores in the United States. Other countries were slow to take up the idea, but
there has been a steady rise in the global amount of self-service stores ever since.

Efficiency
These entrepreneurs noticed that their staff had to spend a great deal of time taking
grocery orders from customers. The groceries were stacked on shelves allowing
customers to walk around and browse, collecting their shopping in a basket that was
supplied. The shopkeeper would only need to tot up the final bill at the end of the process
and transfer the goods from the basket to the customer and receive payment.

1.1.3 Family Business to Formal Structure:
Although retail chains would have been mostly run by families, as some chains grew,
they would have needed to employ people from outside of their family. This was a
limiting factor as there would have been a limit to the amount of trusted non family
members available to help run the chain. Another, even more definite limiting factor was
the distance the furthest shop would have been from the original shop. The greater the
distance, the more time and effort would have been needed to effectively manage outpost
shops and to service them with goods. There was, therefore, a natural barrier to
expansion. That was the case until transport and communications became faster and more
reliable. When this happened towards the end of the 19th century, chains became much



bigger and more widespread. Many of these businesses became more structured and
formalized, leading to the retail chain that we see today.

Fig: 1.1.3 Source-Indian retail report-2004 (www.imagesretail.com)

1.2 Top Ten Retailers Worldwide

Rank Retailer No of stores owned Sales in FY-00 US$ Millions
1 Wall-Mart Stores Inc. (USA) 4178 $180,787
2 Carrefour Group (France) 8130 $61,047
3 The Kroger Co. (USA) 3445 $49,000
4 The Home Depot, Inc. (USA) 1134 $45,738
5 Royal Ahold (Netherlands) 7150 $45,729
6 Metro AG (Germany) 2169 $44,189
7 Kmart Corporation (USA) 2105 $37,028
8 Sears, Roebuck and Co. (USA) 2231 $36,823
9 Albertson's, Inc. (USA) 2512 $36,726



10 Target Corporation (USA) 1307 $36,362
Source: (www.india-reports.com/retail-reports.aspx)

Broadly the organized retail sector can be divided into two segments, In-Store Retailers,
Who operate fixed point-of-sale locations, located and designed to attract a high volume
of walk-in customers, and the Non-Store Retailers, who reach out to the customers at
their homes or offices.

Apart from using the internet for communication (commonly called e-tailing), Non-Store
retailers did business by broadcasting of infomercials, broadcasting and publishing of
direct-response advertising publishing of traditional and electronic catalogues, door-to-
door solicitation, a temporary displaying of merchandise (stalls).

1.3 TRADITIONAL RETAIL SCENE IN INDIA

India is the country having the most unorganized retail market. Traditionally the retail
business is run by Mom & Pop having Shop in the front & house at the back. More than
99% retailers function in less than 500Sq.Ft of area. All the merchandise was purchased
as per the test & vim and fancies of the proprietor also the pricing was done on ad hock
basis or by seeing at the face of customer. Generally the accounts of trading & home are
not maintained separately. Profits were accumulated in slow moving & non-moving
stocks which were to become redundant or consumed in-house. Thus profits were
vanished without their knowledge. The Manufactures were to distribute goods through C
& F agents to Distributors & Wholesalers. Retailers happen to source the merchandise
from Wholesalers & reach to end-users. The merchandise price used to get inflated to a
great extent till it reaches from Manufacturer to End-user. Selling prices were largely not
controlled by Manufacturers. Branding was not an issue for majority of customers. More
than 99% customers are price sensitive & not quality or Brand Sensitive at the same time
they are Brand conscious also. Weekly Bazaar in many small tows was held & almost all
the commodities were on the scene including livestock. Bargaining was the unwritten law
of market. Educational qualification level of these retailers was always low. Hence
market was controlled by handful of distributors &/or Wholesalers. Virtually there was



only one format of retailing & that was mass retail. Retailer to consumer ratio was very
low, for all the categories without exception. Varity in terms of quality, Styles were on
regional basis, community based & truly very low range was available at any given single
place. Almost all the purchases / (buying) by mass population was need oriented & next
turn may be on festivals, Marriages, Birthdays & some specific occasions.

Impulsive buying or consumption is restricted to food or vegetables etc. Having extra pair
of trousers or Shirts or Casuals & Formals & leisure wear & sports wear & different pair
of shoes for occasions is till date is a luxury for majority population except for those
living in Metros. Purchasing power of Indian urban consumer is very low and that of
Branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches,
Beverages, Food, Jewellery, are slowly seeping into the lifeline of Indian City folks.
However electronic & electrical home appliances do hold appropriate image into the
minds of consumers. Brand name does matter in these white goods categories. In the
coming times also majority of organized retailers will find it difficult to keep balance
with rest of the unbranded retail market which is very huge.

1.4 SCENARIO OF RETAILING IN INDIA

Retailing is the most active and attractive sector of last decade. While the retailing
industry itself has been present since ages in our country, it is only the recent past that it
has witnessed so much dynamism. The emergence of retailing in India has more to do
with the increased purchasing power of buyers, especially post-liberalization, increase in
product variety, and increase in economies of scale, with the aid of modern supply and
distributions solution.

Emerging markets such as India and China are the final frontier for retail taking the focus
away from saturated Western markets. Since 2001, 49 global retailers entered 90 new
markets, but at the same time, 17 retailers left markets in 2005.



The Indian retail industry in valued at about $300 billion and is expected to grow to $427
billion in 2010 and $637 billion in 2015. Only three percent of Indian retail is organized.
Retailers of multiple brands can operate through a franchise or a cash-and-carry
wholesale model.

Retail is India’s largest industry, accounting for over 10 percent of the country’s GDP
and around eight percent of employment. Retail in India is at the crossroads. It has
emerged as one of the most dynamic and fast paced industries with several players
entering the market. That said, the heavy initial investments required make break even
hard to achieve and many players have not tasted success to date. However, the future is
promising; the market is growing, government policies are becoming more favorable and
emerging technologies are facilitating operations.

Retailing in India is gradually inching its way to becoming the next boom industry. The
whole concept of shopping has altered in terms of format and consumer buying behavior,
ushering in a revolution in shopping. Modern retail has entered India as seen in sprawling
shopping centers, multi-storied malls and huge complexes offer shopping, entertainment
and food all under one roof.

The Indian retailing sector is at an inflexion point where the growth of organized retail
and growth in the consumption by Indians is going to adopt a higher growth trajectory.
The Indian population is witnessing a significant change in its demographics. A large
young working population with median age of 24 years, nuclear families in urban areas,
along with increasing working-women population and emerging opportunities in the
services sector are going to be the key growth drivers of the organized retail sector.
Indian retailing today is at an interesting crossroads. The retail sales are at the highest
point in history and new technologies are improving retail productivity. Though there are
many opportunities to start a new retail business, retailers are facing numerous
challenges.



The Indian retail market is literally on the go. The share of retail trade in the country's
gross domestic product was between 8–10 per cent in 2007. It is currently around 12 per
cent, and is likely to reach 22 per cent by 2010.
The Indian retail market, which is the fifth largest retail destination globally, was ranked
2nd after Vietnam as the most attractive emerging market destination for investment in
the retail sector, by AT Kearney's seventh annual Global Retail Development Index
(GRDI), in 2008.

Continuing the robust growth of the organized retail in India, according to the Credit
Rating and Information Services of India, the industry raked in US$ 25.44 billion
turnover in 2007–08, as against US$ 16.99 billion in 2006–07— a whopping growth rate
of 49.73 per cent.

