ࡱ> vxu#` #bjbj\.\. .@>D>D\ \ \ \ p \@  !!!"@$@$@$@$@$@$@$Ah!DH@h$!!h$h$H@ ]@&&&h$  "@&h$"@&&7=? p;\ %F>?$s@0@`>^E&E4?E?@!["h&"T#Q!!!H@H@& !!!@h$h$h$h$\ \   SEGMENT 16: RETAILING (Related chapter in text: 17) LEARNING OBJECTIVES: -Understand the scope and functions of retailing -Understand the concept of retail positioning -Know the most common forms of retailers and retail locations -Understand the role of store image and atmospherics -Be able to compute key measures of retail productivity -Distinguish brand management and category management SCOPE OF RETAILING (2003) -Greater than $3 Trillion annual sales -Approximately 3 Million retail stores -Approximately 26 Million retail employees (17% of U.S. workforce) MAJOR CATEGORIES OF RETAIL SALES Automotive $750 BILLION Food Stores $460 BILLION General Merchandise $380 BILLION Eating/Drinking $285 BILLION Gasoline $180 BILLION Building Supplies $180 BILLION Furniture $165 BILLION Clothing $135 BILLION RETAIL FUNCTIONS How retailers add value -Providing assortments- set of products they offer for sale, the selection, buyers- one who makes decisions about what products to buy and select for the retailers, what assortment to get -Breaking bulk- manu produce things in huge quantities, making a 6 pack of water, so consumers can buy smaller amount -Holding inventory- having the product there when you want it, in the back if it is sold out -Providing services- geek squad at best buy, try on clothing, restroom, returns COMMON TYPES OF GENERAL MERCHANDISE RETAILERS Discount Stores Wal-Mart, Target, Kmart, Costco, sams club Very low price, low service- dont get a lot of service Broad, shallow selection, wide array of product categories, huge breadth, but not a lot of options in that category (shoes, tv, tires but not many choices) Department Stores Burdines, JCPenney, Sears Moderate to high price, service Broad, average to deep selection- on steady decline Specialty Stores- careful about image, style, and atmosphere, same store sales important Gap, Limited, Foot Locker Generally high price, service Narrow, average to deep selection Power Retailers (Category Killers)- offer selection that drive other merchants out Best Buy, Office Depot, Toys R Us Low price, service varies- some high, some low. Narrow, very deep selection (best buy and electronics ) RETAIL STRATEGY Positioning -Merchandise mix -Price/Service Location Image/Atmospherics  EMBED PowerPoint.Slide.8  LOCATION Regional Mall-enclosed shopping center, 3 anchor stores shopping mecca, goes through lifecycle Strip Center- strip of smaller store, outside, might be supermarket or drugstore Power Center- one anchor store such as retailer, with smaller stores Central Business District- downtown shopping area, with a macy, has declined. Stand-Alone Store- located anywhere, less common, has to survive on destination shopping- items onsale is something you go out of your way for, cars, boats, furniture stores Lifestyle center-outdoor shopping center, central area and some small stores mostly speciality stores. More upscale and entertainment . SITE LOCATION: MACRO FACTORS- what city are we going to go into Economic Climate- data on household income, unemployment, growth phase, eco factors positive or negative Demographic/Psychographic Profile- who is there, hobbies, interest, lifestyle, Competition- other retailers, and competition in area (publix vs winn Dixie ) Business Climate- general businnes climate, political situation with codes and regulations anti-business or welcomed? SITE LOCATION: MICRO FACTORS- where within in city? Accessibility- easy transportation, easy access Visibility-visibile from street? Traffic congestion- how bad is traffic? Widenning roads, Traffic patterns (right side for doungouts )Not having to turn from traffic Parking- enough parking space, bad weather walking to Rent- more attraction, higher rent, marketing in mall, further away is less rent Cannibalization- multiple stores in area (starbucks saturation) how many stores can a area support without over saturation STORE IMAGE AND ATMOSPHERICS Store Layout- Merchandise display Fixtures and signage Lighting and color Music and scents RETAIL PRODUCTIVITY MEASURES - Net Sales per Square Foot- how much we sell per square foot within store - Stockturn Rate- how quickly items turn over in particular area, how long is in on the shelf before it sells - Contribution per Square Foot NET SALES PER SQUARE FOOT --Used to compare departments, stores in a chain Net Sales = Total Sales Returns EXAMPLE Net Sales = $300,000 300,000/600=500 Size of Store = 600 square feet Net Sales per Square Foot = $500.00 STOCKTURN RATE where are we going to put the fastest moving product how many tide faces in a row vs other products used to delete products also incaps- special display on front of row in supermarket, paid forr extra shelving --Used to compare products, brands Stockturn Rate [SR]= Cost of Goods Sold [COGS]/ Average Inventory (at cost) Average Inventory [AI]= (Beginning Inventory [BI] + Ending Inventory [EI]) / 2 EXAMPLE BI = $34,000 EI = $38,000 COGS = $234,000 SR = COGS / ((BI + EI) / 2) = $234,000 / (($34,000 + $38,000) / 2) = $234,000 / $36,000 SR = 6.5 turns per year CONTRIBUTION PER SQUARE FOOT --Used to compare stores, departments, product categories, brands Contribution per Square Foot = (Avg. Inventory x Stockturn x (100 - % Markup)/100) / # Sq. Ft. EXAMPLE % Markup = 50% Avg. Inventory = $12,000 Stockturn = 4.5 # Sq. Ft. = 1500 Contribution per Sq. Ft. = ($12,000 x 4.5 x (100-50)/100) / 1500 sq. ft. = ($12,000 x 4.5 x .5) / 1500 sq. ft. = $18.00 per square foot NONSTORE RETAILING DOOR-TO-DOOR- type of retailing used by mary-kay from indivi to indivi called -NETWORK MARKETING- team of people who sell for who also known as mutli-level marketing (pyramid scheme where you try to lure people into pyramid is a promise of money for membership fee, no real productemailed advice) TELEMARKETING- dinner tella two types, outbound-calls out for sale, inbound-call into buy CATALOGS TV HOME SHOPPING ONLINE (WWW) --MULTICHANNEL RETAILING- same retailer using multiple channels to reach the different markets. Not holding as much retailer BRAND MANAGEMENT: Manufacturers perspective - maximizing profit performance of the brand- shelf spacing at eye level CATEGORY MANAGEMENT: Retailers perspective - maximizing profit performance of the entire mix of brands in a product category-entire perforamce of store KEY ISSUE FOR THE FUTURE OF BRICK-AND-MORTAR RETAILING: HOW TO ADD VALUE FOR THE CONSUMER THAT CANNOT BE DELIVERED VIA E-COMMERCE --RECREATIONAL SHOPPING-whom shopping is a recreational sport, women and daughter going to the mall, making place more desireable --RETAILTAINMENT- retailing and entertainment, test driving courses. The experience of shopping Questions on exam: specialty advertising same as premiuns. 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