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Retailing- The growth Engine

INTRODUCTION
Retailing is an industry with which virtually everyone has to deal with on a day to day basis. It is also one of the industries that have witnessed some of the most dramatic changes in the recent decades.

Retailing is the summation of all activities that result in the offering for sale of goods and/ or services to individuals and/ or organizations for purposes of ultimate consumption.

According to Philip Kotler Retailing includes all the activities involved in selling goods or services directly to final consumers for personal, non business use. A retailer or retail store is any business enterprise whose sales volume comes primarily from retailing.

Any organization selling to final consumers- whether it is a manufacturer, wholesaler, or retailer is doing retailing. It does not matter how the goods or services are sold (by person, mail, telephone, vending machine or internet) or where they are sold (in store, on the street, or in the consumers house). Retailing encompasses various types of outlets ranging from the supermarkets, specialty stores, franchisee retailers and discount stores to the neighborhood kirana stores. These fall under the broad categories of the organized and unorganized retail segment. Unorganized retail segment is a huge segment that includes the small family owned shops, local grocers and even the roadside vendors.

The organized retail segment on the other hand is a blooming industry, offering various opportunities. This industry includes specialty stores, supermarkets, departmental stores, discount stores and others. This industry targets value conscious shoppers and promotes mutually beneficial relations through whom the retailers chalk up large volumes, thus bigger turnovers and the consumers are exposed to better products and larger discounts.

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Retailing- The growth Engine

RETAILING AS THE WORLDS LARGEST BUSINESS


Retail is the biggest industry in the world with sales of $ 7.2 trillion. Every 10th billionaire in the world is a retailer. 25 of the top 50 Fortune 500 companies are retail. Retail generated a shareholder return of 18%

TOP RETAILERS WORLDWIDE


Sales

Company Wal-Mart Stores, Inc. Carrefour Group The Home Depot, Inc. The Kroger Co. Metro AG Royal A hold Target Corporation Tesco PLC Costco Companies ITM Enterprises

Home Country USA France USA USA Germany Netherlands USA United Kingdom USA France

($ U.S. Millions)

$229,617.0 $64,762.3 $58,247.0 $51,760.0 $48,124.4 $47,114.3 $42,722.0 $39,517.2 $37,993.1 $36,183.7

Source: Retail Forward, Inc. The Top 100 Retailers Worldwide 2002 October 06, 2003

Organized retail is estimated to be in the region of 20-40% in developing nations and 6080% in developed nations. Retail is also amongst the most respected businesses in terms of employment and more importantly has been a very profitable business too. Not without reason has Retail provided the highest sustained returns over both the longer and medium term.

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Retailing- The growth Engine

RETAILING IN INDIA
In 1947, when India gained Independence, the backbone of Indian economy was largely agrarian. During the Nehru Ian era, Indian economy focused and gained a lot from Industrial economy. And today India is considered a giant in the field of Information Technology. But, after the Info-Tech Phenomenon, if there is one traditional business that has dominated the public attention, it is retailing. Retailing is destined to be the next Growth Engine for the Country.

Indian retail is rapidly moving on the evolution curve


Various structural (social and demographic) and macro economic factors have brought retailing at the threshold of a transformation. Rising income levels, baby boomer phase of the Indian economy, available credit facility, nuclear family structure, and exposure to international brands and media have raised aspirations of the consumers who now demand a complete shopping experience. There has been a marked shift in consumer attitude from self denial to affordable indulgence, arising from changing values and higher incomes.

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Retailing- The growth Engine

The size of the retailing industry in India is estimated to be in the order of Rs. 7200 to 8100 billion (US $ 160-180 billion), with organized retailing estimated to be approximately 2 % (Rs 160-180 billion) of the total retailing industry in the country. Food and grocery retailing is estimated to contribute to around 50% (Rs 3500-4000 billion) of the total sales from retailing. The number of total retail outlets in the country is estimated to be around 12 million. The retail sector is the second largest employer of the country after agriculture.

Total retail sales area in India is estimated at 328 million sq meters in 2001. So the average retail selling space works out to be below 30 sq meters per outlet. However, the trend towards larger outlets is expected to increase the average retail space per outlet.

A T Kearney, Global Retail Development Index, 2003, ranks India as the 5th among the 30 emerging markets for new retailers to enter. The Indian retail market is estimated to have sales of around US $ 160-180 billion (Rs. 7200 to 8100 billion) and is estimated to be growing at above 5 annually. A CII-McKinsey study estimates that if the growth rate is kept at around 6-7%, the market would reach around US$ 300 billion by 2010. However, if the existing supply chain constraints are removed, real estate markets made more organized and tax structure rationalized, retailing in India has the potential to grow as large as US $ 450 500 billion by 2010.

Organized retail does not grow overnight. It takes years to mature into holding a commanding share in the total retailing business of a country. The following chart tells the story about the number of years various countries have taken to reach to the stage they presently are:

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Retail is a difficult business to manage and scale. Therefore, the transformation would not be easy. Otherwise, retail offers easy pickings for an entrepreneur with capital or real estate. There exist serious bottlenecks to growth on the regulatory, infrastructure and supply chain fronts. Moreover, unorganized players compete favorably with organized retailers on convenience, service and price. According to a study done by McKinsey, organized retailers are at a 32% tax disadvantage vis--vis traditional retailers owing to tax evasion that exists in the system. The only way organized retailers can counter this significant disadvantage is by dealing with inefficiencies in supply chain and passing on the benefits of operational efficiency to consumers.

FACTORS FUELING RETAIL GROWTH IN INDIA


At 1.027 billion people, the second most populous market in the world. At 271 million, one of the largest consuming base in the world, forming 27% of the total population. Attractive incremental reality - nearly 18 million. By 2013, an estimated 200 million Indian will join the nations productive age bracket and the net addition to productive assets is 91 million. A high spending community below 45 years comprises 81 percent of the population Average compounded 6.6% GDP growth rate in the last nine years. On a PPP basis, World Bank estimated Indias 2002 GDP at $ 3 trillion, the fourth largest in the world. A young population with 54% population below 25 years A growing urbanization @ 3.2% every year accounting for 28% of the population

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Increased literacy from 44% in 1965 to 65% in 1999 With rate of interest coming down by over 500 basis points, there has been an unprecedented real estate boom, fueling retail demand. Growing private consumption expenditure at 5% compounded annually since 1993-94 Car sales grew at a CAGR of 16.6% during 1996-2000. 5.4 lac cars added in 2002-03. Declining of interest rates by over 500 basis points in the last two years, fueling the propensity to consume 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 Increase in international travel by 6% since 1999 With more than 20 million sons and daughters living in 110 countries across the world, India is the largest recipient of remittances, receiving 14% of global total.

FACTORS HINDERING THE GROWTH OF RETAIL IN INDIA.


Lack of value-added products to increase organized retail off take Predominantly high savings market and less consumption High real estate costs and pro-tenant laws Barriers to FDI and lack of industry status Large inefficiencies in the supply chain keeping prices of products high Complex taxation systems Multiple legislation Lack of trained human capital in the industry

PANTALOONS RETAIL (INDIA) LIMITED (PRIL)


Pantaloon Retail India Ltd is a leading organized retailer operating multiple formats across India. These formats address the latent demands of middle-income households. It

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Retailing- The growth Engine

has 13 Pantaloon stores and 9 hypermarkets, 13 Food Bazaars and 1 central operational across the country. Pantaloon Retail (I) Limited (Pantaloon) is striving to be every inch Indian - Indian stores, Indian company, Indian consumers, Indian experiences, Indian merchandise, Indian habits and Indian preferences. All have contributed towards creating an Indian retailing company. Indian-ness is reflected in every move of Pantaloon, whether it is in the launch of a new store or new products. It is surprising to find that a key Indian value is the driving force behind it. Isn't it then strange to be Indian in a westernized industry? Retail is organized to the extent of 85% in USA and in India it is just at 2%. So everybody is surprised at Pantaloon not aping any western model. The answer to this is very simple. They believe that India is a market that is distinctly different from others. 18 languages, 6400 castes and sub-castes, six religions, more than two major festivals every month and 1.2 billion people make India perhaps the most heterogeneous market in the world. India is different. And so they came up, trying to create an Indian model of retailing. They have been able to capture the imagination of Indian customers. They have emerged as a fast growing retailer with three formats of retailing.

COMPANY PROFILE
Pantaloon Retail (India) Limited (PRIL) was incorporated on October 12, 1987 as Menz Wear Private Limited under the stewardship of Mr. Kishore Biyani. The Company was converted into a public limited company on September 20, 1991 and on September 25, 1992 the name was changed to Pantaloon Fashions (India) Limited and the same time it went public and today it has approximately 14,000 shareholders. It later changed its name to Pantaloon Retail (India) Limited on 7th July 1999. From a humble beginning in 1987, Pantaloon has today evolved as a leading manufacturer-retailer in the country with 13 Pantaloon stores and 9 hypermarkets, 13 Food Bazaars and 1 central operational across the country.

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Retailing- The growth Engine

Pantaloon has been a pioneer in introducing the concept of mega retail stores in India called 'Pantaloons' for the entire family. In an extremely price-sensitive market like India, the Pantaloons chain of stores has been successful in maintaining the equilibrium between quality and price. It has been a remarkable journey for PRIL as it has evolved from a manufacturing to a completely integrated player controlling the entire value chain. The following charts present the sales and PBIDT figures achieved by the Pantaloon group over the years:

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The charts are clear indicators of the growth achieved by Pantaloon in a very short span of time.

MAJOR MILESTONES
During its evolution the company achieved various milestone and demonstrated innovativeness and leadership by pioneering concepts that has now become industry standards. Some of the major milestone achieved by the company in its life span of 14 years is enumerated below:
Company Incorporated The Pantaloon Trouser Indias first formal trouser brand launched BARE Indian Jean brand launched John miller- Shirt inspired by America - Formal shirt in popular segment launched Distribution of branded garments through multi-brand retail outlets across nation and exports of garments The Pantaloon Shoppee Exclusive menswear store in franchisee format launched across nation PANTALOONS- INDIAS FAMILY STORE launched BIG BAZAAR - Isse se sasta aur acha kahi nahi! Indian Hypermarket launched FOOD BAZAAR - Ab Ghar Chalaana Kitna Aasaan - chain of large supermarkets with a difference. GOLD BAZAAR - Sone pe suhaga. Shudh bhi, sasta bhi 1987-88 1987-88 1989-90 1993-94 1993-94 1993-94 1997-98 2001-02 2001-02 2003

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The evolution of Pantaloon can also be understood in terms of change in corecompetence through the following chart:

(Source: Business World, 14 June 2004)

INTEGRATED BUSINESS
In any typical industry, the trade channel evolves over the years from extended to direct, as shown in the following diagram:

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However, in case of an extended channel, a lot of value goes out of the control zone of the manufacturer. However, if a manufacturer is able to establish direct retail points, it can capture the full value of the process, of course to the benefit of both the manufacturer and the customer. By seamlessly integrating business and disintermediation, PRIL has a competitive advantage over other retailers in the company. Managing the value chain from retailing to manufacturing of apparels, which helps it to deliver value to the customer, contain costs and reduce time-to-market significantly. By capturing the value added at each level, the company has also been able to capture maximum value for itself as shown in the following diagram:

The above diagram shows that in the process of converting Rs. 45/- worth of yarn to Rs. 745/- worth of Trouser, a lot of value gets added. Pantaloon, through the integration of various stages involved in the process, is able to achieve substantial savings in terms of cost and quality.

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THE DIFFERENT RETAIL FORMATS OF PRIL


Pantaloon: Indias Family Store
Pantaloon is the company's departmental store and part of life style retail format. In fact, PRIL took its very initial steps in the retail journey by setting up the first Pantaloon store in Kolkata in 1997. In a short time Pantaloon has been able to carve a special place for it self in the hearts and minds of the inspirational Indian customers. The company has depth of offering for both men and women at affordable prices. A striking characteristic of Pantaloon has been the strength of its private label programme. John Miller, Ajile. Annabelle are some of the successful brands created by the company. With 13 stores across the country and an ever-increasing stable of private brands, Pantaloon - in the coming years is poised to become a leading fashion trendsetter.

