For example, we can buy food from supermarkets, convenience stores, restaurants, bars, street vendors, butchers, bakeries, produce stands, online and so on. This format can afford specialization of retail personnel which will be necessary in handling customers’ enquiries as categories develop. 600 353,795,548 4.7% 589,659 400,000-800,000 40-100 2+ 50-70% 40-80 stores The store has one product category or a very narrow, related range of products. Retail Formats can be classified into the following categories: Store Based: Store based formats can be further classified into two formats based on the basis of Ownership or Merchandise offered. Due to low capital investment required, it is easy to get into by individuals. Its major advantage to other form of non-store retailing is that customers can see actual products with demonstration and hear about its entire feature; thus better interest levels are generated resulting in good memo­rability and impulse buying. One specific type of specialty store is the grocery store or the chemist, whose critical factor for success is the proximity to the customer. ... A retail store that stocks pharmacy-related products and services as its main draw. These stores are subject to good buying power in the community, more young population, robust economic growth and widely exposed community to new trends. Disclaimer 9. Internationally a success but has started in India at all. General Merchandise Retailer: The major General Merchandise retailers are: (a) Discount Stores: The family would watch a movie and buy its supplies on a common trip. The retailer’s focus has to be on getting the operation of his store right, which is itself a stupendous task. They are less fashion oriented, but can be branded stores and fashion stores. Manufacturers also prefer to have few outlets in each city so as to push excess or dead stock and reduce cost of operations. Chain stores are classified as follows: 1. They provide limited number of complementary merchandise categories and high level of service in typically up to 10,000 sq ft of store area. Typically enclosed with inward-facing stores connected by a common walkway. This may be both personal (direct personal selling) and nonpersonal TV, the Internet, mail, … If they happen to be big or a national chain, they command better buying discounts; thus much better rates are offered to customers as compared to specialty stores. Some specialty stores have a very limited number of product categories (typically one) and the complete range in that category is available under one roof. Classification of retailers as per ownership: Like e-tailing the costs are generally lesser due to no or very less cost of distribution, advertisement, retailer margin and inventory. Prohibited Content 3. Typically, enclosed with inward-facing stores connected by a common walkway. They have a very narrow product line. have been very famous. From easy-going shoppers who make small talk, to customers on a mission who just want to get in and out of the store, retailers deal with various types of people on a daily basis. Non-Store Formats have been discussed below: Famously called e-tailing, it is a format where companies sell merchandise through exclusive product websites or Multi-Brand websites. There are at least three levels of retail service: Self-Service. Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. For some consumers self-service is considered a benefit while others may view it as an inconvenience. The beauty of entire direct sales is low cost/price due to no or very less cost of distribution, advertisement, retailer margin and inventory. This paper presents a classification of online retail stores based upon an August 1996 convenience sample of 137 Internet retail stores. It is over 20 billion USD industry and is growing very fast in emerging markets like India. But most retail stores are not owned by the companies whose items are sold in them. Consumer decision making involves the choice of brands, and also the choice of retail outlets from where the customer will buy his chosen brands. India is one of the fastest growing retail markets in the world, with 1.2 billion people. Some of these products, like grocery items, vegetables and fruits, have to be bought frequently as they would be spoiled if they were stored for a long time. The store usually stocks related items, for instance, lifestyle goods for the whole family that include clothes, books, home decor, jewellery, cosmetics, accessories, stationary, toys, etc. As the economy of a country develops, people will want more sophistication and variety in greater number of categories and this can be provided only in this type of format. These comprise nonpersonal selling as well as personal or direct selling. Retailers can be broadly classified by form of ownership; independent, part of chain, or franchise outlet. Management, Retail Management, Retail Store Classification. Famous in the United States and worldwide, six billion USD industry has its success factor based on penetration of Cable broadcasting and TV sets in a country. They also can be multi-channel catalogs as in the parent company might sell products through stores and catalogs and e-tailing also. Non-Store Retail Format. TOS 7. Abroad QVC, HSN have been very successful and in India Asian Sky Shop has done fairly well. Study 17 Chapter 14: Classification of Retail Operations flashcards from Heather T. on StudyBlue. Disclaimer 9. Accordingly, chain stores are drug, tobacco, variet… Products listed