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Retail Management - A Strategic approach
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Retail Management
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Retail Management
A Strategic Approach
TWELFTH EDITION
Barry Berman
Hofstra University
Joel R. Evans
Hofstra University
International Edition contributions by
Mohua Banerjee
International Management Institute, Kolkata
Pearson Education Limited
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Essex CM20 2JE
England
and Associated Companies throughout the world
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© Pearson Education Limited 2013
The rights of Barry Berman and Joel R. Evans to be identified as authors of this work have been asserted by them in accordance with
the Copyright, Designs and Patents Act 1988.
Authorized adaptation from the United States edition, entitled Retail Management: A Strategic Approach, 12th edition,
ISBN 978-0-13-272082-3 by Barry Berman and Joel R. Evans, published by Pearson Education © 2013.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any
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7
Brief Contents
Preface 19
About the Authors 25
Acknowledgments 27
PART 1 An Overview of Strategic Retail Management 31
Chapter 1 An Introduction to Retailing 32
Chapter 2 Building and Sustaining Relationships in Retailing 55
Chapter 3 Strategic Planning in Retailing 83
PART 2 Situation Analysis 121
Chapter 4 Retail Institutions by Ownership 122
Chapter 5 Retail Institutions by Store-Based Strategy Mix 142
Chapter 6 Web, Nonstore-Based, and Other Forms of Nontraditional
Retailing 164
PART 3 Targeting Customers and Gathering
Information 201
Chapter 7 Identifying and Understanding Consumers 202
Chapter 8 Information Gathering and Processing in Retailing 226
PART 4 Choosing a Store Location 255
Chapter 9 Trading-Area Analysis 256
Chapter 10 Site Selection 281
PART 5 Managing a Retail Business 309
Chapter 11 Retail Organization and Human Resource Management 310
Chapter 12 Operations Management: Financial Dimensions 335
Chapter 13 Operations Management: Operational Dimensions 352
PART 6 Merchandise Management and Pricing 377
Chapter 14 Developing Merchandise Plans 378
Chapter 15 Implementing Merchandise Plans 405
Chapter 16 Financial Merchandise Management 428
Chapter 17 Pricing in Retailing 452
PART 7 Communicating with the Customer 485
Chapter 18 Establishing and Maintaining a Retail Image 486
Chapter 19 Promotional Strategy 509
PART 8 Putting It All Together 543
Chapter 20 Integrating and Controlling the Retail Strategy 544
Appendix: Careers in Retailing 571
Glossary 577
Endnotes 591
Name Index 603
Subject Index 611
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9
Contents
Preface 19
About the Authors 25
Acknowledgments 27
PART 1 An Overview of Strategic Retail Management 31
Chapter 1 An Introduction to Retailing 32
Chapter Objectives 32
Overview 33
The Framework of Retailing 34
Reasons for Studying Retailing 34
The Special Characteristics of Retailing 38
The Importance of Developing and Applying a Retail Strategy 40
Target Corporation: The Winning Approach of an Upscale Discounter! 40
The Retailing Concept 43
The Focus and Format of the Text 46
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Appendix Understanding the Recent Economic Downturn in the United
States and Around the Globe 50
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Chapter 2 Building and Sustaining Relationships in Retailing 55
Chapter Objectives 55
Overview 56
Value and the Value Chain 56
Retailer Relationships 58
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Channel Relationships 66
The Differences in Relationship Building Between Goods
and Service Retailers 67
Technology and Relationships in Retailing 69
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Ethical Performance and Relationships in Retailing 72
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Appendix Planning for the Unique Aspects of Service Retailing 79
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Chapter 3 Strategic Planning in Retailing 83
Chapter Objectives 83
Overview 84
10 CONTENTS
Situation Analysis 84
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Objectives 92
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Identification of Consumer Characteristics and Needs 97
Overall Strategy 98
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Specific Activities 102
Control 103
Feedback 103
A Strategic Planning Template for Retail Management 104
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Appendix The Special Dimensions of Strategic Planning in a Global
Retailing Environment 109
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Part 1 Short Cases 114
1: Howard Schultz on Starbucks’ Future Plans to Grow 114
2: Manufacturer–Retailer Relations in the Chocolate Business 114
3: Carrefour’s and Best Buy’s Chinese Adventures 115
4: Ahold: A European Powerhouse Facing Tough Times 116
Part 1 Comprehensive Case: Abercrombie & Fitch Co.:
Looking to the Future 117
PART 2 Situation Analysis 121
