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An Empirical Study on Performance of Organized Food Retailing in Punjab

K.C. Mittal 1 Anupama Prashar Anmol Soi 3 Abstract Retail is hailed as India's industry of the future, incited by the country's huge urban middle class population. 'Food and grocery' is the second-largest segment of the retail industry and carries in itself enormous potential, particularly in untapped rural and semi-rural markets, for new entrants. Growing at the rate of 30%, Indian food retail is going to be the major driving force for the retail industry. The paper maps the performance of various retail formats in 'Food & grocery' segment in selected cities of Punjab on the basis of parameters that are governed by consumer perception and operational efficiency Keywords: Organized, Retail, Operational Efficiency, Performance 1. Introduction 'Food and grocery' is the second-largest segment of the retail industry and is the least organized. According to a recent report by Ernst & Young, 'food and grocery' accounts for almost 54% (USD 152 billion) of the total Indian annual retail business4. However, food retail continues to be dominated by small local stores in the unorganized sector. Fuelled by the large disposable incomes, the food sector is now witnessing a remarkable change in consumption patterns, especially in case of food. Food retailing is undergoing a transformation from selling of food items in grocery shops & mandis, haats and bazzars to selling of processed food and grocery in supermarkets where consumers inspect and select the products in a comfortable ambience and still pay a fair price for the product and the merchandise. Sometimes it happens that one pays less than the price one would pay at the nearest food store. Shopping for groceries is no longer a strenuous and uncomfortable affair. Instead, it has become a pleasant experience. Food retailing is now an industry in itself. According to one of the recent reports on Food Retailing Scenario in India by Technopak, food & beverages is the major segment, worth Rs 8,97,000 crore. 5 This is contrary to the belief that fashion is the largest segment of organized retail in India. India's food retail industry has been the main focus of MNCs looking to grow with the economy. The industry has been rated as the fifth most attractive emerging market for retail by the International Council of Shopping Centers (ICSC). Currently, the food retail sector is valued at US $70 billion and the valuation is expected to rise to US $150 billion by 20256 1.1 Food Retailing Scenario in India Broadly, five forces are affecting the organised food retail industry in India. The first force affecting the organized food retail industry in a big way is small grocery stores that still tend to dominate the industry.
1 2 3 4 5 6

Dr. K.C. Mittal, Professor, School of Management Studies, Punjabi University. Patiala, mittal_krishanchand1955@gmail.com Anupama Prashar, Research Scholar, Punjabi Univesrity. Patiala, prasharanu@gmail.com Anmol Soi, Professor, Delhi School of, Professional Studies and Research, NewDelhi, India The Great Indian Retail Story- Ernst & Young Food Retailing in India(2009)-Technopak adviser McKinsey & Co in Food Forum 2009

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The growing bargaining power of average Indian buyer due to increased purchasing power is another force. Organised food retailers purchase directly from producers and wholesalers and pass on major portion of the savings to the customer. Retailers could possess a great bargaining power with manufacturers due to recent consolidations in the industry. So, bargaining power of suppliers is an important consideration. Threat of substitutes and new entrants (foreign players) are other forces affecting the Indian retail industry. Figure 1 shows the five force model of organized food retail industry in India.

Figure 1: Five forces model - indian food retail industry As a result of these forces, changing food consumption patterns, consumers' need for convenience, choice and value for money the set-up of retail formats is changing. The Indian consumers do visit about eight to ten outlets to purchase various food products, which make up the daily consumption basket. These outlets include neighborhood kirana stores, bakeries, fruit and vegetable outlets, dairy booths and chakkies (small flour mills), which offer very time-consuming and unproductive way of shopping for food. With changing lifestyle there is growing scarcity of time, and convenience in food shopping is emerging as an important driver for the growth of one-stop retail formats that can offer consumer 'value for time' in addition to 'value for money'. Modern state of the food retailing is not a demand led but the supply led one. Major spending on food and increasing out of home food consumption represent a significant opportunity for food retailers and food service companies. The organised food retailers deploy a number of formats ranging from gigantic hypermarkets at one end of the spectrum to the no-frills discount stores at the other end. They are distinguished by size, number of items carried, strategic pricing and customer segments targeted among others. In India about 90% of food purchases are made within a distance of 1.5 km from the customer's home. This means that an organised retailer would need to have a 'neighbourhood store' close to customers in order to capture the share of wallet that is spent on food. These stores would cater to the consumer's daily and weekly needs. The outlets closest to a neighbourhood store in India are 'Safal' outlets operated by Mother Dairy in Delhi, Margin Free in Kerala and Subhiksha. Another popular format in Food retailing is supermarkets. This format caters to the consumers' need for choice and variety. These needs translate into 'more width' and 'more depth' in each category. These stores cater to the consumers in a catchment area with a radius of 3 to 4 km and therefore need to be destination stores. A supermarket can cater to the consumers' weekly, monthly and occasional needs. Examples of supermarkets already in India are Reliance fresh, Food World, Trinetra and Nilgiri's7. Hypermarket is another popular format. Hypermarkets are essentially destination stores catering to the consumers' bulk shopping needs in both
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Kearney 2005