here are generally available at cheaper price than regular rates primarily due to no or very less cost of distribution, advertisement, retailer margin and inven­tory. One of the things that makes running a retail store so interesting and fun (most days) is the fact that you can encounter an array of characters at your shop. The choice of the brands offered conveys the depth of the category, image of the store and reflects the intended target market. It can be childcare center, financial planning center, dry cleaning center, weight loss center, internet parlour, telephone booths, entertainment parks, hotels, etc. Supermarket Self-service Offer Groceries Meat Produce Limited non-food items 11. Fairly large employment generator, good for companies who cannot afford advertising investment in distribution channel and retail stores. But location still remains important. Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. They are generally largest chains also. Privacy Policy 8. Around the world, most retailers are independent, operating one or a few stores in their community. Previously, retailers operated from physical stores by selling variety of merchandise or services. As the name suggests, it is selling of product through salesman by reach­ing to target audience at houses or offices or wherever they can be available. Study 17 Chapter 14: Classification of Retail Operations flashcards from Heather T. on StudyBlue. This article throws light upon the two broad categories of retail store classification. Classification of Retailers on the basis or Retail Location Retailers have also been also been classified according to their store location. These stores can have arrangement to deliver the items on a regular basis to the households. Image Guidelines 5. Some may eventually move to a commercial store location, while many remain in the business owner's spare room, especially if the business primarily operates online or works with distributors. Report a Violation, Classification of Retail Structure: 3 Categories | Retailing, Classification of Indian Retail Sector: 6 Categories | Retailing. Companies carry out market research to know customer attitude towards their products but the customers’ real intents are displayed only during the process of buying in retail stores. Dedicated channels or programme time is used to sell merchandise as demonstrated in television through various companies. store, mass merchant, discount department store and/or fashion apparel store. 3) Pricing Philosophy. However, the advantage of a speciality store is that you will find many things in that store related to that speciality which you … Companies either need to have more leverage with the retailers or own some retail stores themselves to be able to know their customers better. These huge retail formats have many single brand stores in many of the product categories. These are different from kiosk selling where small format stores or stalls are managed by sales staff. Purchasing for the household is done only during weekends. The Bottom Line If you want to start a retail business, there are a wide variety of options available. Also the friction-less store experience is being considered as the future of shopping. The store types are based on the NAICS classification … They can be in categories like apparel, fashion accessories, nutrition, home segment, jewellery, optical, footwear etc. One such store targeted towards the up market will stock premium brands in all categories, whereas the down-market store will stock popular or less premium brands. But its success depends on internet and computer penetration in the country. TOS 7. The entire range if not very cheap or value product will be pictorially listed with price offers. Non-Store Retail Format. A supermarket is an advanced form of the small grocery stores and caters to the household needs of the consumer. They can do this by bulk buying, accepting low margins, managing costs tightly and choosing locations where real estate prices are low. To help make sense of all this, the United States Census Bureau publishes the North American Industry Classification System (NAICS), which places businesses into Classificationsbased on their common characteristics and qualities. When it's time to shop for something, we have many options available to us. The evolution of hypermarkets has resulted in wider and deeper product assortments for customers. Here they do not need to advertise or spend on costly store atmospherics and service standards. The other option is to have limited product categories and a wide range in each one of them. E-tailing can be for specialty products, value oriented products, premium products, private label or multi-branded products of various price points. Some retail stores may charge normal or list prices, while some may charge lower than list prices on a regular basis. These store formats will ultimately be targeted to specific segments. In India, 49/99 stores have just made mark in the segment. Nonpersonal selling includes TV, mail, catalog, internet, etc. They are employed by stores and other retail businesses, wholesale businesses … 1. Report a Violation, Retail Marketing: Useful notes on Retail Marketing, Retail: Notes on the Classification of Retail Formats, How to Enhance Customer Experience in a Retail Store? Retailing makes products available when and where customers want to buy them. Families make major purchases for the household during the weekend. These discount stores get price concessions from