India has one of the largest numbers of retail outlets in the world. Of the 12 million retail
outlets present in the country, nearly five million sell food and related products. Thought
the market has been dominated by unorganized players, the entry of domestic and
international organized players is set to change the scenario.

Fig: 1.4 Source-KSA techno pak (www.imagesretail.com)

1.4.1 Rural retail



Led by the rising purchasing power, changing consumption patterns, increased access to
information and communication technology and improving infrastructure, rural retail
market is estimated to cross US$ 45.32 billion mark by 2010 and US$ 60.43 billion by
2015, according to a study by Confederation of Indian Industry (CII) and YES Bank.
The rural retail market in 2008 has grown at 25 per cent compared to the 7–10 per cent
growth rate of the urban consumer retail market. With 87 per cent of rural markets not
having access to any sort of organised marketing and distribution, this segment has
tremendous potential for growth.

Fig: 1.4.1 Source- KSA techno pak (www.imagesretail.com)

1.4.2 Luxury retail
By the next four to five years, India is expected to become a manufacturing hub for
global luxury brands, according to a FICCI-Yes Bank report on luxury brands. The report
states that India has the most rapidly growing High-Networth Individuals (HNI)
population in the world, and the income level of consumers is expected to grow three
times by 2025. The active age group (25–45 years) is likely to rise to a third of the
population.

1.4.3 E-tailing



The increase in the personal computers (PC) and Internet penetration along with the
growing preference of Indian consumers to shop online has given a tremendous boost to
e-tailing the online version of retail shopping. An estimated 10 per cent of the total e-
commerce market is accounted by e-tailing. Several online retailers are reporting good
business in categories like travel, art, books and music. E-tailing in lingerie and fresh
fruit businesses is also doing well.

1.4.4 Retail Franchising
Along with e-tailing another perceptible trend in the growth of organized retail market
has been the concept of retail franchising. According to industry estimates, retail
franchising has been growing at the rate of 60 per cent in the last three years and is set to
grow two-fold in the next five years. And with immense potential seen in this segment,
the US$ 4 billion-franchising industry is likely to see almost two-fold rise in the number
of franchisees (from 0.2 million) by 2010.

1.4.5 Innovative retail concepts
With the entry of new players and the market becoming increasingly competitive, retail
players are using innovative retail concepts to attract consumers. With the US$ 6.31
billion pharma retailing becoming progressively more organized, players are now looking
at newer formats to attract more people to their stores. Pharmacy chains like Med Plus
and Good life have started providing health check-ups, diagnostic services, dental care
and medical counseling to its patients, besides selling pharma and wellness products.

1.4.6 Government initiatives
The Government allows 100 per cent foreign direct investment (FDI) in cash and carry
through the automatic route and 51 per cent in single brand. Besides, the franchise route
is available for big operators. To further attract global retailers, the economic survey
2007–08 has suggested a share for foreign equity in all retail trade and 100 per cent in
respect of luxury brands and other specialized retail chains. However, the Indian tariff
structure has to be streamlined as India levies one of the highest duties and taxes on



imported luxury goods. This fuels the growth of the grey market and duty-free purchases,
even as the stringent regulatory environment encumbers investment by foreign brands.

CHAPTER 2
RETAIL INDUSTRY STRUCTURE

World over, the retail segment has performed exceptionally since its inception in the 20th
century. It is currently the biggest industry in the world with sales of $7.2 trillion, every
10th billionaire in the world today is a retailer and 25 of the top 50 Fortune 500
companies are in retail.

The Indian retail story couldn't have been more different. India has approx 15 million
retail stores, more than rest of the world put together. But the per capita square feet area
under retail is just 2 sq.ft or 0.2 sq. meters with fragmented kirana stores being the
predominant players. Retailing in India had remained in the unorganized sector and
largely untouched by corporates till very recently. However, times are changing.. With
the GDP at an all time high and income levels shooting through the roof, the average
Indian consumer has never had it so good. Credit cards are flashed with disdain and
shopping baskets are getting bigger all the time. Following are some factors that indicate
the potential of retail in India:

 At 271 million, India has one of the largest consumer base in the world, forming
27% of the total population
 A high spending community below 45 years comprises 81 percent of the
population
 A young population with 54% population below 25 years
 Increased literacy from 44% in 1965 to 70% in 2003
 Increase in workingwomen from 1.3 million in 1961 to 4.8 million in 1998
 Increase in media penetration to 38-million cable household and 80-million TV
household in 2001



India Retail Structure

Retail Formats 2002 2003
Total Grocery Outlets 5,170,709 6,037,738
Traditional grocery outlets 4,525,264 5,273,310
Supermarkets 175 2,314
Other grocery outlets 645,270 762,114
Total Drugstores 352,786 405,743
Traditional medical/drugstores 247,582 276,058
Cosmetic stores 105,204 129,685
Table- 2.0 Source: Business world Marketing White book 2005

The overall size of the retail market in India is estimated at Rs 9300 billion (2003-04) and
is expected to have grown at 5% p.a. making organized retailing a Rs 350 billion market
in 2005 according to INDIA RETAIL REPORT 2005. Currently, the sector is highly
fragmented and dominated by small individually owned businesses. In a developing
country like India, bulk of consumer expenditure is on basic necessities, especially food
related items. Hence, it is not surprising that food, beverages and tobacco accounted for
as much as 71per cent of retail sales in 2002. The remaining 29 per cent of retail sales are
non-food items. The share of food related items has declined from 73 per cent in 1999, as
with income growth, Indians, like consumers elsewhere, spent more on non-food items
compared with food products.

In the years to come the top 6 cities are expected to account for 66% of the organized
retail market While in the department stores, the share of the fashion wares will be over
95%, in hypermarkets like Big Bazaar the share could go as high as 70%. It will be
fashion again that will see maximum growth in terms of organized retail expansion with
over 1000 branded exclusive showrooms and over 20 large department stores opening in
the next two years. In a survey carried out in February 2002 on the % share of different



products in the total sales of top department stores, apparel forms 73%, Jewellery, wrist
wear & fashion accessories 10%, home furnishings 7%, cosmetic and fragrance as 5%
and footwear 1%.

Sector wise organized retailing in India
SEGMENT MARKET SIZE (US$ Million)
Textiles and clothing 900
Jewellery 555
Consumer Durables 335
Footwear 335
Food and Personal care 225
Non-store retail 200
Luggage, watches and tyre 115
Books and Music 90
Table 2.1 Source: Business world Marketing White book 2005

Franchising has emerged as a popular mode of retailing, thanks to economic
liberalization, competition and foreign investment since the 1990s, which led to a
proliferation of brands with both foreign and Indian companies acquiring strong brand
equity for their products. Sales of franchises grew at a rapid pace of 14per cent per
annum since 1999. In 2002, there were over 5,000 franchised outlets
The other major retailing organization format is multiples, better known as "chain stores"
in India. In 2002, there were about 1,800 chain stores. Among the various organizational
formats, sales of chain stores grew at the fastest pace, with sales growth during
1999-2002 averaging 24 per cent per year.

An Images Retail Study on Shopping Habits & Lifestyle of consumers in India indicates
that that the shopping frequency is highest in Mumbai.