Big Bazaar: Is se sasta aur acha kahin nahin


Big bazaar is the companys foray into the world of hypermarket discount stores, the first of its kind in India. Price and the wide array of products are the USPs in Big Bazaar. Close to two lakh products are available under one roof at prices lower by 2 to 60 per cent over the corresponding market prices. The high quality of service, good ambience, implicit guarantees and continuous discount programmes have helped in changing the face of the Indian retailing industry. A leading foreign broking house compared the rush at Big Bazaar to that of a local suburban train.

Food Bazaar Wholesale prices


Food Bazaars core concept is to create a blend of a typical Indian Bazaar and International supermarket atmosphere with the objective of giving the customer all the advantages of Quality, Range and Price associated with large format stores and also the comfort to See, Touch and Feel the products. The company

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has recently launched an aggressive private label programme with its own brands of tea, salt, spices, pulses, jams, ketchups etc. With unbeatable prices and vast variety (there are 42 varieties of rice on sale), Food Bazaar has proved to be a hit with customers all over the country.

Gold bazaar- sone pe suhaga, shudh bhi sasta bhi


Gold Bazaar is the only gold retail store offering value for money. The store exchanges old jewellery for new without calculating any kind of weight loss. It also offers after-sales service like polishing and repairing and a 15-day money-back guarantee from the date of purchase. At Gold Bazaar, the making charges are 20% lower than market prices. There is also a buy-back scheme from ICICI-Lombard. The store sells only 22 carat gold and the customers can check the golds purity at the store with the help of a karat meter. For gold jewellery, the company has tied up with Mumbai-based Chintamani Jewellers who has invested in stocks and manages designers and artisans. And Pantaloon will promote the brand, regulate the price and improve on the concept.

Central Mall - Shop, Eat, Celebrate.


Located in the heart of the city, of Banglore, Central is five floors of customer fantasy. From the basic to the extravagant, from home furnishings to groceries, from apparel to white goods, from ATMs to restaurants. And many more all under one roof! Central will provide customers the opportunity of choosing from amongst the best brands in apparel, toys, books, music, sports, lifestyle accessories and more. With more than 300 brands and floors dedicated for women, men, youth and home, Central aims to provide customers with an array of options never seen before. Tired of shopping? Restaurants and food courts are just a floor away. Need a manicure, please step into the beauty parlour. Looking for an evening out? A pub and a nightclub await you. Central in a nutshell is a one-stop destination for shopping, eating and chilling out.

SPACE OCCUPIED

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Pantaloons currently have about a million square feet space in operation. The company is in an expansion mode and expects to reach more than 1.4 million square feet of space by the end of 2005.

(FO = Franchisee Outlet)

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PANTALOONS- INDIAS FAMILY STORE (PIFS)


Started in 1997 through one 8,000 square feet store in Kolkata, Pantaloons is the companys departmental store format targeting the Indian middle class and upper class customers. The focus is largely apparels and accessories and covers the entire Indian family from grandfather to father to child on the one hand to grandmother to mother to child on the other. The companys strategy on the Pantaloons front is to focus on its own private label that makes the merchandise more affordable to the customer. Pantaloons has grown from 8,000 square feet to 263,000 in 2002-03. Now in the year of 2004 they have added more Pantaloons departmental store accounting to more 59000 sq feet. By 2005 they are aiming on an additional of 50000 sq feet area. The number of stores as on June 2003 was 12 and contributed Rs 174 cr to the turnover, a growth of 12 per cent. In the financial year 2003-2004, the sales turnover of PIFS was Rs. 250 crores.

STRATEGIC DIRECTION
The companys research on consumers showed that the customers were more willing to enter the stores now than before. On average the customer entry increased from the earlier 2-3 times to 6-7 now. This is because Pantaloons tried moving towards an affordable high-fashion retailer with focus on speed of delivery resulting in shortening of time-tomarket and mind-to-market. In other words, by cutting time-to-market, the customer will see new merchandise every time they enter the store. Besides, this will increase the companys full price sales and also increase gross margin. The margin strategy got a fillip with more focus on in-house production of garments and trouser. Pantaloons will source more garments from in-house manufacturing, thereby increasing margins. Pantaloons also identified the gap in merchandise and worked on a strategy to fill every gap in each category. Another strategic direction the company took was to open Pantaloons in high traffic areas like entertainment complexes with a 20,000 25,000 square feet store.

MANUFACTURING

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More from within is driving the backward integration into manufacturing at Pantaloon. Pantaloon is a manufacturer retailer. Manufacturing helps the company plan the products better depending on what is selling at the stores and also helps better margin.

A 200,000 sq. ft. space dedicated to manufacturing 1,200 trousers per day and a central warehouse have already been set up. PRIL has also set up a knits manufacturing facility at Gurgaon and is setting up another shirt-manufacturing facility. With this backward integration, the share of in-house manufactured menswear as a proportion of total menswear sold in Pantaloon shops will move up from the current level of 50% to 80% by the close of the year. As the margin on in-house garments is as high as 60%, the bottomline becomes that much stronger.

Many of the brands of Pantaloons are manufactured in-house. However in case of some brands they prefer outsourcing basically job working wherein they hire jobbers to do the manufacturing on their prerequisites.

TEAM

(PEOPLE)

INVOLVED

IN

THE

WORKING

OF

PANTALOONS STORES
While managing its marketing team, PRIL practices category management in Pantaloon showrooms. Pantaloon has four categoriesMens formal, Mens casual, Mens knitwear and ladies and kids wear. Each category manager operates like a CEO of his category and is given a quantum of showroom space and his objective is to maximize contribution after meeting the variable cost and fixed cost (including rental cost) for the space under his management; the

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category manager with the help of 6 to 7 executives pores over the sales data of each of the stores and tries to figure out the trend of sales. On the basis of this extensive analysis, he draws out the plan of procurement and negotiates with various brands (say, Color Plus, Levis, Lee etc.) as to how much space and at how much cost such retail shelf space is available to them. To give an example, as the Crossroads Pantaloons real estate space is expensive and the customers are more upmarket, the category manager has given space to Color Plus but as the sales in Kolkata stores are not so upmarket, "Color Plus is off the shelves of Kolkata showrooms. Such a local flavor and variation is possible as the category manager is fully empowered to increase the sales per square feet and his pay packet is structured in consonance with the target achieved within the category.

To cite another example, initially Pantaloons was not selling mens shorts, except that of Color Plus. The category manager of Mens casual identified this niche and started stocking Mens shorts and in the recent festival season Pantaloon could sell 13,000 mens shorts. Hence unlike other retail players who work on the pull of brands, Pantaloon shops do not have any particular allegiance to brands; the category managers work out the optimum mixes of brands for each of the stores that can maximize sales.

The category team is given the responsibility to launch a particular product. They are given the budget in which they have to manufacture and launch the product.

Category team works together with the designer and the production department. The designer is known for all the trends going on. The category team works with the designer, they know about the needs of the customers. The designer designs

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Retailing- The growth Engine

the wear. Now the category takes into consideration the fabric best suited for the garment in the set up budget and other requirements like accessories etc. they make up a sample piece of the garment and then send it to the production department. The production department has to work out that were the raw materials are cheaply available and that of the required quality, who are the job workers who will do the job better. They then coordinate it to the category team.

The category team is a coordinator between the production and the designer. divested in a particular product line.

The

category team decides upon that which product has to be built, maintained, harvested or

DESIGNERS
The success of the various brands wouldnt have been possible without the diligent, dedicated and professional team of designers, all qualified NIFT and NTU (U.K.) graduates. Today, the design studio provides its design in each and every step of the organization, whether internal communication or external communication. Innovation and Indianess drive the design process. Besides the garments, the team has also started designing and developing logos and identities, to emerge as complete design solution provider. The design team manages the different Pantaloon brands like John Miller, Bare Jeans, Ajile Sports, HNY, Bare Kids, Annabelle, Disney & Pooh, Popeye, No Rules.

VISUAL MERCHANDISERS
Customers respond to overall image that projects the best possible selection, price service, quality, style/fashion, shopping environment and presentation. This is the role Visual Merchandisers play in creating the image of the store. At Pantaloons, its in-house team partnered with Gibam, the Italian firm known for its stylish stores and Tessaract, to put together the Pantaloons, Pheonix in Mumbai and Pantaloons, Inox in Pune. Stores are now done by the in house team, Submitted by Dhananjay Bairy- 18 -

Retailing- The growth Engine

by adapting the Indian essence keeping the best of Western concepts and practices in mind. PHF, a Pantaloon group company also helps in visual merchandising for the stores. The marketing activities for the Pantaloon stores are carried on by the marketing department at PRIL. The marketing department is headed by Mr. Sanjeev Agarwal.

7 Ps OF MARKETING IN THE CONTEXT OF PIFS


In the following I would like to discuss the marketing activities carried out by PRIL for the family store in relation to 7 Ps of marketing as shown in the following diagram:.

PRODUCT PRODUCT

PROCESS PROCESS

PRICE PRICE

PHYSICAL PHYSICAL EVIDENCE EVIDENCE

7 7 PS PS of of marketing marketing for for PantaloonsPantaloonsIndias Indias family family store store

PLACE PLACE

PEOPLE PEOPLE

PROMOTION PROMOTION

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P1: PRODUCT MIX


Product is a key element in the market offering. Marketing- mix planning begins with formulating an offering to meet target customers needs or wants.

A product is anything that can be offered to a market to satisfy a want or a need. Products that are marketed include physical goods, services, experiences, events, places, properties, organizations, information, and ideas.

A product mix (also called as product assortment) is the set of all products and items that a particular seller offers for sale. The retailers product assortment must match the target markets shopping expectations.

At pantaloons the complete store is promoted as a product. Here various different products are available thus marketing physical goods; also the store provides services in the form of various products under one store thus marketing the service provided.

CORE BENEFIT
In case of Pantaloons the family store of India, the core benefit which the stores offer is the shopping experience.

BASIC PRODUCT
The marketer has to turn the core benefit into the basic product. In case of Pantaloons- the family store here the basic product would be the offering of different products like the apparels (menswear, ladies wear, kids wear), accessories (fragrance, sunglasses, jewellery, watches, cosmetics etc).

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EXPECTED PRODUCT
Expected product is the set of attributes and conditions buyers normally expect they purchase this product. In case of Pantaloons a set of attributes and conditions a buyer will expect while purchasing the product. These are as follows: 1. Value pricing Brand name of the provider Cleanliness Variety products Proper service by the service provider on the stores Billing and payment Infrastructure Layout VALUE PRICING Prices offered on Pantaloon products like the apparels are very competitive and also in accordance with the quality. Prices are generally 20 to 25% less than the national brands. This is because the apparels are manufactured in-house i.e. either is given or job-work basis or manufactured at their own mills. So no extra manpower charges and no mediator 2. BRAND NAME OF THE PROVIDER All the products are sold under PANTALOONS- INDIAS FAMILY STORE which itself is a recognized brand. 3. CLEANLINESS Any customer would expect the shopping area i.e. the store to be clean and tidy so as to have a better experience while shopping. 4. VARIETY PRODUCTS Any customer if he visiting a family store to shop he would definitely like to have a variety of products i.e. variety in designs, styles, patterns, sizes etc. At Submitted by Dhananjay Bairy- 21 -

Retailing- The growth Engine

this store a large variety of apparel and accessories are available which can satisfy the customer. Variety brands like Ajile, Bare, Honey etc are available. Also, some of the floor space is given on a lease hold basis to other firms products like Biba and many more. 5. PROPER SERVICE BY THE SERVICE PROVIDER AT THE STORE A customer would visit the store to buy products which are tangibles. However, they would also be concerned with the service provided i.e. the how well the sales executive are responsive, the assistance provided by them. At Pantaloons, when the apparels are taken for trial basis then there is always a sales executive assisting the customer. 6. BILLING AND PAYMENT A computerized bill is produced at the billing counter. The payment can be made either in terms of cash or in term of credit cards. They have also come up with a EMIS scheme for a month wherein you can pay by ICICI card if shopped for more than 3000. 7. INFRASTRUCTURE Infrastructure is an essential element forming the basis of any structure. In the case of Pantaloons- Indias family store the infrastructure would include a huge parking area. Along with it infrastructural facilities like the escalators lifts. At the Pantaloons store in Mumbai (Phoenix mills) there are 3 lifts and staircase for the convenience of the customers which a customer would expect in a retail outlet. 8. LAYOUT A well planned layout of each and every floor guides the customers at every stage. The nearness of the trial rooms to the apparel section, Availability of washrooms safety doors at the proximity, also the stores department at the proximity so that the sales person wont take a long time getting the required product, placement of the billing and payment counters, allocation of specific sections on different floors, the entry and exit; all these criterias are noteworthy while planning a layout. Submitted by Dhananjay Bairy- 22 -

Retailing- The growth Engine

In case of Pantaloons at Mumbai (Phoenix Mills), at the very entry of the store we have the fragrance and the cosmetic inlets. Moving further is the apparel section for ladies wear (western wears & casual wears). Near the apparel section there are 3 trial rooms. The payment and the billing counter are located at the centre of the floor. On the first floor is the ethnic wear for women.

