impact of e-tailing on brick and mortar retail in...

Impact of e-tailing on brick and mortar retail in IndiaA Whitepaper by Colliers Internationaland Frost & Sullivan

Impact of e-tailing on brick and mortar retail in India 2

Table of contents

Introduction 3

Real estate for organised retail-trends and developments

4

6Indian e-commerce industry: estimated to growto USD 56 billion by 2023

7Emergence of e-tail

7Growth drivers & challenges for e-tail in India

8E-tail favourite investment avenue for PrivateEquity investors

10Impact of e-tail on the retail sector

11Response of brick and mortar retailers toonline retail

13International scenario - Colliers view

14Key emerging and future trends

16Conclusion

A whitepaper by Colliers International and Frost & Sullivan 3

Rapid proliferation of high-speed Internet and Internet-enabled smart devices has contributed to the expansion of online retail in India at more than 40 percent growth in FY 2013-14. In contrast, organised retail grew just 10-12 percent in the same period, while brick and mortar retail, as a whole, grew 6-7 percent. Capital value and retail rentals remained �at in India’s top seven cities in FY 13-14. Overall absorption declined and only 1.6 million sq ft of retail space was absorbed in India in 2014, down from 5.1 million sq ft in 2013. The entry of a number of high pro�le participants into the online retail �eld recently, along with an in�ux of private equity funds and investment from foreign venture capitalists, has resulted in a huge boost in funding that translated to tremendous sales growth in e-tail. Mall owners are currently, looking for a defense strategy to ensure the viability of their retail assets. However, as they say there is always an opportunity with a threat, it is observed that retailers are increasingly integrating both o�ine and online presence through di�erent combinations of product presentation, payment, and delivery modules for their stores and digital platforms.

This whitepaper aims to �nd out the recent trends in Brick and Mortar retail and online retail in India and aims to provide an insight into the future, along with a focus on the impact it had on real estate requirements.

Introduction

Online retail in India is expected to touch USD 22 billion by 2018. Mobile internet users in India is expected to cross 300 MN by 2017 from 159 million users at present, further aiding e-tail penetration.

Source: Colliers International India Research, IBEF, Frost & Sullivan

Unorganised Retail

Organised Retail

Online Retail

Consumer durables

Home decor and furnishing

Jewellery and watches

Beauty care

Footwear

Books, music and gifts

Foods and beverage

Clothing and Textile

92%

33%

20%

18%

10%8% 6%

7.5%

0.50% 3%

2%

Segment-wise break-up of the indian retail industry

Exhibit 1: Indian retail industry - share of organised retail

Break-up of organised retail

Real estate for organised retail - trends and developments


Although the retail sector in India is still dominated by the unorganised sector; the organised retail sector is growing steadily, though it has less than 10 percent share of the total sector. The country’s organised retail is still concentrated in cities, especially metros, mini metros, and top cities.

Source: Colliers International India Research, IBEF, Frost & Sullivan

The total existing stock in terms of Gross Leasable Area (GLA) in the 5 major cities currently standsat approximately 70 million sq ft. About 21 million sq ft is currently under construction, which isexpected to become operational in the next 3 years.

India’s retail industry is �ourishing and accounts for 22 percent of the country’s GDP. In 2014, the market was worth USD 500 billion and is expanding at a CAGR of 15-20 percent. The Indian retail industry is considered the seventh largest retail market in the world. The penetration level of modern retail which is 8-10 percent currently is expected to increase six-fold from the current USD 27 billion to USD 220 billion in 2020.

3


Source: Colliers International India Research

Brick & mortar space 2014 (million sq ft)

15% YoY of average growth in brick & mortar space

0

5

10

15

20

25

30

Bengaluru Chennai Hyderabad Kolkata Mumbai NCR Pune

Brick & mortar space 202OE (million sq ft)

13.0

6.55.0

5.97.2

15.0

18.822.0

28.4

6.5

8.2

6.58.2

17.2

Exhibit 2: Demand-Supply situation of Indian retail space requirements (completions / absorption in million sq ft)

In 2014 very minimal new supply has come in to the market and developers have not shown miniscule interest in launching new retail projects. Some of the major changes that the industry started witnessing, is slower expansion of big pure players, with focus on pro�tability (reference Exhibit 3).