Stocks in the retail sector are also becoming increasingly attractive from an investor’s
point of view. Successful development of value based concepts as well as development of
retail space in smaller cities and towns are beginning to drive organized retail into the



next levels of cities. Retailers have responded to this phenomenon by introducing
contemporary retail formats such as hypermarkets and supermarkets in the new pockets
of growth. Prominent ‘tier-II’ cities and towns which are witnessing a pick-up in activity
include Surat, Lucknow, Dehradun, Vijaywada, Bhopal, Indore, Vadodara, Coimbatore,
Nasik, Bhubaneswar, Varanasi and Ludhiana among others. With consumption in metros
already being exploited, manufacturers and retailers of products such as personal
computers, mobile phones, automobiles, consumer durables, financial services etc are
increasingly targeting consumers in tier II cities and towns.

In addition, petro-retailing efforts of petroleum giants scattered throughout the country’s
landscape have also ensured that smaller towns get exposed to modern retailing formats.
On the supply side, mall development activity in the small towns is also picking up at a
rapid pace, thereby, creating quality space for retailers to fulfill their aggressive
expansion plans. Thus, the ‘retail boom’, 85% of which has so far been concentrated in
the metros is beginning to percolate down to smaller cities and towns. The contribution of
these tier-II cities to total organized retailing sales is expected to grow to 20-25%.

2.1 The emerging sectors

Retailing, one of the largest sectors in the global economy, is going through a transition
phase not only in India but the world over. For a long time, the corner grocery store was
the only choice available to the consumer, especially in the urban areas. This is slowly
giving way to international formats of retailing. The traditional food and grocery segment
has seen the emergence of supermarkets/grocery chains (Food World, Nilgiris, Apna
Bazaar), convenience stores (Convenience, HP Speedmart) and fast-food chains
(McDonalds, Dominos).

It is the non-food segment; however that foray has been made into a variety of new
sectors. These include lifestyle/fashion segments (Shoppers' Stop, Globus, LifeStyle,
Westside), apparel/accessories (Pantaloon, Levis, Reebok), books/music/gifts (Archies,
Music World, Crosswords, Landmark), appliances and consumer durables (Viveks,
Jainsons, Vasant & Co.), drugs and pharmacy (Health and Glow, Apollo).



The emergence of new sectors has been accompanied by changes in existing formats as
well as the beginning of new formats:

• Hypermarts:
• Large supermarkets, typically 3,500-5,000 sq. ft.
• Mini supermarkets, typically 1,000-2,000 sq. ft.
• Convenience stores, typically 750-1,000sq. ft.
• Discount/shopping list grocer

The traditional grocers, by introducing self-service formats as well as value added
services such as credit and home delivery, have tried to redefine themselves. However,
the boom in retailing has been confined primarily to the urban markets in the country.
Even there, large chunks are yet to feel the impact of organised retailing. There are two
primary reasons for this. First, the modern retailer is yet to feel the saturation' effect in
the urban market and has, therefore, probably not looked at the other markets as
seriously. Second, the modern retailing trend, despite its cost-effectiveness, has come to
be identified with lifestyles.

In order to appeal to all classes of the society, retail stores would have to identify with
different lifestyles. In a sense, this trend is already visible with the emergence of stores
with an essentially `value for money' image. The attractiveness of the other stores
actually appeals to the existing affluent class as well as those who aspire for to be part of
this class. Hence, one can assume that the retailing revolution is emerging along the lines
of the economic evolution of society

2.2 SHARE OF ORGANISED RETAIL



Fig- 2.2 source: KPMG analysis and retailers of India
(www.in.kpmg.com/TL_Files/Pictures/Indian_Retail_Mar09)

Organised retailing is spreading and making its presence felt in different parts of the
country. The trend in grocery retailing, however, has been slightly different with a growth
concentration in the South.

However, the Mecca of retailing is undoubtedly Chennai. What was considered a
`traditional', conservative' and `cost-conscious' market, proved to be the home ground for
most of the successful retail names – Food World, Music World, Health and Glow, Vitan,
Subhiksha and Viveks -to name a few.

The choice of Chennai as the `retail capital' has surprised many, but a variety of factors
acted in its favour. Chennai, in spite of being a rapidly growing metropolis offers



reasonable real estate prices, one of the most critical elements for the industry. Chennai
has been witnessing a high industrial growth and increasing presence of the MNCs, both
in the IT sector as well as outside it. The industrial boom has led to the emergence of new
residential areas with aggregation of professionals as well as a rapid increase in the
number of `double-income' households and growth of the nouveau riche/upper middle
class with increased purchasing power. These have been combined with the increasing
need for touch and feel shopping (especially for the large migrant population). All the
factors have acted favourably in nurturing the industry.

2.3 SOURCING HUB FOR GIANT FOREIGN RETAILERS

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. Simultaneously as many international retailers have entered the Indian market on
the strength of raising affluence levels of the young Indian population along with the
heightened awareness of global brands and international shopping experiences and the
increased availability of retail real estate space some giant retailers have contributed to
the development of India as a sourcing hub. Retailers like Wal-Mart, GAP, Tesco, JC
Penney, H&M, Karstadt-Quelle etc stepping up their sourcing requirements from India
and moving from third-party buying offices to establishing their own wholly
owned/wholly managed sourcing & buying offices, which shall further make India an
attractive retail opportunity for the global players. . Buying volumes for many of these
players are already in the range of INR 10-20 billion per year, with reported plans to step
up to INR 100-150 billion within the next 3-4 years.2005 saw goods worth $3 billion
being sourced from India, of which $1billion was bought by Wal-Mart alone.

2.4 OPPORTUNITIES



Wholesale trading is an area, which has potential for rapid growth. German giant Metro
AG and South African Shoprite Holdings have already made headway in this segment by
setting up stores selling merchandise on a wholesale basis in Bangalore and Mumbai
respectively. These new-format cash-and-carry stores attract large volumes from a
sizeable number of retailers who do not have to maintain relationships with multiple
suppliers for all their needs.

Rural Retailing

Of late, India's largely rural population has also caught the eye of retailers looking for
new areas of growth. ITC launched the country's first rural mall ‘ Chaupal Sagar' ,
offering a diverse product range from FMCG to electronics appliance to automobiles,
attempting to provide farmers a one-stop destination for all of their needs. There has been
yet another initiative by the DCM Sriram Group called the ‘ Hariyali Bazaar' , that has
initially started off by providing farm related inputs and services but plans to introduce
the complete shopping basket in due course. Other corporate bodies include Escorts, and
Tata Chemicals (with Tata Kisan Sansar) setting up agri-stores to provide
products/services targeted at the farmer in order to tap the vast rural market.

Commenting on the Rural Retailing chapter in INDIA RETAIL REPORT 2005, Mr. Adi
B. Godrej, Chairman, The Godrej Group (India's one of the leading corporate majors)
said that his group had also launched the concept of agri-stores named 'Adhaar', which
served as one-stop shops for farmers selling agricultural products such as fertilisers &
animal feed and also providing farmers knowledge on how to effectively utilise these
products. "There are 8 stores already operating in Maharashtra and Gujarat and further
expansion is very much on the cards. he added.

