SUBMITTED TO SHRI GANPATI INSTITUTE OF TECHNOLOGY GHAZIABAD

MASTER IN BUSINESS ADMINISTRATION

(MBA)(2006-08)

SUBMITTED TO

SUBMITTED BY
ALOK KUMAR YADAV
M BA IVth Sem.

PREFACE
As an essential and obligatory part of my course. This research report helped me in
getting the practical knowledge of the business environment.
During my research I got practical knowledge about strategies. And how to work is
carried out into in company in this report I have mentioned the customer
satisfaction in retail industry.
Learning is a process, which continues through out the life. Basically project work
is the best way to practice what we have learnt. A project is a scientific and
systematic study of real issue or a problem intended to resolve the problem with
applications of management knowledge and skills into the application to solve
whatever problem comes in the organization.
An organization is a human grouping in which work is done for the
accomplishment of some specific goal, or mission. All the activities of any
enterprises are initiated and determined by the person who make up that institute,
plant, office, computer, automated equipment. and all else that make a modern firm
uses are unproductive expert for human effort and direction of all the task of
management, managing the human component is the central and most important
task, because all else depend on how well it is done.

ACKNOWLEDGEMENT
I take this opportunity to express our profound sense of gratitude and respect to all
those who helped us throughout the duration of this project. Firstly, I am extremely
grateful to my college, Shree Ganpati Institute of Technology for providing us the
excellent working environment to undergo our project.
I devote my success in this effort to my project guide Dr.C.K. Tiwari and
Mrs.Deepa Singh & Mr. Tajender Singh for giving me the opportunity to
undertake the project and providing crucial feedbacks that influenced and provided
opportunity to undertake the project work in the esteemed concern. Without their
able guidance, I would not have been able to complete my work successfully as
they provided help for correcting the project section over and over until we finally
got them accomplished efficiently.
I am highly thankful to Proff. A.K.Singh (director) of SGIT for providing me this
golden opportunity to undergo.
Last, but not the least, I would like to extend our profound thanks to all our
esteemed colleagues and friends at college level who helped us in the specific areas
of this project.

DATE:

SHIVANG VATS
M.B.A. IVth SEM

Executive Summary

Doing this project, it was a great experience for me. The project is
intended to provide information about Customer satisfaction level with
the Shopping Malls .In India there have been a great successful brand
both national as well as foreign brands and again it has been realize
that brands are sustaining power to stay in the competitions.
Being a capital & biggest business center of India I choose the
Ghaziabad to conduct my study and to get lot of exposure & various
opportunities to meet different kind of Retailers and their
Representatives. Many of them did not show any interest and refused
at cooperate on its plea; as to why should they part with classified
information. This project has been under taken to study of customer
perception about shopping malls and suggesting way to improve its
market share in sales through customer perception about private
labels.
To conduct the detail study of my Research, I gathered the information
from customers at shopping malls regarding the various factor
effecting sale of shopping malls. After getting the information, I
analyses the information and try to find out the reason and its best
solution.
In the last but not least some recommendation are given as well as
some limitations are accused which had to face during the study of the
Research.

INDEX

PREFACE
ACKNOWLEDGEMENT
EXECUTIVE SUMMARY

1. INTRODUCTION
2. REVIEW OF LITERATURE
3. RETAIL REALITIES
4. GROWTH DRIVER
5. GLOBAL SCENARIO
6. EVOLUTION OF INDIAN RETAIL
7. OBJECTIVES
8. RESEARCH METHODOLOGY
9. FINDING
10.CONCLUSION
11.SUGGESTION
12.BIBLIOGRAPHY

OVERIEW OF TOPIC

The project is intended to provide information about Customer

satisfaction level with the services offered by wholesaling industry .In
India there have been a great successful brand both national as well as
foreign brands and again it has been realize that brands are sustaining
power to stay in the competitions.
If we defined the customer satisfaction we can say a qualitative
measure of performance as defined by customer, which meet their
basic requirements and standard.
Customer satisfaction is defined as measure or determination that a
product or service meet a customers expectation, considering
requirement of both quality and service.
This project has been under taken to study customer perception about
the services offered by wholesaling industry and suggesting way to
improve its market share in sales through customer perception about
private labels.

DESCRIPTION OF THE CONCEPT

The Wholesaling Industry

Wholesaling is the third step in the distribution of merchandise - the
second last link in the Supply Chain - connecting the bulk producers
of commodities to the retailers. Wholsaling covers diverse products
such as foot apparels, consumer goods, financial services and leisure.
A wholesaler, typically, is someone who plays a significant role in
delivering the merchandise in bulk to the retailers for further
distribution. He/ She is also the one who provides the retailer with the
manufactured goods, as and when required by the retailers in the
specified quantity, the retailer desires. Hence, the value proposition a
wholesaler offers to a retailer is easy availabilities of the desired
goods in the desired sizes at the desired times.
In the developed countries, the wholesale industry has developed into a fullfledged industry where more than three-fourths of the total wholesale trade is done
by the organized sector. Huge wholesale chains like Pantaloon, RPG, Wal-Mart, KMart, McDonalds, etc. have now replaced the individual small stores. Large retail
formats; with high quality ambiance and courteous, and well-trained sales staff are
regular features of these retailers.
Broadly the organized wholesale sector can be divided into seven segments,
Merchant wholesalers, These wholesale suppliers own and produce a product or
service and resell their products to resellers, retailers, distributors and other
wholesalers, General Wholesalers - Wholesalers that fall into this category will
usually buy large quantities of products from one or more suppliers and will be

intending to add value to them by reselling in smaller quantities to distributors,

