Before publishing your articles on this site, please read the following pages: 1. These retail store formats vary from each other on the basis of their product assortment (product depth and width), price and location. But they often combine the purchasing of supplies with an entertainment trip. The family would watch a movie and buy its supplies on a common trip. Chain stores which operate in the city itself or near about the city are known as local chains. General Merchandise Retailer: The major General Merchandise retailers are: (a) Discount Stores: Image Courtesy : upload.wikimedia.org/wikipedia/commons/c/cd/Bon_March%C3%A9,_Paris_-_interior_view.JPG. Some retail stores may charge normal or list prices, while some may charge lower than list prices on a regular basis. Nonpersonal selling includes TV, mail, catalog, internet, etc. If they happen to be big or a national chain, they command better buying discounts; thus much better rates are offered to customers as compared to specialty stores. Classification of Retailers on the basis or Retail Location Retailers have also been also been classified according to their store location. Content Guidelines 2. This sector has contributed heavily in employment generation and various low cost service retailing business models (like travel agency) has helped in entrepreneurship development. Dedicated channels or programme time is used to sell merchandise as demonstrated in television through various companies. But most retail stores are not owned by the companies whose items are sold in them. This also assures that customers, who may not be able to afford brands during initial period, can use these stores; thus brand associations created for the period when they can afford these brands at regular outlets. Retail is a term which covers a vast range of business types and models. In India, 49/99 stores have just made mark in the segment. Such families need nearby stores when they have to purchase fresh grocery items during the weekdays. The stores are generally up to 5,000 sq ft and are found in areas where purchasing power is not very high. 9 Different types of retail stores. The store has to be located at places where the customers are most likely to visit during their weekends. One of the things that makes running a retail store so interesting and fun (most days) is the fact that you can encounter an array of characters at your shop. Products listed here are generally available at cheaper price than regular rates primarily due to no or very less cost of distribution, advertisement, retailer margin and inven­tory. The price range in these stores could either be narrow, catering to a specific market segment, or it could be broad covering a large number of segments. These stores are subject to good buying power in the community, more young population, robust economic growth and widely exposed community to new trends. 10 Types of Retail Stores 1) Speciality Store. To help make sense of all this, the United States Census Bureau publishes the North American Industry Classification System (NAICS), which places businesses into Classificationsbased on their common characteristics and qualities. 600 353,795,548 4.7% 589,659 400,000-800,000 40-100 2+ 50-70% 40-80 stores The store however stocks large amount of variety of these products. As the name suggests, it is selling of product through salesman by reach­ing to target audience at houses or offices or wherever they can be available. Retail stores can be classified on the basis of their pricing style. There are at least three levels of retail service: Self-Service. Most customers buy in physical retail stores of various types having various product assortments and levels of service, but non-store retail formats such as mail order, automatic vending and Internet sales account for large amount of sales, especially in developed countries. For some consumers self-service is considered a benefit while others may view it as an inconvenience. A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket. A retailer is required to have both marketing and operational skills. Therefore such stores should stock only those items whose purchases the family cannot postpone till the weekend. Report a Violation, Classification of Retail Structure: 3 Categories | Retailing, Classification of Indian Retail Sector: 6 Categories | Retailing. There are different types of such retailers. Companies carry out market research to know customer attitude towards their products but the customers’ real intents are displayed only during the process of buying in retail stores. As the name suggests instead of websites products or merchandise are listed in catalog and sent to target audience through various direct mar­keting channels. For instance, IKEA is one such store that stocks every type of furniture, in all price ranges and usage. Copyright 10. The Bottom Line If you want to start a retail business, there are a wide variety of options available. The beauty of entire direct sales is low cost/price due to no or very less cost of distribution, advertisement, retailer margin and inventory. Families make major purchases for the household during the weekend. Many retailers categorize their inventory using the ABC classification method, which is based on the Pareto principle, which states that 80% of your results come from 20% of actions. Non-Store Retail Format. They are generally situated away from regular market or shopping zones so that customers are not influenced while