Chapter 4 Retail Institutions by Ownership 122
Chapter Objectives 122
Overview 123
Retail Institutions Characterized by Ownership 123
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CONTENTS 11
Appendix The Dynamics of Franchising 137
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Chapter 5 Retail Institutions by Store-Based Strategy Mix 142
Chapter Objectives 142
Overview 143
Considerations in Planning a Retail Strategy Mix 143
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How Retail Institutions Are Evolving 148
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Retail Institutions Categorized by Store-Based Strategy Mix 149
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Chapter 6 Web, Nonstore-Based, and Other Forms
of Nontraditional Retailing 164
Chapter Objectives 164
Overview 165
Direct Marketing 166
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Direct Selling 173
Vending Machines 176
Electronic Retailing: The Emergence of the World Wide Web 177
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Other Nontraditional Forms of Retailing 183
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Appendix Multi-Channel Retailing 188
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Part 2 Short Cases 193
1: Ernie’s Auto Body: Utilizing the Key Choice Collision Center Network 193
2: Family Dollar: Reinventing the Discount Store 193
3: Amazon.com’s Mom Program 194
4: The Status of E-Tailing in China 195
Part 2 Comprehensive Case: Retailing Around the Globe 196
12 CONTENTS
PART 3 Targeting Customers and Gathering Information 201
Chapter 7 Identifying and Understanding Consumers 202
Chapter Objectives 202
Overview 203
Consumer Demographics and Lifestyles 204
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Consumer Needs and Desires 211
Shopping Attitudes and Behavior 212
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Retailer Actions 221
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Environmental Factors Affecting Consumers 223
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Chapter 8 Information Gathering and Processing
in Retailing 226
Chapter Objectives 226
Overview 227
Information Flows in a Retail Distribution Channel 228
Avoiding Retail Strategies Based on Inadequate Information 229
The Retail Information System 230
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The Marketing Research Process 236
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Part 3 Short Cases 248
1: The Costco Mindset: Appealing to Consumers’ Interest
in Quantity Discounts 248
2: 7-Eleven: A New Focus on the Customer (“the Guest”) 248
3: Testing Channel Formats at Wal-Mart 249
4: Growth Reimagined: Prospects in Emerging Markets 250
Part 3 Comprehensive Case: Starbucks’ Customer Appeal 251
PART 4 Choosing a Store Location 255
Chapter 9 Trading-Area Analysis 256
Chapter Objectives 256
Overview 257
CONTENTS 13
The Importance of Location to a Retailer 257
Trading-Area Analysis 258
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Characteristics of Trading Areas 270
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Chapter 10 Site Selection 281
Chapter Objectives 281
Overview 282
Types of Locations 282
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The Choice of a General Location 292
Location and Site Evaluation 292
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Part 4 Short Cases 301
1: Adapting Store Size to the Type of Location 301
2: Examining Perfumania’s Site-Selection Strategy 301
3: Examining Rue 21’s Location Strategy 302
4: Coach Expands into China’s Tier 2 and Tier 3 Cities 303
Part 4 Comprehensive Case: The Growing Appeal
of Nontraditional Retail Locations 304
PART 5 Managing a Retail Business 309
Chapter 11 Retail Organization and Human Resource
Management 310
Chapter Objectives 310
Overview 311
Setting Up a Retail Organization 311
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Organizational Patterns in Retailing 315
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Human Resource Management in Retailing 320
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Chapter 12 Operations Management: Financial
Dimensions 335
Chapter Objectives 335
Overview 336
Profit Planning 336
Asset Management 337
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Budgeting 344
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Resource Allocation 348
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Chapter 13 Operations Management: Operational Dimensions 352
Chapter Objectives 352
Overview 353
Operating a Retail Business 353
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Store Security 360
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Computerization 363
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Crisis Management 366
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Part 5 Short Cases 369
1: Predicting Retail Worker Engagement 369
2: Buying Local Cuts Costs for Wal-Mart 369
3: 1-800-Flowers.com Teams with IBM’s E-Commerce Platform 370
4: Chico’s Steps Up Its Technology 371
Part 5 Comprehensive Case: Automated Retailing: A Driver
of Profits and Cost Savings 372