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food and non-food categories. The key added values for the customer are 'choice' and 'value for money' because products are sold at a discounted price. The hypermarkets model of food retailing is new to India. Spencers (RPG), Big Bazaar (Pantaloons), Star India Bazaar are some examples. Cash & Carry (C & C) Stores sell their products to their members only. The typical area of a C & C store is 70,000 to 100,000 sq. ft. and both food and non-food products are stocked. The members are typically retailers and institutions. The key added value is a wide range of products under one roof, available at wholesale prices. So far, only four (three foreign and one domestic) companies operate in this space: Metro (German), Shoprite (South African), and SPAR (Dutch) are the foreign players while Wal-Mart has recently set up a joint venture with Bharti retail with the first cash and carry store in Amritsar under the brand name of "Best Price" .Table 1 summarizes the various companies operating in different retail formats. Table1: Organised retail formats in food segment Format Hypermarket Key Companies RPGs Giant, Pantaloons, Big bazaar, Vishal, Amartex Reliance fresh, More stores, Easy day, Food world, Food bazaar Subhiksha, Margin free, Apna Bazaar Size 25,00050,000 sq ft 30005000 ft Target Population Middle income group Pricing Lower than MRP Items Carried Most categories

Supermarkets

Everyone

MRP

Processed foods and groceries

Discount stores

Varies but less than 3,000 sq ft Varies

Middle income group Everyday lowest price

Processed foods and groceries

Convenience stores

6-Ten, Spencers

Everyone

MRP

Varies but specialized in each store

Source: Survey 2. Food Retailing Scenario in Punjab Punjab is a prosperous state with highest level of per-capita SDP (State Domestic Product) in the country. The state has a sound economic policy that has nourished the agriculture sector and has actively promoted key investments in other allied sectors like agro-processing, diary farming and poultry. Punjab is the second largest milk producing state in India, producing around 10% of the country's total milk production i.e. 8 million tones annually. The state is served by 44 milk plants and 2424 veterinary institutions. Poultry farming is also adopted on scientific lines in the state. Punjab ranks first in average per hectare yield of rice, wheat and cotton in the country. Punjab has earned the rare distribution of being called the "food basket" of the whole country8 . The state produces 1 percent of rice, 2 percent of wheat and 2 percent of cotton of the world. Thus, there is a clear opportunity in Punjab in the foods and
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www.punjabgovt.nic.in

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beverages category, but more importantly, and strategically, retailers can effectively utilize Punjab as their major sourcing hub for their nationwide chain of stores in the food and grocery sector. Figure 2 shows a comparison of per capita SDP in the country

Figure 2: Per capita SDP in 2006-2007 Source: www.punjabgovt.nic.in With the highest per capita income in the country, that is nearly three-and-a-half times the all-India average, an excellent infrastructure to promote new industries and support the existing ones, coupled with high percentage of employment, Punjab stands second to none in fast becoming a favored destination for the retail industry9. This state provides a grand opportunity to all the retailers at large to exploit its huge consumption potential. Punjab will possibly be the largest gainer in the process of retail evolution in the country. Figure 3 depicts the growth in retail space in Punjab

Figure 3: Growth in retail space in punjab Source: Images & CII study
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Retailing in Punjab 2010 and beyond