AUGMENTED PRODUCT
The marketer prepares an augmented product that exceeds customers expectations. An augmented product however soon becomes an expected product. So a marketer needs to search for other features and benefits. In case of Pantaloons-Indias family store the augmented product are the Green card Gift vouchers

1. GREEN CARD

Pantaloons Green Card is a Loyalty Card. The GREEN CARD opens the doors to benefits and privileges for you and your family, making shopping experience at Pantaloons more enjoyable, rewarding and memorable. We can earn points with every purchase that you make at Pantaloons on absolutely anything purchased. As we you collect more points we move up the privilege ladder.

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Retailing- The growth Engine

For every Rs.50 we spend at any Pantaloons store we get one Green Point. various privileges of the green card like

There are

We can get a one star privilege if we have 500 green card points in a year 500 to 999 can get us a three star privilege.

And its not just points. There's loads more on offer- Free tickets to the most happening events in your city, Add-on Cards we can share with family members, special schemes, customize offers, free home delivery, longer exchange periods.

Some special offer for green card members are: entertainment shows, travel packages, gift vouchers, in-store product offers, special discount and much more. One of the city specific offers is as follows:

At Ahmedabad, The Copper Chimney is giving the following offers for a green card holder 15% discount on Regular Lunch & 10% discount on Regular Dinner.

Any dish on the menu for a fixed price of Rs.99/- per person. Offer validity till 31 st October 2004.

2. GIFT VOUCHERS
Gift vouchers are extremely flexible and often represent a more appropriate, thoughtful gift than cash bonuses and other incentives. Pantaloons gift voucher entitles the bearer to exchange it for goods upto the face value of the voucher. These vouchers give the recipient a chance to select product of his choice. Types of Gift Vouchers at Pantaloons :

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Retailing- The growth Engine

Trendsetter Vouchers : Ideal for Corporate's These vouchers can be redeemed on Pantaloon brands only .These vouchers cannot be used in conjunction with any other instore offer. These vouchers are valid for a period of one year. Connoisseurs Choice Vouchers : Ideal for gifting purpose. These vouchers can be redeemed on any product sold at Pantaloons. These vouchers can be used in conjunction with any other offer instore. These vouchers are valid for a period of one year. Many Corporate's use gift vouchers to reward staff and customers and to help promote their goods and services. Employees also get the benefit of tax exemption on Gift Vouchers in addition to Freedom of Choice. Corporate's can purchase Gift Vouchers in bulk orders at special discounts. These discounts vary according to the type of voucher and the quantity required.

POTENTIAL PRODUCT
Potential product encompasses all the possible augmentations and transformations the product or offering might undergo in the future. Here is where the companies search for new ways to satisfy customers and distinguish their offer. Successful companies add benefits to their offering that not only

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Retailing- The growth Engine

satisfy customers but also surprise and delight them. Delighting customers is a matter of exceeding expectations.

In case of Pantaloons they have come up with a very attractive offering for the kids. It is called as the kids bank

To encourage Kids to realize the value of money and to encourage them to save and plan for the future - Pantaloons has come out with a wonderful concept of a Kids Bank with the motto - Learn to Earn"

Kids Bank is a bank for kids. Kids have their very own bank account, their own Kids Bank card, own wallet and own money to save or spend on products just for them.

For every Rs 50 that parents spend on kids apparel, 5 Kids Money (KM) is given back to the child. The kid is encouraged to save this Kids Money (In his own smart Kids Bank wallet) and buy whatever toys he wants from the Kids Bank at Pantaloons. The emphasis is on saving the Kids Money so the kid can buy bigger products at the Kids bank.

Products are displayed at the Kids Bank. These products are exciting kids toys like racer cars, remote controlled cars, trucks, soft toys and more. So the entire attention of the child is on this colourful range of products, and the concept revolves around the child saving his kids money to buy things off the Kids Bank unit. These products can also be purchased by payment of cash.

The other form of delightful feature which Pantaloons is adding in their store is the Springboard, prt collections of leading designers at affordable prices. Fashion-conscious people yearning to wear designer labels need not have cough up a whooping sum any more. Designers from all over the country are now in Mumbai tying Submitted by Dhananjay Bairy- 26 -

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up with high-end boutiques/ lifestyle stores to showcase their designer creations. Springboard, the Designer Gallery at the new Pantaloon Store at High Street, Phoenix Mills endeavors to make designer wear more affordable and easy to acquire as it concentrates on selling the prt collections of designers rather than the couture range. With dcor by eminent Italian designer, Bartoli, the sleek yet vibrant dcor of Springboard is extremely appealing. Offering prt collections of eminent designers such as Rohit Bal, Raghavendra Rathore, Ashish Soni, Anshu Arora Sen, Anju Modi, Sonal Mansingka etc., Springboard promises to be the ultimate fashion mecca for the men and women of the new millennium. Apart from showcasing prt collections of leading designers, Springboard will also serve as a launch pad for budding designers.

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The total product concept of Pantaloon can be presented in the form of the following diagram:

TOTAL PRODUCT CONCEPT FOR PANTALOONSINDIAS FAMILY STORE

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PRODUCT MIX WIDTH AND PRODUCT LINE LENGTH FOR PANTALOONS- INDIAS FAMILY STORE
PRODUCT MIX WIDTH

APPARELS MENS WEAR Formal Casual Designer Sportswear Footwear Undergarments PRODUCT LINE LENGHT WOMENS WEAR Formal Casual Ethnic Designer Lingerie and nightwear Saris Footwear Winter wear KIDS WEAR Infants wear Girls wear Boys wear KIDS Toys Winter wear

ACCESSORIES MENS Watches Leather Sunglasses Fragrance Personal accessories Writing instrument WOMENS Cosmetics Fragrance Jewellery Watches Leather Sunglasses

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The width of a product mix refers to the different product lines. In this case Pantaloons carries 3 different types of product line.

The length of a product mix refers to the total number of items in the mix. In case of Pantaloons there are 11 total number of items in the 3 product width taken altogether i.e. mens wear, womens wear, kids wear, mens accessories, females accessories, home appliances, bed, bath etc.

The depth of a product mix refers to how many variants are offered of each product in the line. In case of Pantaloons the product depth are the different types of mens wear like the formal, casual, designer etc, different types of womens wear like ethnic, western etc and kids wear like clothes for infants, girl etc. In case of accessories we have the mens watches, fragrance, sunglasses etc as the depth. And in case of female accessories jewellery, cosmetics etc are included in the depth. Altogether there are 27 product depths.

Some of the product depths are further classified as: Formal Casual Ethnic Toys Infants/girls/ boys wear The consistency of the product mix refers to how closely relate the various product lines are in end use, production requirement, distribution channels, or some other way. In case of Pantaloons, the complete store is promoted as a whole and and they manufacture or outsource clothing and so the production requirement for different product lines is the same. Shirts, trousers, suits T-shirts, denims, tops, bottom wears Salwar kameez, mix n match Dolls, soft toys, board games, puzzles, electronics Shirts, trousers, bottom wear, tops etc

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BRAND DECISIONS
Branding is a major issue in product strategy. The most distinctive skill of professional marketer is their ability to create, maintain,

protect and enhance brands. Branding is the art and cornerstone of marketing. The American marketing association defines a brand as a name, term, sign, symbol or design, or a combination of them, intended to identify the goods or services of one seller or a group of sellers and to differentiate them from those of competitors. The brand identifies the seller or the maker.

Pantaloon- Indias family store also has significance by itself. Initially, Pantaloons were manufacturers of trousers. Trousers are generally termed as Patloon (in Parsi) so they associated there brand name in relation to it. People were aware of it so the best suited name which they can give to their family store was PANTALOON- INDIAS FAMILY STORE.

All the products (i.e. all the clothing) are sold under one roof i.e. Pantaloons. However these have different brand names associated with it. They are called as Pantaloon products but are tagged as different names.

The different brand products which can be shopped at Pantaloons are as follows:

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JOHN MILLER SHIRTS:

A forerunner in the branded shirts market, this range of classical quality shirts are designed with international styling and incorporate features like double stitching, plackets, pearl buttons, button down and saville collars.

PANTALOONS- INDIAS NO.1 TROUSERS:

Launched in 1987, today this product is a well recognized name in men's wear. The formal, executive and cotton collection is characterized by perfect fits, flawless falls, knife-edge creases and classic cuts. Pantaloon is synonymous with the ready- made trouser for the contemporary Indian male looking for style, quality and affordability.

BARE:

Bare is the casual range by Pantaloon for men, women as well as children. It was originally launched as a jeans brand in 1991, but was later extended to include shirts, knit wear, gabardines, jackets and other accessories. Bare denim basically is for teeny and college going crowd.

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ANNABELLE: WESTERN WEAR FOR CONTEMPORARY MODERN WOMEN:

The amazing silhouettes in the "office wear" complement the working women with sensuous lingerie, delightful accessories, cosmetics and exotic fragrance completing her wardrobe at Pantaloons.

AJILE- MORE THAN A SPORTS WEAR:

The Ajile street gear is a range of products including knitted T-shirts, polo shirts, jogging pants, track suits, shorts and accessories, inspired by American street fashion .This brand also confirms to the Pantaloons marketing philosophy-'Bringing the common man what only the rich can afford'.

HONEY:

It is a brand for women offering western clothes.

RIG: It is a utility wear for both men and women, which is stain resistant, with extra pockets and is wrinkle free. They also include accessories like small bags.

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AKRUTI: Akruti is a ethnic wear for women including salwar suits, mix n match, ghaghrus (long skirts with an elegant look), kurtas and many more which offer an elegant Indian look to women.

BARE KIDS:

Bare Kids caters to children from age group of 3-14.

The Brand has Sportswear, Street wear, Casual Wear, Jeans Wear and Khaki Wear.

CHALK: It is a brand of kids wear catering to children from age group of 2 to 7 years.

URBAN SPOOLS: It is also a kid wear wherein they are for the age group form 7 to 14 years.

The above mentioned brands are manufactured or are outsourced by Pantaloons.

All the names of the brand are exclusively for Pantaloon products.

Names are decided by an agency at LONDON.

They change names according to the season, latest trend and also according to the age and the activity of the age group.

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For instance, chalk is the brand name for kids wear of age between 2 to 7. Such a name is given to it because at an age of 2 to 7 kids are very much familiar with the word chalk. Similarly in case of urban spools.

They generally select and compose catchy names which are easy to remember, for instance ghaghru which is very trendy and catchy for the teens in women ethnic wear.

LICENSEE BRANDS
Pantaloons have got a license from foreign brands like UMM, DISNEY, NO RULES and many more to market their brand in India. These are termed as licensee brands. The different licensee brands marketed at Pantaloons are:

DISNEY:

The Disney brand covers Characters Mickey and Friends Winnie The Pooh. Mickey and friends Basic Range which covers the basic casual wear covering knits to woven to denims.

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POPEYE:

The Popeye & friends range of Kids clothing brought exclusively in India by Pantaloon Retail (India) Ltd. The clothing range launched initially is for age groups 3-12 both boy's and girl's (with Popeye & Olive Oyl labels respectively). Introducing a Basics collection available in brightest colors and the contemporary styles. The knits range consists of basic T-shirts, tops and bottoms with variety of Classic Popeye prints. Priced very reasonably starting with RS 175/- for shorts goes upto RS 295/- for some extra detailed tees.