Source: Colliers International India Research, Frost & Sullivan

Slower pace of expansionby big, pure play retailers.Slowdown in consumption

Focus more on pro�tability,less on expansion

Uncertainty over FDI inmulti-brand retail resultedin sector’s slowdown in 2014

Average space addtion in2014-15: 10-11 %(down from 13 % in 2013-14)

Retailers to expand space at a lower rate in 2014-2015

compared to 2013-14

Concerns on rentals and e�ciency.More and more o�ine retailers

are going online

Exhibit 3: Changes seen in the Indian retail industry


Rental appreciation in prime shopping markets of major cities like New Delhi and Mumbai

Historically, low demand supply in India in 2015

Global brands demanding prime locations to launch operations; quality spaces low in metro cities

Out of 71.6 million sq ft of retail space available in the country, 12.6 million sq ft remained vacant in 2014

In Delhi and Mumbai, availability of quality retail space is expected to remain tight in core areas

Annual absorption decreased to 1.6 million sq ft in 2014 compared to 5.1 million sq ft in 2013

Exhibit 4: Mixed outlook for malls in India

So far we have not seen any major impact on rentals and capital value of retail malls. Going forward we see a mixed outlook for malls in India, with global brands focusing on prime shopping markets.

•

•

•

•

The Indian e-commerce industry grew at a CAGR of 34 percent from 2009 until 2014touching US $16.4 billion.

e-tailing is the fastest growing segment in Indian e-commerce at a CAGR of 56 percent over the same period (2009-2014).

Foreign venture capitalists and private equity �rms invested US $3.9 billion, led by TigerGlobal, Sequoia, DST Global, Soft Bank, and So�na.

Global e-tailer Amazon has announced that it will invest US $2 billion in expanding itsIndian operations.

• Funds go mainly into customer acquisition, for back-end support, and service delivery.CAGR of 10 percent in digital payments from 2010 till 2014 helped e-tail. COD still accounts for half of e-tail payments.

• Major Indian e-tailers in customer acquisition mode - e-tailers persist with discounts for the fear of losing customers to rivals. It is not sustainable in the long run.

Indian e-commerce industry: estimated to grow to USD 56 billion by 2023

Source: PWC


Emergence ofe-tail

In India the e-tail revolution started o�cially around two to three years back. Ebay and Amazon were the �rst ones to foray in to the market, with companies like Flipkart, Myntra and Snapdeal, etc. joining the online bandwagon recently. With their unique business models and perseverance, e-tailing gradually started taking o�. The game changer that triggered the growth spurt was Cash on Delivery (COD) model, which facilitated a safe and convenient shopping experience for consumers. As per comScore data, Amazon India has received 23.6 million unique visitors, while the number was 23.5 million for Flipkart and 17.9 million for Snapdeal in May 2015.

Competition from e-tailers has been the major reason behind the slowdown of sales for majority of the bigger mall retailers. The e-tail business in India is expected to grow in the backdrop of fast growing internet penetration and developing infrastructure like payment and delivery systems.

Apparels and accessories

Healthcare

Beauty and personal products

Home decor and furnishing

Baby products

Books

Electronics

Exhibit 5: E-tail revenue break-up (in %), 2014, India

34%

30%

15%

10%6% 3%

2%

Source: Internet and Mobile Association of India (IAMAI), Colliers International India Research, Frost & Sullivan

Growth drivers & challengesfor e-tail in India

The primary factors driving e-tail in India are increased internet penetration, convenience of shopping, and discounts o�ered by these e-tail websites. Another major factor driving demand is the transparency of price as consumers feel con�dent that they are getting the best value possible. There are websites, for example, buyhutke.com that do research for the customer and compare prices on all major e-tail sites. In addition, other customer reviews help in �nalizing the product.


