The lifestyle and fashion retail market in India is expanding rapidly, driven by reasons such as increased disposable incomes, urbanization, and a trend toward branded retail. In addition, several global enterprises are entering the market, and new technologies have been embraced to improve the shopping experience. The Indian lifestyle and fashion retail sector is extremely competitive, with renowned local brands and an expanding presence of foreign retailers. This rivalry is spurred by causes such as the expanding e-commerce industry, shifting consumer preferences, and continued infrastructure and logistics development. While increased rivalry poses issues for certain firms, it also provides opportunity for innovation and expansion throughout the sector. The fashion and retail business in Kolkata has risen significantly as a result of the establishment of fashion and retail outlet stores such as Pantaloons, Reliance Trends, Shoppers Stop, Westside, Max and Zudio. This survey aims to determine which fashion and retail outlets are most popular with Kolkata customers. Furthermore, this study seeks to identify the elements that impact Kolkata customers' perceptions regarding the efficacy of fashion and lifestyle retail establishments.
The fashion and lifestyle retail industry in India is one of the most speedily expanding businesses, with rapid fashion leading the way. Flexible supply chains for ultra-value brands, as well as brand loyalty for premium goods, are key growth drivers. As Indian marketers aim to make an item or brand appealing to consumers by stressing its better quality and uniqueness, the market is projected to see a significant infusion of both global and Indian fashion & lifestyle retail names. The growth of multichannel commerce, which combines online and physical experiences, is also altering the business, with 60-65% of Indian customers selecting integrated shopping experiences.
A "fashion & lifestyle retail outlet" is a business that offers a variety of apparel, accessories, and occasionally home goods and other things, all under one brand or with a specific lifestyle concept in mind. It seeks to communicate a sense of ambitious living by linking the product with a specific lifestyle.
Kolkata is currently the seventh most populated city of India with a population of 14,035,959 in 2011 census having average literacy rate of 86.31% . It is also the 14th city in India in terms of Local Purchasing Power Index with Local Purchasing Power Index of 67.1 as per Numbeo . The fashion and retail business in Kolkata has greatly increased as a consequence of the creation of fashion and retail outlet stores such as Pantaloons, Reliance Trends, Shoppers Stop, Westside, Max, and Zudio. The principal reasons behind the growth of retail & fashion outlets in India can be attributed to factors like Fashion and Apparel Dominance, Increased Consumer Spending, Rise of Online Shopping, Investment in Textile Parks, Growth in Kids' Garment Manufacturing, Growth in Retail Leasing, Direct Selling Opportunities etc
Objectives of the study:
This study is taken up with a view to accomplish the following objectives:
The present study is carried out using both Primary & Secondary data.
The Primary data is collected using a structured questionnaire having 4 demographic & 2 research oriented questions.
The secondary data has been collected from books, journals, reports & related websites.
ANALYSIS OF DATA:
This study is carried out with the objective of finding out & ranking two aspects relating to fashion & lifestyle retail outlets in Kolkata.
These are
To find out the response to the two above, there were two Research Oriented questions in the questionnaire. The first question was “RANK THE FASHION & LIFESTYLE RETAIL OUTLETS IN KOLKATA FROM 1-6 WHERE 1 IS THE BEST & 6 IS THE LEAST GOOD IN TERMS OF YOUR OVERALL LIKING & CHOICE”
The response to this question is analysed for Garrett Ranking using the following steps
STEP 1:
A table is prepared to summarize how respondents have ranked their overall liking of six fashion & lifestyle retail outlets in Kolkata
(Table 1)
Here Option 1 - OP 1 is Pantaloons
OP 2 is Shoppers Stop
OP 3 is Westside
OP 4 is Reliance Trends
OP 5 is Max
OP 6 is Zudio
STEP 2:
The Percent positions are found out -
Using the formula:
100 (Rij–0.5)/ Nj,
Where Rij= Rank given to the ith factor by jth individual and
Nj= Number of factors ranked by jth individual, the percent positions are found out.