UMM: It is a foreign brand called as underground music movement meant basically for music lovers. It is an Italian brand. It was launched in April. Pantaloon is a licensee of UMM. It offers funky types of clothes.

NO RULES: It is a brand for kids. Generally kids engaged in X-TREME sports. Suitable for a child who is not a mamas boy and is very adventurous.

The design for the wears i.e. in case of licensee brands is made at Pantaloons. The designs are then sent to the licensor company. The design needs to be approved by the licensor. Once it is approved they sell it under the brand name of the licensor at their stores. Now, only those who have the license can manufacture clothes under these brands. But if suppose any other retail store wants to sell these brands then they have to purchase it from the licensee and sell it.

Pantaloons- Indias family store also has accessories and home dcor of different brands. Accessories include brands like swatch, Fossil, Espirit, Ray-ban, Oakley, Hidesign,

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Maybellin, Davidoff, Ferrari, Revlon, Hugo boss and many others. In case of apparels they have BIBA and many others. They also have different sports brand like the Nike, Reebok etc.

PACKAGING As it is a retail store so all the products are on display. In case of apparels packaging isnt very important at the store. Also in case of accessories and home dcor the products are displayed without packaging. Shirts are generally displayed with a plastic packaging over it. After the purchase of any product they pack the goods in plastic bags.

LABELLING It is important for any seller to label the products. At Pantaloons, the apparels label consists of the brand name like the Bare or Ajile or Disney or any one. It also shows the size i.e. may be S for small or L for large, in case of shirts 40 cm or 42 cm and so on. This is the labeling which is permanently attached to the clothing.

However, some extra labeling is done like price tag, the reference number of the product to keep a track of the product at the store, barcode number, also the colour, type and the feature of the product in short. It also shows the date of packaging and the address of the manufacturer. This labeling is temporary that is it is removed when the product is utilized.

Some of the products like the shirts and the trousers consist of an extra labeling. In this they provide the complete data about the product i.e. how it is to be washed, what precautions needs to be taken, some of the benefits attached with this product and many more. In case of shirts and trousers they also have a extra piece of an accessory like the button attached to this label. This is also a temporary label which can be restored separately.

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The bag which the store provides has an attractive labeling in the brand name Pantaloon. It has attractive graphics.

SERVICES, WARRANTIES AND RETURNS


Pantaloons provide alteration services to the customers. Also, there is flexibility in case of exchange of any product on reproducing the bill.

Products like home appliances, footwear do have warranties for some stipulated time span. In case of any product if it is defective then they take the product back, on reproducing the bill by the customer.

They provide regular service to the green card customers by informing them about the upcoming sale, or discount scheme etc.

P2: PRICING
Price is the one element of the marketing mix that produces revenue; the other elements produce costs. Prices are the easiest marketing- mix element to adjust; product features, channels ad even promotion take more time. Price also communicated to the market the companys intended value positioning of its product or brand.

In case of a retail industry prices are a key positioning factor and must be decided in relation to the target market, the product and service assortment mix, and competition. Every retailer likes to achieve high volume and high gross margins. Pantaloons competence since inception has been textiles. They began as textile traders and migrated to fabric and garment manufacturing. More than 15 years into the textile trade gives them a better understanding of this business and they have built on this core strength in their retail business to improve their margins. Apparel certainly contributes to a major chunk of business. That is their strength and they are capitalizing on that strength.

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The others segments are also profitable, but apparel provide higher margins compared to them.

PRIL has positioned Pantaloons range of superstores for mid-to-up market clientele.

Now as they focus on the mid to upper market i.e. upper middle class and the middle class people quality is the pre requisite. It is a store where a person is ready to pay an extra penny to purchase branded products.

Also in case of apparels, they have an edge over their competitors because of the inhouse manufacturing, better sourcing, negotiations and economies of scale. So they generally offer apparels at a price which is 20 to 25% lower than that of the competitors.

Along the grid of price quality strategies, Pantaloons superstore can be placed at the second position i.e. high value strategy as they offer good quality branded products at a price which is lower to that offered by competitors in the same value range.

PRICE QUALITY GRID

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HIGH 1. Premium HIGH strategy

MEDIUM 2. High-value strategy (PANTALOON)

LOW 3. Super-value strategy

4. Overcharging MEDIUM strategy 7. Rip-off LOW strategy P R O D U C T Q U A L I T Y Pantaloons superstore has come a long way.

5. Medium-value strategy 8. False

6. Good-value strategy

economy 9. Economy strategy

strategy

Back in 1997, Mr. Biyani was manufacturing two brands, John Miller and Bare. Both were struggling. Even though his products were good, and the pricing was competitive, high distribution costs and margins were making the whole business unviable. And so he decided to set up his own stores. That year, the first of these came up in Kolkata. At this stage, the plan was that the company would open another 2-3 such stores, no more. That time they were not sure whether the other store would come up. But the Kolkata store was an eye-opener. The Indian market was under-retailed. This was when the aggressive retail

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expansion started. Today there are 13 pantaloons superstore serving the population of India in different cities.

One of the important factor because of which Pantaloons was a big success was the quality and the affordable price for the upper middle class and the upper class. The prices are well set in relation to the value delivered and perceived by the customers at Pantaloons. This is one of the factor because of which Pantaloons has harvested potential profits and have many opportunities ahead.

High

MISSED OPPORTUNITIES MISSED OPPORTUNITIES

PRICE PAID

Medium

PRICE VALUE PRICE == VALUE (At Pantaloons superstore due (At Pantaloons superstore due to which they have harvested to which they have harvested potential profits) potential profits)

Low Low Medium

UNHARVESTED VALUE UNHARVESTED VALUE High VALUE RECEIVED

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PRICING POLICY
Selecting the pricing objective The company first decides where it wants to position its market offering. The clearer the firms objectives the easier it is to set price. Pantaloons is a superstore profoundly known as a family store. Pricing of the product is done is such a way that it reflects the prices of a family store. Prices are generally 20 to 25% less that the national brands.

DETERMINING THE DEMAND


Each price will lead to different level of demand and therefore have a different impact on a companys pricing objective. The customers are price sensitive at Pantaloons. This is evident from the fact that during the seasons of sale and discounts the sales volume increases. This shows that the lower the price the higher is the demand. In many cases it so happens that a particular apparel or a product does not perform well then in that case they offer discounts and sales to generate demand and clear the stock. Generally, as a means to know the demand curve, the marketers at Pantaloons collect the customers feedback. They try to understand customers reactions to merchandise.

ESTIMATING COSTS
Every company wants to charge a price that covers its cost of producing, distributing, and selling the product, including a fair return for its effort and risk.

A companys cost take two forms, fixed and variable.

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Every category team is given a particular budget in which they have to manufacture a product and launch it in the store. The sample pieces are then passed to the production team. The production team has to work out that were the raw materials of good quality is available at the cheapest possible price so as to reduce the variable cost. Also, the job workers who would be given the job of manufacturing have to be chosen well keeping in mind the cost factor. In this way the variable cost is minimized.

In case of fixed cost, the rent associated with a particular product or the floor space area that the product occupies is minimized.

One additional factor in relation to cost which Pantaloons considers (rather every retail shop considers) is the floor or space utilization. Retailing works on how you manage your square foots. Efficient space utilization enables to improve turnover per square foot. On a lesser space, if we do more business, the return per square foot increases. Efficient use of space would enable thinner spread of overheads allowing margin improvement Also; the other costs like warehousing, corporate and advertising will come down as a proportion to sales and the company will benefit from the economies of scale too. So while estimating cost the category team looks upon this aspect as well. Pantaloons competence since inception has been textiles. They began as textile traders and migrated to fabric and garment manufacturing. More than 15 years into the textile trade gives them a better understanding of this business and they have built on this core strength in the retail business to improve margins . They are able to provide leading brands at a lower price than that of the competitors because of the in house manufacturing/ production. They have reduced their operation cost by doing better sourcing, better negotiations, manpower and economies of scale. They never let the suppliers walk out with high margins. One more factor which is beneficial to minimize the price at Pantaloons is the direct link i.e. no intermediaries in between. It is like Pantaloons manufactures

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in-house and sells it in their own retail shops which minimize the addition of cost in case of when the goods pass via various channels.

In this way keeping in mind the various factors the category team arrive at the cost incurred on any product. They try to keep it at minimum by utilizing the resources efficiently.

ANALYZING OFFERS

COMPETITORS

COSTS,

PRICES

AND

Within the range of possible prices, determined by market demand and company costs, the firm must take the competitors costs, prices and possible price reactions into account. In the words of Mr. Sanjeev Agarwal, they partly to some extent consider the pricing which the competitors adopt. This is because generally their prices are less then the leading brands because of the in-house manufacturing, better space utilization and other factors. In-house brands offer a better margin because there are no associated channel costs or advertising costs that other brands have to cough up. This ensures not only better margins but also enables the brand to be priced cheaper than competition.

SELECTING A PRICING METHOD


Given the 3 Cs- the customers demand schedule, the cost function and the competitors prices- the company is now ready to select a price. Companies select a pricing method that includes one or more of these three considerations i.e. the Cs.The different pricing methods adopted by Pantaloons- Indias family store are as follows:

MARK UP PRICING
It is the most elementary pricing method in any retail business. This method is to add a standard markup to the products cost. In any retail business the mark up price is about 40 to 60%. In case of Pantaloons-Indias family store, the in house brands are markup by 60% i.e. they earn a margin of 60 % on the in-house brands.

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PERCEIVED VALUE PRICING


An increasing number of companies base their price on the customers perceived value. They must deliver the value promised by their value proposition, and the customer must perceive this value. They use the other marketing mix elements, like advertising and sales force, to communicate and enhance the perceived value in the buyers minds. Perceived value is made up of several elements; such has the buyers image of the product performance, the channel deliverables, the warranty quality, customer support and softer attributes like the sellers reputation, trustworthiness and esteem. At Pantaloons, prices are based on a large extent on the customers perceived value. Pantaloons have been in the apparels business line since past. They are the leading producers of apparels. In the past they produced trousers by the name of pantaloons which were the leading trouser brand. After that they came up with the retail store i.e. pantaloons family store. They are in this business since 1987. They have made a good reputation before the customers. Brand name of Pantaloon itself is self promoter. Because of the past experience in apparels they provide product which is good in performance. The target customer for Pantaloons- family store is the upper middle class and the upper class people. They price their product on the basis of it keeping in mind the preference of these people, the value they attribute to the product. For e.g. the teeny wears which are used by the college going crowd is not priced very high; same is the case with the casual wears like T- shirts etc. Whereas the formal wears and Indian wears like saris etc are priced marginally higher as compared to the casuals. However the prices of the products at the store are less than 25% of the competitors prices. Various channel deliverables like newspaper ads, ads in magazines are used to promote their brand and enhance their perceived. Pantaloons has currently more than 20 % of its customers making five or more visits to the store every year and more than 75000 shoppers frequent visitors.

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They generally do not distinguish among their buyers as the price or loyal or value in terms of the value and price of the product. However they do run a promo for the queen card customers in year or something.

SELECTING THE FINAL PRICE


Pricing methods narrow the range from which the company must select its final price. In selecting that price, the company must consider various additional factors like psychological pricing, influence of other marketing mix elements on price, company pricing polities and the impact of other parties.

PSYCHOLOGICAL PRICING
Many consumers use price as an indicator of quality. Image pricing is effective in case of store like Pantaloons. Being a family store its target consumers are the upper middle class and the upper class. These people are brand conscious and Pantaloons is the store for them where they satisfy their demands as in brand conscious manner and also value added price. When looking at a particular product, buyers carry in their minds a reference price formed by noticing current prices, past prices or the buying context. Sellers often manipulate these reference prices. For example, a seller can situate its product among expensive products to imply that it belong in the same class. Here we can say that Pantaloons or rather any other department store displays products like womens apparel in separate departments differentiated by price, dresses found in the more expensive department are assumed to be of better quality. At Pantaloons family store the casual wears are placed together whereas the formals of Annabela or Indian wears which are expensive like Biba etc are placed together as they are designer wears and assumed to be of better quality and with special features. Many sellers believe that prices should end in an odd number. At Pantaloons the products are priced at Rs. 299 or may be Rs. 495 etc. This reflects a better way to present their

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prices as 300 or 500 may be considered a price a bit high but a 3 digit number starting with 2 may indicate lesser price.

