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RETAIL MANAGEMENT Page 1
INRODUCTION:
Retailing is the sale of goods or merchandise from a fixed location such as a department store, a kiosk by
post, in small or individual lots for direct consumption by the purchaser. Retailing may include services also like
delivery. The purchasers may be individuals as well as businesses. A retailer buys the products from the
manufacturer of the products or the wholesaler and then sells these products to the consumer. Retailers are usually
at the end of the supply chain. The shops may be on residential streets, shopping streets or in a shopping mall.
Shops present in a mall are called as hypermarkets. Online retailing, a type of electronic commerce used for
business-to-consumer transactions and mail order are forms of non-shop retailing. Shopping generally refers to the
act of buying products. Sometimes this is done to obtain necessities such as food and clothing; sometimes it is done
as a recreational activity.
There is a popular misconception that consumption of the goods drives the retail force.
But this is not true. The Retailing force drives the consumption of the customers. Customers
would be willing to pay even a premium if they find any value from the product that they
purchase. The problem is not the disposable income but the income not being driven into the
retailing industry well enough in this country.
If the retailers or the manufacturers do not continuously innovate with their products and
bring about a new value addition customers would not be willing to spend more even if their net
disposable incomes increase. The retailers should try to create a new shopping experience to the
customers every time the customer enters the store. This is what would give profits to the
retailing industry. Merely keeping the store environment the same and not creating a new
shopping experience to the customers would not serve their purpose. Retail industry in India is
bound to grow in the country with the FDI in multi brand retail under the purview of the central
government. Retailers who provide great value to the customer in terms of the products and the
shopping experience are the ones who can grow leaps and bounds in this high growth period in
the coming few years.
India is known for its unorganized retailing for the past several years. But with the advent of
retailing giants India is slowly but steadily moving in the direction of organized retail. Hence
there is a massive scope for organized retail in India. Winners would be the one who constantly
evolve and create a unique shopping experience each time the customer enters the store. With the
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advent of organized retailing there evolved different types of retail formats. Some of them are as
mentioned below:
Convenience stores
Factory Outlet
Franchise
Speciality Store
Shopping Mall
Departmental store
Chain of stores
Hyper markets
Shopping Plaza
Convenience Store:
These types of stores are located very near to the end customer. They are usually located
in residential areas where the customer would find it easy to buy products. These would be at the
disposal of the customer and these stores usually have a good relation with the customer.
Eg: Any neighborhood kirana shop
Factory Outlets:
The manufacturers of the products who give these products at discounted prices to the
customers open these types of stores. These are usually done on cancelled orders or done in a
way as to increase the awareness of the products among the customers.
Eg: Balaji Snacks in Pune usually offer their snacks at low prices on one particular day of a week
Shopping Plaza:
Shopping plaza is usually a place where a number of stores are located in the same
building. Each store would be allocated a fixed space so as to do their businesses.
Ex: Phoenix plaza
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Franchise:
Retail stores that are owned and operated by individual on behalf of and licensed by a big
supporting organization
E g : D omi no s
Speciality Store:
Retail shops displaying merchandise that have narrow product lines specializing in a
particular type of merchandise offering specialized services to customers
Eg: Parx by Raymond
Shopping Mall:
A shopping mall is an arrangement of retail stores consisting a right mix of food court,
shopping, entertainment and other recreational activities.
Eg: Inorbit Mall in Mumbai, Hyderabad.
Departmental Stores:
Any store having several departments like clothing, Cosmetics, Groceries, Books &
Stationary, Electronics, Personal care under a single roof although functioning as a separate
strategic business unit.
Eg: Pantaloons
Chain of Stores:
A single retailer establishes a store of chains with a separate store design, Promotion and service
strategy so as to have a synergistic gain.
Eg: Raymond’s chain of stores
Hyper Markets:
Hyper markets are very large in size, carry grocery, hardware, appliances and other general
merchandise with self service facilities usually located in warehouse type structure with large
parking facilities
Eg: Big Bazaar.
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Origin & Development of Retail Industry in India:
Retail industry is one of the largest industries in India contributing to more than 10% of
its GDP. It is one of the fastest growing sectors with a 5% CAGR. India has a huge middle
class population and also the retail industry in the country is untapped. These are
the forces that are dragging the global retail giants into our country. With the
economy of the country expected to increase Indian retail is expected to grow 25%
annually.