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Unlike other states, growth of consumption in Punjab gets equal support from the urban as well as rural consumers and this unique feature indicates an immense potential for organized retail, as the choice for location is not really a constraint here. On an average, a consumer in rural Punjab spends nearly Rs. 130 per month on services like telecommunications, banking, insurance, leisure etc. which is higher than the average of Rs 39 for rural India. Similarly, in rural Punjab, the per person monthly spend on health care products and services is Rs 57, which is again higher than the spend in both urban Punjab (Rs 42) and rural India (Rs 34)10.Thus, it is the second-tier cities and semi-urban and rural towns of Punjab that represent a goldmine of opportunity for the retailers. The big cities of Ludhiana, Jalandhar, Chandigarh, Amritsar, Patiala and Mohali also provide ample opportunity for growth. Figure 4 shows private consumption expenditure in Punjab. 3. Review of Literature According to results of survey conducted by Nielsen Shopper Trends (May 2009), ease of accessing a store tops the list of attributes driving store choice among organized retail store shoppers. While more than half the shoppers are accustomed to visit their regular store, almost an equal proportion of shoppers claim to have shopped at a store because of its proximity. The survey also found that shoppers do not explicitly state promotions as a factor that influences their store choice. However, when their actual behavior is considered, then it is observed that attractive and interesting promotions play a vital role in store selection. According to an article by Elliott John in Fortune (June, 2007), the future rapid growth of the retail sector, together with shoppers' preferences in developed markets around the world for both big and small outlets, should mean that the impact on the mom-and-pops will be far less than feared. Sharma, S.R., Tiwari, Prakash & Verma, Hemraj did an Empirical Study on Customer Perceptions about Vishal Mega Mart and its Impact on Shopping Behavior in Dehradun City (2008). They proposed that a big parking lot, a centralized Air-Conditioned (AC) environment covering spacious floors, soothing music, a tempting visual display of products with self selection facility and a variety of products priced with occasional heavy discounts are some of the features which affect the choice of selection of store. Bech-Larsen, Tino and Esbjerg, Lars, did" a Study of Customer Perceptions of the Fruit and Vegetable Department's Influence on Store Image, Journal of Food Products Marketing (2007) described the results of two empirical studies (a focus group and a survey), which explored customer-perceived quality dimensions of the fruit and vegetable department and the extent to which these dimensions influence customer attitudes towards the fruit and vegetable department and store's image in general. According to a report by ETIG Economic Times Intelligence Group, (2002), concerning food category, the most important attribute looked for while selecting a store is quality, which is followed by the price. Chintagunta, Chintagunta, Pradeep K. (1993) in their study "Investigating purchase incidence, brand choice and purchase quantity decisions of households," proposed that, while specialized and traditional stores are preferred for fresh products, hypermarkets are preferred for general shopping, and that for frozen food, groceries and beverages in particular. Bawa K and Ghosh, A. (1999)proposed that in the case of hypermarkets, the main factors for developing preferences in decreasing order are low prices, possibility of buying everything in the same place and general appearance of the store. Baker, J., Parasuraman, A., Grewal, D. and Voss, G. B. (2002) propose a comprehensive store choice model that includes , three types of store environment cues i.e social ,design and ambient. they empirically examine the extent to environmental cuesinfluences consumer's assessment of store.
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Retailing in Punjab 2010 and beyond (2008),