THE INFLUENCE OF OTHER MARKETING MIX ELEMENTS AND THE COMPANYS PRICING POLICY
Now the category team is allotted the complete budget of the product which is to be launched and which is running. They have to decide the prices keeping in mind the other elements like the advertising or promotional activities of the product. As a consistent philosophy the complete store i.e. Pantaloons- Indias family store is taken as a product so the prices are decided keeping in mind the overall brand and the prices are decided keeping in mind the pricing policies of the complete store as a whole.

ADAPTING THE PRICE


Here we will examine various price adaptation strategies: geographical pricing, price discounts and allowances, promotional pricing, discriminatory pricing and product mix pricing

GEOGRAPHICAL PRICING

PRICING

AND

DISCRIMINATORY

Geographical pricing involves the company in deciding how to price its products to different customers in different locations and countries. Pantaloons- Indias family store is situated in varied locations like the Kolkatta, Mumbai, Hyderabad, Chennai and many other places. Though the geographical area is different however Pantaloons have same prices for all the products throughout the country. When asked Mr. Sanjeev Agarwal he said that it is Ok if the profit margin is different at different locations. However they do not discriminate amongst the customers in terms of location.

PRICE DISCOUNT AND PROMOTIONAL PRICING

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Price discount in the form of seasonal discount is offered at Pantaloons. This is basically done during off seasons and end of season so that the stock is cleared to get the new stock. They had the recent discount month and sale during July. Also many a times a particular product if it does not perform well in the market then they offer discount on these products to clear the stock. Special event pricing: Pantaloons establish special prices in certain seasons like Diwali, or Durga Pooja or other festive seasons to draw in more customers. Also during winter and summer season.

P3: PLACE MIX


Place is an important element of marketing. Marketing managers think about the place, making products available to customers as and when and where they want to buy them. The place element is vital for getting orders from the dealers and from the buyers. The place element is divided as: Locations Channels Coverage

LOCATIONS
Retailers are accustomed to saying that the three keys to success are location, location and location. Departmental store chains exercise great care in selecting a location. The choice of a store location is significant because of the complex decision making involved, the high costs, the lack of flexibility once a site is chosen, and the impact of a site on a retailers strategy. A good location may let a retailer succeed even if its strategy mix is relatively mediocre.

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The problem breakdown into selective regions of the country in which to open outlets, then particular cities and the particular sites. After deciding on particular site the retailer has to decide where to locate their stores? Should it be in the central business district or in an outlying area? Should it be in conventional shopping centre or in a mall? Where should it be in the mall in relation to similar stores? The main stores? Is the parking available at the site? Is it safe and is it accessible? Keeping in mind the above factors a suitable location for the store should be decided. The Pantaloons- Indias family store is situated at various cities throughout India. Pantaloons have tried to study each of the distinct communities in India closely and have created a store that talks to each of these communities. Pantaloons stores are situated in different cities like Mumbai (Vashi, Lower Parel, and Thane), Kolkatta, Hyderabad, Chennai, Gurgaon, Kanpur, Pune, Ahmedabad, Baroda. They started with an area of 8000 sq feet in Kolkatta and covered an area of 2,63,000 sq feet in 2002-03 by expanding its operations i.e. coming up with retail family stores in different cities in India. In june 2004 they came up in different locations like Gurgaon, Vashi, Baroda adding more 59,000 of square feet area. By June 2005 they will set up their stores at Juhu (Centaur) and Noida adding over an additional 50,000 sq feet area. To talk about the location i.e. the site or the region where the outlet is to be opened we can take the example of Pantaloons at Gurgaon which has been set up recently. Basically Gurgaon was the pace why Pantaloons came up with the store was because of the development of Gurgaon as a top residential area in the past 3 to 4 years because of the presence of large multinational companies there. Another example with context to the location of the store at a particular site we can take the example of the Pantaloon store at Phoenix mills at Lower Parel in Mumbai. Phoenix mills is a mall which is a 10 minute drive away form Crossroads (crossroads being a mall in Haji Ali area). Pantaloons had rented space in Crossroads; however they hop across to Phoenix mills because of the space at lower rent than Crossroads. Pantaloons have been strategically located

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at the Phoenix mills. Phoenix high street known as Phoenix mills is a complete mall by itself. There are different entertainment hubs like the COs i.e. the bowling alley and the video game parlour and other entertainment added spots. The famous Disc called as FIRE AND ICE is also an attraction at the Phoenix. Various food outlets like Mc Donalds, Bombay Blues etc are located here which gives the shoppers a full time happy eating experience along with shopping at Pantaloons. The shoppers can enjoy the chatpatta chaat at the place along with throat quenching yummy Natural ice creams. Pantaloons other retail outlet called as Big bazaar, gold bazaar and food bazaar sits in the same complex as his Pantaloons at Phoenix mills itself offering a different shopping experience to the customers. Various other stores like the famous Marks & Spencers, Ritu Kumars collections, Oobe, lifestyle etc are also located at the Phoenix. A person entering Phoenix mills will satisfy his needs right from shopping of food, clothing, home equipments etc and entertainment, fun and eating. There is a huge parking area at Phoenix mills thus is an ease for the customers shopping at Pantaloons. Also Phoenix mills is very near to the station i.e. lower parel station which causes convenience for the local train travelers and people staying at far off suburban areas to come at Pantaloons and shop out there. The location is well strategically planned and all the Pantaloon stores are well strategically placed at different cities catering to the needs of their target market.

CHANNELS
Delivering the products to the customers is an important task in the process of marketing. In reaching the products to the customers, producers entrust some of their selling task to the middlemen. The producer, the middlemen and the final user constitute the marketing channel. One of the channels available to facilitate the flow of consumer goods is MANUFACTURER- CONSUMER. This channel is also called as direct channel of distribution and also known as the zero level of marketing channel.

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MANUFACTURER MANUFACTURER (PANTALOON) (PANTALOON)

CONSUMERS CONSUMERS

In the direct channel there are no intermediaries between the producer and the final buyer. The producers directly sell the products to the final buyers through his own network of stores. Pantaloons have been manufacturing trousers since past. They then came up with Bare jeans and then John Miller. Having started there, they moved on to having small-format outlets branded Pantaloon Shoppe, which were franchisee operations as well. Over a period of time, two things happened. One, of course, was realizing the global phenomena that retailing is really the space that has a future. The second was the associated problems that they had with franchisees and people who own the floor space. Therefore the best way to go forward was to have self owned retail outlets. Thus we see here that Pantaloons is undergoing a zero level channel of distribution of goods wherein they manufacture the apparels or outsource it according to their designs

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and requirements and sell it to the consumers directly through their retail outlet i.e. Pantaloons- Indias family store. They manufacture goods i.e. apparels for their store so that the consumers have an easy access of the apparels under one roof itself.

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Retailing- The growth Engine

COVERAGE
Once the company decides the general channel to be used, it has to decide on the number of middlemen in each channel i.e. intensity of distribution. In case of Pantaloons, coverage implies the number of stores in different cities for the distribution of the product. Pantaloons have its family store i.e. Pantaloons- Indias family store in number of cities. Up till now they have altogether 12 family stores spread throughout India in cities like Mumbai (3 i.e. at Thane, Vashi, Lower Parel), Gurgaon(1 which opened last year), Chennai (1), Kolkatta (2), Hyderabad (2), Kanpur (1), Pune (1 last year), Ahmedabad (1), and Baroda( 1 last year). Now in the coming year Pantaloons family store will be set up at Juhu (Centaur) and Noida. The total area which will be under the coverage of Pantaloons family store up till 2005 will be 3,72,000 sq feet. Pantaloons is subsequently mapping the catchments areas and subsequently leasing out for retail formats. They are expanding their network not only in METRO and A CLASS cities but also in cities like Baroda. In this way Pantaloons is rapidly achieving regional and national coverage to cover major and smaller cities in the country.

SUPPLY CHAIN MANAGEMENT


Physical distribution starts at the factory. Managers choose a set of warehouses and transportation carriers that will deliver the goods to final destinations in the desired time or at the lowest total cost. Physical distribution has now been expanded into the broader concept of supply chain management (SCM). Supply chain management starts before physical distribution: it involves procuring the right inputs (raw materials, components and capital equipments), converting them efficiently into finished products and dispatching them to the final destinations. An even broader perspective calls for studying how the companys uppliers themselves obtain their inputs. The supply chain perspective

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Retailing- The growth Engine

can help a company identify superior suppliers and distributors and help them improve productivity which ultimately brings down the companys costs. SCM is critical to any retailer. Last year Pantaloons formed this division that not only managed logistics (warehousing and transportation), but also managed vendors and quality assurance. In line with the companys strategy to move further on the speed of delivery in making Pantaloons a fashion destination, supply chain has been focusing on reducing the time-to-market (TTM) and mind-to market (MTM) cycles. Besides, the18company has been institutionalizing quality at the vendors premises and at its own warehouse so that every piece that reaches the customer is of the requisite fit. SCM also focused on vendor rationalization and identified long-term supply partners to grow the company and grow with the company. Some achievements of the SCM in 2002-03 include: Reduction of TTM from 90 days in 2001-02 to 55 days in 2002- 03. Introduction of a Vendor Rating and Appraisal system. The demand and the supply capabilities of vendors were mapped and rationalized and a capacity planning exercise was done with vendors. Implementation of a full fledged quality system was implemented at the vendor sites as well as at the Central Warehouse. Quality control process flow was streamlined, thus cutting down approval times This led to the rejections coming down from 22% to five percent in 2002-03. Warehouse asset utilization increased from 40% to 65% through better planning and rationalization of loads. A centrally-decentralized structure was put in place. The key in retail is to fully align the supply chain to the demand chain. The customer the final consumer is not willing to wait. They have undergone a responsive supply chain, which has meant several things. Pantaloons have improved its on time deliveries form an abysmal 33% to 75% and reduced its mark down form 15% to 5%. A few key elements drive the responsive supply chain:

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Retailing- The growth Engine

Postponement: what quantities of stock to order form the factory or the warehouse has always been the tricky part. The tradition so far has been to use variations of a forecasting led model with disappointing results in matching the demand with the supply. Pantaloons have deployed a software tool, Automatic Replenishment System (ARS) that tracks stock levels in each store and triggers replenishment from the warehouse based on current off takes. This way the stores dont have to worry about the inventory. The ARS acts as a real time link that controls stock movement form the warehouse to the stores. Visibility: pantaloons found that turnaround time at these warehouses was between 2 to 8 days. Only if the position of each stock is known could the processing time at the warehouse be reduced. Pantaloons has implemented warehouse management system (WMS)- a software which gives full visibility of its stocks in the warehouse. It shows the stocks position in complete detail- down to the slot, rack and aisle where it is kept. The moment the ARS triggers replenishment, the warehouse can process the request in a real time. The quantity allocated by the merchandising team is always dispatched from the warehouse without the variance. Speed: At Pantaloons for the items to be hung on racks (trousers, suits etc), it has specially fabricated racks with trolley. These racks with displayed items are wheeled into the trucks and wheeled out to the display shelves directly. Other innovations like developing an inner pack bar code label- it gives details of pieces inside a carton without opening it- have also given speed to the process. Integration: Pantaloons has integrated backward- it is the only departmental store chain that has its own garment manufacturing units for tops and bottoms. In other categories number of vendors has been rationalized form 400 to 120 now.