FDI could indeed do a lot in this sector as entry of international retailers would bring in
the required expertise to set the supply chain in place which would result in elimination
of wastage, better prices and quality for consumers and higher income for farmers besides
of course farm produce retailing getting a facelift, said Mr. Godrej. Tapping the fresh



farm produce sector, the group plans to take its recently launched retail concept –
Nature's Basket - to newer cities steadily. Godrej Group's Agro and Food division, Godrej
Agrovet Ltd. (GAVL) operates the format, selling a variety of vegetables, fruits and herbs
- both local and exotic thereby introducing the concept of 'farm-to-plate' to urbanites.
Godrej plans to open four more Nature's Basket stores in Mumbai before taking them
national. Setting up cost of a store is about INR 5-10 million and per stores sales are
expected in the range of INR 30- Rs 50 million a year.

Interestingly, the world's largest corporation, Wall-mart, also had its roots in rural
America. Unlike many other retailers who started from urban centers and then trickled
down to rural areas, Wall-mart had started from rural areas and then came closer to cities
over a period of time. Many more such concepts are likely to be tested in the future as
marketers and retailers begin to acknowledge that the rural consumer is more than a ‘poor
cousin' of the urban counterpart. The IMAGES KSA Report avers that these concepts are
likely to go a long way in bringing a huge untapped population within the purview of
organized retailing, thereby, increasing the size of the total market.

2.5 PREVAILING ORGANIZED RETAIL FORMATS

Each of the retail stars that we know of has identified and settled into a feasible and
sustainable business model of its own.

• Shoppers' Stop, Lifestyle - department store format
• Westside - emulated the Marks & Spencer model of 100 per cent private label,
very good value for money merchandise for the entire family
• Giant and Big Bazaar - hypermarket/cash & carry store
• Food World and Nilgiris, Nature’s Basket – supermarket format
• Pantaloons and The Home Store - specialty retailing
• Tanishq has very successfully pioneered a very high quality organized retail
business in fine jewellery.



Fig: 2.5 Source- KSA analyses (www.k-space.com)

A new entrant in the retail environment is the 'discounter' format. It is also is known as
cash and- carry or hypermarket. These formats usually work on bulk buying and bulk
selling. Shopping experience in terms of ambience or the service is not the mainstay here.
RPG group had set up the first 'discounter' in Hyderabad called the Giant. Now Pantaloon
is following suit with Big Bazaar

Two categories of customers visit these retail outlets.

1. The small retailer. For example, a customer of Giant could be a dhabawala who
needs to buy edible oil in bulk.

2. The regular consumer who spends on big volumes (large pack sizes) because
of a price advantage per unit.



2.6 KEY CHALLENGES

1) Location

"Right Place, Right choice"
Location is the most important ingredient for any business that relies on customers, and is
typically the prime consideration in a customers store choice. Locations decisions are
harder to change because retailers have to either make sustainable investments to buy and
develop real estate or commit to long term lease with developers. When formulating
decision about where to locate, the retailer must refer to the strategic plan:

• Investigate alternative trading areas.
• Determine the type of desirable store location
• Evaluate alternative specific store sites

2) Merchandise

The primary goal of the most retailers is to sell the right kind of merchandise and nothing
is more central to the strategic thrust of the retailing firm. Merchandising consists of
activities involved in acquiring particular goods and services and making them available
at a place, time and quantity that enable the retailer to reach its goals. Merchandising is
perhaps, the most important function for any retail organization, as it decides what finally
goes on shelf of the store.

3) Pricing

Pricing is a crucial strategic variable due to its direct relationship with a firm's goal and
its interaction with other retailing elements. The importance of pricing decisions is
growing because today's customers are looking for good value when they buy
merchandise and services. Price is the easiest and quickest variable to change.



4) Target Audience

"Consumer the prime mover"
"Consumer Pull", however, seems to be the most important driving factor behind the
sustenance of the industry. The purchasing power of the customers has increased to a
great extent, with the influencing the retail industry to a great extent, a variety of other
factors also seem to fuel the retailing boom.

5) Scale of Operations

Scale of operations includes all the supply chain activities, which are carried out in the
business. It is one of the challenges that the Indian retailers are facing. The cost of
business operations is very high in India.

2.7 PRESENT INDIAN SCENARIO

• 720 million Indians to join consuming age by 2010

• 55% of the Indian population will be under 20 years of age by 2015

• 32% rise in urbanization by 2008

• 10% annual growth in Retail market since 2000

• 7% of the population is engaged in retailing

• A booming US$ 300 billion retail market in India

• 5.5 retail outlets per 1000 population, highest in the world

• 25-30% annual growth in retail loans and credit cards

• The organized retail sector currently accounts for around 5 per cent of the Indian
retail market.



• Organized Retail is predicted to capture 15 – 20% market share by 2010.

• Over 100 malls of over 30 million sq feet of new shopping centre space are
projected to open in India between 2009 and end-2010.

2.8 Major Industry Players

Nanz in North India, Nilgiris in the South, Pantaloon in the East and Crossroad in the
West were the pioneers of the retail revolution in India. Nanz faced several obstacles (See
Case Study) in their business and had to finally down their shutters. Nilgiris, due to some
strange reason, did not see any logic to expand beyond the southern frontiers. Pantaloon
went to scale up and become bigger and bigger to form the Future Group, that is now
omnipresent in almost all formats right from small groceries to e-tailing. Crossroads in
Mumbai imparted some valuable lessons to their parent, the Piramyd Group, who has
since then gone on an expansion drive with other formats of retailing in different cities.

The big players in Indian retail landscape now are the Future Group, Shoppers Stop,
Westside, Subiksha and RPG Spencer. The newcomers who are knocking at the gates are
Reliance Retail, Bharti Walmart and Aditya Birla Trinethra. Here, we intend to do a brief
profiling of the major players in order to understand the retail business in a better manner.

The Future Group

The Future Group, which was earlier known as PRIL (Pantaloon Retail India Limited)
began as a trouser manufacturer in the mid 1980s. The Future Group is divided into six
verticals – Future Retail, Future Capital, Future Brands, Future Space, Future Media and
Future Logistics. The Future Group started operations in the mid 1987s by incorporating
the company as Manz Wear Private Limited. The company went on to manufacture
readymade trousers under the “Pantaloons” brand name. It came out with a public issue
in 1991 and later changed their name to Pantaloon Fashions (India) Limited (PFIL).



The first exclusive men’s store called Pantaloon Shoppe was inaugurated in 1992.
Pantaloons went for a franchisee route to expand the number of retail outlets and by
1995, it had reached to a crucial number of 70. The first departmental store called
Pantaloons was opened in Kolkata in 1997 with an investment of Rs 0.7 million. The
store was a success and recorded revenues of Rs 100 million within the first year of
operations. In 1999, the company’s name was changed to Pantaloon Retail (India)
Limited (PRIL).

The success of Pantaloons departmental stores encouraged PRIL to come up with other
retailing formats such as “Big Bazaar” to retail low cost general merchandising, and
“Food Bazaar” to retail food products. As of 2005, the Future Group has 3.5 million sq ft
of retail space and over 100 stores across 25 cities in India. It employs more than 12,000
people and has a customer base of more than 120 million.

Kishore Biyani, the promoter of the group who likes to address himself as “Chief
Knowledge Officer” has plans to launch 18 formats and over 3,340 stores, thereby
turning the Future Group into a US$7 billion company with over US$1 billion in profits
by the year 2010.

Fig-2.8.1

Shoppers Stop



Shoppers’ Stop, promoted by the real estate group K Raheja, was one of the first movers
to have set up a large retail outlet in New Delhi with international ambience. Shopper’s
Stop Ltd now has a considerable presence all over the country with 36api 7 lakh square
feet of retail space and stocks over 200 brands of garments and accessories. The stores
are spread all over India with presence in Mumbai, Delhi, Bangalore, Hyderabad, Jaipur,
Pune , Kolkata, Gurgaon, Chennai & Ghaziabad.

