Retail Industry Grocery business 2012-13 THE INDIAN RETAIL INDUSTRY Meaning of Retail: The word retail is derived

d from the French word tailer, meaning to cut a piece off or to break bulk. In simple terms, it implies a first-hand transaction with the customer. Retailing can be defined as the buying and selling of goods and services. It can also be defined as the timely delivery of goods and services demanded by consumers at prices that are competitive and affordable. Retailing involves a direct interface with the customer and the coordination of business activities from end to end- right from the concept or design stage of a product or offering, to its delivery and post-delivery service to the customer. The industry has contributed to the economic growth of many countries and is undoubtedly one of the fastest changing and dynamic industries in the world today. Introduction to Retail Industry: India is one of the most desirable retail destinations in the world. India has emerged as the fifth most favourable destination for international retailers, outpacing UAE, Russia, Indonesia and Saudi Arabia, according to A T Kearney's Global Retail Development Index (GRDI) 2012. "India remains a high potential market with accelerated retail growth of 15-20 per cent expected over the next five years," highlighted the report. The Indian Retail industry has grown at a CAGR of 14.6% for the period FY07-12. The said growth can be attributed to the growing Indian economy, increase in Private Final Consumption Expenditure (PFCE) and the change in consumption pattern of the Indian populace. The changing consumption pattern, in turn, primarily remains driven by higher standard of living, growing middle-class population, greater proportion of working women, increase in penetration levels of organised retail etc.

Retail Industry Grocery business 2012-13

Of all the retailing segments, the contribution of food & grocery' is estimated to have remained the highest at 58% of the total retail sales during FY12 with the clothing & footwear' segment remaining the second-largest contributor occupying 10.5% of the total retail pie during the same period. However in terms of growth figures, the entertainment, books & sports goods equipment' segment is estimated to have outperformed the other retail segments, registering a CAGR of 21.3% during the period FY07-12. The retail industry is mainly divided into: - 1) Organised and 2) Unorganised Retailing

Categories of Traditional Retailers

Fruit & vegetable sellers - Sells fruits and vegetables. Food stores - Result of bakery products. Also sells dairy and processed food and beverages. Non-Vegetable Store - Sells chicken and mutton. Kirana I - Sells bakery products, dairy and processed food, home and personal care and beverages. Kirana II - Sells categories available at a kirana I store plus cereals, pulses, spices and edible oils. Apparel - Sells mens wear, womens wear, innerwear, kinds & infant wear. Footwear - Sells mens wear, womens wear, kids wear Customer durables & IT- Sells electronics, durables & IT products. Furnishing - Sells home lines & upholstery. Hardware - Sells sanitary ware, door fitting, tiles. General mechanize - Includes lighting, stationery, toys, gifts & crockery.

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Organised retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. During FY07- 12, the organised retailing in India has grown at a CAGR of 26.4%; higher to the growth of total retailing in India during the same period under consideration. Notably, the penetration of Food & Grocery' segment remained low at 2.8% owing to greater sale of fresh produce and groceries from the unorganised retail outlets. Unorganised retailing, on the other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc. The Indian retail sector is highly fragmented with 97 per cent of its business being run by the unorganized retailers. The organized retail however is at a very nascent stage. The sector is the largest source of employment after agriculture, and has deep penetration into rural India generating more than 10 per cent of Indias GDP.

FDI Norms: FDI as defined in Dictionary of Economics (Graham Bannock et.al) is investment in a foreign country through the acquisition of a local company or the establishment there of an operation on a new (Greenfield) site. To put in simple words, FDI refers to capital inflows from abroad that is invested in or to enhance the production capacity of the economy. Regulatory controls on FDI have been relaxed considerably in recent years. Currently the government allows 51% FDI in single brand retailing and 100% in cash-n-carry (Wholesale) business and not permitted for Multi brand. However, the governments plan to further open up the retail sector has hit the roadblock after facing strong political opposition and nationwide protests by small traders against the proposal to allow FDI in multi brand retailing. Prospected Changes in FDI Policy for Retail Sector in India The government (led by Dr.Manmohan Singh, announced following prospective reforms in Indian Retail Sector 1. India will allow FDI of up to 51% in multi-brand sector. 2. Single brand retailers such as Apple and Ikea, can own 100% of their Indian stores, up from previous cap of 51%. 3. The retailers (both single and multi-brand) will have to source at least 30% of their goods from small and medium sized Indian suppliers. 4. All retail stores can open up their operations in population having over 1million. Out of approximately 7935 towns and cities in India, 55 suffice such criteria.