P4 : PROMOTION MIX
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Retailing- The growth Engine

Modern marketing calls for more than developing a good product, testing it attractively, and making it accessible. Companies must also communicate with present and potential stakeholders and the general public. Every company is inevitably cast into the role of a communicator and promoter. The marketing communication mix consists of five major modes i.e. Advertising Sales promotion Public relations and publicity Personal selling Direct & interactive

Promotion mix can be said to be the right mix of these promotional tools to Create awareness about a company or a product Create a favorable image of the company Increase consumer loyalty

Promotional decisions include tools that are used by a company to communicate ones products value to the customer in order to encourage them to buy the same. When one is making a promotion plan, one has to keep in mind what the competitors are doing and how much money one can spend on ones own promotion strategy. One must also identify ones target audience, determine the communication objective, that is what one wishes to portray to the market, design this message and implement the program by choosing the right channels and hiring an agency. Market research plays a big role as it helps to know what exactly the consumers want to hear and makes it easier for the message to be decided. Thus, a company prepares an offer mix of the product, price and place; it uses a promotion mix to promote it in the distribution channels and to the final consumers. One point that has to be noted is that communication goes beyond the specific elements of the promotion mix. The products design, price, shape, colour, package design and

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Retailing- The growth Engine

graphics, the stores that sell it, etc all communicate something to the buyer. Thus although the promotion mix is the companys primary communication activity, the entire marketing mix- promotion and product, price place must be coordinated for the greatest communication impact. Promotions are a crucial tool in the retailers' arsenal to draw people into their stores and considerable time, effort and money are invested for the purpose. Retailers use promotions as a key strategy to entice and retain customers. Effective promotions generate store brand equity, sales growth and attracting repeat sales. Promotions are a very important aspect of marketing. They help in attracting the customer to the store. The more attractive the promotion, the easier it is to bring the customer to the store. They love to feel involved and be a part of the proceedings. It creates excitement and generates positive word of mouth publicity. Pantaloons is the companys departmental store format targeting the India upper middle class and upper class customers. The focus is largely apparels and accessories and covers the entire Indian family from grandfather to father to child on the one hand to grandmother to mother to child on the other. The companys strategy on the Pantaloons front is to focus on its own private label that makes the merchandise more affordable to the customer. Pantaloons stores promote the entire store as a brand i.e. a product. In the words of Mr. Sanjeev Agarwal Our private labels are not going to be heavily promoted. The store, as a destination for great fashionable clothes, is what is going to be promoted. The reason customers come to Pantaloons is only the store, and not the individual brands, per se. They come in because it is the store that offers the best products, be it in terms of quality, styling or imagery. The private labels will be prompted within the store through catalogues and displays, and through direct mailing and loyalty programmes, but not through mass media. It is a store for the Indian family for each and every member of the family. So the message or the tagline which it carries along with itself i.e. INDIAS FAMILY STORE is well constructed conveying the message that it is a store for the complete Indian family.

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Retailing- The growth Engine

They spend around 2.5 to 3 % of the total marketing budget on the promotion tools like advertisements, sales promotion, public relation etc. The target consumers are the upper middle class and the upper class society. On an average they want the top 20% of the cities top-list crowd to know about themselves i.e. the store Pantaloons- Indias family store. They generally try to reach to their customers at a frequency of 2 to 7 times in a month. The major media types which Pantaloons select for the promotion of their brands areadvertisements, sales promotion, public relations, in-store display and events.

ADVERTISEMENTS:
Advertising is any paid form of non-personal communication about an organization, product, service or idea by an identified sponsor. It generally aims to convey a consistent, enduring image that continually reinforces the positioning of the product or company. There are several types of media that are used to advertise such as televisions, radio, newspapers, magazines, billboards and posters. Pantaloons use newspapers on an extensive scale to advertise their brand. They also put hoardings to promote their brand. Pantaloons are now planning to air their ads in the televisions. Initially Pantaloons did not air their ads on the television because it wasnt advisable for the stores to air on televisions because in televisions the advertisements are aired nationally. So even the regions were the store isnt present has to watch them and it really didnt have any meaning and was of course a costly affair. However, today there are 13 Pantaloons family store and 2 are yet to come. It is present in many cities of India so airing the advertisements in television would be beneficial for them.

Pantaloons advertise throughout the year. The intensity of advertisement is more during sales and discount seasons. For e.g. during the month of July heavy newspapers advertisements were printed in the newspapers like Bombay Times, Times of India etc. Advertisements in the newspapers are not aired nationally. Also the timings for the newspaper ads differ from location to location. Heavy advertisements in newspapers will be done during Durga Pooja at Kolkata as that is the festive season over there. Similarly

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Retailing- The growth Engine

in other regions according to the festive season advertisements are broadcasted. In the words of Mr. Sanjeev Agarwal advertisements are according to the location to reflect the local flavour and local customers understanding. Pantaloons advertise even through various magazines. Womens Era is one of the magazines wherein women apparels are promoted. At Pantaloons they have a separate advertisement department. PERCEP is their advertisement agency. They ad through PERCEP for their marketing communication.

SALES PROMOTION:
Sales promotion, a key ingredient in marketing campaign, consists of a diverse collection of incentive tools, mostly short term, designed to stimulate quicker or greater purchase of particular products or services by consumers or the trade. Retailers offer sales promotion i.e. short term incentives in the form of coupons, cash refund offers, prices off, point of purchase displays, trade shows, contest, exhibits, entertainment, tie ins, premium and gifts and many other. Pantaloons come up with regular sales promotion to attract customers. At Gurgaon last year there was a lucky draw were in the customers had to fill the forms at Pantaloons and qualify for the luck draw. The lucky draw winners were given the passes for the Lycra MTV Style awards party at Maurva Sheraton by VJS Cyrus Broacha and Ramona. Pantaloons is more into in-store promotions on certain categories or merchandise. The company has been following this strategy during the Diwali season too and this seems to be working well enough for them. For example, Pantaloon is often runs a promotion that offers customers a shirt free on buying two trousers.

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Retailing- The growth Engine

Pantaloons also participate in exhibitions and puts stalls during festive seasons. The known example here is that of Kolkata. At Kolkata DURGA POOJA is the lifeline of every Calcuttan. During this time huge pandals are arranged and many well known names are associated with them. Pantaloons also put stalls during this festival to promote their brand. They have tie ups with various other brands in their store itself to promote their store. Biba is one of the famous designer wear brand which has its in-store display at Pantaloons store. They also have tie ups with ROYAL SPORTING HOUSE where you get all sorts of sports brand. They also have tie ups with various perfume brands, accessory and cosmetics brands like Revlon, Lakme, Chambor, Davidoff, Hugo Boss, Ferrari, Espirit, Oakley, Police, Ray-ban, Swatch, Rolex, Rado, Omega and many more. These are the well known brands and are preferred by the target consumers of Pantaloons so they have tie ups with these brands for higher sales and promotion. There is a designer gallery, Springboard, which houses prt collections of eminent designers such as Rohit Bal, Anshu Arora Sen, Sonal Mansingka etc. They also have regular gift vouchers for their members and customers. At Mumbai they have come up with a tie up with Mattel group and has a display store for Barbies.

At pantaloons there are wide ranges of sales promotion offers for the green card holders. High points of the numerous benefits offered to Green Card members were the Green Summer Offer where travel packages were offered to the winners across the chain and World Cup Offer where member earned 50% bonus points during the world cup period along with complementary passes for the India vs. West Indies match at Mumbai. In

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Retailing- The growth Engine

addition to the regular benefits, Green Card members have enjoyed the benefits of the services provided through emails and the website. It helped in communicating with the customer much faster and informing them of new product launches special offers and also check their points earned on the purchases.

PUBLIC RELATIONS:
Public relations is intended to build good relations with the companys various publics by obtaining favorable publicity, building up a good corporate image and handling or heading off unfavorable rumors, stories and events. It may include newspaper articles, educational seminars or even press releases. Thus, companies now pay a little more attention to public relations as they themselves give the newspapers and magazines information about their company that they would like to get noticed and would help them improve their corporate image. Public relations encompass communication that fosters a favorable image for a retailer among the public. Pantaloons have a PR agency. Now depending on the largeness and the importance of the news and communication to pass they decide whether to come up with a press release or conference or interviews. A note worthy example relation to the promotion of Pantaloons store was its sponsorship for the movie Na Tum Jaano Na Hum and also they had come up with Chura liya hai tumne. This led to a good promotion for the Pantaloons Indias family store. Also recently on September 8th Pantaloons had a SHE IS U festival. They had a press release for this fest. In case of any regular thing like a launch of a new product they come up with a press release. Also there was a speech by Mr. Kishore Biyani to the students of K.J SOMAIYA as they have started retail management diploma course in association with Pantaloons. They also have publications in various magazines. One of them is USP GROWTH.

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Retailing- The growth Engine

Recently they had a tie up with Ruff and Tuff so they came up with the press conference.

IN- STORE DISPLAY AND EVENTS:


One of the most commonly promotion practice, especially for products sold via the retail channel, is the product featuring and display in-store. At Pantaloons the product are well categorized and easy to locate. They are placed well at different floors according to the users. Also the shelves are attractive to attract the customers. During festive season they decorate the store well. One of the recent in store event and display which Pantaloons came up was a 3 week long festival called as She is U. The grand festival across the cities of Mumbai, Pune, Kolkata, Delhi, Hyderabad and Chennai was organized to recognize todays woman who have become an integral and powerful part of the family as also an individual in herself. The celebrations was spread over a three

week period and various in store activities were being held to make every lady walking into the store feel very special! The three week long festival was planned keeping todays woman in mind; thus every woman who walked in was pampered with gifts, discounts & offers and free services. To make the visits more memorable and value added, various talks and events pertaining to woman have been organised like fashion shows, nutritionist & fitness expert talks, debates, etc. Added to this are activities like free makeovers, mehendi, nail art, hair braiding and many more such things within the store. Pantaloons is also enhancing the store look and with its dcor and ambience, thus every woman who walks into the store will feel elated and happy to visit the store. Along with all the above initiatives, the best fashion wear is available in the store for the woman to choose and buy from. The festival encourages women to participate in the events when they visit the store so that there is a sense of belonging and long term bonding between

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the store and its customers. Surely, along with the latest trends in fashion that is available at the store such events and festivals reinforce the need for a good shopping experience.

E-MARKETING:
Pantaloons have a website named www.pantaloon.com. It has complete information about the different products offered by them. It is very helpful for the green card holders as they can check the points regularly and can know the upcoming offers Pantaloons have not yet started online marketing. They just provide gift vouchers online through various websites like indiatimes.com, rediff.com, yahoo.com and many more. For their green card holders they do use SMS and email.

WORD OF MOUTH
Wow!! Where did u get this dress from? It is so pretty. I got it from Pantaloons, they have awesome collection and the entertainment nearby adds on to the shopping experience. This is how word of mouth is spread from one customer to another if we provide the customer a value added shopping with convenience. Pantaloons is widely promoted due to word of mouth. Word of mouth is a very important promotion tool wherein the image of the store is reflected. Also the satisfaction level of the customer who is spreading the word of mouth is reflected. Generally, retail family stores or for that matter any other store is highly promoted due to word of mouth. It is a real life experience of the customer which he spreads so people believe it and thus visit the store.

RETAIL IMAGE:

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Retailing- The growth Engine

Creating and maintaining the proper image, the way a firm is perceived by its customers, is an essential aspect of the retail strategy mix. The components of a firms image are its target-market characteristics, retail positioning, store location, merchandise assortment, price levels, physical facilities, customer services, community service, mass advertising and publicity, sales promotion. Accordingly, a retail image requires a multi-step, ongoing process. For chains, it is essential that there be a consistent image among branches.

General Generalattributes attributes Merchandise Merchandiseattributes attributes Price Priceattributes attributes Promotion Promotiontools tools Overal Overal ll retail retail image image

Physical Physicalattributes attributes Customer Customerservices services Community Communityservices services

This New Age Pantaloons store is conceived to change the way fashion stores are perceived. At Pantaloons, its in-house team partnered with Gibam, the Italian firm known for its stylish stores and Tessaract, to put together the Pantaloons, Pheonix in Mumbai and Pantaloons, Inox in Pune. The store has been designed by Bartoli and has modern Italian furnishing, furniture and fittings made of aluminium in a typical Italian style from Gibam. Soft lights with bright colours are used keeping with Indian taste. The store is interspersed with both ceramic and wooden panels. Pillars are used aesthetically as display areas across the store. The transition on each floor is by way of colours. In true Pantaloon style, the store has an international look with an Indian feel. Stores are now done by the in house team, by adapting the Indian essence keeping the best of Western concepts and practices in mind. The team now works in all areas of retail point - space design and allocation, store layout, signages and display, shelf talkers, danglers and window display. Instances of these include the success of ICC World Cup and the merchandise display of Main Prem Ki Deewani Hoon as also the Shes You festival.