manufacturers because of the high offload from these stores. This concept goes against the very basic concept of store retailing as it drives away footfalls. This article throws light upon the two broad categories of retail store classification. Automatic object classification can be of great help to a food and groceries retailer in order to reduce human effort in the inventory management process of its warehouse and retail outlets. This sector has contributed heavily in employment generation and various low cost service retailing business models (like travel agency) has helped in entrepreneurship development. He has to remember that he sells the manufacturer’s products and it is the manufacturer’s duty to make the right products for the customers. Module 2: Retail Environment Analysis. Millions of retail businesses start in their owners' homes. A company can develop insights into the behaviour of its customers as they shop in the retail store. Retail store formats can be classified on the basis of the number of products sold by the retailer and the range of products in each category. Parking surrounds the outside perimeter. Speciality store These retail store formats vary from each other on the basis of their product assortment (product depth and width), price and location. Retailing is the set of activities related to the sale of products and services to the ultimate customer. Content Filtrations 6. The responsibilities of a store manager should be tailored to your specific business’ needs, but generally speaking, this retail job handles a lot of what you might have started out doing as the business owner — from maintaining day-to-day tasks and managing employees to understanding sales trends and, well, everything in between. What you’ll learn to do: list the classification characteristics of various types of retailers by ownership. They are fastest growing segment in market. The store however stocks large amount of variety of these products. Characteristics of FoodRetailers 10. “A small specialty shop may have all of its employees under one category called Store Oper… 9 Different types of retail stores. Content Filtrations 6. Chain stores which operate in the city itself or near about the city are known as local chains. It is a very large subject and as important and wide as store retailing. They are a “discounted” specialty stores that offer narrow variety but deep assortment of similar kind of merchandise with limited services and just average atmospherics design. Food Retailers Conventional Supermarket Limited Assortment Supermarket Supercenter Warehouse Club Convenience Store 9. Categories like home care, cutlery, baby product, beauty prod­ucts, services, educational products are sold through this channel. Internationally, Zara, Gap, Foot Locker, Socks, Auto Zone, Tower Records, Zales, Cole National and in India, Health and Glow, Toys Kemp, Zuari Furniture, Planet Fashion, Trouser Town, Time Zone, Music World, etc., are leading examples. Image Guidelines 5. Multi-level marketing has made brands like Tupperware, Oriflamme, Avon a worldwide success and pure direct marketing success story of Eureka Forbes will never be forgotten in India. The important types of retail stores are: Speciality store; Department store; Super market; Convenience store; Discount store; Off-price retailer; Superstore; Hypermarket; and; Catalogue showroom. They face intense competition from specialty stores in form of variety, good service, better store design etc., that may force them step up service and other factors. The payments are advance or gen­erally on delivery. Before publishing your articles on this site, please read the following pages: 1. Home-based Retail Stores . Plagiarism Prevention 4. That is why it is not very successful in India. A retailer’s prime affinity and loyalty is towards the customers of his store, and not to the companies whose goods he sells. But this arrangement will leave a lot of customers dissatisfied as they may find the range too limited. Copyright 10. It may involve appointment based direct sales calls to sell or can just cold call oriented selling. It is a huge industry abroad and in India too. Proximity to customers may even become a liability, because for most people, the idea of entertainment is not walking into the theatre or restaurant which is next door. But this will reduce the number of occasions that the customer will find a reason to walk into the store. On the basis of location, chain stores are classified as local, sectional and national chains. Narrow and deep product assortment: 2. Read this article to learn about classification of retail store formats on the basis of product, price and location! For instance, in India, Ebony Shopper’s Stop are such stores. Many retailers categorize their inventory using the ABC classification method, which is based on the Pareto principle, which states that 80% of your results come from 20% of actions. They also specialize in selling items in lower units, which may not be available in market otherwise. These stores operate in those product categories for which the customer desires convenience of location. Image Courtesy : upload.wikimedia.org/wikipedia/commons/c/cd/Bon_March%C3%A9,_Paris_-_interior_view.JPG. Retailers have a huge amount of information about customer behaviour but all this information is not passed on faithfully to the companies. They are generally situated away from regular market or shopping zones so that customers are not influenced while they come for shopping to regular