Retail Management Strategies:
Shoppers Stop Retail Visit
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INDIAN RETAIL INDUSTRY: The Indian Retail Sector has undergone rapid transformation by setting scalable and profitable retail models across various categories and formats. Traditional markets are making way for departmental stores, hypermarkets, supermarkets and specialty stores. The modern malls cater to shopping, entertainment and food, all under one roof. Indian Retail Market Share: 30% of GDP Share of retail in private consumption: 53.3% Total retail market: Rs. 1,948,916 cr. Organized retail market: Rs. 126,680 cr. (6.5% of total market) Growth rate of organized retail: 17.39% YOY
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Objective of Shoppers Stop:
Their main objective is to make their customer satisfy and then profit through sales, employee added after all every organization works to earn money which is possible through good sales and if our customers are not satisfy then it will be difficult for us. So we put our effort on retaining our customers because retaining old customers is more profitable than making new customers. And if we analyze this statement then we come to know that their 65% of their customers are their first citizen customers. Today people goes for variety and shoppers stop is doing that, they offer total 250 brands to their customers which act as their strength and help them retaining as well as making new customers. They believe in producing quality so they offer quality products basically international brands like Louis Phillip, Black Berry, Police, DKNY, Ferrari, etc. Shoppers Stop aims 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.
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THE SOCIO ECONOMIC IMPORTANCE:
Shoppers Stop is the flagship business of departmental stores. They retail a range of branded apparel, footwear, perfumes, cosmetics, jewelry, leather products, accessories, home products, electronics, books, music and toys in their stores. They also retail their own private label apparel, footwear, fashion jewellery, leather products, accessories and home products. With 11 stores (shopper stop) in the city of Mumbai and still growing at a fast pace shopper stop is setting a benchmark for all the retailers in the consumer lifestyle and fashion industry. I have chosen the Shoppers stop located in Bandra-Linking Road. To start with, the Shoppers stop in Bandra is a freestanding or a standalone store. It is isolated and has no adjacent retailers with which they share traffic.
These types of store have quite a few advantages which work’s in the favor of shopper stop. They are: Bandra is a high fashionable place in Mumbai. People with high spending. Standalone store gives the advantage of high space and more brands availability Adaption of facilities according to individual specification Availability of youth crowd High attraction More brands at one floor
But every pro has a conn and so in this case. Disadvantages that Shopper-stop can have are No parking facilities High competition Competition with street shops High advertising As Mumbai is Bollywood city it has a continuous change in trend
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TYPE OF APPROACH:
75 per cent of the total sales of SSL comes from metros and Tier-1 cities.
METRO AND TIER 1 CITIES
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IDENTIFYING THE RETAIL TYPE AND ITS PRODUCT/SERVICE CATEGORIES:
Shoppers Stop is known as multi-Brand retail outlet because of their verity of Products. They offer various products like apparels, Accessories, Toys, Fragrances, Beauty Products,...