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Dick and Basu (1994), conceptualized consumer loyalty as the relationship between the relative attitude towards a brand or service or store or vendor and patronage behavior. Two dimensions, the degree of attitudinal strength (weak or strong) and the degree of attitudinal differentiation (existent or not) seem to influence an individual's relative attitude towards a store. The Indian Consumer - Outlook 2005, KSA Technopak India Pvt. Ltd., believes that India, being one of fastest growing economies in the world, is witnessing some pretty sweeping changes at the home turf. With consumerism in India reaching new heights, the gap between the Indian consumer in her new avatar and her global counterpart is gradually diminishing. The 105 million strong Indian urban rich & middle class, with spending power growing at a double digit rate every year, has evolved from a 'Hindustic self denial' existence to an 'indulgence' mode. The boom in retail sector, marked by entry of international brands & developing mall culture, is further fueling the consumer spending. The changing attitude towards credit and the EMI phenomenon has lowered the age of big-ticket acquisitions such as cars, durables and homes. All these brands trends put together have changed the consumption patterns & attitude of the Indian urban consumer - leading to Changed Paradigms. 4. The Empirical Study 4.1 Objective of study The major objectives of the study are: To identify the key parameters which affect the performance of organized food retailing To analyze the preferences of consumers from varied demographics in order to establish standards to ensure benchmarking To analyze the growth and development trends of organised food retailing formats in Punjab. To analyze the future of organised food retailing formats in Punjab 4.2 Research sample Organised food retailing is booming in not only metros but in tier I and tier II cities as well. Therefore, five major cities of Punjab viz. Ludhiana, Jalandhar, Patiala, Mohali, and Amritsar were selected for the present study where different types of retail stores are rapidly developing. According to Retailing in Punjab 2010 and beyond (2008) report, there were over 900 different organized retail formats which include malls, hypermarkets, specialty stores, chain stores etc. in Punjab in 2007. Out of these, over 500 are chains of supermarkets, convenience and hypermarkets with 'Food &Grocery' as the major retail category. For sampling of organised food retail outlets, an exhaustive list of total number of organised retailers in 'Food & grocery' segment is obtained from each of the selected cities by using secondary sources. From the above list, a sample size of 10% of organized food retail outlets was selected following the stratified random sampling method. The retail outlets were categorized into three formats on the basis of their area in Sq. Ft. as follows: Convenience stores Supermarkets Hypermarkets 500- 1000 sq ft 1000-10000 sq ft Above 10000 sq ft

50 questionnaires for consumer and 10 questionnaires for organized retailer were completed from sampled retail outlets from five selected cities of Punjab. A total of 250 questionnaires for consumer and 50 questionnaires for organized retailers were completed and validated from the five stated cities of Punjab.

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4.3 Research Methodology The review of literature revealed a number of parameters which affect the performance of 'Food & grocery' retail outlets. Some of the parameters are related to consumer perception like customer service, variety & value, pricing, displays etc. Other parameters are related to operational efficiency of store like sales, inventory days, infrastructure etc. Two questionnaires were designed to study the performance of different retail formats in the 'Food & grocery' segment on the basis of consumer perception and operational efficiency related parameters. The first questionnaire consists of seven sections; first section address to the demographic details of the respondent, for rest of the six sections respondents were asked to indicate their level of agreement (1 = strongly disagree to 5 = strongly agree).The second questionnaire rates various retail formats on the basis of operational efficiency. The questionnaire consists of four sections; first section address the details of store (location, ownership, area etc.);section two and three focus of sales and inventory related parameters( inventory days, footfall, conversion rate, sales per sq ft etc); the fourth section addresses the obstacles to organized food retailing in the state of Punjab. The questionnaires were first tested within the academic group of fellow researchers and faculty for errors and on their valuable suggestions the questionnaires were modified. The modified questionnaires were tested for internal consistency through a pilot survey involving respondents in the proposed sampling frame. The value of cronbach alpha was found to be 0.889. This exercise was mainly done to test the degree of understanding the meaning of the questions, the difficulty in understanding the questions by the respondents if the meaning of the questions are conveyed correctly and to check the relevance of the questions with respect to the interest of the respondent. After the pilot survey the questionnaire was further modified. 5. Statistical Analysis In the present study different types of food retail formats have been studied for their performance on the basis of consumer perception and operational efficiency related parameters. The different types of retail formats are Convenience stores, Supermarkets and Hypermarkets. These stores are classified on the basis of their area in sq. ft. The area of convenience stores is 500- 1000 sq. ft., supermarkets is 100010000 sq. ft. and hypermarkets above 10000 sq. ft. These retail stores have been studied for the 'Food & grocery' segment in five selected cities of Punjab. 5.1 Demographic profile of sample A total of 250 questionnaires (for consumers) were returned and after eliminating uncompleted questionnaires, the remaining 210 questionnaires were used as the sample. The sample survey is biased towards women (72.5%) who are most often responsible for shopping in their families. It was found that 58.7% of the consumers who visited the organized store were married whereas rest 41.3% were unmarried It was found that 47.7 percent of shoppers were under 30 years old; 30.3 percent were aged between 30 and 39 years; and 22.0 percent of shoppers were 40 years or older .The sample survey is slightly biased towards higher income respondents in comparison with the general population characteristics of Punjab. It is expected that those consumers who have good incomes are willing to go shopping at organized retail outlets. Table 2 represents the demographic profile of consumer sample.