outlets of these brands. Retail Store Classification: Category # 1. Sales and GrowthRate for Retail Sectors 8. The categories are: 1. When applied to the context of inventory, it means that 80% of revenues are generated by 20% of your products. All the stores mentioned above charge list prices from their customers. National Occupational Classification (NOC) 2011 - Retail sales supervisors supervise and co-ordinate the activities of workers in the following unit groups: Retail Salespersons and Sales Clerks (6421), Cashiers (6611), Grocery Clerks and Store Shelf Stockers (6622) and Other Elemental Sales Occupations (6623). Customers would like to travel some distance for their weekend trips. Non Store Based Classification: Non Store retail organizations focus on establishing direct contact with the consumer. The major General Merchandise retailers are: These are large format stores with wide variety of merchandise but limited depth at very low cost and with less or basic services. For instance, IKEA is one such store that stocks every type of furniture, in all price ranges and usage. The retail store which is made of brick and mortar irrespective of its size and shape can be categorized as a national chain store, regional chain store, or a franchise. Here product details, price offers, promotions are listed in a principal website and also linked to various other websites and customers log in to buy products in various quantities and either pay through credit/debit card by “payment gateways” or else pay on delivery. A retailer is required to have both marketing and operational skills. Retailers owned by a single person or partnership and not operated as part of a larger retail institution are independent retailers. There are different types of such retailers. Before publishing your articles on this site, please read the following pages: 1. Today, consumer can shop for goods and services in a wide variety of stores. They are retailers of wide variety of merchandise mix (private labels, brands, fashion brands etc.,) at low prices bought from manufacturers through unique opportunistic buying practice. What is ABC inventory classification? The retailer has to get the right assortment of products in the store in an efficient way, arrange the products in a way that stimulates purchase and minimizes inconvenience for customers, and manage a group of friendly and effective salespersons. The store has a number of products, but stocks a limited variety of all these goods. The categories are: 1. Plagiarism Prevention 4. Most customers buy in physical retail stores of various types having various product assortments and levels of service, but non-store retail formats such as mail order, automatic vending and Internet sales account for large amount of sales, especially in developed countries. Retailers can locate their stores in an isolated place and attract the customers to the store on their own strength–such as a small grocery store or paan shop in a colony, which attracts the customers staying close by. The technique used 35 observable Internet retail site attributes and features of online stores as the raw data to classify the online stores into meaningful groups. Internationally Wal-Mart, Kmart, Target and in India, Big Bazaar, Vishal Mega Mart are leading examples. Retail stores can be classified on the basis of their pricing style. Content Guidelines 2. Content Guidelines 2. Chain stores are classified on the basis of type of goods handled. Search for: Introduction to Retailer Classification. The importance of a store’s proximity to customers has not waned even with improvement in transportation and more families owning vehicles because, in most households, both husbands and wives are working longer hours. For the systematic study they can be divided in different classes, such as on the basis of ownership, on the basis of product line, on the basis of sales volume and on the basis of operation method. This type of retail ownership requires no physical storefront and the inventory is at once and stocked by the brand and not the retailer. The typical structure for a single-store retailer may consist of the owner performing CEO and manager duties or even a cashier stocking merchandise because the inventory as well as the profit margins are smaller so there is significantly less need for these types of individual employees. Copyright 10. These are small self-operating units in which merchandise or services are stored and dispensed to customers at their wish after cash is deposited into the machine. MAJOR RETAIL TYPES, CLASSIFICATION ... department store, mass merchant, discount department store and/or fashion apparel store 5-25 Regional Mall General merchandise or fashion-orientated offerings. Such formats always face a conflict between the number of product categories they should store and the range in each category. Retailing is becoming international in nature and is slowly emerging as an important service. ; Speciality store - a store which concentrates on narrow product areas, eg clothing, electrical goods, entertainment. 