they come for shopping to regular outlets of these brands. Retail store formats can be classified on the basis of the number of products sold by the retailer and the range of products in each category. The evolution of hypermarkets has resulted in wider and deeper product assortments for customers. When applied to the context of inventory, it means that 80% of revenues are generated by 20% of your products. This store format is gaining wide acceptance in India as the store acts as a one- stop-shop for the complete family. TOS 7. Some of these products, like grocery items, vegetables and fruits, have to be bought frequently as they would be spoiled if they were stored for a long time. This type of retail ownership requires no physical storefront and the inventory is at once and stocked by the brand and not the retailer. They also can be multi-channel catalogs as in the parent company might sell products through stores and catalogs and e-tailing also. The Indian retail market is estimated to be US$ 600 billion and one of the top five retail markets in the world by economic value. Typically, enclosed with inward-facing stores connected by a common walkway. Vending machines are generally found in high traffic areas like malls, strip markets and university campuses. The payment mode differs from product to product and sometimes company-to-company. Internationally Wal-Mart, Kmart, Target and in India, Big Bazaar, Vishal Mega Mart are leading examples. The technique used 35 observable Internet retail site attributes and features of online stores as the raw data to classify the online stores into meaningful groups. The responsibilities of a store manager should be tailored to your specific business’ needs, but generally speaking, this retail job handles a lot of what you might have started out doing as the business owner — from maintaining day-to-day tasks and managing employees to understanding sales trends and, well, everything in between. Content Filtrations 6. Like e-tailing the costs are generally lesser due to no or very less cost of distribution, advertisement, retailer margin and inventory. In developing countries, these formats are slowly finding acceptance now. Accordingly, chain stores are drug, tobacco, variet… Narrow and deep product assortment: Customers would like to travel some distance for their weekend trips. Study 17 Chapter 14: Classification of Retail Operations flashcards from Heather T. on StudyBlue. Speciality store Retailers can be broadly classified by form of ownership; independent, part of chain, or franchise outlet. To name a few, Reebok, Lee, Arrow, Levis, Nike have used this extensively. What you’ll learn to do: list the classification characteristics of various types of retailers by ownership. Retailing makes products available when and where customers want to buy them. Such formats always face a conflict between the number of product categories they should store and the range in each category. Here product details, price offers, promotions are listed in a principal website and also linked to various other websites and customers log in to buy products in various quantities and either pay through credit/debit card by “payment gateways” or else pay on delivery. Internationally, Dollar Stores, Family Dollar Stores etc. But there are stores called discount stores which sell products at low prices daily. It is a very large subject and as important and wide as store retailing. Product factors: Retail store formats can be classified on the basis of the number of products sold by the retailer and the range of products in each category. Non-store-based classification: They emphasize establishing direct contact with the end customer. They may also take multi-level marketing routes wherein products are sold by form to master distribution than they sell the products to distribution and chain goes on. Image Guidelines 5. Plagiarism Prevention 4. They sell products within strict price point to attract customers. Prohibited Content 3. The entire range if not very cheap or value product will be pictorially listed with price offers. The variety available in this store format is unparalleled and is the competitive criteria among these stores. Report a Violation, Retail Marketing: Useful notes on Retail Marketing, Retail: Notes on the Classification of Retail Formats, How to Enhance Customer Experience in a Retail Store? The store types are based on the NAICS classification … The categories are: 1. These retail formats are characterized by very large retail spaces that are leased out to various brands. Non-Store Retail Format. The products may be urgently required like medicines. These store formats will ultimately be targeted to specific segments. When chain stores are located at different places within a distinct geographical unit, they are known as sectional stores. But location still remains important. This may be both personal (direct personal selling) and nonpersonal TV, the Internet, mail, … That is why it is not very successful in India. The store usually stocks related items, for instance, lifestyle goods for the whole family that include clothes, books, home decor, jewellery, cosmetics, accessories, stationary, toys, etc. What is ABC inventory classification? Around the world, most retailers are independent, operating one or a few stores in their community. The payments are advance or gen­erally on delivery. They are less fashion oriented, but can be branded stores and fashion stores. Plagiarism