retailers and resellers, Speciality Wholesalers - This type of wholesaler will resell
products in a specific industry or product category, but may have products from
multiple suppliers, Specific Product Wholesalers - These are wholesalers who
only supply 1 type of product for example footwear or computers. They may
supply several brands but only within one product category, Discount
Wholesalers This type of wholesaler will supply significantly discounted stock.
Generally the stock is discounted because the products are discontinued lines,
returned goods or refurbished goods, Drop Ship Wholesalers - This type of
wholesaler will complete the sale of a product but will have it dispatched from
their supplier directly to their customer without actually handling the goods, Online Wholesaler - Wholesalers who sell their products on-line offer discounted
prices as they can reduce their overheads such as rent and rates of physical
premises.
Wholesale markets develop in a number of of stages. They start as general markets,
then become more specialized by trading in a limited range of produce. A later
stage is to deal with samples of produce and finally to transact only graded
produce. A recent trend in Western Europe and the USA is to by-pass the wholesale
market system. Direct links are created between producers and supermarket chains,
usually by means of contract farming arrangements.
Every organized wholesaler in India is faced with myriad questions:
differentiating with the other competitive formats; sustaining the
differentiation with upcoming me-too formats; coping with localneighborhood wholesalers.
A possible solution to all these are offered by wholesalers.
Very few new wholesale markets have been created in developed
countries in the last decade,although old markets have been relocated
to new sites. It would be very convenient if a standard model for

wholesale market development was available for use in less-developed

countries. This is generally possible if you look at other specialized
contemporary building types, such as international air passenger or
cargo terminals, medical operating theatres, industrial laboratories or
warehouses using mechanical handling equipment. Although the design
approach will depend on the climate of a particular region, the space
standards used for designing such building types will generally be the
same whether the facility is in Alaska or Calcutta. The overall
organization will be broadly similar and so will be the level of
sophistication of equipment. The use of modern management
techniques will also be broadly applicable, irrespective of the location.
Although differences may exist, say between London and Rome,
modern wholesale markets in developed countries have much in
common. In terms of layout and circulation they are similar to
hypermarkets or to large-scale distribution warehouses. They need to
handle efficiently the input and output of large volumes of produce
and to provide facilities for the sale of that produce. So why are
wholesale markets in less-developed countries different? The
distinction is largely that neither the inputs into nor outputs from the
market, in terms of the types of produce, how it is transported and its
quality and quantity can be standardized in the manner that is possible
in a developed country. This has a significant impact on both the
planning of the market site and on the design of its buildings.

MAJOR FORMAT OF RETAIL

MAJOR FORMATS OF IN-STORE RETAILING HAVE BEEN LISTED IN
TABLE GIVEN BELOW:

Format

Description

Branded
Stores

Exclusive showrooms either Complete range

owned or franchised out by available for a given
a manufacturer.
brand, Certified
product quality.

Specialty
Stores

Focus on a specific
consumer need, carry most
of the brands available.

Department
Stores

Large stores having a wide

variety of products,
organized into different
departments, such as
clothing, house wares,
furniture, appliances, toys,
etc.

Supermarkets Extremely large selfservices retail outlets.

Discount
Stores

The Value
Proposition

Greater choice to the

consumer,
comparison between
brands possible
One stop shop
catering to varied
consumer needs.

One stop shop

catering to varied
consumer needs.

Stores offering discounts on Low prices.

the retail price through

selling high volumes and

reaping the economies of
scale.
Hyper-mart

Larger than a Supermarket,

sometimes with a warehouse
appearance, generally
located in quieter parts of
the city

Convenience Small self-service formats

Stores
located in crowded urban
areas.
Shopping
Malls

Low prices, vast

choice available
including services as
cafeterias.

Convenient location
and extended
operating hours.

An enclosure having
Variety of shops
different formats of in-store available close to
retailers, all under one roof. each other.

Retailing formats in India

Some of the prevalent relating formats in India include :
Malls
Most malls give floor space out to individual shops on lease, and these
are enticed by the economies resulting from the sharing of costs.
India's largest shopping arcade Spencar Plaza (600,000-sq-ft) in
Chennai is an example. In malls like these, the combined brand pull of
all outlets is used to create a pull for the mall.
Branded Stores
Exclusive showrooms run by premium brands have been the catalysts
in pushing up the Indian retail scenario. This concept is now being
used to introduce organized retailing to the second rung towns.
Madura Garments has started setting up exclusive outlets in cities like
Trichy and Thanjavur.

Food & Groceries is the largest item of consumption in the Indian

Consumers private consumption expenditure, accounting for almost
50% of his share of wallet. And yet it has a minuscule share of 0.3% in
organized retailing. The kirana or the general stores is the most
common outlet for food products in India, though other formats like
supermarkets also exist. The food business is very low margin but high
stock-turn business model
and efficient sourcing capabilities and logistic management is the key
to success in this segment. The major players in this segment are Apna
Bazaar, Canteen stores, Food World, Subhiksha and Food Bazaar.
Apparel Retailing is the countrys second largest opportunity for the
organized retailers. The clothing market is highly fragmented, with
numerous players operating across a wide variety of formats. Branded
apparel accounts for only 20% of the total apparel market. Mens
clothing currently accounts for 70% of all branded apparel sales as
compared to 22% of childrens wear and 8% of womens wear. The
structure of apparel retail has changed dramatically in the recent past
with the growth of large multi-brand apparel outlets and manufacturer
brand-led chains. Like in the west, specialty stores that have begun to
grab market share in India.
Consumer Durable segment is the most organized retail segment in the
country. Most of the corporates in this segment have a network of
exclusive stores (manufacturer- retailer) which is operated on either
owned or franchise model. There is a parallel network of authorized
dealers that co-exists in this segment. More recently, single large
stores have come up across the country like Chennais Spencers or
Sony Mony or Sumaria in Mumbai.
Supermarkets/Hypermarkets: These are large (20,000 square feet
plus) self-service stores selling a variety of products at discounted
prices. Supermarkets tend to be located in key residential markets and
malls, and offer competitive prices due to economies of scale in

logistics and purchasing. This format is new to India with few

noticeable players such as Foodworld, Nilgiris and Subhiksha.
Departmental stores: These large stores primarily retail non-food
items such as apparel, footwear and household products. They stock
multiple brands across product categories, though some of them focus
on their own store labels (e.g., Marks & Spencers, St. Michael).
Several local department store chains have opened shop in India in the
past 5 years (e.g., Shoppers Stop, Westside and Ebony).
Specialty chains: These retail outlets focus on a particular brand or
product category, usually non-food items, and are located on high
streets and in shopping malls. While most specialty chains compete on
service, a segment called category killers offers price as an
advantage (Toys R Us is a good example of a category killer). This
format has seen the highest levels of adoption in India, with several
chains establishing a strong presence, typically through franchising,
e.g., Benetton, Arrow, etc. Chains such as the Bangalore based Kids
Kemp, the Mumbai books retailer Crossword, RPG's Music World and
the Times Group's music chain Planet M, are focusing on specific
market segments and have established themselves strongly in their
sectors.
Urban counter stores: These small family-run stores dominate food
and non-food retailing and are found in both residential and
commercial markets in towns and cities.
The food stores stock a wide range of branded and unbranded food
items. They typically have a loyal clientele bound to them by personal
relationships and the convenience of credit and home delivery.