Retail Industry Grocery business 2012-13 5. Multi-brand retailers must bring minimum investment of US$ 100 million. Half of this must be invested in back-end infrastructure facilities such as cold chains, refrigeration, transportation, packaging etc. to reduce post-harvest losses and provide remunerative prices to farmers. 6. The opening of retail competition (policy) will be within parameters of state laws and regulations. Factors driving the Growth of Retail Sector:Indian economy is growing at the rate of 8%, indicating a prosperous future. The consistent economic growth resulted in a decent rise in income level of the middle class. The thickening of the pocket of the consumer resulted in a revolution of the retail industry. Many International brands have entered the market. With the growth in organized retailing, unorganized retailers have brought drastic changes in their business models, many factor are responsible for the growth of retail sector. These are: 1) Increasing Disposable Income: Rising disposable incomes in middle class and lower middle class with increase in employment opportunities for young adults in IT & IT enabled sectors are the major cause of retail growth in India. 2) Increasing No. Of Dual Income Nuclear Families: In India, hefty pay packets, nuclear family along with increasing working women population and dual income in family are the factors contributing to prosperous retail sector. 3) Changing Lifestyle and Consumer Behavior: Due to increasing working population, comfortable life, travel and leisure are given importance. These key factors are growth drivers of retail sector in India which now boast of retailing almost all the preferences of life apparel and accessories, Appliances, Electronics, cosmetics & Toilets cries etc. 4) Experimentation with Formats: Due to competition in the market, retailing is still evolving and the sector is witnessing a series of experiments with new formats being tested out. 5) Store Design: Shopping malls and super markets are growing at a very faster rate. Improvements in infrastructure and enhanced availability of retail space, store design are the factors increasing the share of organized retail and thereby contributing to growth of Indian retail sector. Following are some facts on India's retail sector (Snapshot): The retail sector in the nation of 1.2 billion people is estimated to have annual sales of $600 billion, with nearly 90 percent of the market controlled by tiny family-run shops. Organised retail, or large chains, makes up about 7 percent of the market, but is expanding at 20 percent a year. This is driven by the emergence of shopping centres and malls, and a middle class of close to 300 million people that is growing at nearly 2 percent a year.

Retail Industry Grocery business 2012-13 India also allows 100 percent FDI in cash-and-carry, or wholesale, ventures. Restrictions on foreign investment in front-end retail exist because of opposition from millions of small shopkeepers who are valuable vote banks during elections. India has recently allowed 100 percent FDI in single-brand retail subject to certain sourcing restrictions but no ownership in multi-brand retail.

Challenges: With the global as well as Indian economy reviving post recession, the organised retail industry witnessed gradual increase in footfalls and correspondingly an increase in the same store sales (SSS) during FY11. Despite of increase in sales volume across product categories, the operating margins of the retailers failed to improve on the backdrop of rising input costs and discounted product offerings. To aggravate the situation, escalating interest burden adversely affected the retailers' net profit margins. The level of that margin will be influenced by: (Determinants of Price) Competitive constraints in the market; The overall contribution (in absolute rupee terms) made by a product; The volume of sales turnover; The use of shelf space in making the sale which includes the rate of turnover; The costs involved in managing the category in the retail store (for example, fresh food is labour intensive and involves significant additional capital costs such as refrigeration); The state of the supply industry; and Consumer sensitivity to the retail price and value proposition. During the latter half of FY12, the retailers however witnessed slowdown in consumer spending as reflected through their SSS performance. This in turn resulted in higher inventory days for the retailers, on an average, ultimately affecting their working capital cycle. Also, with the interest rates at its peak during FY12 and lack of fund-raising avenues from the capital markets, the availability of capital remained a major constraint to the Indian retailers. In addition, the Indian retailers continued to be faced with challenges such as higher store rentals and unavailability of desired store location especially in - I cities, taxation & other policy regulations, inefficiencies in supply chain management and higher rate of shrinkages. Despite the said challenges, CARE Research expects the growth in country's PFCE to propel the growth of retailing in India. Correspondingly, CARE Research expects the Indian retail industry to grow at a CAGR of 14.8% during FY12-15. Importantly, CARE Research expects the penetration of organised retail in the total retail pie to increase to 8.8% by FY15 owing to the expanding reach of the retailers in tier- II & III cities accompanied by higher consumer spend on discretionary items. Also, in an attempt to increase margins, CARE Research expects the retailers would resort to measures such as increasing the share of private labels in the total store sales, reducing storelevel operating expenses etc.

