RETAILING

According to Kotler: Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non business use
It is responsible for matching individual demands of the consumer with supplies of all the manufacturers.

RETAIL MANAGEMENT
The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management.
Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs.

WHY RETAIL MANAGEMENT ?

Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied.
An effective management avoids unnecessary chaos at the store.

EVOLUTION OF RETAIL IN INDIA

Traditional Formats Haats Melas

Mandis etc.

Established formats Kirana shops Convenience/ department stores PDS/ fair price shops Pan/ Beedi shops

Emerging Formats Exclusive retail outlets Hypermarket Internal retail Malls / Specialty Malls Multiplexes Fast food outlets Service galleries

FACTORS INFLUENCING RETAIL MANAGEMENT

Social

Legal

Economical

Political

Technological

Social

how consumers, households and communities behave and their beliefs. For instance, changes in attitude towards health, or a greater number of pensioners in a population.

Legal

the way in which legislation in society affects the business. E.g. changes in employment laws on working hours.

Economic

how the economy affects a business in terms of taxation, government spending, general demand, interest rates, exchange rates and European and global economic factors.

Political how changes in government policy might affect the business e.g. a decision to subsidies' building new houses in an area could be good for a local brickworks. Technological how the rapid pace of change in production process and product innovation affect an organization.