The organized retail had not evolved in the country until the early 1990s.
Unorganized sector dominated the industry till then. It consisted of very limited
brands and was predominantly a sellers’ market. There was very little choice left
with the customer. Lack of consumer awareness and restrictions over the entry of
foreign players into the sector also contributed to the delay in the growth of the
organized sector. Kishore Biyani’s Future group was the first to enter the organized
retail in India. Following Pantaloons successful venture a host of Indian business
giants such as Reliance, Bharti, Birla and others are now entering the organized
retail sector.
Retailing is the most active and the most attractive sector of the last decade.
While the retailing industry has been present since ages in the country, it is only in
the recent past that it has witnessed so much dynamism. The emergence of retailing
in India has more to do with the increased purchasing power of buyers, especially
post- liberalization, increase in product variety, and increase in the economies of
scale, with the aid of modern supply and distribution solution. Indian retailing is at
an interesting crossroads.
The retail sales are at the highest point and new technologies are improving
retail productivity. Though there are many opportunities to start a new retail
business retailers are facing many challenges.
A number of factors are driving today’s retail industry. These include:
increase in young working population, nuclear families in urban areas, increasing
working women population, increase in the disposable income, customer
aspirations, increase in expenditure for luxury items, and low share of organized
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retailing. India’s retail boom is manifested in shopping centers, multiplexes and
huge complexes that offer food, shopping and entertainment all under one roof.
Growth & Present Status:
At present the Retail industry in India is accelerating. Though India is still not at an equal
pace with other Asian counterparts, Indian is geared to become a major player in the Retail
Market. The fact that most of the developed nations are saturated and the developing ones still
not prepared, India secures a great position in the international market. Also with a highly
diverse demography, India provides immense scope for companies brining in different products
targeting different consumers.
According to the Global Retail Development Index, India is positioned as the foremost
destination for Retail investment and business development. The factor that is presently playing a
significant role here is the fact that a large section of Indian population is in the age group of 20-
34 with a considerably high purchasing power; this has caused the increase in the demand in the
urban market resulting in consistent growth in the Retail business. And though the metros and
other tier 1 cities continue to sustain Retail growth, the buzz has now shifted from these great
cities to lesser-known ones.
As the spending power is no longer limited to metros, every tier 2 city in the country has
good market for almost every product or service. Due to this, tier 2 cities like Chandigarh,
Coimbatore, Pune, Kolkata, Ahmedabad, Baroda, Hyderabad, Cochin, Nagpur, Indore,
Trivandrum etc. provide a good platform for a brand to enter Indian market.
However there are a few precautions for every brand that explores Indian market. As Indian
consumers are very curious and have a broad perspective, they respond well to a new product or
concept and there are very fair chances of a brand surviving well, but every Indian consumer be
it an urbanite or a small town dweller needs a feeling of value for money.
Although labeled as tight fisted, Indian consumers are great spenders once they realize
that they are getting value for their money. Also new product /service concepts from the western
world are better adopted first by the urban Indians, the smaller markets respond well to the need
based retailing rather than luxury concepts.
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Factors that lead to importance Indian retail industry are as follows:
The income of an average Indian is increasing and thus there is a proportional increase in
the purchasing power.
The infrastructure is improving greatly in all regions is benefiting the market.
Indian economy and its policies are also becoming more and more liberal making way for
a wide range of companies to enter Indian market.
Indian population has learnt to become a good consumer and all national and
international brands are benefiting with this new awareness.
Another great factor is the internet revolution, which is allowing foreign brands to
understand Indian consumers and influence them before entering the market. Due to the
reach of media in the remotest of the markets, consumers are now aware of the global
products and it helps brands to build themselves faster in a new region.
Recent Trends:
• India is rated the fifth most attractive emerging retail market: a potential goldmine.
• Estimated to be US$ 200 billion, of which organized retailing (i.e. modern trade) makes up 3
percent or US$ 6.4 billion
• As per a report by KPMG the annual growth of department stores is estimated at 24%
• Ranked second in a Global Retail Development Index of 30 developing countries drawn up by
AT Kearney.
• Multiple drivers leading to a consumption boom:
Favorable demographics
Growth in income
Increasing population of women
Raising aspirations: Value added goods sales
Rural markets emerging as a huge opportunity for retailers reflected in the share of the
rural market across most categories of consumption.