Exhibit 6: Drivers and challenges to e-tail penetration

Low internetpenetration

Cost of packagingand distribution

Poor logistics andinfrastructure

Discounts

Convenience

Technology

Source: eMarketer, Colliers International India Research, Frost & Sullivan

GROWTH DR IVERS CHALLENGES

However, it is a debatable subject whether shopping online is derived more by convenience or by discounts o�ered. It is very early to say but it appears that discounts o�ered by e-etail companies is the primary driver of this demand. Reportedly, all the major players, whether it is Flipkart or Snapdeal are bleeding cash. Other challenges are low internet penetration, less credit card users, poor logistics and transport infrastructure, COD especially last mile, etc. However, the scope of internet growth will have a positive impact on retailers’ volumes and market share, but the cost of packaging and distribution can erode pro�t margins. Retailers are under pressure to �nd the optimal e-distribution model.

E-tail has become the favourite investment destination for Private Equity (PE) investors, with companies such as like Flipkart, Amazon, and Snapdeal announcing some of the major investments in the last year. Tiger Global, Sequoia, DST Global, Soft Bank and So�na were the key Venture Capitalists (VC)/PE investors. Research indicates that the sector has secured over USD 4.4 billion investment from VC/PE and internal funding. Refer to exhibit 7 for more details on some of the recent investments.

E-tail favourite investment avenuefor Private Equity investors


Flipkart.com 3,151Accel India, Tiger Global, Naspers / ICONIQ Capital, DragoneerInvestment Group, Morgan Stanley Investment Management, So�naand Vulcan Capital, DST Global, Steadview Capital, Baillie Gi�ord,Greenoaks Capital, T. Rowe Price Associates, Qatar InvestmentAuthority

Company Key investors Amount(million USD)

1,468Alibaba, Foxconn, Softbank, Nexus Venture Partners, Indo-USVenture Partners, Bessemer Venture Partners, Ebay, Intel Capital,Kalaari Capital, Saama Capital, Temasek Holdings,Blackrock, Myriad, Premji Invest, Tyborne

Snapdeal.com

2009

Total FundingReceived Since

2011

Exhibit 7: Recent Private Equity investments in e-tailing companies

100British development �nance institution CDC, and undisclosedinvestors

Jabong.com 2012

89Accel Partners, Mumbai Angels, NEA-IndoUS Ventures,IDG Ventures, Tiger Global, Premji Invest

Myntra.com(Acquired by

Flipkart in 2014)

2007

60Helion Venture Partners, Zodius Capital, Ascent Capital, andBessemer Venture Partners

BigBasket.com 2011

50Kalaari Capital, SAIF Partners, Steadview Capital, Ratan Tata,Tata Sons, Sequoia Capital and TR Capital

Urbanladder.com 2012

50Tiger Global Management, Lightspeed Venture Partners andMatrix Partners India

Limeroad.com 2012

46.5Zomato, Sequoia Capital, Tiger GlobalGrofers.com 2013

36New Enterprise Associates (NEA), Valiant Capital, IDG VenturesIndia, Ventex Venture Holdings and SAIF Partners

Firstcry.com 2010

31Accel Partners, IVY Capital and Dragoneer, with participationfrom Kalaari Capital and Saama Capital, Ratan Tata, Portea Medical

Bluestone.com 2011

28Norwest Venture Partners, Bertelsmann India Investments (BII)Pepperfry.com 2012

19.2Zodius Technology Fund, Khazanah Nasional Bhd, Unilazer Ventures,IDG Ventures India, Kalaari Capital

Zivame.com 2011

10Sequoia Capital and SAIF PartnersPepperTap.com 2014

2.8IAN, Harvard Business Angels (India chapter)PrettySecrets.com 2012

1.6Info Edge (India) LtdHappilyunmarried.com 2003

Source: Secondary sources like e-newspapers, e-magazines etc. Note: Data compiled by Colliers International India Research


Impact of e-tail on theretail sector

The primary impact of e-tail on the physical retail format is in 3 areas:

1. Low growth As physical retail sales stagnate and growth is lower than previous years, retail chains are forced to open fewer stores. Even footfall during festive season has been reduced which is going in favour of online retail. As per secondary sources the retail revenue growth in 2014-15 has come down to 10 to 11 percent from 13 percent in 2013-14.