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GROCERY BUSINESS Grocery stores serve a wide variety of food products, household goods and medicinal products to local areas. Although most grocery stores rely on strikingly similar business models and product offerings, specialty retailers can differentiate their stores through target marketing and unique service offerings How to run grocery business effectively: (To take care of) Inventory Particularly if you manage a small grocery store, inventory requires more than simply keeping enough of every item in stock. Customers regularly come into the store with requests for items, and you must determine whether the cost of carrying that item is worth keeping a customer. Managers must study trends pertaining to which items sell best in the store and which items sit on the shelves. Special inventory tracking systems complete the analysis for managers, but they must decide what effect the data should have on regular ordering and what items are kept in stock. Merchandising Store and department managers must make merchandising a focus of their job in order to increase sales. Displays must be visually appealing and products you want to push should sit at eye-level and on end caps. Commonly purchased items, such as milk and bread, should be placed near the back of the store to require customers to pass by other product to get to them, usually adding items to their carts on the way. Work with manufacturers to secure discounts on popular products in exchange for prime space in the store. Coupons, Specials and Promotions Coupons, specials and promotions draw customers into the store. As using coupons becomes a bigger trend, managers must adjust ordering in order to meet demand. The store's coupon policies must be adjusted to avoid losing large amounts of profit. Managers must carefully consider whether the number of customers a special or promotion draws into the store will be offset by the money lost. A manager's special may draw customer attention to a slow-moving item that would otherwise sit on a shelf, while heavily discounting a popular item may only draw one-time customers into the store and significantly cut profits. Scheduling Scheduling may prove to be a challenge for managers. Managers must analyze traffic in the store to determine key business hours. More employees should be scheduled during peak hours of the day to keep checkout lines short and customer service centers fully staffed. If a customer regularly faces long lines at a grocery store, he may take his business elsewhere. Managers must also hire

Retail Industry Grocery business 2012-13 reliable employees. If an employee regularly calls off, the manager or another employee must pick up the shift.

PRIMARY REPORT: Our project started with the understanding of unorganized retail sector. We did a thorough study of the same & then went ahead with exploring which retail shop would be appropriate. We had shortlisted two shops, Nisar Grain Store, Naupada Thane (W) & Abdul Sattar Gani Provision Store, Byculla. Further we went ahead with Abdul Sattar Gani Provision Store, as it was close by to our college & hence it would be convenient for all of to visit for any clarifications. We were well prepared with a questionnaire which included all the business related information. Thus with the help of the questionnaire we could gather most of the information needed to study an unorganized retail grocery store. The shop was not a grand shop. It was 55Sq Feet, but had arrangements made in such a way, that included almost all the products to be kept in a grocery store. The owner of the store Mr. Abdul Sattar Gani said that the shop & the business has come to him in heritage. The business is growing & he has plans to spread the roots of the business into other parts of Mumbai. He mentioned how the store is being managed & the techniques of optimum utilization of available stock i.e. using the goods before they perish or the expiry date of the particular product. He also said that, he offers discounts & credit facility During the interview with Mr. Abdul Sattar Gani we managed to ask him about the competition from the retail stores in the vicinity & how he copes up with the competition. We also asked him about the supply chain management & warehousing carried out. Mr. Abdul Sattar Gani was very supportive in answering all our questions & also offered us refreshments at his shop. We are thankful to him for helping us in our study on unorganized retail sector (grocery).

GROCERY SHOP QUESTIONAIRE Company Details: Name of the Firm Location with full address Name of the Entrepreneur Date of Establishment Nature of the business Area of the shop Customers footfall Daily turnover

Retail Industry Grocery business 2012-13 Name of the regular supplier Other Significant Details (if any) Other Questions: 1. Tell me a brief about your shop. (history, origin, products, size of shop, daily turnover, customer footfalls per day, branches if any, no of employees, name of regular supplier/s, ) 2. To start a grocery business what are the criteria you look upon before start up? 3. Which is the best selling product in your shop? Tell me features about the product. 4. How you work on displaying the product? 5. Why is quality maintenance important in grocery business? 6. When the product is very new in the market, how you go about convincing customers? 7. How well you are using the modern technology in your business operation? ( online shopping, Logistics, maintenance of accounts, etc) 8. How do you promote your shop? (advertising and other marketing considerations) 9. What is a unique feature about your shop as compared to your competitors? 10. What business model you apply in todays market into your business? 11. Which are the big competitors in your locality and what are the strategies used to compete with them? 12. What is the benefit of your locality and can you give brief about your nearby area? 13. What are the strategies used during recession or when sales are very low? 14. Which is the best time span a customer visits your shop in a day and how you manage if huge number of customers turn up at a single point of time? 15. What benefits you give to your loyal customers? 16. Financial information like balance sheet and income statement. 17. Why do you think grocery as a business is a lucrative option for an entrepreneur? 18. Future Plans