INDIA IS THE BEST BET FOR RETAIL CHAINS

India represents the most important compelling international investment

opportunity for mass merchants and food retailers looking to expand overseas,
according to management consultancy firm AT Kerney.
Retailers that missed the opportunity to capture the first mover advantage in china,
it said, could make up for it in India.

The first challenge facing the organized retail industry in India is:
competition from the unorganized sector. Traditional retailing has
established in India for some centuries. It is a low cost structure, mostly
owner-operated, has negligible real estate and labor costs and little or no
taxes to pay. Consumer familiarity that runs from generation to generation is
one big advantage for the traditional retailing sector.

Players in the organized sector have big expenses to meet, and yet have to
keep prices low enough to be able to compete with the traditional sector.
High costs for the organized sector arises from: higher labor costs, social
security to employees, high quality real estate, much bigger premises,
comfort facilities such as air-conditioning, back-up power supply, taxes etc.
Organized retailing also has to cope with the middle class psychology that
the bigger and brighter a sales outlet is, the more expensive it will be.

Retail industry is one of the most attractive sectors for FDI (foreign direct
investment) in India and foreign retail chains would make an impact in
2003.

Retailing in India is thoroughly unorganized. There is no supply chain

management perspective. An overwhelming proportion of the Rs. 400,000

crore retail market is UNORGANISED. In fact, only a Rs. 20,000 crore

segment of the market is organized.

Lifestyles in India are changing and the concept of "value for money" is
picking up.

Local companies and local-foreign joint ventures are expected to more

advantageously positioned than the purely foreign ones in the organised
India's retailing industry.

Given the size, and the geographical, cultural and socio-economic diversity
of India, there is no role model for Indian suppliers and retailers to adapt or
expand in the Indian context.

From a size of only Rs.20,000 crore, the ORGANISED retail industry will
grow to Rs. 160,000 crore by 2005. The TOTAL retail market, however, as
indicated above will grow 20 per cent annually from Rs. 400,000 crore in
2000 to Rs. 800,000 crore by 2005.

A lot of shoppers are only just getting used to visiting supermarkets and
hypermarkets regularly for their groceries, and Private Label is still a
relatively new concept for them.

Retail Realities

Unorganized market: Rs. 583 000 crore

Organized market: Rs. 5000 crore (includes organized Food and Grocery Rs.
600

crore)

5X growth in organised retailing between 2000-2005

Over 4,000 new modern retail outlets in the last 3 years

Over 5,000,000 sq. ft. of mall space under development

The Top 3 modern retailers control over 750,000 sq. ft. of retail space

Over 400,000 shoppers walk through their doors every week

Growth in organized retail on par with expectations and projections of the

last 5 years: on course to touch Rs. 35,000 crores (US$ 7 Billion) or more by
2005-06

The Indian retail story couldn't have been more different. India has approx 12
million retail stores, more than rest of the world put together. But the per capita
square feet area under retail is just 2 sq.ft or 0.2 sq. meters with fragmented

keerana stores being the predominant players. Retailing in India has remained in
the unorganized sector and largely untouched by corporates.
However, times are changing.. With the GDP at an all time high and income levels
shooting through the roof, the average Indian consumer has never had it so good.
The propensity to consume has reached peaks that had never been scaled before.
Credit cards are flashed with disdain and shopping baskets are getting bigger all
the time. Here are some factors that indicate the potential of retail in India:
At 271 million, one of the largest consuming base in the world, forming 27% of
the total

population

A high spending community below 45 years comprises 81 percent of the

population
A young population with 54% population below 25 years
Increased literacy from 44% in 1965 to 70% in 2003
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
MODERN TRADE VS TRADITIONAL RETAIL
Small retailers in India have inherent advantages. They are located next to the
consumer, making it convenient for top-up purchase. They know them well, some
even by name. They give credit too - which no large retailer does. Their fixed costs
are so low that their breakeven point is as low as 46% of sales. Organised retailing
of food and groceries is highest in the south of India. Here 10% -15% throughput
of leading FMCG suppliers including MNC's such as Cadbury, Unilever etc., is
sold through

modern

trade.

During the 1990s sales of store brand products in supermarkets increased

approximately 13.5 percent of store sales to nearly 16.0 percent. The number of
units sold increased from about 17 percent of the total number sold in supermarkets
to over 20 percent during this same period. During the past year private brand sales
in supermarkets grew more rapidly than manufacturer brands. Store brands grew at
6.3 percent compared with a 4.1 percent for all manufacturer brands.
Yet the number of distributors appointed by these companies has actually
increased, indicating that the growth in market demand was healthy enough to
sustain growth in the number of outlets of both modern trade and mom-and-pop
stores for at least, another 20 years. It has, moreover, been pointed out that the
level of threat, if any, to small retailers
From

an international retailer, will be the same

as

the one from

a domestic retailer.
Interestingly, the race to develop more private labels is evident in a range of varied
categories from apparel, footwear, foods and healthcare to personal care and
lifestyle products. For instance, in menswear, retailers say that gross margins on
branded products vary from 25 per cent to 38 per cent
It is the same with Pantaloon's 13 Food Bazaars. A 500 gm tomato ketchup bottle
retails at Rs 38 compared to Hindustan Lever's Kissan at Rs 49.
EVOLUTION OF TRADE CHANNELS

As seen, the role of the intermediary is being diminished gradually, which has
obvious implication of backlash of the trade channel upwards towards the
suppliers. This is more severe in countries such as India, where the channel
economics in favour of the middlemen (the distributors) is still strong enough
given the fragmentation of the retail sector.
Therefore when Food World, the largest grocer in India has a direct supply
contract with over 20% of its key suppliers, it gives rise to conflict of interest with
the distribution infrastructure that suppliers have painstakingly built over the years.
Even the mom and pop stores (known as kirana shops and general stores) are
affected due to this unfair backend advantage extended by the supplier to its
leading accounts (the emerging supermarket chains). The strategies adopted by the
retailer to compete with branded goods are illustrated by the following diagram.
Branding the store and following a private label strategy is the key strategy which
helps the retailer to compete with branded products.