2. Diminishing marginsCustomers started demanding to match online prices for goods, particularly electronics are forcing retailers to sell at lower prices. Certain brands sell exclusively on the Internet via tie-ups with e-tail partners, thereby denying o�ine retailers business.

3. Reduced sales densityShowrooming as a trend is on the rise resulting in footfalls not essentially translating into sales.For example : Online retail is rapidly penetrating the electronics segment, especially the cellphone market. As a result, South India’s largest brick and mortar cellphone retailer, UniverCell is now looking to shut the 380-store chain.

SHOPPERS STOP WESTS IDE FUTURE RE TA IL

Space additions: Consolidated FootprintGrowth:

• Closed more stores than it opened in 2013• Shut 16 Food Bazaar Stores in 2013it opened in 2013• Reduced Operational Area by 0.15 Million Sq. Ft.

2012-13 : 18.4%

2011-12 : 48.5%2010-11 : 41.1%

2012-13 : 2.5%2011-12 : 7.5%

Exhibit 8: E-tail impact-reaction of retailers and realty suppliers

Adoption of strategies to integrate stores with their websites and trying to make e-tailing a crucial medium of sales.For example: Shoppers Stop.

Demand for a regulatory authority for e-tailing sites in India with respect to market practices adopted.

Indian landlords yet to be a�ected signi�cantly, unlike those in mature markets such as the USA. Landlords to persist without hiking rents owing to lesser margins of brick and mortar shops.

In future, malls to focus on portfolios less a�ected by online revolution: Gaming zones, multiplexes, hotel, food and entertainment, etc.

RESPONSE BY RETAILERS RESPONSE BY L ANDLORDS

Source: Frost & Sullivan



Response of brick and mortarretailers to online retail

Brick and mortar retailers are increasingly wary of the threats posed by the attractiveness of online retail. In mature markets, such as the USA, retailers such as Walmart in several cases, match the prices o�ered by their online rivals. It is observed that retailers are increasingly integrating both o�ine and online presence through di�erent combinations of product presentation, payment, and delivery across stores and the digital platform.

1. Changes in the physical retail formats

Exhibit 9: Impact of e-tail growth on newer demands in real estate

E-full�lment centers: Merchandise is stocked at large scale and picked up at item levels. (Addition of 7.5-15 million sq ft in the next three to four years)

Parcel hubs and sortation centers (USD 500-1000 million to be spent on logistics function in the next three to four years)

Parcel delivery centers: Last mile delivery to the customer

IT operation centers and administrative centers


Expected spending by e-tailersin India between 2017-2020

USD 450-900 million(2-6 percent of revenue)

USD 500-1,000 millionPhysical retailers to cut down onreal estate investments and storeexpansion plans

Warehousing and sortation centers:

Logistics Functions

Brick and mortar shops are trying to di�erentiate themselves by providing a unique brand experience to the buyers. Multisensory customer experiences, better customer reception, and better relationship management with customers are areas that can be facilitated better through brick and mortar channels. Stores with a physical presence play a huge role in brand building and will always remain relevant. Certain national retail chains have recognized the importance of multiple delivery models and have strategised accordingly.

2. Multisensory customer experience


Exhibit 10: Multisensory customer experience, rede�ning consumer experience

Bett

er c

usto

mer

exp

erie

nce

Bett

er r

elat

ions

hip

man

agem

ent

Inte

grat

ing

tech

nolo

gy in

to s

tore

Turning thestore intoa ful�llmentcenter

In-storeexperienceunrivalled bye-tailcompetitors

Better attentionto customers

Productexperiencezones

Immediate andaccurate feedback from customers

Bettercustomerengagement

• • •

Storesconnected to a central guidancesystem,providingpromotion andsupport

••

•

•

Source: Frost & Sullivan, Colliers International India Research

From a mall owner’s perspective, the mall ownership model has a bearing in successful adoption of a new strategy. In the Indian market, most of the malls are strata sold to the investors. Multiple ownerships are resulting in improper mall management and low occupancy. International brands generally stay away from such malls. It is observed that it is di�cult to change formats and tenants in a strata sold model than in a developer owned mall. It is evident in India that malls owned by developers like DLF, Unitech, Phoenix, etc. are faring better than strata sold malls because of better mall management and control over tenant quality.