Shoppers’ Stop is also very well known for having pioneered several quality retailing
concepts in India like CROSSWORD, HyperCITY and Mothercare. They are the only
retailer from India to become a member of the prestigious Intercontinental Group of
Departmental Stores (IGDS).

Shoppers’ Stop is positioned as a family store delivering a complete shopping experience.
With its wide range of merchandise, exclusive shop-in-shop counters of international
brands and world-class customer service, Shoppers’ Stop brought international standards
of shopping to the Indian consumer providing them with a world class shopping
experience. Shoppers’ Stop’s core customers represent a strong SEC A skew. They fall
between the age group of 16 years to 35 years, the majority of them being families and
young couples with a monthly household income above Rs. 20,000/- and an annual spend
of Rs.1,50,000/-. A large number of Non – Resident Indians visit the shop for ethnic
clothes in the international environment they are accustomed to.

The stores offer a complete range of apparel and lifestyle accessories for the entire
family. From apparel brands like Provogue, Color Plus, Arrow, Levi’s, Scullers, Zodiac
to cosmetic brands like Lakme, Chambor, Le Teint Ricci etc., Shoppers’ Stop caters to
almost every lifestyle need.



Fig-2.8.2

Shoppers’ Stop also retails its own line of clothing namely Stop, Life , Kashish, Vettorio
Fratini and DIY. The merchandise at Shoppers’ Stop is sold at a quality and price
assurance backed by its guarantee stamp on every bill.

Shoppers’ Stop’s customer loyalty program is called “The First Citizen”. The program
offers its members an opportunity to collect points and avail of innumerable special
benefits. Currently, Shoppers’ Stop has a database of over 2.5 lakh members who
contribute to nearly 50% of the total sales of Shoppers’ Stop.

The Organization, in 2000, along with ICICI ventures also acquired the reputed
bookstore, “Crossword”, which offers the widest range of books along with CD-ROM,
music, stationery and toys. Services like Dial-a-book, Fax-a-book and Email-a-book
enable customers to shop from their homes. Crossword currently has 18 Stores.

Realizing the role of IT way back in 1991, Shoppers’ Stop was among the first few
retailers to use scanners and barcodes and completely capitalize its operations. Today it is
one of the few stores in India to have retail ERP in place, which is now being integrated
with Oracle Financials and the Arthur Planning System, the best retail planning system in
the world. With the help of the ERP, they are able to replicate stores, open new stores
faster and get information about merchandise and customers online, which reduces the
turnaround time in taking quick decision.



Shoppers Stop has been very keen to understand the importance of distribution and
logistics in ensuring that merchandise is available on the shop floors. This has led the
retail chain o streamline its supply chain. The company has developed process manuals
for each part of the logistics chain. These modules include vendor management, purchase
order management, stock receiving systems, purchase verification and inventory buildup,
generation and fixing of price and store tags, dispatch of stocks to the retail floor and
forwarding of bills for payment.

Shoppers’ Stop has a grand ambition to position itself as a global retailer. The company
intends to bring the world’s best retail technology, retail practices and sales to India.
Currently, they are adding 4 to 5 new stores every year.

Trent – Westside

Established in 1998, Trent operates some of the nation’s largest and fastest growing retail
store chains. A beginning was made in 1998 with Westside, a lifestyle retail chain, which
was followed up in 2004 with Star India Bazaar, a hypermarket with a large assortment of
products at the lowest prices. In 2005, it acquired Landmark, India’s largest book and
music retailer.

In a recently signed deal, Trent has agreed to anchor 12 malls set up by DLF Universal
Ltd across the country, at its Westside, Landmark and Star India Bazaar outlets. This
amounts to about 27 locations, totaling to about a million square feet of space.

Trent retails garments and household accessories for men, women and children,
cosmetics and perfumes at Westside, food, beverages, health and beauty products,
vegetables, fruits, dairy products, consumer electronics and household items at Star India
Bazaar and books, music and stationery at Landmark.

Westside has 25 outlets across 17 cities in India offering a variety of designs and styles in
garments, footwear and accessories, as table linens, artifacts, home accessories and



furnishings. Well-designed interiors, sprawling space, prime locations and coffee shops
enhance the customers’ shopping experience.

Trent also runs another chain of retail stores called Star India Bazaar. Launched in 2004,
Star India Bazaar provides a large assortment of high quality products made available at
the lowest prices coupled with a unique shopping experience. Star India Bazaar is located
in Ahmedabad and offers a wide choice of staple food, beverages, health and beauty
products, vegetables, fruits, dairy products, consumer electronics and household items at
the most affordable prices.

Trent has also recently acquired a 76 per cent stake in Landmark, one of the largest books
and music retail chains in India. Landmark commenced its operations in 1987 with its
first store in Chennai, and now has nine stores in the major metros of the country. Earlier
Landmark was focused on books, stationery and greeting cards. In 1996 it added music to
its product portfolio and also started the trend of stocking curios, toys, music, CDs and
other gift items.

Fig-2.8.3



Piramyd

Piramyd Retail is part of the Piramal Group, which has presence in diverse sectors
spanning Pharmaceuticals, Textiles, Real Estate, Engineering, Family Entertainment and
Retail with manufacturing operations in 19 locations across five states and employing
over 18,000 people.

The promoters launched the apparel business in 1999 under Piramyd Retail and
Merchandising Pvt. Ltd. (PRMPL) while its food; home & personal care businesses
(FHPC) were housed under Crossroads Shoppertainment Pvt. Ltd. (CSPL). As the
apparel and food businesses individually reached a critical mass the management merged
the two companies into Piramyd Retail Ltd. Due to distant synergies in two businesses in
March 2005. Pyramid also has a smaller format of stores called TruMart that caters to
Food and Personal Care products.

Piramyd Retail currently has 5 Mega stores and 8 Tru Mart stores mainly in Maharashtra.
The company plans to increase these numbers to 17 Mega stores and 69 Tru Marts by
2008. The floor space is expected to be 5 times on successful expansion.

The FHPC (Food & Personal Care) business is volume driven while the Lifestyle store is
a margin driven business. Piramyd Retail plans to increase the contribution of private
labels from existing 7% to 18-20% of the revenues by 2010. Gross margins from private
labels are over 40% and hence the company is planning to increase this business. Most
of the stores are on the lease format and the company is prone to higher lease rentals due
to the overall increase in real estate prices. This may bring the profit levels down
substantially.

Piramyd Retail did have a first mover advantage in many locations but it has actually
failed to 40apitalize over this advantage. Its competitors like Pantaloon, Shoppers Stop
and Trent gained larger benefits of their far more aggressive business & marketing
strategy in the retail space.



Fig-2.8.4

Subiksha

The Chennai based Subiksha grocery chain runs around 200 outlets all over the country
and it’s current turnover stands at Rs 224 crores. Their target customer is the middle
income value conscious buyers. The main aim of Subiksha is to offer a functional and
transactional shopping experience. This retail chain has no qualms and spends almost no
money on creating a pleasant shopping experience, and all stores are non-air conditioned.
There is no false roofing or sparkling vitrified tiles on the floor.

A few years ago, Subiksha did not even offer shoppers self service. The customer had to
place an order at a computerized teller and the goods were billed and delivered after cash
is collected. Customers had to bring their own carry bags or pay to buy them from the
store. Subiksha even attempted to charge the customers for home delivery.

