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Evolution of retailing

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Evolution of retailing

  1. 1. -Gradual development of something into a more complex or better form.
  2. 2. Barter system -is a system of transactions where people used to exchange, the valuables they used to possess and has some value in the eyes of other persons PHASE 1:
  3. 3. Adoption of common means of currency PHASE 2: -the transactions became much easier. -retailing is limited to commodities that fulfill their basic needs.
  4. 4. PHASE 3: Small stores transforming to bigger size stores. -retailers responded to the changing needs and shopping expectations of the buyers. -to take advantage of scale economy ang value-pricing to customers.
  5. 5. 1800’s -Mass retailing in the united states began. MONTGOMERY WARD - the first retailer to initiate mass retailing in the U.S. by marketing their products through general merchandise catalogues.Rural areas where largely reached. -founded by Aaron Montgomery Ward. 1940’s -Major economic activities shifted from agricultural to industrial manufacturing. -The first shopping center was opened.JC and Sears expansion. -The use of credit cards increased as major retail chains began.
  6. 6. 1950’s -opening of the first planned mall and franchised food restaurant in the U.S. -was the beginning of the era of franchising in organized retailing business in the U.S. -Large suburban malls were created and anchored by traditional downtown dept. Stores. -sales of private automobiles grew. -Discount stores were born(Korvetta). 1960’s -was the decade of the growth and enclosed shopping centers,with dept. Stores and specialty retail chains. -Baby boomers reached their teenage years. -Women became the target consumers.
  7. 7. 1970’s -promotional pricing started to pick up the dept. Stores as off price retailers emerged. -the growth of retail space slowed down. -stiff competition led retailers to under-perform. 1980’s -growth of off price retailing as a distinct,enduring retail format. -acquisitions and mergers became a choice for large players to support their growth strategies. -retailers started developing private brands. -offshore sourcing was developed. -It is this stiff competition in the U.S. That encouraged many retailers to consider franchising as a strategic option for growth.
  8. 8. 1980’s -organised retailing in India slowly began. -Among the first companies were Bombay Dyeing, Raymonds, S Kumar’s and Grasim. TITAN -A maker of premium watches that successfully created anorganised retailing concept in India by establishing a series of elegant showrooms. 1991(economic liberalisation) -Manufacturers saw a great value in integrating forward by investing into retailing of their own manufactured goods.
  9. 9. Some Issues: -the average size of each of the retail outlets in India in only 50 square feet making it less competitive against large organized retailers. -the industry is also unorganized, largely fragmented and has rural bias. Unorganized Business -An estimated of 12 to 14 million retail stores in India are very small in size and family owned. About 2/3 of this stores are in rural locations. “the unorganized sector accounts for 98% of the total retailing in India.” -That means that only 2% of its total retail market is organised.In other words, it indicates a great potential for the growth and development of organised retailing.
  10. 10. High Industry Fragmentation: -as mentioned retail stores in india are very small and owned by individuals and families. Rural Bias: -about 66% of the stores in India are located in rural areas. Haats -are the weekly markets that typically serve a group of 10-50 villages and sell day-to-day neccesities. -replenishment point of small village retailers. Melas - are larger in size and more sophisticated in terms of good sold. (televisions etc.)
  11. 11. Some prevailent retail formats in India are the ff.: BRANDED STORES -exclusive showrooms run by premium brands have been the Catalysts in pushing up the Indian retail scenario. DEPARTMENTAL STORES -dept. Store’s are expected to take over the apparel business from exclusive brand showrooms. SPECIALTY STORES -stores focusing on specific market segments.(Kids Kemp, crossword,planet M etc.)
  12. 12. Abscence of Discounting is a dominant format of retailing in India that is a glaring pecularity. Reasons why: -Indian retailers have less bargaining power. - the retailers have no economies of scale to offer discount’s on their own. However this is now changing because of increased investments in the country leading to emergence of bigger retailers who can both bargain with suppliers and reap economies of scale. Hence ,discounting is being accepted in the practice.

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