STRATAOWNEDMODEL

DEVELOPEROWNEDMODEL

Multiple owners, low occupancy No proper mall management, international brands stay away from such malls

Proper mall management-freedom to chose tenant Proper �oor planning, attracts more international brands

No theme based or any special shopping experience Small scale developers built such malls

Exhibit 11: Developer owned overtaking the strata owned malls model

•

•

•

•

•

•

Established developers own such malls.Example: malls by DLF, Unitech, etc.

•

Mallsownership

models


International scenarioColliers view

In China, landlords are considering more diversi�ed retail trades that are associated with “experience” such as food and beverages (F&B) and entertainment, in a bid to increase footfalls. In addition, more promotional activities such as art galleries and exhibitions are more acts of this kind. Some landlords are more willing to enter O2O, establishing webs for their properties, in the hope of undertaking more online promotions on behalf of tenants and owners themselves. These kind of owners include Wanda, COFCO and Yintai – all quite well known in China.

Hong KongMall operators in Hong Kong continue to utilize their designated home pages and internet platforms as an e�ective means to entice their customers especially the young generation to physical malls. We see a lot of collaboration between the mall operators and retailers in achieving this. For example, by teaming up with retailers, mall operators can issue e-coupons which are only available online. However, it can only be redeemed in designated shops within shopping malls. Events and joint promotional activities with retailers have been lined up throughout the year and all event information is available online. Pop star shows can draw crowds too. Special invitations can be obtained online but with limited seats available, tickets will be distributed by clicking onto certain internet links on the basis of “�rst click �rst serve”. Supermarkets can be slightly scaled back and more spaces in shopping malls can then be allocated to tenants engaged in F&B and restaurants since these cannot be replaced by any e-retailing. All the promotions and latest menu etc. will be made available online to facilitate visitors who want to dine out in shopping malls.

Shopping center owners in Australia have embraced online shopping and the use of technology to better connect the digital shopper with physical shopping malls. The focus is very much on the multi-channel experience. Shopping centers are becoming digital hubs, which connect the product, the retailer and the building. West�eld for example, is targeting online shoppers with its ‘Searchable Mall’, a website which helps shoppers �nd what they want in their local West�eld shopping center or allows customers to purchase goods online. Facilitating click-and-collect and online order returns within shopping centers is also a priority, and is being catered for in new center design and tenancy �t outs.

Australia

China

Source: Colliers International Research

- Colliers International China Research

- Colliers International Hong Kong Research

- Colliers International Australia Research


Key emerging andfuture trends

1. Logistics: The new retail for real estateThe expanding e-tail industry, and a key role in it for third-party delivery �rms, has triggered the USD 50 billion Indian logistics sector to about 80 percent more growth this year, making it the �fth best performing industry in India. The rapid emergence of e-tail has had an impact on industrial real estate. Logistics and distribution properties are now being established at a fast pace across the country in order to ensure pan India coverage. There has been a big shift in spending for facilities from showrooms to logistics facilities, as demand for logistics and storage facilities are on the rise. E-tail logistics models are di�erent from traditional storebased logistics models, and will require fresh investments for the set up.

Tie-ups by leading pure play brick and mortar retailers with e-tail giants in a market place arrangement will be an emerging trend in retail. This will be the way forward for those retailers who want to bene�t from the huge e-tailing growth pie, while maintaining their brick and mortar operational characteristics. This way, the retailers can o�oad many of the operational risks associated with online business to the pure play e-tail partner, while reducing IT investment costs. Jewelers in India, who have always played purely in the brick and mortar format, are now tying up with e-tail giants like Flipkart, ebay, and Amazon to generate more orders.

Multi-channel is making channel irrelevant. Retailers are increasingly recognising that there is no need for maintaining channel exclusivity. Rather, having a presence across channels will help them connect better with the customers. Brick and mortar retailers are expected to continue their signi�cance, while being supported by their own digital/online presence. The notion of channels will gradually erode and they will be integrated relentlessly.