For 1st Rank = 100 (1 - 0.5) / 6 = 8.33
For 2nd Rank = 100 (2 - 0.5) / 6 = 25
For 3rd Rank = 100 (3 - 0.5) / 6 = 41.67
For 4th Rank = 100 (4 - 0.5) / 6 = 58.33
For 5th Rank = 100 (5 - 0.5) / 6 = 75
For 6th Rank = 100 (6 - 0.5) / 6 = 91.67
STEP 3:
The Garrett Score is found out using the Percent Position using the Garrett Conversion Table:
|
Percent Position & Garrett Score |
||
|
Rank |
Percent Position |
Garrett Score |
|
1 |
8.33 |
77 |
|
2 |
25 |
63 |
|
3 |
41.67 |
54 |
|
4 |
58.33 |
46 |
|
5 |
75 |
37 |
|
6 |
91.67 |
23 |
(Table2)
STEP 4:
Finally, the following table is used to find out the final rank of the six factors (Fashion & Lifestyle Retail outlets in Kolkata)
(Table 3)
So, we conclude that the survey has led to the following ranks for preference of Fashion & Lifestyle Retail outlets in Kolkata:
|
Final Preference Rank As Per Garrett Ranking |
Fashion & Lifestyle Retail outlets in Kolkata |
|
1ST |
PANTALOONS |
|
2ND |
RELIANCE TRENDS |
|
3RD |
SHOPPERS STOP |
|
4TH |
WESTSIDE |
|
5TH |
MAX |
|
6TH |
ZUDIO |
(Table 4)
The second question was “RANK THE FACTORS THAT IMPACT CUSTOMER PERCEPTION REGARDING RETAIL STORE EFFICIENCY ON A SCALE OF 1-6 WHERE 1 IS THE MOST IMPORTANT FACTOR ACCORDING TO YOU & 6 IS THE LEAST IMPORTANT FACTOR”
The response to this question is analysed using the following steps
STEP 1:
A table is prepared to summarize how respondents have ranked the factors that impact their perception regarding fashion & retail store efficiency in Kolkata.
(Table 5)
Here Option 1 – OP 1 is Product Availability
OP 2 is Price Range, Discounts & offers
OP 3 is Staff availability & staff knowledge
OP 4 is Store Layout & easiness of finding stock
OP 5 is queue management & billing
OP 6 is Use of technology in store
STEP 2:
The Percent positions are found out
Using the formula:
100 (Rij–0.5)/ Nj,
Where Rij= Rank given to the ith factor by jth individual and
Nj= Number of factors ranked by jth individual, the percent positions are found out.
For 1st Rank = 100 (1 - 0.5) / 6 = 8.33
For 2nd Rank = 100 (2 - 0.5) / 6 = 25
For 3rd Rank = 100 (3 - 0.5) / 6 = 41.67
For 4th Rank = 100 (4 - 0.5) / 6 = 58.33
For 5th Rank = 100 (5 - 0.5) / 6 = 75
For 6th Rank = 100 (6 - 0.5) / 6 = 91.67
STEP 3:
The Garrett Score is found out using the Percent Position using the Garrett Conversion Table:
|
Percent Position & Garrett Score |
||
|
Rank |
Percent Position |
Garrett Score |
|
1 |
8.33 |
77 |
|
2 |
25 |
63 |
|
3 |
41.67 |
54 |
|
4 |
58.33 |
46 |
|
5 |
75 |
37 |
|
6 |
91.67 |
23 |
(Table 6)
STEP 4:
Finally, the following table is used to find out the final rank of the six factors that impact respondents’ perception regarding fashion & retail store efficiency in Kolkata
(Table 7)
So, we conclude that the survey has led to the following ranks of the six factors that impact respondents’ perception regarding fashion & retail store efficiency in Kolkata
|
Final Preference Rank As Per Garrett Ranking |
Factors That Impact Respondents’ Perception Regarding Fashion & Retail Store Efficiency In Kolkata |
|
1ST |
PRODUCT AVAILABILITY |
|
2ND |
STAFF AVAILABILITY & KNOWLEDGE |
|
3RD |
STORE LAYOUT & EASE OF FINDING STOCK |
|
4TH |
PRICE, DISCOUNT & OFFERS |
|
5TH |
QUEUE MANAGEMENT & BILLING |
|
6TH |
USE OF TECHNOLOGY IN STORE |
(Table 8)
The study is carried out with two specific objectives relating to customer perception regarding fashion & lifestyle retail outlets in Kolkata. It is seen that majority of the customers have considered Pantaloons to be the best retail outlet in Kolkata region. However a growing retail outlet under the Tata Group – Zudio, has been found to have ranked last among the selected outlets. Very reasonably the cause behind this ranking of retail stores can be attributed to the second finding of the study where respondents have ranked Product availability to be the most important factor and Price, Discount & offers as the fourth factor only. Actually Pantaloons is greatly known for its variety and Zudio is more known for price reasonability & great offers. Furthermore, the respondents in Kolkata city with urban background and choice for latest trends & variety have ranked factors like Product availability, staff availability & staff knowledge & store layout & ease of finding stock over Pricing & discount related factors.