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About the Organization (Aditya Birla Group):
The Birla’s entered into the retail industry in the year 2007. The Rs 40,000crore, Aditya
Birla group, through the unlisted Aditya Birla Retail acquires over 172 retail stores, operating in
southern India, with predominant presence in Andhra Pradesh under the popular brand names of
Trinethra and Fabmall. While most of the group stores operate under Trinethra brand, stores
located in Karnataka and Kerala operate under the Fabmall brand, although 50000 sq.ft big
hypermarkets in Mysore is popularly known as Fabcity. Trinethra, prior to this acquisition, was
aggressively pursuing its plan to set up new stores in TierII cities such as Mysore, Coimbatore
and Tirupur in the southern region of the country.
Trinethra that has adopted convenience and supermarket formats is focused on selling
food and groceries in residential areas, although some of the stores also offer pharmaceutical
products. Trinethra also offers value-added services like Forex remittances and bill payments. A
typical Trinethra store ad measures 2,500 sq.ft in retail space. The chain of stores are serviced by
an infrastructure of central warehouses in Andhra, Karnataka, Tamilnadu and Kerala, with a
space of about 50,000 sq.ft each Aditya Birla Retail Limited rebrands its Fabmall grocery
supermarkets to more, a name reflective of its commitment to offering customers a more
fulfilling retail experience. The re-branding follows the acquisition of the Trinethra Super Retail
that includes the retail brands Fabmall, Trinethra and Fabcity by Aditya Birla Retail in January
2007.
Mr. Anjaneyulu Kakkera originally founded the two decades old, Rs. 250 Crores, 2500
employees strong, Hyderabad based Trinethra group. Aditya Birla retail limited is the arm of
Aditya Birla group which is a USD 28 billion Corporation. The company ventured into food and
grocery retail sector in 2007 with the acquisition of a south based supermarket chain.
Subsequently Aditya Birla Retail Ltd expanded its presence across the country under the brand
name more with 2 formats. They are:
Supermarkets
Hypermarkets
Supermarket: more. For you - Conveniently located in neighborhoods, more. Supermarkets cater
to the daily, weekly and monthly shopping needs of consumers. The product
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offerings include a wide range of fresh fruits & vegetables, groceries, personal care, home care,
general merchandise & a basic range of apparels. Currently, there are over 600 more
Supermarkets across the country.
Hypermarket: more .MEGA STORE - is a one-stop shopping destination for the entire family. A
large range of products across fruits and vegetables, groceries, FMCG products are available.
More Mega store also has a strong emphasis on general merchandise, apparel & CDIT
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Own Label Food Brands:
More, Feasters, Kitchen’s Promise, and Best of India
Home & Personal care brands:
More, Enriche, 110%, Pestex, Paradise and Germex.
With a vision to be among the leading retail players in India, Aditya Birla retail launched
its first supermarket more in May 2007. Since its launch, more had an aggressive roll out,
reaching a total count of more than 800 stores across India today. It is a neighborhood
supermarket which takes care of the everyday household needs and more. Spread across a wide
range of products of food and nonfood items, ranging from basic necessities such as fruits and
vegetables, staples, personal care, homecare, household care products, general merchandise, and
dairy products more provides a one stop solution for all the grocery shopping needs.
Also in store are essentials such as inner ware, kids’ essentials, pharmacy, bakery and a
mobile store. With a range of over 4000 products, they are able to fulfill the daily shopping
needs all under one roof, at a convenient location. More also promises a world class shopping
experience with a modern store layout and easy to shop with friendly staff to provide assistance,
electronic billing facilities and a colorful ambience. At More they offer branded food and
grocery products sourced from the leading brands from all over India, along with private label
brands from their own portfolio available in a broad selection always giving the best possible
value for money.
Growth and development of the organization:
With the opening of first store in Pune and announcing its retail plans, the Aditya Birla
Group has finally joined the crowded retail space. And from the voices in the media, it’s not far
when the group has a pan-India retail presence. Organized retail is just 7% of the total retail
market in India but still a debatable point whether the Birla’s are an early or a late entrant. Since
Pantaloons, Spencers, Subhiksha, Spencers and Reliance have already set up a good base. More
store may find it hard to invade the territory which these stores have already captured in their
respective locations.