2. Tie-ups between pure play e-tailers and retailers

3. Multi channel

4. Click and collectIn mature markets, click and collect is the fastest growing multi-channel retail format as it provides a simple solution to the “last mile” problem. It works well for all the players (customers, retailers, and landlords). For example, for the customer it o�ers the convenience of being able to collect goods at a time that suits them. For the retailer, it means passing on some of the cost of delivery to the shoppers, as well as the opportunity to up-sell when that customer is in store. For landlords, click and collect is a great footfall generator and can often mean the sale is attributed to that store, eventhough it is transacted online. However, click and collect also has logistical challenges for pure play retailers as they do not have a store network from which to o�er collections. To mitigate this problem, many retailers have made alliances with small convenience retailers or post o�ces to o�er collection points, or have set up collection lockers in shopping centers, on industrial estates or at


5. Enhanced delivery model

railway stations. For example, Amazon collection points are now a common feature in UK shopping centers, while in Germany, it is reported that 90 percent of the population live within 10 minutes of free lockers operated by Deutsche Post DHL.

In the US, click and collect is however not very popular because of the big di�erence in geography. The US is much larger and more sparsely populated than the UK, making distribution a challenge. Thus, super markets o�er very short delivery times to compete with online shopping. But in competition, e-commerce sites like Amazon o�er same day delivery service in around 10 cities and Ebay o�ers same day delivery service in San Francisco and New York in alliance with a number of big retailers.

Exhibit 12: Learnings from international experience

Click and collect model• Order online and pick up in store (commonly known as click a collect)

Enhanced delivery model• Visit the store and get things delivered at home

Multi channel• Visit the store and order onlne via a kiosk or i-pad

• Visit the store and shop on the retailer’s website via mobile phones

• Visit the store and shop on another retailer’s website for a better price (also known as showrooming)

• Visit the store, compare prices via a barcode scanner and find the product at another physical store at a lower price



ConclusionO�ine and online retail are likely to coexist in India in the future as well, and both will reinvent themselves to make shopping a more pleasurable experience. Omni-channel retail strategies will emerge more signi�cant as retailers recognize that customers want to shop at their will, in their way, and whenever they want to. However, brick and mortar will remain the cornerstone for retail.

Physical retail can be powerfully supplemented by digital retail and such will be the case in India in the near future. However, there are issues like poor supply chain infrastructure in the country that both retailers and e-tailers will have to overcome. Absence of clear e-commerce laws and lack of customer loyalty will be challenges that the e-tailers are likely to face moving forward.

Source list:IBEF (India Brand Equity Foundation)

PWC

IAMAI (Internet and Mobile Association of India)

VCCircle

trak .in

Wikipedia

Business Standard

Economic Times

Mint


Colliers International Group Inc.Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 o�ces in 67 countries. With an enterprising culture and signi�cant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing �rms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services �rm.

colliers.com

Frost & SullivanFrost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make orbreak today’s market participants. For more than 50 years, we have been developing growth strategies for the Global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasingcompetitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?

http://ww2.frost.com/

Copyright © 2015 Colliers International.The information contained herein has been obtained from sources deemed reliable. While every reasonable e�ort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

Frost & Sullivan takes no responsibility for any incorrect information supplied to us by manufacturers or users. Quantitative market information is based primarily on interviews and therefore is subject to �uctuation. Frost & Sullivan research services are limited publications containing valuable market information provided to a select group of customers. Our customers acknowledge, when ordering or downloading, that Frost & Sullivan research services are for customers’ internal use and not for general publication or disclosure to third parties. No part of this research service may be given, lent, resold or disclosed to non customers without written permission. Furthermore, no part may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the permission of the publisher.

About

DISCLAIMER

Authors:

Media Contact:

Surabhi Arora

Sachin SharmaManagerResearch | Colliers International [email protected]

Sukanya DasguptaAssistant General ManagerMarketing & Communications | Colliers International [email protected]+91 98118 67682

Associate DirectorResearch | Colliers International [email protected]

Deepa Doraiswamy Associate Director Innovation & Knowledge Center | MENASA | Frost & [email protected]

impact of e-tailing on brick and mortar retail in...

Documents