However, now Subiksha has slightly tweaked their business model in order to create a
better appeal to customers who were defecting to the competitors. The store formats are
still small and non-air conditioned. But customers have the option to pick from shelf



spaces. They also get shopping bags and free home delivery. But the selling USP (unique
selling proposition) remains the same --- Subiksha tries to be as close to the customer as
possible and offers the lowest price and huge savings in comparison to competitors. It’s
slogan happens to be --- bachat mera adhikar hain (saving is my fundamental right).

RPG Spencer

RPG’s Spencer presently has 125 stores across 25 cities covering a retail trading area of
half a million square feet and with a clientele of 3 million customers a month. Spencer’s
has a national footprint with seven hypermarkets, three supermarkets and 70 daily use
outlets, called Dailies.
All the newly opened Spencer’s stores stock every conceivable product that is required
by a household on a daily basis. At Spencer’s Daily shoppers can get fresh fruits,
vegetables, fast-moving consumer goods, household items, groceries, with regular offers
and discounts.
Spencer’s outlets are divided in to three retail formats. These are, Spencer’s Hyper, the
over 25,000-sq ft hypermarkets stocking over 25,000 items. The 8,000sq ft to 15,000-sq
ft mini hyper stores, branded as Spencer’s Super and the daily purchase 4,000-sq ft to
7,000-sq ft Spencer’s Daily for groceries, fresh food, chilled and frozen products, bakery
and weekly top up shopping.

Reliance Retail

With a vision to generate inclusive growth and prosperity for farmers, vendor partners,
small shopkeepers and consumers, Reliance Retail Limited (RRL), a subsidiary of RIL,
was set up to lead Reliance Group’s foray into organized retail.

The first store christened “Reliance Fresh” opened in November 2006 at Hyderabad.
Within a few months they have now opened stores in Mumbai, Pune and Ahmedabad and
plans foray into other cities on a rapid scale.



Fig-2.8.5

On June 26, 2006, Mukesh Ambani, Chairman and Managing Director, Reliance
Industries Limited, announced a Rs 25,000-crore investment in the retail sector.

Reliance Retail started its retail operation with “Reliance Fresh”, a grocery store that sells
vegetables, fruits, personal care items and other food products. Soon, these retail outlets
will also be selling apparel and footwear, lifestyle and home improvement products,
electronic goods and farm implements and inputs. They will also offer products and
services in energy, travel, health and entertainment. In addition to this, partnerships
would be developed to bring the best of global luxury brands to India as well.

Reliance Retail plans to extend its footprint to cover 1,500 Indian cities and towns with
outlets of a varied format, a mix of neighborhood convenience stores, supermarkets,
specialty stores and hypermarkets. Reliance also plans to open restaurant outlets,
financial services marts and tourism counters within its stores.

Mukesh Ambani’s ultimate ambition seems to be to create the Indian equivalent of Wal-
Mart by scaling up the business to unprecedented heights to reach every nook and corner
of the country. With its retailing venture, Reliance expected a revenue target of US $20
billion through its retail operations by 2010. Over a span of five years, RRL expects a
20% return-on-investment.



Bharti Wal-Mart

Fig-2.8.6

Bharti Retail (Pvt.) Ltd. Unveiled the roadmap for its retail venture on 19th February,
2007 envisaging an investment of $2.5 billion with expectation of revenue of $4.5 billion
(about Rs. 20,000 crore) from this business by 2015. The first retail outlet is expected to
open somewhere in the month of August.

Bharti’s plan is to invest $2.5 billion by 2015 and open stores across all major cities. This
investment would be only for setting up front-end stores. The modalities for its back-end
linkage, including its joint venture with the world’s largest retailer Wal-Mart, are in the
process of being worked out.

A high-level team from Wal-Mart was visited India in the later part of February to work
out the details of the back-end chain. While Bharti would manage front-end of the retail
venture, Wal-Mart would be involved in the back-end, including logistics, supply chain
and cash-and-carry, he added.

The JV was presently scouting for 10 million sq. ft. of retail space, which would include
hypermarkets, supermarkets and convenience stores and would provide employment to



about 60,000 people. The company would open multi-format retail outlets in all cities
with a population of about one million. Bharti is now conducting a massive consumer
survey to take a final decision on branding and promotional campaign.

However, Bharti and Wal-Mart have been facing stiff opposition from the left parties and
other political outfits who fear that the entry of the Bentonville giant will make life
difficult for the small grocers and create massive unemployment. They also expect Wal-
Mart to take a tough stance on lowering prices and force farmers to sell their produce at
lower rates. A lurking fear of monopolistic regime in the retail sector is also enhancing
their fears. Both Bharti and Walmart are presently having a tough time in convincing the
ministers, politicians, agriculturists, the NGOs and other pressure groups that their
business model would serve to work in the best interests of all the stakeholders.

Aditya Birla – MORE

Fig-2.8.7

The Aditya Birla Group is India’s first truly multinational corporation. Global in vision,
rooted in values, the Group is driven by a performance ethic pegged on value creation for
its multiple stakeholders. A US$ 24 billion conglomerate, with a market capitalization of
US$ 23 billion and in the League of Fortune 500, it is anchored by an extraordinary force



of 100,000 employees belonging to over 25 different nationalities. Over 50 per cent of its
revenues flow from its operations across the world.” Our mission is to change the way
people shop. We will give them more.” Says Mr. Kumar Mangalam Birla, Chairman,
Aditya Birla Group. The more For you advantage: more Promises a world-class
pleasurable shopping experience to Indian consumers in their very own neighborhood.
more. Quality, more Variety, more Convenience and more Value are the four delivery
cornerstones of the more Chain of supermarket stores.

MORE. Value MORE. Promises best in market pricing. Linking up directly with farmers
to source fresh fruits, vegetables and staples ensure great quality as well as great price.
Add to this, the membership program Club more. Which provide convenience,
customized shopping solutions and savings, and the more. Value promise becomes all the
more evident.

More Is an inspirational brand for an inspirational country. We have a bright and
committed, enthusiastic team that represents the best experience from India and globally.
MORE Also has a range of products from its own stable available across value, premium
and select ranges. The products have been quality-checked and are available in attractive
packaging at competitive prices. To avail additional benefits, at no extra charge,
customers can also enroll for the membership program Club more.

VISHAL RETAIL:

Vishal is one of fastest growing retailing groups in India. Its outlets cater to almost all
price ranges. The showrooms have over 70, 00, 00 products range which fulfills all your
household needs, and can be catered to under one roof. It is covering about 1282000 sq.
ft. in 18 states across India. Each store gives you international quality goods and prices
hard to match. The cost benefit that is derived from the large central purchase of goods
and services is passed on to the consumer. What started as a humble one store enterprise
in 1986 in Kolkata (erstwhile, Calcutta) is today a conglomerate encompassing 51
showrooms in 39 cities. India’s first hyper-market has also been opened for the Indian



consumer by Vishal. Situated in the national capital Delhi this store boasts of the singe
largest collection of goods and commodities sold under one roof in India. The group’s
prime focus is on retailing.