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But even then key factors which may influence the buying patterns of customers are
convenience in terms of distance from home, pricing and giving the right product mix catering to
different social and economic class. Since, organized retail has thin margins and high costs of
around 15% to the revenues retail companies should promote more their in house brands which
have a higher mark up.
Aditya Birla “More” strategy to offer budget and high value private labels under “More
for You” and “Select” seems to be like successful UK’s Tesco model of having separate labels
with separate quality and prices for the same product category. Till Bharti Wallmart enters the
market, the key competitor for “More” shall be r\Reliance Retail as they have similar store
formats and product offerings. But the real tough part will be when these two companies launch
their hypermarkets, in which Pantaloons’ Big Bazaar still rules the space in terms of nationwide
presence and then differentiation would play a key role.
But like telecom, when the markets get mature, there are not many differentiating factors
in terms of pricing and service quality, similarly once few big players get established in retail
market, each one would carve a separate niche of their own sets of customers and markets.
Present Status of the Organization:
Aditya Birla Retail LTD has more than 800 More stores all over India. Pune was the first
place where the first store was opened. More has a strong presence all over India and is one of
the most trusted brands in Indian households. More is committed to deliver quality & value to
the customers and has a range of private label brands as well as commercially branded products
offering. 100% satisfaction on the quality of the products and services offered. More hosts a
range of private label brands across various categories that follow stringent quality norms, and
are available in attractive prices and packaging.
The premium products give the best opportunity to enjoy the difference and quality that is
equal or better than the market’s leading brands, but at competitive prices. The private label
brands received the coveted “The most Admired private Label”, Golden Spoon award at the food
forum India. More offers a wide range of assortment of over 4000 products, ranging from fresh
food to beverages, grocery to household care products.
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This range covers everything, from day-to-day essentials to traditional favorites, from
delicious treats, to healthy alternatives. To ensure the freshest supply of fruits and vegetables
they have built direct linkages with the farmers of daily supplies of farm fresh produce.
Their stores are built with a modern and comfortable ambience, air conditioned and with
speedy automated cashiering to help shop better. They also have friendly in store policies on
exchange and returns that help you shop with ease and comfort. Furthermore to make shopping
experience more rewarding with them at more they offer a membership program club which
reinforces the commitment to consistently add value to the shopping experience and also to thank
the customer for choosing a part of more. As a club member, you are entitled to special benefits
besides the regular offers and promotions at more. Club more members will also have the benefit
of receiving exclusive SMS alerts for special offers on products and services. Club more has over
1million members enrolled for its loyalty program.
Functional department of the organization
HR and training
Project and business development
Commercial and accounts
Administration
IT
Legal
Loss prevention and Risk Management
Marketing
Supply chain
Organizational Structure and organizational chart
Chairman
CEO
Supermarket
Hypermarket
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4 regional heads
2 zonal heads
2 territory managers
10 clustor managers
Store manager
Supervisor
Assistant supervisor
CSA
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Product and service profile of the organization:
More is committed to deliver quality and value to the customers and also have range of
private label brands as well as commercially branded products offering 100% satisfaction on the
quality of the products and services offered. It hosts a range of private label brands across
various categories that follow stringent quality norms and are available in attractive prices and
packaging. The premium products give the customer the opportunity to enjoy the difference and
quality that is equal or better than the markets leading brands but at competitive prices. The
range of brands covers almost everything. They have linkage with farmers so as to provide
customers with fresh fruits and vegetables.
Following is the range of products offered by more stores to its customers. There are
various products and offerings provided by both super markets and hypermarkets.
Supermarkets:
Bakery
Beauty concepts
Beverages
Basic apparels
Cutlery and Cook wear
Fruits and vegetables
Frozen and Dairy products
FMCG products
Grocery
General merchandise
Home care products
Home needs
Home décor products
Mobile store
Personal care and cosmetics
Processed food
Pharmacy
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Ready to cook/ prepared food
Small white appliances
Staples
Stationary
Women’s accessories
Hypermarkets:
Apparels men/ women
Audio and video
Bakery
Beverages
Books
Computers and accessories
Auto accessories
Electronics
FMCG products
Footwear
Frozen and dairy products
Furniture
General merchandise
Home care products
Home décor products.
Home needs and home upkeep
Infant and children’s Apparels
Information technology products
Large white appliances
Luggage
Mobile phone and accessories
Personal care and cosmetics
Processed food
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Ready to cook/ Processed food
Small white appliances
Sporting goods
Staples
Stationary
Sunglasses and Fine Jewellary
Two wheelers
Toys
Friendly return and exchange policy:
In case the customer changes his mind the store would be pleased to exchange the same
for him/her as long as it is in the original condition without any spotted tampering done on the
product.