5-25 miles Regional Mall General merchandise or fashion-oriented offerings. National chains operate throughout the country. But they often combine the purchasing of supplies with an entertainment trip. A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket. There are many types of retail formats like discount stores, supermarkets, convenience stores, department stores, etc. They sell products within strict price point to attract customers. The price range in these stores could either be narrow, catering to a specific market segment, or it could be broad covering a large number of segments. Product sold is generally dry food items, gifts articles, financial services, magazines, candies, etc. Retail stores that offer products on the list price do not give discounts on a regular price, though they engage in promotions. When chain stores are located at different places within a distinct geographical unit, they are known as sectional stores. As internationally done, India too has most of the brands that have these outlets at various places in each city. This paper presents a classification of online retail stores based upon an August 1996 convenience sample of 137 Internet retail … Internationally, Best Buy, Toy “R” US, Pet Valu, Baby, Home Depot, Gart Sports, Circuit City and in India Electronic Bazaar, Food World, Welspun, Mega Mart etc., are leading examples. Internationally, Dollar Stores, Family Dollar Stores etc. They also sell “value” for money concept to wide variety of customers. The business institutions or persons who sell goods to final consumers are called retailers. They may carry merchandise that can be slightly defective as standard norms; famously known as “Factory Outlets”, or carry off season merchandise, not so fast moving designs and unpopular colours. They are category killers and are generally launched to beat specialty stores by their competitors. Classifications based upon physical development characteristics and … Retail is a term which covers a vast range of business types and models. The Indian retail market is estimated to be US$ 600 billion and one of the top five retail markets in the world by economic value. For such excursions, location of stores is not important in terms of proximity to customers. Today service retailing is closely linked with merchandise retailing and two are interlinked as a good merchandise retailing fails without good service. These retail store formats vary from each other on the basis of their product assortment (product depth and width), price and location. These are sometimes called specialty stores. This store format is gaining wide acceptance in India as the store acts as a one- stop-shop for the complete family. Usually such stores are also accompanied by food joints and entertainment plazas that provide an ideal day out. ICC Digital Codes is the largest provider of model codes, custom codes and standards used worldwide to construct safe, sustainable, affordable and resilient structures. Privacy Policy 8. A speciality store is one which focuses on one or two specific categories. The catalog can be general merchandise catalog (for example, JC Penny), specialty catalog (for example, Smith & Hawken sells garden tools). Vending machines are generally found in high traffic areas like malls, strip markets and university campuses. A single-store retailer has a smaller scale of organizational structure in comparison to national chains and diversified retailers. This also assures that customers, who may not be able to afford brands during initial period, can use these stores; thus brand associations created for the period when they can afford these brands at regular outlets. Prohibited Content 3. General Merchandise Retailer 2. Some of the different types of retail store include: Convenience store - a small to medium grocery and convenience shop usually operating near residential areas. This service level allows consumers to perform most or all of the services associated with retail purchasing. As the name suggests instead of websites products or merchandise are listed in catalog and sent to target audience through various direct mar­keting channels. He needs empathy to understand customers’ requirements but he also has to be indifferent enough not to let customers’ anguish about the products in his store bother him. The retail potential database consists of average household and total market potential estimates by each of sixty-eight retail store types. If the number of product categories is large, chances are that the range in each one of them would be smaller because of space constraints or else it may become too unwieldy. They are retailers of non-traditional categories like gift items, craft items, mini home decor items at ‘low to mid’ price points. To name a few, Reebok, Lee, Arrow, Levis, Nike have used this extensively. These stores can afford lower prices because of their influence on the manufacturers as they sometimes control the market of the category. (6 Steps). They may also take multi-level marketing routes wherein products are sold by form to master distribution than they sell the products to distribution and chain goes on. Non-store-based classification: They emphasize establishing direct contact with the end customer. The stores are generally up to 5,000 sq ft and are found in areas where purchasing power is not very high. Product categories in which this format is popular are footwear, clothing, furniture and furnishing. These retail formats are characterized by very large retail spaces that are leased out to various brands. Shopping and entertainment have to be packaged together for customers who do not have the time to shop during weekdays. It is a huge managerial challenge to run a retail operation. Called category killers, these stores eliminate competition in the specified category. But there are stores called discount stores which sell products at low prices daily. 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