Prevention 4. There are many types of retail formats like discount stores, supermarkets, convenience stores, department stores, etc. Today service retailing is closely linked with merchandise retailing and two are interlinked as a good merchandise retailing fails without good service. Automatic object classification can be of great help to a food and groceries retailer in order to reduce human effort in the inventory management process of its warehouse and retail outlets. Also the friction-less store experience is being considered as the future of shopping. They are category killers and are generally launched to beat specialty stores by their competitors. They are fastest growing segment in market. The catalog can be general merchandise catalog (for example, JC Penny), specialty catalog (for example, Smith & Hawken sells garden tools). The difference between service retailing and store/merchandise retailing is that products to be sold in service retailing are intangible (for example, healthcare services), perishable (for example, hotel rooms), suffers from inconsistency (financial investment advice) and has to produced instantly (for example Restaurants) for instant consumption. Famous in the United States and worldwide, six billion USD industry has its success factor based on penetration of Cable broadcasting and TV sets in a country. Non-Store Formats have been discussed below: Famously called e-tailing, it is a format where companies sell merchandise through exclusive product websites or Multi-Brand websites. Chain stores are classified as follows: 1. The store has one product category or a very narrow, related range of products. Retailers can locate their stores in an isolated place and attract the customers to the store on their own strength–such as a small grocery store or paan shop in a colony, which attracts the customers staying close by. The retail potential database consists of average household and total market potential estimates by each of sixty-eight retail store types. For instance, in India, Ebony Shopper’s Stop are such stores. ICC Digital Codes is the largest provider of model codes, custom codes and standards used worldwide to construct safe, sustainable, affordable and resilient structures. These stores can afford lower prices because of their influence on the manufacturers as they sometimes control the market of the category. store, mass merchant, discount department store and/or fashion apparel store. Traditional classifications based upon central place theory are reviewed for both of these types, and found wanting in the light of recent changes in retail development practice and consumer behaviour. Prohibited Content 3. General Merchandise Retailer 2. The technique used 35 observable Internet retail site attributes and features of online stores as the raw data to classify the online stores into meaningful groups. Internationally, Best Buy, Toy “R” US, Pet Valu, Baby, Home Depot, Gart Sports, Circuit City and in India Electronic Bazaar, Food World, Welspun, Mega Mart etc., are leading examples. Some may eventually move to a commercial store location, while many remain in the business owner's spare room, especially if the business primarily operates online or works with distributors. General Merchandise Retailer 2. Called category killers, these stores eliminate competition in the specified category. Fairly large employment generator, good for companies who cannot afford advertising investment in distribution channel and retail stores. Typically enclosed with inward-facing stores connected by a common walkway. The major General Merchandise retailers are: These are large format stores with wide variety of merchandise but limited depth at very low cost and with less or basic services. It is where consumers go to obtain goods and services. The typical structure for a single-store retailer may consist of the owner performing CEO and manager duties or even a cashier stocking merchandise because the inventory as well as the profit margins are smaller so there is significantly less need for these types of individual employees. “A small specialty shop may have all of its employees under one category called Store Oper… Product sold is generally dry food items, gifts articles, financial services, magazines, candies, etc. The store has a number of products, but stocks a limited variety of all these goods. They are retailers of wide variety of merchandise mix (private labels, brands, fashion brands etc.,) at low prices bought from manufacturers through unique opportunistic buying practice. They are a “discounted” specialty stores that offer narrow variety but deep assortment of similar kind of merchandise with limited services and just average atmospherics design. These are small self-operating units in which merchandise or services are stored and dispensed to customers at their wish after cash is deposited into the machine. These are different from kiosk selling where small format stores or stalls are managed by sales staff. On the basis of location, chain stores are classified as local, sectional and national chains. India is one of the fastest growing retail markets in the world, with 1.2 billion people. Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. The other option is to have limited product categories and a wide range in each one of them. Retailers have a huge amount of information about customer behaviour but all this information is not passed on faithfully to the companies. Non Store Based Classification: Non Store retail organizations focus on establishing direct contact with the consumer. Classifications based upon physical development characteristics and … Chain stores are classified on the basis of type of goods handled. These huge retail formats have many single brand stores in many of the product categories. Purchasing for the household is done only during weekends. Shopping and entertainment have to be packaged together for customers who do not have the time to shop during weekdays. They can do this by bulk buying, accepting low margins, managing costs tightly and choosing locations where real estate prices are low. It can be childcare center, financial planning center, dry cleaning center, weight loss center, internet parlour, telephone booths, entertainment parks, hotels, etc. Product categories in which this format is popular are footwear, clothing, furniture and furnishing. Privacy Policy 8. They are employed by stores and other retail businesses, wholesale businesses … MAJOR RETAIL TYPES, CLASSIFICATION ... department store, mass merchant, discount department store and/or fashion apparel store 5-25 Regional Mall General merchandise or fashion-orientated offerings. If the number of product categories is large, chances are that the range in each one of them would be smaller because of space constraints or else it may become too unwieldy. But this will reduce the number of occasions that the customer will find a reason to walk into the store. As internationally done, India too has most of the brands that have these outlets at various places in each city. Abroad QVC, HSN have been very successful and in India Asian Sky Shop has done fairly well. Manufacturers also prefer to have few outlets in each city so as to push excess or dead stock and reduce cost of operations. Some specialty stores have a very limited number of product categories (typically one) and the complete range in that category is available under one roof. From easy-going shoppers who make small talk, to customers on a mission who just want to get in and out of the store, retailers deal with various types of people on a daily basis. As the economy of a country develops, people will want more sophistication and variety in greater number of categories and this can be provided only in this type of format. A supermarket is an advanced form of the small grocery stores and caters to the household needs of the consumer. Millions of retail businesses start in their owners' homes. It is over 20 billion USD industry and is growing very fast in emerging markets like India. For example, we can buy food from supermarkets, convenience stores, restaurants, bars, street vendors, butchers, bakeries, produce stands, online and so on. The retailer’s focus has to be on getting the operation of his store right, which is itself a stupendous task. Food Retailers Conventional Supermarket Limited Assortment Supermarket Supercenter Warehouse Club Convenience Store 9. They are retailers of non-traditional categories like gift items, craft items, mini home decor items at ‘low to mid’ price points. For the systematic study they can be divided in different classes, such as on the basis of ownership, on the basis of product line, on the basis of sales volume and on the basis of operation method. Study 17 Chapter 14: Classification of Retail Operations flashcards from Heather T. on StudyBlue. When it's time to shop for something, we have many options available to us. Copyright 10. 1. have been very famous. The business institutions or persons who sell goods to final consumers are called retailers. The importance of a store’s proximity to customers has not waned even with improvement in transportation and more families owning vehicles because, in most households, both husbands and wives are working longer hours. One specific type of specialty store is the grocery store or the chemist, whose critical factor for success is the proximity to the customer. Characteristics of FoodRetailers 10. Retail Store Classification: Category # 1. Disclaimer 9. Management, Retail Management, Retail Store Classification. Consumer decision making involves the choice of brands, and also the choice of retail outlets from where the customer will buy his chosen brands. The choice of the brands offered conveys the depth of the category, image of the store and reflects the intended target market. Content Filtrations 6. The categories promoted are generally cheap jewellery, electronic goods, sports equipments, non-traditional white goods, etc. They also sell “value” for money concept to wide variety of customers. Due to low capital investment required, it is easy to get into by individuals. Read this article to learn about classification of retail store formats on the basis of product, price and location! Image Guidelines 5. Internationally a success but has started in India at all. It is a huge industry abroad and in India too. These are sometimes called specialty stores. These discount stores get price concessions from manufacturers because of the high offload from these stores. Parking surrounds the outside perimeter. A single-store retailer has a smaller scale of organizational structure in comparison to national chains and diversified retailers. National chains operate throughout the country. It is a huge managerial challenge to run a retail operation. E-tailing can be for specialty products, value oriented products, premium products, private label or multi-branded products of various price points. These stores can have arrangement to deliver the items on a regular basis to the households. One such store targeted towards the up market will stock premium brands in all categories, whereas the down-market store will stock popular or less premium brands. These retail store formats vary from each other on the basis of their product assortment (product depth and width), price and location. All the stores mentioned above charge list prices from their customers. Content Guidelines 2. ; Speciality store - a store which concentrates on narrow product areas, eg clothing, electrical goods, entertainment. 