GROWTH DRIVER
Key factors that will drive growth of organized retailing
Rising Urbanization
Higher disposable incomes
Growing consumerism
Nucleus family structure
Growing number of educated and employed women population
Media proliferation and rising awareness level
Brand profusion

The growth drivers

Increased per capita spending

The effect of population increase was further accentuated by an increase in per

capita spending.
Dual income families
Advent of dual income families also helped in the growth of retail sector. A dual
family can spend more but has very little time available for shopping. Thus,
convenience and speed of service became crucial parameters.
Urbanization
Increased urbanization has led to high customer density areas thus enabling
retailers to use lesser number of stores to target the same number of customers.
Aggregation of demand that occurs due to urbanization helps a retailer in reaping
the economies of scale.
Covering distances has become easier
With increased automobile penetration and an overall improvement in the
transportation infrastructure, covering distances has become easier than before.
Now a customer can travel miles to reach a particular shop, if he/she sees value in
shopping from there.
From the supply side also, a number of developments fueled the growth of the
retail industry. Retailers understood the needs of the customers and realized
efficiencies through investments in Technology Infrastructure and Employees. The
outcomes were improved supply chains, increased service levels and satisfied
customers.

THE GLOBAL RETAIL SCENARIO

Large format retail businesses dominate the retail landscape in the

United States and across Europe, in terms of retail space, categories,
range, brands, and volumes. Indian retail industry cannot hope to learn
much by merely looking at the Western success stories in retail. Their
scales of operations are very huge, the profit margins that they earn
are also much higher and they operate in multiple formats like
discount stores, warehouses, supermarkets, and departmental stores,
hypermarkets, convenience stores and Specialty stores.
The economy and lifestyle of the West is not in line with that of India
and hence the retailing scene in India has not evolved in the same
format as the West nor can we learn valuable lessons from their style
of operations.
In retailing, the conventional wisdom used to be, that, the critical
success factor was location. But precise location no longer matters and
geo-demographics is increasingly becoming irrelevant. The leading
multiple chain retailers, superstores and malls create their own centers

of gravity, attracting customers by car, bus, train or even by plane to

wherever they are located.

The growth of multiple chain retailers has been relentless for many
years in the west and this has been accompanied by the development of
retail names as brands in their own right. Discount retailer Wal-Mart
has catapulted to the top of the Fortune 500 rankings in the U.S. with a
turnover of $258 billions (2003 revenues the basis for 2004
rankings), ahead even of oil major Exxon Mobil and the mammoth
manufacturing giant General Electric. A ruthless policy, of, Always
Low prices. Always. has brought Wal-Mart to the top. On the day
after Thanksgiving in November 2002, Wal-Mart sales hit $1.43 billion
in one single day.

Trends in Retailing
Retailing in India is at a nascent stage of is evolution, but within a
small period of time certain trends are clearly emerging which are in
line with the global experiences. Organized retailing is witnessing a
wave of players entering the industry. These players are experimenting

with various retail formats. Yet, Indian retailing has still not been able
to come up with many successful formats that can be scaled up and
applied across India. Some of the notable exceptions have been
garment retailers like Madura Garments & Raymonds who was scaled
their exclusive showroom format across the country.

Experimentation with formats

Retailing in India is still evolving and the sector is witnessing a series
of experiments across the country with new formats being tested out;
the old ones tweaked around or just discarded. Some of these are listed
in Table below.

Retailer

Current
Format

New Formats. Experimenting

With

Shoppers'
Stop

Department
Store

Quasi-mall

Ebony

Departmental
Store

Quasi-mall, smaller outlets,

adding food retail

Crossword

Large
bookstore

Corner shops

Pyramid

Department
Store

Quasi-mall, food retail

Pantaloon

Own
store

Hypermarket

brand

Subhiksha

Supermarket

Considering moving to self

service

Vitan

Supermarket

Suburban discount store

Food
world

Food
supermarket

Hypermarket,
express

Globus

Department
Store

Small fashion stores

Food

Bombay
Bazaar

Aggregation of Kiranas

Efoodmart

Aggregation of Kiranas

Metro

Cash and carry

S Kumar's

Discount store

world

Retailers are also trying out smaller versions of their stores in an

attempt to reach a maximum number of consumers. Crossword
bookstores are experimenting with Crossword Corner, to increase
reach and business from their stores. Food World is experimenting
with a format of one-fourth the normal size called Food World
Express.
Store design
Irrespective of the format, the biggest challenge for organized
retailing is to create an environment that pulls in people and makes
them spend more time shopping and also increases the amount of
impulse shopping. Research across the world shows that the chances of
senses dictating sales are as much as 10-15% for certain categories.

This reason is good enough for organized retailers to bring in

professional designers while developing a new property. And, that is
why retail chains like Music World, Barista, Pyramid and Globus and
laying major emphasis & investing heavily in store design.
Music World spent three months in college campuses and metros
studying the market and talking to youngsters before starting work.
The brand identity was created after extensive research: a logo was
designed and the look of the stores across the country was decided
upon. Apart from the visual impact, the functionality of the store
design was also taken care of. Listening posts have been created for
people to listen to their favorite album and an area in the center of the
stores has been earmarked for celebrity visits and promotions.