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Retailing- The growth Engine

The store consists of three floors; the ground floor caters to women, offering fashion and leather accessories, cosmetics, perfumes, jewellery, etc. The women's section also houses international brands like L'Oreal, Maybelline, Gucci, Jane Shilton, etc. There is a designer gallery, Springboard, which houses prt collections of eminent designers such as Rohit Bal, Anshu Arora Sen, Sonal Mansingka etc. The first floor caters to both women as well as children, it offers ladies apparels, teens apparels, children's apparel, ethnic wear, lingerie, infant necessities, ladies / children footwear, toys, eye wear, watches etc. and houses international brands like BIBA, Annabelle, Oye, Jockey, Catwalk, Popeye, Disney, Espirit, Funskool, Barbie etc. The second floor caters to men, which includes formals, smart casuals, denims, men's accessories, etc. The men's section houses international brands like Nike,

Hugo, Reebok, Levis, Scullers, Arrow, Black Berrys etc. It's a one stop family store for all the well-known brands. In this way various physical and symbolic cues are used by Pantaloons to communicate with their customers and also promote their brand.

SERVICES AND STORE ATMOSPHERE


Retailers must also decide on the services mix to offer customers: Pre-purchase services include accepting telephone and mail orders, advertising, window and interior display, fitting rooms, shopping hours, fashion shows, trade ins. Post-purchase services include shipping and delivery, gift wrapping, adjustments and returns, alterations and tailoring, installations, engraving. Ancillary services include general information; check cashing, parking, restaurants, repairs, interior decorating, credit, rest rooms, and baby attendant service.

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Retailing- The growth Engine

The service mix is the key tool for differentiating one store from another, so is the atmosphere. Any retailer along with the products he does has to offer the service. Service which is in the form of employees to assist buying, the store atmosphere and the ease and convenience to the shopper. There are 3 ps in service mix for any retailer.

P5 : PEOPLE
Retailers have a unique human resources environment due to the large number of inexperienced workers, long hours, highly visible employees, many part-time workers and variations in customer demand. Pantaloons provide training to the employees so as to better influence the customers and provide a conducive shopping atmosphere for the shopper. Training provided by Pantaloons for the stores is technical oriented as well as development oriented which includes the work style, the behavioral patter, understanding human beings etc. The employees at Pantaloons are given on the job training. Apart from that classroom training which is organized internally and externally is provided to the employees. At the store there are various personnel i.e. the front line staff like the security guards, the sales executive, the sales person, accountant, customer desk employees, baggage handlers and many more. Every employee is given proper training and information regarding the products available at the store, the brands availability, the prices etc. they also have to help the customers by providing them with right size and colour of the product in case of apparels. Proper check is done by the security guards. Also, there are sales women for the customers to take care of trial rooms and assist customers while they try the clothes. There are different tie ups brands also at Pantaloons store. The employees on these brands are the employees of the respective firm. They are given training by their own brand firms. People mix also includes the people behind the store i.e. the back stage people who are the designers, and the category team, the visual merchandiser.

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Retailing- The growth Engine

DESIGNERS
The success of the various brands wouldnt have been possible without the diligent, dedicated and professional team of designers, all qualified NIFT and NTU (U.K.) graduates. Today, the design studio provides its design in each and every step of the organization, whether internal communication or external communication. Innovation and Indianess drive the design process. The design team manages the different Pantaloon brands like John Miller, Bare Jeans, Ajile Sports, HNY, Bare Kids, Annabelle, Disney & Pooh, Popeye, No Rules. The designer team contributed in the success of Shes You festival with its contemporary designs for the contemporary Indian women. This year the design team designed merchandise for the ICC World Cup. A nation enjoying the cricket fever welcomed the merchandise with all the fervour. Taking this forward, the design team created the commercial merchandise from the movie Main Prem Ki Deewani Hoon.

CATEGORY TEAM
Pantaloon has four categoriesMens formal, Mens casual, Mens knitwear and ladies and kids wear. Each category manager operates like a CEO of his category and is given a quantum of showroom space and his objective is to maximize contribution after meeting the variable cost and fixed cost (including rental cost) for the space under his management; the category manager works with the help of 6 to 7 executives. The category team is given the responsibility to launch a particular product. They are given the budget in which they have to manufacture and launch the product. Category team works together with the designer and the production department.

P6: PHYSICAL EVIDENCE


Physical evidence is the environment in which the service is defined and where the firm and the customer interact and any tangible component that facilitate performance or communication of the service.

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Retailing- The growth Engine

In case of retail stores physical evidence will be in the form of the layout of the store, the cleanliness, employees dress code, and many other tangibles in the store. These tangibles are the evidence and reflect the image of the retail store.

At Pantaloons at the very entrance there is a baggage counter so that we can dump are extra things and can go for shopping at an ease. The store has been designed by Bartoli and has modern Italian furnishing, furniture and fittings made of aluminium in a typical Italian style from Gibam. Soft lights with bright colours are used keeping with Indian taste. After entering the store there are huge billboards which guide us the way to go. Various counters are strategically located. The payment counter is located at the centre of each floor so that it is easy for the customers to approach. The customers service desk and the desk for green card is at the higher floors as these counters are not in requirement by the customers daily. The trial rooms are generally situated near the apparel section preferably near the lingerie section so that the customers do not feel awkward to carry them. All the counters are well spaced. The shelves and the desk where the apparel and accessories are placed are clean and neat. The entire product in same product line is placed together. The hangers wherein the apparels are hanged are flexible enough and in accordance with the ease of the customer.

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Retailing- The growth Engine

Proper mirrors and clean trial rooms are available. They also provide us with shopping bags so that we can put the clothes selected in it. For new born babies and their mothers they have special rooms. No product is kept spare i.e. they are stored properly in the storage. The placement of perfume section is very strategically located. It is located at the very entrance so that the customers are delighted by the fragrance all around. The elevators and the stairs are also located in place. The green card which they offer is also and attractive card which is water proof and handy enough. The polythene bags are attractive and convenient in carrying. The bill is a well equipped one providing the information about the product name, the number and the price so as to avoid confusion during any return. They also have in store display of their clothes by mannequin which is very attractive making the women feel to try those clothes and buy them. Also the clothes are neatly folded and kept on the shelves or hanged on the hangers which make the shopper feel neat and systematic. All the employees have a dress code so that the customers can distinguish them. They have identity cards along with themselves so that we can know the person and can refer in case of any problem to that respective person itself.

P7: PROCESS
Process is the actual procedures, mechanism and flow of activities by which the service is delivered- the service delivery and operating systems.

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Retailing- The growth Engine

For a retail store the process would mean the flow by which the customers can purchase any product from the store. Blue print means the detailed map or a flow chart. Line of interaction is the line providing distinction between customers and front line staffs parts in the encounters. Line of visibility distinguishes the front office from the back office. Line of internal interaction divides the front line employees and the operations support staff. Let us look at the blueprinting of the shopper coming at shopping to Pantaloons-Indias family store. To explain the blueprinting for the shopper at Pantaloons let us consider that a shopper will be shopping at the Pantaloons family store at Phoenix mills in Mumbai. Here in this case the customer will first locate the place i.e. the Phoenix mills at Lower Parel. He will enter the site i.e. the mall called as Phoenix mills. Here the security guard will convey him where to park the car and will do valley parking if available. Here the parking area and the environmental areas like the Big Bazaar, Fire and Ice, Mc Donalds etc are the tangibles portraying an image about the site. The shopper then will enter the store. Here at the doorsetep he will first time come in contact with the front line staff of the store at the baggage counter i.e.moment of truth.adjacent to the baggage counter is the customer service desk for the green card members. Herein he will see the behaviour of the staff and judge it. There after he will enter the actual store. The ambience and the layout here will tell many things about the store. He will look in at the billboard and will locate the product he wants to buy. Here a sales executive at the store would help him in case of any difficulties. He will look at the various product range and see on to the alternatives. It is the responsibility of the sales person to look that the customer finds the right product. This is the most critical incident for the store and the employee as he has to convince the customer to buy the product. He assists him during trials and offers other alternatives and also gives suggestions if asked for. Here the back stage has to look onto proper inventory i.e. stock of the goods. Availability of stock is also a critical matter for the store. If the stock is not available the store may loose a customer.

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Retailing- The growth Engine

After this the customers takes decision whether to buy the product or not. Once he decides to buy it he approaches the cash counter one more encounter with the employee. Herein he requires fast payment methods and quick response. This is also a critical incidence as many a times the customer gets frustrated due to long

que, so the store should look into the matter and provide proper number of cash counters and proper services. The main and the ultimate motto of the store is that the customers should be happy with their product and the services offered and they should come again and again in the store.

COMPETITIORS OF PANTALOONS
As of date, Pantaloons Retail India Ltd is ahead than any other retailer in India. Pantaloons retail India through its extensive retail chain of different formats has spread its network throughout India and is acquiring high sales turnover. They are aiming to expand their network further more in the years to come. If we consider the family store i.e. Pantaloons- Indias family store then in 2002 -03 it contributed to about 174 crore of sales turnover. The major competitors for Pantaloons in this section of retail are basically Shoppers Stop, Lifestyle, Westside and others.

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Retailing- The growth Engine

COMPETITIVE ANALYSIS
Pantaloons have a good hand over their manufacturing of apparels i.e. clothing. This is basically because they have been in this business of manufacturing since long. Because of this the in house labels like Annabela, Honey etc account to over 71.5% of the sales turnover for Pantaloons. Whereas in case of Shoppers stop or Lifestyle they account to only 18 and 11% of the sales turnover respectively on their in house brands. This is because Shoppers stop started up its own manufacturing later. Also they did not have a very good hand over manufacturing of clothes as compared to Pantaloons. The Pantaloons in house brands are well established and profound unlike any other competitors in house brands. The prices at Pantaloons store i.e. family store is comparatively lower by 20 to 25 % than the competitors price because of their easy access to manufacturing. However there are some cons to Pantaloons store in Mumbai. At Mumbai Pantaloons family store is not located anywhere in the suburban area. So for the local suburban area population Shoppers Stop is the best viable shopping store. In Mumbai if we consider then Andheri Shoppers stop is a big success. This is

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Retailing- The growth Engine

basically because it was the first store in that area and so much of loyalty towards it by the people. Pantaloons is a big success in Kolkata. This is due to their first entrant as the big shop retailer in Kolkata. Apart from these big retailers Pantaloons also have medium and small size retailers as their competitors. For eg : mid-size retail chains are moving beyond their well-entrenched territories for that extra slice of growth. At least six retailers, including the Hiranandani-owned Lakewood Mall, Akbarallys, The Home Store (THS) and D-Mart are in the process of setting up more outlets in an attempt to scale up operations. Some of these retailers, who have been doing business in a particular state, are crossing state borders for the first time. Though these retailers fear the big size retailer but obviously they do add on to the competition for Pantaloons. Various other factors may lead to increase in competition and will lead to a threat to Pantaloons: Due to the rapid growth in the retail sector and the success of stores like Pantaloons family store, Shoppers Stop and others various other business houses will also add on to their stores as an opportunity for them in this up growing sector. This will lead to major competition for the existing retailers like Pantaloons. The second significant change is that from the end of 2004 and through almost 2007, India will see the coming to market of new, large shopping malls almost every week. Financial resources themselves would be very easy from 2004 itself. The forthcoming IPO of Shoppers Stop is likely set very encouraging benchmarks for raising capital from the primary markets, and thereby attracting adequate interest of various categories of investors including VCs to look at funding retail ventures at various stages.