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Table 2: Demographic characteristics of the consumer sample Variables Gender Age Male Female Under 30 yrs 30-39 yrs Above 40 Lower than secondary school Secondary School or equivalent Bachelor degree Master degree Doctoral degree Others Single Married Less than Rs.10,000 Rs.10,000 to Rs.20,000 Rs.20,000 to Rs.30,000 Rs.30,000 to Rs.40,000 More than Rs.40,000 Frequency 151 59 100 65 45 0 22 93 47 0 0 123 87 0 44 92 52 22 % 72.5 28.5 47.7 30.3 22 0 13.6 57.4 29.0 0 0 58.7 41.3 0 21 44.4 25.9 8.6

Education

Marital Status Monthly Family Income

Out of a total of 50 questionnaires completed for organised retailer store owner,6 were found to be incomplete . Out of 44 organised store surveyed, 33(75%) of the retail stores were found to be company owned and only 11(25%) were franchises. As far as the area of store is concerned, 11(25%) stores fall under the category of convenience stores (500- 1000 sq. ft), 29(69%) stores falls in the category of supermarkets is 1000- 10000 sq. ft and only 4(6%) stores fall in the category of hypermarkets(above 10000 sq. ft).Table 3 represents the details of sampled stores. Table 3: Details of sampled organized stores Variables Frequency % Format of store Convenience stores 11 25 Supermarkets 29 69 Hypermarkets 4 6 Location Suburb 11 25 Main market 26 60 In a mall 7 15 Ownership Company owned 33 75 Franchisee 11 13.6 Marital Status Single 123 58.7 Married 87 41.3 Monthly Family Income Less than Rs.10,000 0 0 Rs.10,000 to Rs.20,000 44 21 Rs.20,000 to Rs.30,000 92 44.4 Rs.30,000 to Rs.40,000 52 25.9 More than Rs.40,000

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5.2 Data Analysis Exploratory Factor Analysis At the initial stage of analysis, exploratory factor analysis was conducted using the Principal Component Approach with a varimix rotation. In this study, the result of Bartlett's test of sphericity (0.00) and KMO (0.633) indicate that the data are appropriate for factor analysis. In the analysis only the factors having latent roots or eigenvalue greater than 1 were considered significant. Total six factors were extracted during this stage of exploratory factor analysis. All the six factors together accounted for 68.734 percent of the total variance. These six factors were consumer service, variety & value, pricing, displays, promotion and store loyalty. Table 4 represents the overall rating of selected organized retail formats (convenience stores, supermarkets, hypermarkets) in 'Food & grocery' segment on the basis of selected consumer performance perception parameters. Table 4: Rating of selected organized retail formats Parameters Convenience store Mean Consumer service Variety & value Pricing Display Promotion Store loyalty Standard Deviation 0.56 0.62 0.57 1.09 1.03 1.08 Supermarket Mean Standard Deviation 0.71 1.08 0.73 0.91 1.04 1.11 Hypermarket Mean Standard Deviation 0.65 0.98 0.69 0.86 1.05 1.10

3.15 2.69 3.68 2.05 2.58 2.49

4.25 3.81 4.52 3.31 3.54 3.15

4.65 4.24 4.25 4.35 3.51 3.19

Notes: 1 to 5 scale: 1 = strongly agree, 5 = strongly disagree. To compare whether the means for two different categories, for example convenience stores and supermarkets for the consumer service (a horizontal comparison) or for the consumer service criteria and the variety & value criteria for fresh food (a vertical comparison), are the same or different, the following test statistic z=(xa -xb)/ (sa2/na+sb2/nb) Where na and nb are the sample sizes for the two groups, are the sample means for two groups, and sa and sb are the standard deviations for the two groups, can be used. Under the null hypothesis that the two population means are the same, the test statistic is distributed asymptotically as a standard normal distribution. For a two-tail test conducted at the 5% significance level, the relevant critical values are 1.96 and 1.96. For a one-tail test where the first mean assumed to be higher than the second mean, the relevant critical value is 1.64. This test statistic assumes that the responses for the two categories are uncorrelated. When we used a one-tailed test for the difference between the two means (greater than zero), for vertical comparison, if the difference between any two sample means is greater than 0.15, then the difference between these two normal population means is significant at the5% level. The same results hold in the case of horizontal comparison. It was found that hypermarkets and supermarkets are rated better than convenience stores for all the consumer perception parameters. However, consumer rated price levels of supermarkets better than price levels of hypermarkets.