Emergence of discount stores

What does Subhiksha In Chennai, Margin Free in Kerala and recent
entrants like Bombay Bazaar in Mumbai, RPG's - Giant in Hyderabad,
Big Bazaar in Kolkata, Hyedrabad and Bangalore have in common?
Their products are below MRP.
Discount stores have finally arrived in India and they are expected to
spearhead the revolution in organization retailing. Though this
segment is growing, it is small compared to international standards
where around 60 per cent of the business comes from this format.
Internationally, the largest retailer in the world Wal-Mart is a
discounter. These discount stores have advantages of price, assortment
dominance and quality assurance and have the ability to quickly build
scale and pass on the benefits. However, the success would be for
retailers who are able to build the scale fast and manage their
operations efficiently while offering value to the customer
consistently.
Unorganized retailing is getting organized

To meet the challenges of organized retailing that is luring customers

away from the unorganized sector, the unorganized sector is getting
organized. 25 stores in Delhi under the banner of Provision mart are
joining hands to combine monthly buying. Bombay Bazaar and
Efoodmart have also been formed which are aggregations of Kiranas.
In a novel move, six Delhi based restaurants have come together and
formed a consortium: NFC, to promote New Friends Colony, a posh
locality in the Capital, as a branded place in town. The aim is to
increase footballs in the area, which is fast losing its sheen to its
closest and upcoming destinations such as large cineplexes, and malls,
which are backed by the corporate house such as 'Ansals' and 'PVR'.

Country

Organised
Retailing

Traditional
Retailing

Malaysia

50%

50%

Thailand

50%

50%

Phillipines

35%

65%

Indonesia

25%

75%

South Korea

15%

85%

China

10%

90%

India

2%

98%

The Indian Retail Scene

India is the
Traditionally
and house at
99% retailers

country having the most unorganized retail market.

it is a familys livelihood, with their shop in the front
the back, while they run the retail business. More than
function in less than 500 square feet of shopping space.

Global retail consultants KSA Technopak, have estimated that

organized retailing in India is expected to touch Rs 35,000 crore in the
year 2005-06. The Indian retail sector is estimated at around Rs
900,000 crore, of which the organized sector accounts for a mere 2 per
cent indicating a huge potential market opportunity that is lying in the
waiting for the consumer-savvy organized retailer.
Purchasing power of Indian urban consumer is growing and branded
merchandise in categories like Apparels, Cosmetics, Shoes, Watches,
Beverages, Food and even Jewellery, are slowly becoming lifestyle
products that are widely accepted by the urban Indian consumer.
Indian retailers need to advantage of this growth and aiming to grow,
diversify and introduce new formats have to pay more attention to the
brand building process. The emphasis here is on retail as a brand
rather than retailers selling brands.
The focus should be on branding the retail business itself. In their
preparation to face fierce competitive pressure, Indian retailers must
come to recognize the value of building their own stores as brands to
reinforce their marketing positioning, to communicate quality as well
as value for money. Sustainable competitive advantage will be
dependent on translating core values combining products, image and
reputation into a coherent retail brand strategy.
There is no doubt that the Indian retail scene is booming. A number of
large corporate houses Tatas, Rahejas, Piramalss, Goenkas
have already made their foray into this arena, with beauty and health
stores, supermarkets, self-service music stores, new age book stores,
every-day-low-price stores, computers and peripherals stores, office
equipment stores and home/building construction stores. Every retail
category has been attacked, by the organized players today. The Indian

retail scene has witnessed too many players in too short a time,
crowding several categories without looking at their core
competencies, or having a well thought out branding strategy. To
illustrate, the Indian lifestyle/fashion retail scene is already exhibiting
the following characteristics, which do not augur well for its future:
Lack of store differentiation : Leading retail stores like Shoppers
Stop, Lifestyle, Ebony, Globus, and Pyramid, offer common brands,
similar ambience, and a commitment to improved service. Where is the
scope for differentiation and brand building? Can these retailers hope
that location and ambience alone will do the trick? Merchandising
muddle : Mumbais original retailers of Mumbai , Amarsons,
Akbarallys, Benzer, Premsons have experienced no decrease in
traffic in their stores, even after Pyramid and Westside opened shop.
These retailers exploit what they know best what the customer
wants with regard to product, selection and price and ensure their
customers do not go back disappointed. Consumer insights built over
their years of experience in business is helping them to hold the fort
against the onslaught of the new players on the horizon.
The organized new generation Indian retailers (Shoppers Stop and
Westside) have recruited senior retail persons from abroad, who have
the expertise in setting up systems and procedures, but they are going
to take a long while to tune into the psyche of the Indian consumer.
With the permutations and combinations of seasons, fashions and
regional preferences, merchandising is at the best of times a complex
task. Indias cultural diversity poses additional challenges to the
merchandisers requiring them to be aware of local tastes and to be able
to compete with the local retailer in terms of market knowledge and
speed of response. While technology and systems are no doubt
enablers, there can be little substitute for experience and insight.
Lack of labels/suppliers: Organized Indian retailing has to face the
situation of lack of professional suppliers who are accustomed to
deadlines, systematic in their production and consistent with their

quality. Often, the local suppliers do not have financial strength or

production infrastructure or discipline. Indian merchandisers are
forced to compromise due to a true lack of choice which leads to
huge unsold stocks and reduced profitability to the retailers.
Discounting: Given widespread availability of the same brands, large
retailers have to cope with the phenomenon of discounts offered by the
smaller retailers. Large stores are able wrangle larger margins from
most suppliers, but these margins are retained to meet the higher
operating cost. Small retailers are tempted to pass on the lower
overhead in the form of a discount to the customer to get them to their
stores. In a middle class dominated, price-sensitive market like India,
price manipulation is a strong weapon in the arsenal of the small
independent retailer.
The large retailers themselves further dilute the strength of the retail
market. With promotions becoming the order of the day, they too have
entered into price wars against each other. Up to 50% off sales and
Two for one price offers have now become commonplace even at the
top retail outlets across our country. Deep price cuts may not be the
answer to maintain their relevance against the small retailers nor does
it auger well for the brand building of the store.
Limited margins and high real estate costs: It is well accepted that
Indian retailers work on low margins compared to international chains.
The retail margins in India are a meager 30 to 35 per cent for fashion
brands (as, say, compared to 50 to 100 per cent across Europe). With
overheads and allowance for dead stock, the Indian retailer is not left
with much scope for error. Cost of prime land for the retail store is
prohibitive. Land prices in prime localities across the metros have
themselves become a major deterrent to sustaining a profitable
retailing model for organized players. A number of the new chains
have therefore preferred to spread in smaller metros, hoping to offset
lower revenue potential with lower real estate costs.