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Retailing- The growth Engine

The other significant change is the likely entrance of many leading international brands/retail businesses in India initially through the franchising route, and subsequently through direct retailing route when the FDI policy on retail is liberalised ( (however government will be allowing only 26% of FDI so as to protect the local market). With the increased attractiveness of India, many top international brands are reportedly poised to make an entry into India this year. These may include Calvin Klein, Tommy Hilfiger, Athlete's Foot, Tiffany, Bvlgari etc. More are evaluating options, and should make their presence in 2005 and beyond, creating a multiplier effect in various formats and product categories giving further stimulus to growth of organised retailing. At last, therefore, we can rightly say that Indian retail sector may well see an onset of a revolutionary phase and very rapid growth can be forecast in the immediate future. However, this will definitely pose a threat and a very tough competition for Pantaloons. The entry of the international brand is a major threat to them if these brands do no ally i.e. does not get into alliance with Pantaloons. If they get into alliance with them then it is a big opportunity. So we can say that in the mere future we have to see how Pantaloons perform in this though competitive scenario.

SWOT ANALYSIS FOR PANTALOONS STORE


STRENGTHS A good brand name that is well recognized by the people. Quality, ambience, convenience well admired by the people The price it offers is comparatively lower by 20 to 25 % than the competitors The value added chain which results into better quality product. The edge over manufacturing in comparison to competitors Well recognized inhouse brands also like Rig, Bare etc Licensee of profound brands like Disney, etc

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Retailing- The growth Engine

WEAKNESS Most of the people feel inconvenience of locations Promotional effect not reaching to the people as much desired Constricted to only apparels and accessories in the family store Inappropriate locations in some cases

OPPORTUNITIES Industry with great growth potential Untapped markets available in Mumbai as well as all across India If foreigners allowed in the retail market then it may be a huge opportunity because if they are allied with Pantaloons then it will result in use of good technology, muscle, resources bought by them. THREATS Promotion if not properly conveyed can weaken the brand in the minds of the customer Strong competitors in Shoppers Stop, Lifestyle, etc. can be problematic for the company. Strict labour policies Though we may see foreign stores coming up in India as an opportunity, but if they are not in alliance with Pantaloons then it is a major threat as they may cannibalize it.

CONCLUSION
India has a long way to go in the retail sector. PRIL is contributing on a large scale in the organised retail sector. In the following years to come it will keep on reaping benefits for themselves as well as the consumers.

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Retailing- The growth Engine

Studying the marketing module of Pantaloon has been a tremendous learning experience for me. It has also been highly motivating. The story of Pantaloon is the story every entrepreneur would love to relate with, emulate and imitate.

RECOMMENDATIONS
Pantaloon should keep a close watch on the competition from players like Shoppers Stop, Lifestyle, Westside, etc. Pantaloon should try and venture into a few more areas in Mumbai because there is lot of potential in this industry that is untapped. Especially suburbs in Mumbai are the ones to be looked more into. They can try and venture into areas like Andheri, Malad and other suburban areas at Mumbai. Also Pantaloons is situated only in Mumbai in the western region of India. They can expand their network i.e. of the departmental stores in other areas like Pune, Jaipur where there is a huge buying potential. If we consider the Pantaloons at Phoenix mills then the area is a major question. It is a bit off track and also not very accessible. In case of Kolkata the store is situated in a busy street area thus causing parking problem. The stores cannot be shifted but they can give some incentives to compensate for these and attract customers. `The promotional features that tempt people to visit a store are Assured Gifts and Discounts. So during any promotion it would be better to offer these incentives rather than any jewellery or a Mercedes. Pantaloon must also extend its product range. They offer apparels and accessories in their family store and target the upper middle and upper class. Along with it they should also come up with sarees and bridal wears like ghaghras. Shararas etc. They can also have a tie up with any home dcor company and add on to its retail store. They are big success in the big retail format i.e. in department store so they can give a trying hand once again to the franchisee basis outlet in smaller towns so that people become aware of their brand and sales increase. Submitted by Dhananjay Bairy- 76 -

Retailing- The growth Engine

They should also adopt some extensive offers for the customers through emarketing.

They can also come up with some special offers and attractions for the learners in designing i.e. they can have a week plan wherein they call upon some learners and ask them to give suggestions to the customers. In such a way they can attract some potential designers. Also the students of SOMAIYA college who have undertaken the diploma course in retail management should be given a chance to work and be given in house training.

Submitted by Dhananjay Bairy- 77 -

Retailing- The growth Engine

RECENT EVENTS OF PANTALOONS


Mr Kishore Biyani- MD, Pantaloons

Can you tell us a few introductory words about yourself? Though everybody knows you as the most successful organized adventurous retailer.
We started with apparel manufacturing in the mid-1980s and evolved from an apparel manufacturer to franchisee format, distribution led menswear retailer. In 1997 we entered the department store format of retailing by opening our first store in Kolkata in 1997. Thereafter we have introduced two more formats viz, Big Bazaar hypermarket discount store and Food Bazaar food and grocery retail.

About 200 malls are coming up all over India. How do you see the competition and composition and character of these malls changing? Malls will continue to come up. We are expecting a significant investment in real estate with interest rates going down. The retail expansion is resulting in the creation of malls. With malls coming up, of course competition will increase but if you look into organized retail today, it is just 2%. So even if competition comes up, it is just going to help us expand the market. We respect competition and competitor, and want competition because ultimately it is going to do just one thing- expand the market.

How many "Pantaloons" and "BIG BAZAR" outlets are existent today and how much area is covered? Submitted by Dhananjay Bairy- 78 -

Retailing- The growth Engine

Today we have 12 Pantaloon stores and six BIG BAZAAR stores, which include the two new ones- at Mulund and the other at Gurgaon. Both together cover approximately close to around six lakhs of sq feet of area. The first nine months gave us a turnover of 295 crores and probably we will touch around 450 crores for the full year. What is your vision five years down the line in terms of number of outlets and area as regards "Pantaloons" and "BIG BAZAR", "VICTORIA" and "Springboard"? I will not be able to frame a vision for five years down the line. At present we are looking at 2005. We are planning to have one million sq feet (10 Lakh Sq.Ft.) of retail space. Do you think stores offering discount on fresh branded apparels will come to India? I believe they are already here. Most brands are available at discounts, so I see no reason why stores offering discount on fresh brands should not come.

How important is information technology with respect to retail? More than playing a function of support, IT in retail today is the driver of business. Let me give you an example of BIG BAZAR. In BIG BAZAR today, just imagine if I were to manage the inventories of 2 lakh manually. At BIG BAZAR, at any given point of time there are 10 to 12 different promotion schemes running. If you buy item "X" you get item "Y" and so on. Every FMCG manufacturer has a promotion coming up. We ourselves have various promotions. If the retail has to exist, IT will have to play a major role in driving business.

What

are

your

views

on

E-tailing

in

India?

E-tailing will come to India if it has happened internationally, but it will take time. I do not want to give any benchmark but it will come. How soon it comes one does not know.

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Retailing- The growth Engine

What is your strategy of having Pantaloons for further stores? Will it be owned or rented? At Pantaloon, we do not buy real estate. We only take it on lease. All our future stores will be on lease. How do you further want to differentiate from other organized retailers? There are two differentiators that we have. One is imbibed in our core ideology. Our core ideology is that we want to provide to the ordinary what only the rich can afford. If you look into Pantaloons, irrespective of any decisions that we take, the ideology is the same. Everywhere you will find it has tremendous value for money. We are targeting a middle class as our market, besides upper class. Our second differentiator is that we have established a pan-Indian model of retailing. We have actually evolved and created our own model. Do you mean institutionalisation as starting retail education institute or college? I think there is a vast scope and people should look into it. Today if I need to find trained and experienced manpower in retail in India, it is difficult. Do you have any plans in manufacturing new weaves, new blends of fabric or made-ups? Pantaloons Industries Ltd manufactures fabrics. At Pantaloon Retail we are launching fabrics that . We have launched "Tencil" Brand of trousers in our stores. Tencil is the latest natural fabric to have come out internationally. So we are constantly looking at new fabrics. As far as new blends are concerned, sometime back we had our new linen range of shirts, new blends, new fabric. What do you mean by mall management for Pantaloons? The first mall managed by Pantaloon is coming up on M.G Road in Bangalore called Victoria Mall. The uniqueness of this mall is that it is a seamless mall with optimum space utilisation. Buyers of retail space in Victoria Mall will share the trial rooms and cash counters. Also, the customer will get to see the width and depth of the entire

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Retailing- The growth Engine

merchandise. The 1,25,000 square feet mall spread over five floors will also have a food court, pub and discotheque on the terrace. We will manage the mall from a customer's perspective and ensure that we offer 70% of his requirements here. Pantaloons GREAT DENIM EXCHANGE OFFER receives a great response Concern India and Pantaloon family bring smile on the faces of many. Over 10,000 pairs of Jeans were donated to Concern India Foundation, a leading NGO. Mumbai, July, 2005: Pantaloons Great Denim Exchange Offer received a tremendous response nationwide. Pantaloons partnered with Concern India Foundation, a leading NGO where over 10,000 jeans collected during the exchange offer were donated for the less privileged. We are happy to receive the support from Pantaloons in our endeavour to reach out to the disadvantaged, says Kavita Shah, CEO of Concern India Foundation. We are happy with the response that we received from our customers across the country, making our Denim Exchange offer a great success. We hope to partner with Concern India for such future endeavors so that together we can make a difference in the lives of people in the community added Mr. Sanjeev Agrawal, Head Marketing, Pantaloon Retail (India) Limited. The Great Denim Exchange Offer was held in all Pantaloons Stores across the nation and offered a fabulous opportunity for all youngsters, kids and adults to get their denim wardrobe spruced up with the latest in fashion. For every pair of new jeans purchased, a discount of Rs. 200/- was given in exchange of an old pair of jeans; for kids, the offer had a discount of Rs. 100/-. About Pantaloon Retail (India) Limited: Pantaloon Retail (India) Limited is a leading retailer with a turnover of Rs 650 crores in the financial year ending June 2004. The company is headquartered in Mumbai and has presence in lifestyle retailing through 12 Pantaloons Stores and 3 Central Malls in

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Retailing- The growth Engine

Bangalore, Hyderabad and Pune respectively. In value retailing it is present through 19 Big Bazaar hypermarkets, 31 Food Bazaars and the newly opened Fashion Station. It has a national presence with over 2 million square feet of retail space across Kolkata, Mumbai, Baroda, Pune, Hyderabad, Bangalore, Ghaziabad, Bhubaneshwar, Nagpur, Sangli, Ahmedabad, Kanpur, Chennai, Gurgaon (Delhi), Nashik, Durgapur and Thane.

About Concern India Foundation: Concern India Foundation, a non-profit public charitable trust, was started in 1991 with the objective of Helping People Help Themselves. We provide financial and nonfinancial support to development oriented organizations working with the most vulnerable people of society. The key areas of focus / issues for support are - education, health, community development and the environment. Through these issues we are able to provide support to destitute and orphaned children, deserted and abused women, tribals, the disabled and the aged. Concern India Foundation reaches out to over 100 NGOs through its offices in Mumbai, Delhi, Bangalore, Hyderabad, Kolkata and Chennai.

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Retailing- The growth Engine

BIBLIOGRAPHY
Marketing Management By Phillip Kotler- 11th Edition Annual report of Pantaloons Retail India Ltd for the year 2005-2006 USP AGE MAGAZINE- The cover story The Retail Juggernaut dated May 2004 Article from Business World dated 14th June 2004 on Kishore Biyani- the man they wrote off by M Rajshekhar A write up of Mr. Vivek Mehta, the senior consultant at Tata service consultant called as RETAIL SYSTEMS-CHALLENGES FOR THE INDIAN RETAILER.`` www.pantaloon.com www.indiainfoline.com www.retailbiz.com www.safeexpress.com www.retailyatra.com Agency faqs >new> interview > Sanjeev Agarwal dated August 09, 2004 India infoline >columns> leader speak given by Kishore Biyani dated November 24, 2003 Article from The Hindu business line- The Indian retail sector most fragmented, dated Wednesday, August 18, 2004 by Anil Sasi Article from The Hindu business line Indian Retail market highly attractive, dated Wednesday, June 23, 2004 Article from The Financial express on Pantaloons dated Friday, Feb. 21st 2003, by Papiye De. Article from Retailarya.com

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