Fig-2.8.8

The Vishal stores offer affordable family fashion at prices to suit every pocket. The
group’s philosophy is integration and towards this end has initiated backward integration
in the field of high fashion by setting up a state of the art manufacturing facility to
support its retail endeavors. Company has already tied up for 5-lakh sq ft space and is
looking for more. Company will come up with 32 new stores this year. Company is
doing research on more formats. Company is looking for opportunities of expansion in
the South. Contribution of apparels business at 53% may slightly come down to 50%.
India is a big country and there is huge space for four-five big retail players. Vishal can
always sustain growth in this big market. Company can sustain margins as it is going for
backward integration. Currently manufacturing contributes 10% of the business, which in
the next two to three years, will go up to 25%. Company is increasing its focus on the
non-apparel and FMCG segment. The current share of FMCG at 15% could go up to
20-25%. Apparel sales currently at 63% in the next 2-3 years should come down to 50%
as the company is now also focusing on different segments. With growth in volumes, the
cost of sourcing will come down in the near future. Company will venture wherever it
gets real estate space. Currently, it has very little space in the south India. Eventually, it
will have a pan-India set up.



METRO – CASH & CARRY INDIA

METRO Group today, is the third largest trading and retailing group in the world. The
company employs over 2,50,000 staff in 30 countries. In the year 2005 METRO Group
had generated sales of over €55.7 billion; 53% of total sales came from outside Germany.
METRO Cash & Carry started operations in India in 2003 with two Distribution Centres
in Bangalore. With this METRO introduced the concept of Cash & Carry to India. These
Centres offer the benefit of quality products at the best wholesale price to over 150,000
businesses in Bangalore. METRO offers assortment of over 18000 articles across food
and non food at the best wholesale prices to business customers such as Hotels,
Restaurants, Caterers, Food and Non-food Traders, Institutional buyers and professionals.
METRO’s Cash & Carry business model is based on a Business to Business (B2B)
concept and focuses on meeting all the needs and requirements of business customers. It
is a modern format of wholesale trading, catering only to business customers.

Fig-2.8.9



Viveks- The Unlimited Shop

Fig-2.8.10

Vivek Limited is a professionally managed public limited company carrying three retail
brands – Viveks, Jainsons, Premier and continuously adding to the formidable strength of
1000 employees. Vivek Ltd is the largest consumer electronics & home appliances retail
chain in India. Viveks popularized several brands by creating visibility and have the
distinction of being market leaders and trendsetters with continuous support from the
principal companies.

Viveks evolved its strategies to suit the larger scene where there was a stigma attached to
borrowing. Very few hire purchase options were available and hence Viveks started
Vivek Hire Purchase and Leasing Ltd to finance consumer durables, which enhanced the
core retailing business also. Viveks grew from 3 stores to more than 52 stores and
turnover increased to over Rs. 350 crores (USD 80 million) and also become a public
limited company from a family run enterprise. In this process, 14 store Jainsons was
bought over in 1999, 2 store Premier in 2001 and Spencers in 2002 and have recently
absorbed Spencers into the Premier brand. With the liberalization of economy and other
changes in the global scene, Viveks streamlined the marketing and advertising activities
and shopping ambience was improved.



Table-3 Source- Price water house

2.9 Retailing formats in India

Malls

The largest form of organized retailing today is located mainly in metro cities, in
proximity to urban outskirts. 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. Examples include Shoppers Stop, Pyramid and
Pantaloon.



Specialty 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.

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/ non perishable
goods.

Department Stores
Large stores ranging from 20000-50000 sq. ft, catering to a variety of consumer needs.
Further classified into localized departments such as clothing, toys, home, groceries, etc

Departmental Stores
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!.

Hypermarts/Supermarkets

Large self service outlets, 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.

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.

MBO’s

Multi Brand outlets, also known as Category Killers, offer several brands across a single
product category. These usually do well in busy market places and Metros.

SPECIALITY STORES

Food retail

Food dominates the shopping basket in India. The US$ 6.1 billion Indian foods industry,
which forms 44 per cent of the entire FMCG sales, is growing at 9 per cent and has set
the growth agenda for modern trade formats. Since nearly 60 per cent of the average
Indian grocery basket comprises non-branded items, the branded food industry is homing
in on converting Indian consumers to branded food.

The mobile revolution

The retail market for mobile phones -- handset, airtime and accessories -- is already a
US$ 16.7 billion business, growing at over 20 per cent per year. In comparison, the



consumer electronics and appliance market is worth US$ 5.6 billion, with a growth rate
that is half of the mobile market.

Kid’s retail

When it comes to Indian children, retailers are busy bonding--and branding:

• Monalisa, the Versace of kids is coming to India.
• Global lifestyle brand Nautica is bringing Nautica Kids.
• International brand Zapp tied up with Raymond to foray into kids' apparel.
• Disney launched exclusive chains which stock character-based stationery.
• Pantaloon's joint venture with Gini & Jony will set up a retail chain to market
kids' apparel.
• Swiss kids wear brand Milou is collaborating with Tirupura-based Sreeja
Hosieries.
• Turner International India Pvt. Ltd. will launch Cartoon Network Townsville and
Planet POGO--two theme parks designed around its channels--in the National
Capital Region.
• Sahara One Television has also signed a Memorandum of Understanding to
source content from Space toon Media Group, Middle East's largest kids'
entertainment brand for animation and live action content.

Leading the kids' retail revolution is the apparel business, which accounts for almost 80
per cent of the revenue, with kids' clothing in India following international fashion trends.
According to research firm KSA Techno pak, the branded segment comprises US$ 701.7
million of the total kids' apparel market-size of over US$ 3 billion.

Industry experts say kids' retailing will touch annual growth of 30-35 per cent. Toys,
stationary, sportswear, outerwear, tailored clothing, eyewear, watches, fragrance,
footwear, theme parks, TV channels… the segment is growing rapidly at 10 per cent per
annum. Margins are in the range of 20-25 per cent (for dealers and distributors), while
companies enjoy an average gross margin of about 10 per cent.



Agricultural retail

Agriculture across India is heralding the country's second Green Revolution. 14 states,
including Maharashtra, Punjab, Andhra Pradesh and Rajasthan amended the Agricultural
Produce Marketing Committee (APMC) act this year, along the lines of the Model
APMC Act, '02, which allows farmers to sell their produce directly to buyers offering
them the best price.

Agricultural sectors such as horticulture, floriculture, development of seeds, animal
husbandry, pisciculture, aqua culture, cultivation of vegetables, mushroom under
cultivated conditions and services related to agro and allied sectors are open to 100 per
cent FDI through the automatic route.
For its e-Choupal scheme, ITC built internet kiosks in rural villages so farmers can access
latest information on weather, current market prices, foods-in-demand, etc.

With a US$ 5.6 billion, multi-year investment in agriculture and retail, Reliance Retail
will establish links with farms on several thousand acres in Punjab, West Bengal and
Maharashtra. Field Fresh, planning to become India's first large-scale exporter of
produce, will annually pay farmers over US$ 30,000 to lease land for vegetables, to hire
tractors and to pay their workers.

Besides a five-year program with the Punjab government to provide several hundred
farmers with four million sweet-orange trees for its Tropicana juices by 2008, PepsiCo--
with agriculture exports worth US$ 40 million--also introduced farmers to high-yielding
basmati rice, mangoes, potatoes, chilies, peanuts, and barley for its Frito-Lay snacks.

Export potential and a rapidly growing domestic demand for reliable produce from new
supermarket chains is driving change. With 77 per cent of India's population relying on
agriculture for a living, improved efficiency and new markets can benefit a large number
of people.