Time abundant consumers?: In recent years, it would seem that the

consumer has thrown the adage time is money to the winds. The
customer is willing to spend more time if he/she is getting a better
deal. Scarcity of time seems to be the prerogative only of a few
consumers. The crowds inside Sarvana Stores or Jayachandran textiles
in Pondy Bazaar in Chennai, drive home the point that consumers are
prepared to travel to reach stores that promise best prices.
The Indian model of organized retailing is still in a stage of evolution,
and retailers need to understand the value of retail as a brand rather
than remaining as retailers selling brands. However, the characteristics
of the branding process, which are of interest to the retailers, are still
the characteristics of the traditional product brands they are simply
extended to the intangible part of the business. Thus, the
characteristics of a branded product are simply applied in a different
space.
Retail brand building
Product brands make life easier. They make it possible to recognize
products, which simplifies the decision making process. Furthermore,
product brands make the consumer a part of a group; they create a
sense of belonging. But retail brands do even more than that. These
brands are visible platforms for kindred spirits: the physical shop is a
container for the entire retail formula and therefore constitutes a large
part of the retail brand. The tangible nature of retail makes the
familiar slogan experiencing the brand most logical of all, in a
physical store.
Retail brands have gained in popularity in the past few years. Indeed,
they have a number of advantages above product brands. In the first
place, they are closer to the consumer.
The physical store space offers the possibility of literally and
figuratively communicating with consumers at the moment of purchase
(one-to-one marketing). Retailers can show who they are and what

they stand for through the store formula. Moreover, in principle,

retailers are neutral, because the choice of product brand (or store
brand, if present) is left to the consumers. Retailers help consumers
because they make a shrewd pre-selection and present their product
assortment in a specific manner. Once a consumer knows and trusts a
retailer and has good experiences and memories about a store, the
foundation has been laid for a long-lasting relationship that will
ultimately lead to customer loyalty.
Retail branding creates a brand preference, which goes beyond the
product or service in itself.

INDIAN RETAIL BRAND BUILDING THE ROAD MAP AHEAD

There is no doubt that the Indian retail shopping experience has been
enhanced by giant superstores and shopping malls across our country.
They should however learn quickly to build the retail brand directly
and not look to factors like priming location, valuing pricing or
product assortment to build their businesses. Indian retailers, to build
a strong retail brand presence, can use the following strategies.
Relationship management to enhance in-store shopping experience:
Competition will force retailers to think about their customers as
individuals, analyze their shares of customers and calculate their
customer lifetime values. Retailers need to build data bases using instore data collection and launch frequent shopper rewards, carry on an
interactive communication with them, make special offers, drive
traffic and add value outside the in-store relationship.
Retail brands get built by developing personal relationships with
consumers rather than only through product and pricing. For example,
staff should be trained to recognize their V.I.P customers. Soft
rewards for V.I.P customers include priority service, free giftwrapping, enhanced guarantees and sales pre-notifications. Hard

benefits include privileged rewards and extra value offers as well as

straight discounts.
The quality of management of the customer is becoming an
increasingly important source towards building the retail brand.
Education and training of staff needs to be done to enhance customer
service. Local store management can be empowered to maximize the
value of each customer visit. Analysis of customer behavior can guide
store merchandising to match the profile of their customers and even
the needs of the shoppers at different times of the day.
External communication to add value outside the store: Retailers use
advertising to build their brands and promotions to drive store traffic.
Retailers have, still not felt the concept of individual customer
communication outside the stores as a necessity. It is necessary that
they seek to add a new form of dialogue with their customers. Retail
chain Subiksha, for examples, mails a broadsheet to its customers
giving them details of the promotional offers available and price
comparisons across brands that helps its customers to take more
informed decisions. Motivating the staff to volunteer value: The
quality of in-store service is a key factor in differentiating the retailer
and winning a higher share of customer spend. In one survey, shoppers
were asked, would they ask for the same salesperson on their next
purchase visit; the yes respondents were found to more likely give
the store an 8-10 rating. On the other hand, shoppers unhappy with the
salesperson gave the store a very low performance on overall service
and performance. Staff must be trained and motivated to recognize
their best customers and to offer them superior service.
Successful retailing has always been said to be, about getting the
nitty-gritty right of merchandising, forecasting, the supply chain,
training and recruitment of high quality personnel and category
management. Building retail brands that offer value will, in future,
overshadow all these areas, and emerge as the dominant reason for the
success of the organized Indian retailer. Indian retailers should also

understand that the retail experience has become a popular leisure

activity and they are vulnerable to any new competition for customers
entertainment.
Indian retailers must build their brands with images that seek to
entertain and involve their customers. It is the quality and value of the
retail brands that they have sought to establish that will determine the
loyalty of the retail shopper in future.
Retailing in India
The retail market size in India is estimated to be around $180 billion.
Retailing provides jobs to almost 15 percent of employable Indian
adults and it is perhaps the largest contributor to India's GDP.
But the flip side of the coin is that the average size of each of the
retail outlets in India is only 50 square feet and though a large
employer, the industry is very unorganized, fragmented and with a
rural bias.
The Indian retail industry is unorganized
There are nearly twelve million retail outlets in India and the number
is growing. Two thirds of these stores are in rural location. The vast
majority of the twelve million stores are small "father and son"
outlets. Share of the unorganized sector is 98%.
The Indian retail industry is fragmented
Retail stores in India are mostly small individually owned businesses.
The average size of an outlet is 50 s.q. Ft. and though India has the
highest number of retail outlets per capita in the world, the retail
space per capita at 2 s.q. Ft per person is amongst the lowest in the
world.
The Indian retail industry has rural bias
Nearly two thirds of the stores are located in rural areas. The retail
industry in rural India has typically two forms: "Haats" and "melas".