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BUSINESS PLAN Company Details Name of the Firm Abdul Sattar Gani Provision Store Industry Grocery (Unorganised Retail) Address: 40/42 Merchant Bldg., shop no. 2, opp Ashadaan, Sankli street, Byculla 8 Name of the Entrepreneur Abdul Sattar Date of Establishment 1967 Nature of the business Kirana Store (Family business) Area of the shop 550 sq ft. Customers footfall around 400 per day. Daily turnover around 60000 to 75000 INR. Name of the regular supplier - Shah Hansraj Khemraj and company.

Executive Summary Introduction Abdul Sattar Gani Provision Store is the Grocery store of the 21st Century future, fulfilling a need that will continue to exist into the future - the need for speed. It is a family business established late back in 1967 by Sattar Family and the business now is managed and owned by Imtiyaz Agewan who is the entrepreneur for the business. They currently have just a store of 550 sq ft. at byculla. The company expects to capture market share by becoming the low cost leader in the Grocery store industry in nearby area by significantly providing quality products to its customers at a low price than its competitors. They have used modernized technology of barcode system and inventory management system to reduce time of operation and thereby improvise in overall management and accounts.

Origin It is a family owned business started with the intention of covering day to day expenses of joint family in 1967 and also for employment. Gradually the management was passed on to the ancestors and now it is managed by Imtiyaz Agewan. It is a traditional store though now they are adopting modernized technologies to cope up with the environment and give a tough fight to competitors, but it comes under the head of Unorganised Retail Industry. About the Entrepreneur He has completed his studies till 7th Standard and started running his business by taking over from his father as it was a family business and he was well trained with the shop as from early stage of

Retail Industry Grocery business 2012-13 life he was used to visiting the shop and was well aware of the business aspects. So he took the shop under his control with full confidence where his brother also helped in managing the shop. Though he does not have qualification or Professional experience in the field of grocery business but as mentioned earlier due to family business he was used to it and was competent enough than any other professional person. So he is the perfect person to run the business. The Products/Services It sells the same products as other grocery stores in the same packaging sizes, quality, and quantity as other stores. This includes number of grocery items such as Cooking Oil and Rice being their major selling product; canned soups, microwaveable meals, condiments, bread, and cleaning supplies, pet supplies, paper products, toothpaste, general food products, etc. All products are locally or nationally branded and are selected only after quality inspection from the suppliers .In addition each product has a barcode on the pack for proper inventory and accounts maintenance. Objectives These are the goals: Increase Sales turnover by 20% in next year; Open up 1 more store after 2 years. Mission The primary objective is to create a basket of loyal customers by providing best quality products and targeting on economies of scale to increase inventory turnover and thereby achieve the ultimate objective of increasing the market share.

Marketing Plan Target Market:

Promotion: They promote the shop by providing good quality products and distribute pamphlets to every customer and give vast information about the products as they have large number of products in the shop which is required in day to day life and they beat the competitors being an experienced player in their locality. During recession and the sales are low they provide buy one get one free offer on the products of

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Retail Industry Grocery business 2012-13 which the expiry date is near so that the product does not get wasted, lost is minimized and the customers are attracted. Business Environment in the locality: The shop is located in the area called Byculla. Due to the nature of the business the success of the Grocery Store lies in the number of customer footfalls which happens only when there is residential area nearby. The benefit of the locality is being a residential area as well as there are high numbers of restaurants in the area who are buying the product in large scale as well as day to day house hold products are sold heavily.