Aditya Birla’s methodology for scoring store success:
Best practices workshop: ABRL realized that they had an employee base that possessed unique
skill sets acquired from having worked in several industries, including FMCG, retail, brick and
mortar, etc; as a result, the mindset of staff was diverse. Mr. Thomas Varghese, Chief Executive
Officer, ABRL realized that the company needed to create a uniform set of standard operating
procedures, processes and prescribed methodologies by which all members of the organization
would be aligned. To achieve this, Mr. Varghese created a high potential team that was mandated
to create the content of the Best Practices in Retail. This team assessed all the operational
functions of a retailer, such as
• Business Development
• Buying and Merchandising
• Supply Chain Management
• Store Operations
• Loss Prevention
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• Quality
• Execution of Private Labels
• Marketing and Visual Merchandising
• Human Resource
• Finance and Commercial
These functions were then translated into series of Best Practice Workshops. These
workshops were conducted by internal domain specialists and by March/April 2009, the
organization had 1300 people who understood excellence and were aligned in a singular
direction, with common perspectives, goals and directions ABRL interprets the concepts of
measurement and standardization through a holistic approach. ABRL follows the Balanced
Scorecard methodology in deriving the KRAs and the KPIs in a top-down approach. This has
enabled ABRL to drive its organizational objectives through aligned goals across the length and
width of the organization.
Factors for Success:
Systematic and measured approach to aligning staff and the organization in a singular
direction
Extensive due diligence of KRAs, KPIs, expectations, etc.
Best practices workshops based on operational dynamics
Focus on ensuring that “everyone is on the same page”
Support and buy-in from senior management was essential in encouraging new and
shared behaviors, actions, etc.
Innovation and Marketing:
The importance of branding is imperative in today’s increasingly crowded retail
marketplace, which not only comprises several brands but is also characterized by the
consumer's fickle mindedness about choosing products
Innovations
Launching of new formats (SIS, Value, etc.)
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Customer loyalty programmes that enable retailers to use customer data to generate new
product ideas, build brands, launch marketing and promotional campaigns
Creation of private labels that, over time, can be marketed, branded and positioned as
unique and well recognized brands
Development, creation and implementation of customer service standards that delight and
excite consumers as they interact with retailers
Creation of new distribution channels such as non-store channels where the staff visit
consumers at their homes and bring merchandise, allowing consumers to display products
in their homes, understand product features, etc.
They are focusing on making marketing strategies more efficient at lowest possible cost.
Some vehicles that are being increasingly used are:
Reality Shows
Mobile Phones
Brand Ambassadors
The Internet
Sponsorships
Performance of ABRL:
Aditya Birla Retail, an arm of the Aditya Birla Group, has piled up losses of nearly Rs
4,800 crore after seven years of operation, even as bigger rival Reliance Retail turned profitable.
ABRL's filing with the Registrar of Companies shows its losses widened to Rs 596 crore for the
year ended March 2014 from 510 crore in the previous year, though sales more than doubled to
Rs 2,510 crore after the company merged its arm, Trinethra Super-retail, with itself. One of the
main reasons for these losses have been found that the aggressive expansion of Aditya Birla
Retail. The merged entity i.e., Trinethra was strong only in the southern states of the country.
Hence more. Stores have been concentrated only in South India. But Aditya Birla Retail is
planning to increase its presence aggressively. Hence the huge investments in building up its
infrastructure resulted in these huge piling up of losses when compared to other competitors.
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The company, which owns includes department store chain Pantaloons, apparel maker
Mudra Fashion and Lifestyle, and supermarket chain More, now has accumulated losses of Rs
4,745 crore, which includes the book value of Trinethra Retail along with investments and costs
of building "These are not operating loss but our investment over the years. The accumulated
losses reflect initial infrastructural investments, cost of store closures, goodwill on acquisition of
Trinenethra and Fabmall and interest cost on borrowings. At store operating level, we are already
profitable and EBIDTA positive is just a year away," said Pranab Barua, Aditya Birla Group's
director
In contrast, Future Retail, which includes Big Bazaar, Home Town and Ezone, posted Rs
11,557 crore for 15 months ending March 2014, while Reliance Retail posted its first net profit in
FY14 at Rs 272 crore on sales of Rs 12,132 crore. Tata's Star Bazaar, however posted a loss of
Rs 55.79 crore
ABRL closed FY14 with 490 'More' branded supermarkets and 14 hypermarkets. Apart
from store expansion, retailers fought for market share by deep discounting, adding pressure to
their bottom lines. These factors, in turn, contributed to making organized retailing a high-
investment, low return sector.