Haats are the weekly markets: they serve groups of 10-50 villages and
sell day-to-day necessities. They are frequently used as replenishment
point for the small village retailer. Melas are larger in size and more
sophisticated in terms of the goods sold. Mela merchandise would
include more complex manufactured products such as televisions.
Even in urban areas, organized in India is restricted to the top few
cities of the country as shown in Table given below:

Top
6

Next
4

Top
6

Next
4

Cities
2005
(Expected)

1999
Distribution
of organized
retailing

88%

12%

66%

20%

The evolution of Indian retail industry

For Indian retailing, things started to change slowly in the 1980s,
when India first began opening its economy. Textiles sector (which
companies like Bombay Dyeing, Raymond's, S Kumar's and Grasim)
was the first to see the emergence of retail chains. Later on, Titan,
maker of premium watches, successfully created an organized retailing
concept in India by establishing a series of elegant showrooms.
For long, these remained the only organized retailers, but the latter
half of the 1990s saw a fresh wave of entrants in the retailing
business. This time around it was not the manufacturer looking for an
alternative sales channel. These were pure retailers with no serious
plans of getting into manufacturing. These entrants were in various
fields, like - FoodWorld, Subhiksha and Nilgiris in food and FMCG;
Planet M and Music World in music; Crossword and Fountainhead in
books.
As of the year ending 2000 the size of the Indian organized retail
industry was estimated at around Rs. 13,000 crore. The various
segments that make up the organized retail industry along with their
size are in table given below. Retail growth is already gathering
momentum and the organized retail industry is expected to grow by 30
per cent in the next five years and is expected to touch Rs. 45,000

crore in 2005. Thus, the growth potential for the organized retailer is

enormous.

Segment

Market
Crore)

Size

Textiles and clothings

4050

Jewellery

2,000-2,500

Consumer Durables

1500

Footwear

1,300-7,500

Food and personal care

1000

Non-Store retail

900

Luggage, watches and

tyre

500

(Rs.

INDIAN RETAIL BOOM

Retailers are now also aggressively moving into developing their own
private labels as a tactic to improve operating gross margin. Initially,
this has been done in the apparel categories by retailers such as
Shoppers Stop and Pantaloon (and more recently by Globus) and in
food & grocery categories by industry leaders such as Food world. We
would see increasing pressure on other branded goods as well in not so
distant future.

LEADING RETAILERS

Pantaloon: Fashion by Pantaloon

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 aspirational 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. Scottsvile, Lombard,
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 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.

Central Mall - Shop, Eat, Celebrate.

Located in the heart of the city, Central are 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.

MALLS IN INDIA
A decade ago not a single mall
5 years ago less than half a dozen
Today 40 malls
2 years from now 300 malls

INDIA RETAIL BY 2006-2007

50 million sq ft of quality under development
7 major cities to account for 41 million sq ft development
300 malls, shopping centers and multiplexes under construction
To open 35 hypermarkets ,325 large
supermarkets and over 10,000 new outlets.

department

stores,

1500

Many strong regional and national players emerging across formats

and product categories. Most of the these players are now geared to
expand far more rapidly than the initial years of starting up most have

regained /improved profitability after going through their perspective

learning curves.

OBJECTIVES
Objective of the Project:

To find out Customer satisfaction level with the Shopping Malls.

 Knew the Present scenario of Shopping Malls in India.

Understand the perception of customer towards the Shopping

Malls.

Knew the customer expectation about Shopping Malls.

To formulate the strategies for the Indian retail sector for bright
future.

RESEARCH MEHODOLOGY

The questionnaire is the most widely accepted research instrument.

The questionnaire was designed keeping in mind the research
objective. As mentioned earlier, since the company wanted

quantitative information, most of the questions were close ended with

respondent choosing one of the options given. However questions
soliciting perpetual or difficult quantify type answers were left openended.
A copy of questionnaires used is given in the Appendix.
RESEARCH: Research in common parlance refers to a search for knowledge. One
can also define research as a scientific and systematic search for
pertinent information on a specific topic.
The topic of my research was to: To explore the customer perception
towards private label/Brands of Retailers.

RESEARCH METHODOLOGY:
Research Methodology is a way to systematically solve the research
problem. It may be understood as a science of studying how research
is done scientifically. To do my study I have adopted exploratory
research design.
Research Design

Exploratory

Data Source

Primary & Secondary data

Research Instrument

Questionnaire

Sample Plan

Shopping Malls of Ghaziabad

Sample Size

50 customers

Sampling Procedure

Non Probability Sampling

Sampling Methodology

Personal Survey Method Through the

various steps, which are involved in the exploratory research, are

as:
Research Design

Methods of data collection

Sample size
Area of sampling
Data analysis
Findings
Suggestions

RESEARCH DESIGN: The approach is aimed at identifying the awareness and brand image
among the customers. As the study explore the possible cues of brand.
All the variables as shown in the table have been standardized to
construct the tools.
METHOD OF DATA COLLECTION
For doing my study I have used both primary and secondary data
Primary data
Secondary data
PRIMARY DATA: - The personal interview method has been strictly
adopted throughout the study. The primary data was collected by
market survey with the help of structured questionnaire. The schedule
includes open-ended questions, ordinal scale questions and some
multiple questions.

SECONDARY DATA
Secondary data obtained from the following:
Journals
Various Article

SAMPLE SIZE
It is the unit, which is considered for the purpose of the study.
Sampling unit is shopping malls at Ghaziabad area. To commence the
study sample size for,
Customer

- 50

AREA OF SAMPLING:Shopping malls at Ghaziabad Region cover for the market survey.
NAME OF THE SHOPPING MALLS: SHIPRA MALL

INDRAPUIRAM

ANSAL PLAZA VAISHALE

GALAXY

OPP. VAISHALE

SILV ER CITY

LAL KUA

WEB

KAUSHAMBE

PACIFIC MALL OPP. KAUSHAMBE

GHAZIABAD
GHAZIABAD
GHAZIABAD
GHAZIABAD
GHAZIABAD
GHAZIABAD

ANALYSIS
Finding 1.
1. Shopping Malls are mostly visited by age group of 20-30 followed by 30-40
age group.
2. The reason being college students and families.