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Table 5 represents the influence of type of retail format on inventory days which have been divided into quartiles. Table 5 : Influence of type of retail format on inventory days Inventory Days Type of Retail Format Convenience stores Supermarkets Hypermarkets 5 9 2 2 5 0 3 5 1 1 10 1 11 29 4 17-61 61-128 128-235 235-745 TOTAL

The calculated value of Chi Square is 22.46848 which is higher than the table values of Chi Square at 5% level of significance (12.592) for 6 Degrees of freedom, the alternative hypothesis is accepted at 5% level of significance. It could be concluded that type of retail format has significant influence on operational efficiency (Inventory Days) of retail stores. Therefore, the types of retail format & inventory days are dependent on each other. The value of coefficient of contingency (C) is equal to 0.32. This value indicates that the association between format of retail outlet and operational efficiency is moderate and is not very strong. Therefore, retail format may not influence the operational efficiency of retailers to a great extent. Table 5 represents the influence of location of retail store on inventory days. Table 6: Influence on location of store on inventory days Inventory Days Location Suburb 2 Main market In a mall 12 3 4 6 1 4 2 2 1 6 1 11 26 7 17-61 61-128 128-235 235-745 TOTAL

As the calculated value of chi-square (14.614) is higher than the table value at 5% significance level (12.592) but not at 1% significance level (16.812) for 6 degrees of freedom, the alternative hypothesis is accepted at 5% significance level but not at 1% significance level. It could be concluded that location of retail outlet has significant influence (at ? = 0.05) on the operational efficiency. The value of coefficient of contingency (C) is equal to 0.261 which is quite low. This indicates that the location & inventory days have low degree of association. Conclusion: As discussed above, six consumer perception factors have been extracted with the help of exploratory factor analysis. Confirmatory factor analyses successfully validated the items used to measure the performance. Consumer performance perception parameters identified were consumer service, variety & value, pricing, displays, promotion and store loyalty. From the data analysis it is observed that there is significant influence of format of retail stores and location on the operational efficiency. However, the degree of association is not very high. This shows that the operational efficiency of the firm is affected by the size of the firm i.e., retail stores will have higher efficiency if they utilize their retail store space rationally.

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REFERENCES Kearney, A T (2005): Emerging Market Priorities for Global Retailers, Sector View. Bech Larsen, Tino & Esbjerg, Lars(2007). Study of Customer Perceptions of the Fruit and Vegetable Department's Influence on Store Image.Journal of Food Products Marketing. Bawa K and Ghosh, A. (1999). A Model of Household Grocery Shopping Behavior. Marketing Letters 10:2, 149-160 Baker, J., Parasuraman, A., Grewal, D. & Voss, G. B. (2002). The influence of multiple store environment cues on perceived merchandise value and patronage intentions. Journal of Marketing, 65, 120-141. Chintagunta, Chintagunta, Pradeep K. (1993). Investigating purchase incidence, brand choice and purchase quantity decisions of households. Marketing Science, v 12, 184-208, Spring Dick & Basu. (1994). Customer loyalty: Toward an integrated conceptual framework. Customer loyalty. Journal of the Academy of Marketing Science Elliott, John (2007): 'India's Retail Revolution', Fortune,June 27. IMAGES & CII Study(2008), Retailing in Punjab 2010 and beyond IMAGES Retail. http://www.imagesretail.com/india retail report.htm KSA Technopak, 'Consumption Outlook for 2005' Nielson Shopper Trends India.. 6 May 2009 Sharma, S.R., Tiwari, Prakash & Verma, Hemraj(2008).An Empirical Study on Customer Perceptions about Vishal Mega Mart and its Impact on Shopping Behavior in Dehradun City. SSRN eLibrary http://punjabgovt.nic.in/economy/ECOFINAL.HTM

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