Consumer Perceptions:
Consumers all round India perceive ABRL to be a trusted brand. The brand awareness
among the customers is very high and they have a sense of positive feel about the brand. The
customers feel the brand to be high on integrity, commitment, passion, Seamlessness and speed.
Opportunities for ABRL:
With the growing middle class population and a high amount of young population in the
country the retail sector has a high scope for development. Also the economy of the country is on
a upward looking path which makes the retail industry in the country all the more attractive.
There is a huge untapped organized retail in the country. All these factors provide an opportunity
for ABRL to go forward and make profits. All these opportunities if properly utilized and if they
are quick to cash in on them ABRL would be the market leaders in the retail segment given they
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pride themselves in constantly innovating themselves and providing the customers with superior
value.
Problems and challenges for ABRL:
Some of the problems/ challenges that this company faces are listed below:
Tough competition from existing competitors and unorganized sector means limited
market share.
New entrant into the market
Lower penetration
Increasing commodity prices causing pressure on profit margins
Strong competition from domestic as well as foreign players given the government is
intended to increase the FDI cap in retail industry.
Lower costs mean thin profit margins.
Still many people in this country don’t prefer these types of organized retail chains in the
country.
Decreasing number of loyal customers, as more customers in the recent times prefer the
stores that offer at lower prices than being loyal to a single store.
Increasing maintenance costs might result in reduction of profits.
Future Prospects:
As mentioned earlier Aditya Birla Retail is aggressively planning to increase its presence
in other parts of India, as its current presence is only concentrated in Southern states. Hence
Aditya Birla having a strong brand name can increase its revenue and market share to a larger
extent. In last few months Aditya Birla group has acquired Pantaloons Retail India Ltd (PRIL)
from Kishore Biyani’s Future Group. As it is well known Pantaloons is one of the pioneer in the
Indian organized retail industry and it is the parent company of many retail chains like Big
Bazar, Brand Factory and many more. Moreover it is expected that there might be some
restructuring in the group that might result in the merger of Pantaloons and more retail chain.
Though there is no merger more hypermarket can depend upon the Pantaloons and can leverage
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upon it to increase it brands and products that are available in its store and thereby attracting new
customers. With growing organized sector in the country more retail sector can achieve more
revenues. Hence overall we can expect that there would be a good time ahead for more
supermarkets and hypermarkets.
Conclusion:
Aditya Birla Group has a great values and one of the biggest conglomerates in the
country. This strong back up behind more i.e., Aditya Birla Retail is always a huge asset for the
company in the times when Indian Retail industry is moving towards organized sector. Indian
economy in the current state is growing and all the sentiments seem good. At this point of time
international retail giants like Wal-Mart, Target are seeing India as a huge potential. This itself
shows the huge potential in Indian retail industry. More has a huge reach in the market and it has
a huge potential. Since this retail chain has entered into the market recently some years ago it has
long time ahead to improve and develop its infrastructure. Hence there is a strong potential for
more retail stores to increase its revenue due to its proximity of stores presence.
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References:
http://en.wikipedia.org/wiki/More_(store)
http://www.morestore.com
http://www.adityabirla.com/home
http://www.adityabirla.com/businesses/Profile/aditya-birla-retail-limited
http://www.adityabirla.com/Media/aditya-birla-retail-re-brands-fabmall
http://www.fibre2fashion.com/industry-article/free-retail-industry-article/indian-retail-
industry-its-growth-challenges-and-opportunities/indian-retail-industry-its-growth-
challenges-and-opportunities1.asp
http://www.ibef.org/industry/retail-india.aspx
http://en.wikipedia.org/wiki/Pantaloons_Fashion_%26_Retail
http://www.adityabirlanuvo.com/maduragarments/pantaloon_profile.aspx?id=gZ9pHzD+
83Y=
http://www.adityabirla.com/businesses/Profile/Pantaloons-profile