Table 1

AGE
Total Percentage
16-20
10
30%
20-30
15
20%
30-40
10
20%
40-50
8
16%
50 and
over
7
14%
Total
50
100%

Graph 1

Finding 2
1. Mostly customers prefer SHOW ROOMS AND SHOPPING MALLS for
purchasing.
2. Local Markets are mostly used for shopping that includes MOM & DAD s
shop.

Table 2
LOCATION TOTAL PERCENTAGE
KIRANA
STORE
8
16%
LOCAL
MARKET
12
24%
SHOPPING
MALLS
15
30%
SHOW
ROOMS
15
30%
TOTAL
50
100%
Graph 2

Finding 3
1. Mostly respondents go for shopping purposes in shopping malls.
2. 38% respondents go for having a fun in shopping malls.
3. Window Shopping is also one big factor of attraction towards shopping
malls.

Table 3

PURPOSE
SHOPPING
Graph 3

TOTAL PERCENTAGE
23
46%

ENTERTAINMENT
19
38%
WINDOW
SHOPPING
8
16%
PURPOSE
OF
VISITING
SHOPPING
MALLS
TOTAL
50
100%
WINDOW
SHOPPING
16%
SHOPPING
46%
ENTERTAINMENT
38%

Finding 4
1. Mostly respondents used to go fortnightly to shopping malls.
2. 30% respondents used to go weekly for various purposes to shopping malls.
3. Only 10% people go daily at shopping malls.

Table 4
VISITING
FREQUENCY
DAILY
WEEKLY

TOTAL PERCENTAGE
5
10%
15
30%

FORTNIGHTLY
MONTHLY
TOTAL

20
10
50

40%
20%
100%

Graph 4
VISITING
FREQUENCY

MONTHLY
20%

DAILY
10%
WEEKLY
30%

FORTNIGHTLY
40%

Finding 5
1. According to respondents all under one room concept was the main
motivator factor behind the success of shopping mall.
2. Second preference choice was availability of branded Item.

Table 5
All
under
Branded Trend & one
Affordability Item
Fashion room Total
1st
Perf
2nd
3rd
4th
Total

4
10
14
22
50

8
20
12
10
50

8
12
16
14
50

30
8
8
4
50

50
50
50
50
200

Graph 5

Finding 6
1. 60% respondents are satisfied with the pricing schemes at shopping malls.
2. 40% respondents were not satisfied with the pricing schemes.

Table 6
PRICE
SATISFACTION TOTAL PERCENTAGE
YES
30
60%
NO
20
40%
TOTAL
50
100%

Graph 6

Finding 7
1. Weekend Rush was the main problem for a normal customer.
2. 16% respondents were not happy with the Parking Facility at Shopping
malls.

Table 7
DRAWBACK
IN MALLS
TOTAL PERCENTAGE
EXPENSIVE
PARKING
FACILITY
WEEKEND
RUSH
OTHERS
TOTAL

12%

16%

16
20
50

32%
40%
100%

Graph 7

Finding 8
1. 70% respondents said that location of shopping malls affects Shopping mall.
2. 30% respondents ignore the location problem.

Table 8
LOCATION
AEFFECTS TOTAL PERCENTAGE
YES
35
70%
NO
15
30%
TOTAL
50
100%
Graph 8

Finding 9
1. Mostly respondents were highly satisfied with the parking facility.
2. Respondents were agreeing that quality of service is up to mark at shopping
malls.

3. According to most of the respondents quality of the products was good.

4. Respondents were satisfied for the money paid at shopping malls.
Table 9

Excellent Good

Average Poor

PARKING
FACILITY

30

11

50

QUALITY
OF
SERVICE

11

25

50

QUALITY
OF
PRODUCT

16

15

10

50

20

11

11

50

VALUE
FOR
MONEY

Graph 9

TOTAL

VALUE
20
8
MONE
FOR
Y
QUALITY
16
15
PRODU
OF
CT
QUALITY
11
25
SERVIC
OF
E
PARKIN
30
FACILIT
G
Y
0
10
20

11

11

10

9
8

11
30

Excellent
Good
Average
Poor

6
5 41

40

50

60

On the basis of this we can say that

1. visitors are mostly satisfied with the parking facility.
2. Quality of service is below good and above average.
3. quality of product is followed by value for money.

FINDINGS
Malls are unable to fetch more revenue to the shops or the stores.

 Builders are in profit not the stores.

The only successful outlets are EATING OUTS and RECREATION
CENTRES in the malls.
Apparel stores have maximum females customers.
Maximum footfall is on weekends.
Brands and trends attract people toward malls.
Parking is the major problem on weekends.

CONCLUSION

Shopping Malls, especially in a price sensitive market like in INDIA, make money
from making the supply chain more efficient. Through a combination of cutting
cost and sweating assets, its possible to improve the return on capital by 10-12
percent, which for an efficient retailer should be 30-40 percent.
Thus optimum inventory stock, maximizing realization per square feet, identifying
products with highest margin, and ensuring depth and width of products is the
name of the game.
To be more successful retailers will need to renew formats quickly, as formats that
earlier lasted, 10-12 years, today burn out in three to four. But as global experience
in the industry shows its often easier to get a format wrong than right. There are
inherent risks to building a super size retail empire.
The retailers must learn to strike a balance between economies of scale and
regional disparities.

SUGGESTION
Companies should try to change the consumers perception regarding
shopping malls or retail sector as a hole to attain maximum profit.
Retail sector should concentrate on supply chain management because being
in B2B Market; effective supply chain can minimize the cost of items.
Companies must focus on positioning of each and every item in shopping
mall to not only attract the customers but also to make them purchase them.
Focus should be on infrastructure ambience and recreational facilities in
shopping malls.
Companies should do interaction and get feedback.
Companies should focus on market needs.
Companies should target the customers inspirational needs.
Special offers should be made available from time to time to convert
window Shopping into actual shopping.

BIBLIOGRAPHY

G.C. Beri ,Marketing Research, Tata McGraw Hill Publishing Co. Ltd.
2003

David Luck & Rubin, Marketing Research, Prentice Hall of India Pvt.
Ltd. Delhi 2004

Michel E. Porter, Competitive Advantage , The Free Press New York

2003
Mall Wonder, Economic Times, 1 April 2004
Retail detail The Hindu Business Lines January 2005
www.quickmba.com
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