International retailers

The Australian government's National Food Industry Strategy and Austrade initiated a
test marketing food retail in India wherein 12 major Australian food producers have tied
up with India-based distributor AB Mauri to sell their products directly at retail outlets.
The largest-ever 150-member British business delegation in India committed investments
in the areas of food processing, agri retail and manufacturing. It is also likely to press for
the liberalization of sectors like financial & legal services and retail.

US-based home delivery and logistics company, Specialized Transportation Inc, will
enter the Indian market through a strategic alliance with Patel Retail, a subsidiary of Patel
Integrated Logistics.

Among other big international players, Wal-Mart has announced its plans for India in
partnership with Bharti, Tesco is sure to try again, and Carrefour too might finally find
the right partner.

Supermarkets

Large self service outlets, 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.

Supermarkets are relatively new entrants in the market. They are so called pioneers in
organized food retailing and go by the western model in look and feel and format. This is
what everybody means when they say organized food retailing.



Fig: 2.9 source- www.retail-vision.co.uk

Franchise outlets

Like Tommy Hilfiger and Wal-Mart, other US retailers are firming up their India entry
strategies and if they are already in, they are undergoing rapid expansion. Fashion brands
DKNY is also al set to foray into the Indian fashion Industry through a franchisee
agreement with Indian company, S. Kumar Starbucks recently expressed their interest in
entering Indian company

Like Tommy Hilfiger and Wal-Mart, other US retailers are firming up their India entry
strategies and if they are already in, they are undergoing rapid expansion. Fashion brand
DKNY is also all set to foray into the Indian fashion Industry through a franchisee
agreement with Indian company, S Kumar’s. Starbucks recently expressed their interest
in entering India through the franchise route, like their American F&B counterparts Pizza
Hut, Subway, and the very successful McDonald’s. McDonald’s has major expansion
plans lined up; in the next 3 years, it plans to open another 100 outlets
in cities across India.



Hypermarket

The Large commercial establishment that is a combination of departmental store and a
supermarket. The specific features of a hypermarket are the wide range of goods offered,
quality service, quality display of goods on the shelves and complex systems providing
for customers loyalty.

Hypermarket is known for a wide range of goods offered. It consists of dozens of
thousands of items, while similar goods can be offered in several forms. In order to work
with such an assortment it is necessary to group it into categories and sub categories that
would unite goods according to this or that criteria.

Shopping Malls

The new shopping malls that have been expanding their footprint across Indian cities are
well designed, built on international formats of retailing and integrated with
entertainment and restaurants to provide a complete family experience. Over 300 malls
are expected to be built over the next two years and most Indian cities with over a million
populations will be exposed to this modern method of retailing.

Shopping malls have existed in India since several decades but were designed and built to
house several shops in a single facility. These malls also known as Shopping Arcades
offered only rows of shops, most of which were small stores that promised bargains for
their various wares. These Shopping Arcades tried to maximize on their store space and
did not offer any areas for recreation and entertainment.

The present day malls are a creation of the past few years post 2000. They are designed
professionally using a lot of international experience and combine shopping with a lot of
brand building, recreation, food and entertainment. Malls also have a large format store
that serves as their anchor for shopping and a prominent restaurant that anchors the food



needs of visitors. Most malls also feature a multiplex cinema that offers entertainment to
the visitors of the mall. Finally the mall has large atria and open spaces to allow visitors
and families to hang-out.

Emerging trends

The single most important evolution that took place along with the retailing revolution
was the rise and fall of the dotcom companies. A sudden concept of `non-store' shopping
emerged, which threatened to take away the potential of the store. More importantly, the
very nature of the customer segment being addressed was almost the same. The
computer-savvy individual was also a sub-segment of the `store' frequenting traffic.

Internationally, the concept of net shopping is yet to be proven. And the poor financial
performance of most of the companies offering virtual shopping has resulted in store-
based retailing regaining the upper hand. Other forms of non-store shopping including
various formats such as catalogue/mail order shopping, direct selling, and so on are
growing rapidly. However, the size of the direct market industry is too limited to deter
the retailers. For all the convenience that it offers, electronic retailing does not suit
products where `look and see' attributes are of importance, as in apparel, or where the
value is very high, such as jewellery, or where the performance has to be tested, as of
consumer durables. The most critical issue in electronic retailing, especially in a country
such as ours, relates to payments and the various security issues involved.



CHAPTER 3
RELATED REVIEW OF LITERATURE

Mishra (2007) stated that the Kirana Store seems to be no longer an attractive option to
buy grocery, as organized retailing is picking up in the country offering ‘experience’ in
addition to quality products at affordable prices under hygienic conditions.

The organized grocery retailer is the preferred kind of store by consumers, even though
the consumers buy in several establishments and exclusively in the hypermarket, which
indicates that there is no “single loyalty!”. While in organized retail outlet, the consumers
buy essentially convenience goods with low level of risk; in traditional retail, they buy
essentially products of more involvement, which requires a more complex buying
behavior. The results also show that consumers evoke price and convenience for not
buying certain goods in traditional retail, which reveals an attempt to optimize their time
and money.

Sunitha Ravi of beri institute of technology analyzed that the retail sector has
undergone significant changes and is fast emerging. Inviting foreign investments to enter
into retail trade in India is a progressive measure. India is currently the ninth largest retail
market in he world. This sector witnessed transformation of unorganized family-owned
retail formats to organized retailing. The retail revolution will restructure the Indian
economy and would be beneficial to the consumers, customers, small and medium-scale
businesses and farmers. The emergence of organized retailing will help accelerate
productivity growth, improve competitiveness, provide better job opportunities, offer
more product variety and develop the agriculture and processed food industries.



According to reports released by the global real estate consulting group Knight Frank,
the real estate segment of India was growing at 30 per cent per annum overall. In the
retail space, Knight Frank ranked India fifth in the list of 30 emerging retail markets and
predicted 20 per cent growth rate for the organized retail segment by financial year 2012
(FY10).

It indicated that the retail industry will witness investment over Rs 100 billion upto
FY10. Presently available mall space of about 30 million square feet (mn sqft) in India
was expected to increase to 100 mn sqft by FY10. Out of this total mall space to be
developed, around 75 per cent will be developed in cities like Mumbai, Pune, Bangalore,
Hyderabad and NCR cities. The rest will be in tier-2 and tier-3 cities like Nagpur,
Ahmedabad, Chandigarh and Ludhiana.

The number of malls to be developed in the country over next three years will be above
300. According to a report on real estate trends by Merrill Lynch, the number of malls in
the five cities Mumbai, Bangalore, New Delhi, Hyderabad and Pune itself was expected
to reach to about 250 by FY10.

Recently, Reliance Industries has announced its retail venture with pan-India footprint
covering 1500 cities and towns involving investment outlay of Rs 25,000 crore.

Sharma of sardar patel university declared in 2007 that for a start, the retailers need to
invest much more in capturing more specific market. Intelligence as well as almost real-
time customer purchase behavior information. The retailers also need to make substantial
investment in understanding/acquiring some advanced expertise in developing more
accurate and scientific demand forecasting models. Re-engineering of product sourcing
philosophies-aligned more towards collaborative planning and replenishment should then
be next on their agenda. The message, therefore for the existing small and medium
independent retailers is to closely examine what changes are taking place in their
immediate vicinity, and analyze Whether their current market offers a potential
redevelopment of the area into a more modern multi-option destination. If it does, and


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A dissertation report on indian retail industry trends

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