Retail is a very dynamic field. Retailing is the set of business activities that adds values to the products and services sold to the customers. Retailers are the final business in a distribution channel that links manufacturers to consumers. Retailers organize the availability of merchandise on a large scale and supply them to consumers. In the process, they provide the accessibility of location, convenience of timing, information support. Retailing has always played an integral part in economic development. Strong retail activity has brought in great economic and social progress to several nations. Retail activity provides a clear picture of the spending pattern of the customers of a country. The Indian retail sector is highly fragmented with more than 90 per cent of its business being carried out by traditional family run small stores. This provides immense opportunity for large scale retailers to set-up their operations – a slew of organized retail formats like departmental stores, hypermarkets, supermarkets and specialty stores are swiftly replacing the traditional formats dramatically altering the retailing landscape in India. Different retail formats are present in the market. Brands or retailers decide the formats based on their products. Brands generally consider three types of retail formats: Exclusive brand outlet, large format store, Multi brand outlet. India is the third-most attractive retail market for global retailers among the 30 largest emerging markets, according to US consulting group AT Kearney’s report published in June 2010. Some of the benefits of having a striving retail sector are: Access to products, Better merchandise, not having to settle for a second or third choice when shopping, Greater consumer satisfaction and higher levels of service. Retailing symbolises consumerism. Retail scenario keeps changing continuously. The changes in the retail scenario are due to the • changing customer needs,
• economic development of the nation,
• falling borders,
• technological advancement,
Retailing is a complex business. The complexity in retail is due to number of activities involved. It is about every customer who enters the store and every transaction that the customer gets involved in. Compared to manufacturers, retailers should take much better care of their customers because it is in their store that the customer makes the purchase decision. Therefore maintenance of store and effective store operations is very essential is improving the image and making profit. Retailers have several functions to be performed in the store • Merchandise management
• Staff management
• Inventory management
• Store design
• Store layout
• Promotional offers
• Customer service
Sales can be achieved only if the necessary retail store operations are done effectively. Therefore the store operations should be well managed to enhance the performance of the store. The tasks of the store are assigned to the store personnel according to their capabilities. Effective performance can be obtained through effective management of merchandise and efficient store personnel.
1.2 : FINDINGS:
1.) Indian Terrain does not keep a constant check on its competitors product line,price ranges.etc..
2.) It does not have too many variation in denims & Accessories are not included in their line of product..
3.) The other major drawback is the weak Retail Planning, and the Improper Dispatches to Stores, due to which the Opportunity Losses occur in the Large Format Retail outlets (LFO) & Exclusive Brand Outlets (EBO) of Indian Terrain.
1.3: NEED AND SCOPE OF THE STUDY:
Ultimately all the above mentioned Problems will directly affect the growth of the brand Indian Terrain and also the Customers might not be fully satisfied with the Brand and the Products.