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

RETAIL MANAGEMENT Page 2

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

RETAIL MANAGEMENT Page 3

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.

RETAIL MANAGEMENT Page 4

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

RETAIL MANAGEMENT Page 5

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.

RETAIL MANAGEMENT Page 6

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.

RETAIL MANAGEMENT Page 7

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

RETAIL MANAGEMENT Page 8

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

RETAIL MANAGEMENT Page 9

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.

RETAIL MANAGEMENT Page 10

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.

RETAIL MANAGEMENT Page 11

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

RETAIL MANAGEMENT Page 12

4 regional heads

2 zonal heads

2 territory managers

10 clustor managers

Store manager

Supervisor

Assistant supervisor

CSA

RETAIL MANAGEMENT Page 13

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

RETAIL MANAGEMENT Page 14

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

RETAIL MANAGEMENT Page 15

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

RETAIL MANAGEMENT Page 16

• 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.)

RETAIL MANAGEMENT Page 17

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.

RETAIL MANAGEMENT Page 18

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

RETAIL MANAGEMENT Page 19

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

RETAIL MANAGEMENT Page 20

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.

RETAIL MANAGEMENT Page 21

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