2. He has to remember that he sells the manufacturer’s products and it is the manufacturer’s duty to make the right products for the customers. A retailer’s prime affinity and loyalty is towards the customers of his store, and not to the companies whose goods he sells. This article throws light upon the two broad categories of retail store classification. Retail stores that offer products on the list price do not give discounts on a regular price, though they engage in promotions. Usually such stores are also accompanied by food joints and entertainment plazas that provide an ideal day out. Disclaimer 9. They can be in categories like apparel, fashion accessories, nutrition, home segment, jewellery, optical, footwear etc. A retailer is the last step of the supply chain. Multi-level marketing has made brands like Tupperware, Oriflamme, Avon a worldwide success and pure direct marketing success story of Eureka Forbes will never be forgotten in India. Privacy Policy 8. Classification of retailers as per ownership: It may involve appointment based direct sales calls to sell or can just cold call oriented selling. The retailer has to get the right assortment of products in the store in an efficient way, arrange the products in a way that stimulates purchase and minimizes inconvenience for customers, and manage a group of friendly and effective salespersons. According to the NAICS 2017 Man… Supermarket Self-service Offer Groceries Meat Produce Limited non-food items 11. But its success depends on internet and computer penetration in the country. However, the advantage of a speciality store is that you will find many things in that store related to that speciality which you … Some of the different types of retail store include: Convenience store - a small to medium grocery and convenience shop usually operating near residential areas. This concept goes against the very basic concept of store retailing as it drives away footfalls. They have a very narrow product line. ... A retail store that stocks pharmacy-related products and services as its main draw. The important types of retail stores are: Speciality store; Department store; Super market; Convenience store; Discount store; Off-price retailer; Superstore; Hypermarket; and; Catalogue showroom. Categories like home care, cutlery, baby product, beauty prod­ucts, services, educational products are sold through this channel. For such excursions, location of stores is not important in terms of proximity to customers. They provide limited number of complementary merchandise categories and high level of service in typically up to 10,000 sq ft of store area. Previously, retailers operated from physical stores by selling variety of merchandise or services. This format can afford specialization of retail personnel which will be necessary in handling customers’ enquiries as categories develop. Today, consumer can shop for goods and services in a wide variety of stores. Sales and GrowthRate for Retail Sectors 8. Module 2: Retail Environment Analysis. The categories are: 1. Here they do not need to advertise or spend on costly store atmospherics and service standards. These comprise nonpersonal selling as well as personal or direct selling. This service level allows consumers to perform most or all of the services associated with retail purchasing. Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. Retailing is becoming international in nature and is slowly emerging as an important service. This article throws light upon the two broad categories of retail store classification. Home-based Retail Stores . A company can develop insights into the behaviour of its customers as they shop in the retail store. TOS 7. Before publishing your articles on this site, please read the following pages: 1. Retailers owned by a single person or partnership and not operated as part of a larger retail institution are independent retailers. National Occupational Classification (NOC) 2011 - Retail sales supervisors supervise and co-ordinate the activities of workers in the following unit groups: Retail Salespersons and Sales Clerks (6421), Cashiers (6611), Grocery Clerks and Store Shelf Stockers (6622) and Other Elemental Sales Occupations (6623). Products through stores and caters to the companies or fashion-oriented offerings, sports equipments, non-traditional goods! Need to have few outlets in each city so as to push excess or dead stock and reduce of..., enclosed with inward-facing stores connected by a common walkway where consumers go to obtain goods and as... This article to learn about classification of retail Operations flashcards from Heather T. StudyBlue... Store format is unparalleled and is the competitive criteria among these stores can have to. Store classification in which this format can afford lower prices because of their on! 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