Strategy Implementation (Competition Analysis) Display of products The shop has shells beside the main counter on all the sides. The centre of the shop is used to display the latest product of the market which is launch example, Cooking oil pouches & rice bags so that when the customers comes to the shop can ask about the products. Launch of the product When a new product is launched in the market it is introduced by the product companys name and first they try the samples by their self at home so that they have good knowledge about the product and assure the customer that they have tested the product and give the complete assurance and money back offer. USP They have more than 500 varieties of products in the shop, which is more than by any competitor and an experience of about 50 years indeed make them differentiated. The benefit which is given to the loyal customers is that they have set credit limit to them and also provide attractive offers on every visit. Indeed they believe in giving value for money to their customers. Unique business model (Competitive Edge) They provide more free offers on purchasing of high of value shopping i.e targeting on economies of scale to increase inventory turnover and embrace customers to make them loyal and thereby achieve the ultimate objective of increasing the market share. Strategy to lead They have government owned shop in the area who is a competitor and the strategy used is to match the product and the price for the best values to customers and provide good

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Retail Industry Grocery business 2012-13 customer service and value every individual customer. In the Grocery store industry, low cost and availability are the two success criteria. They plan to create these advantages in a new business environment that will retain customers.

Time Management The best time of the day is between 10am to 12pm when the customer footfalls is highest so for proper management they keep the product ready by doing the packing in advance so that the customers does not have to waste long time waiting and we ensure that all the employee are there in the shop as well as we inform the customers to give the order and the delivery will be made within two hours of time free of cost. Even during festivals like Ramzan which lasts for 30 days, proper time and inventory management is required as huge customers turn up to purchase the groceries and they are experienced enough to handle the situation effectively.

Financial Plan Due to unorganized shop, they do not maintain proper records of the transactions and also do not maintain financial statements like balance sheet, P & L A/c, cash flow etc. But after convincing the entrepreneur we got some of the useful information which is shown below: Daily turnover around 20,000 to 35,000 INR Current value of stock in hand goods taken on credit (200,000 INR) Last months sales figure 400,000 INR Profit 60,000 INR Major Expenses employee salary (20,000 INR) Major Incomes rice & oil (25,000 INR)

Risk Assessment Perishable goods: Most of the products are perishable goods so storage and inventory turnover plays an important role. They always take this into consideration and store the products in clean

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Retail Industry Grocery business 2012-13 shells and also they try out every possibility to sell the products quickly by giving discounts and other promotional activities. Risk of losing customers: Being FMCG goods, customers have wide choice of selecting the shop as there are many stores available in nearby areas. So customer retention is necessary to avoid the same. The shop is old and experienced enough to mitigate the risk as they adopt many strategies to maintain good relations with the customers and convert suspects into loyal customers Margin: Due to the nature of the goods and intense competition, huge margin on the products cannot be charged and hence it is difficult to sustain the business if sales turnover is not high. Also giant organised retailers like Big Bazaar swallow small stores in margin due to size of the business. To avoid this risk they adopted the business model of Economies of scale and try to maintain high turnover by charging minimum margin, thereby differentiating themselves from the competitors in terms of price and retaining customers. Technology: Now a days grocery shops are adopting the changing technology like online shopping, efficient inventory management system, accounts database, etc. So for traditional store its a tough time sustaining. The shop is a traditional family business store but they are now trying to adapt the changing scenario of high tech stores and compete with them. Future Plans No specific plans as of now but want to expand the business more and more to get branches across Mumbai and thereby increase the market share.

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Retail Industry Grocery business 2012-13 SWOT ANALYSIS

Strengths Strong brand & loyal shoppers Excellent customer service More than 500 variety of goods Barcode on all the products to maintain the stock and the account of the shop Use of logistics to get the goods on time Supply chain efficiency During recession or when the sales are low, buy one get one free offer of the products of which the expiry date is near so that that the products does not go waste Loyal customers get a credit limit & good offers on their visit

Weaknesses Traditional shop High prices on prepared foods Private ownership restricts capital raise for faster store expansion

Opportunities Store growth High numbers of restaurants in the area who buy the product in large scale The best footfall time utilized by keeping the product ready by doing the packing in advance to avoid customers waiting Expansion of the business New branches across Mumbai

Threats

Competition from two fronts: high-end (Whole Foods) and price competitive (WalMart) Government owned shop Other small grocery stores in the locality

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Retail Industry Grocery business 2012-13 FUTURE ROADMAP UNORGANISED SECTOR 1. The unorganized sector will grow @10% per annum but given the relatively weak financial of the unorganized sector and the space constraints on their expansion prospects, this sector alone will not be able to meet the growing demand. 2. The unorganized sector will expand further due to its proximity, goodwill, credit sales, bargaining, loose items, convenient timings and home delivery

OVERALL RETAIL INDUSTRY Indian Government seems determined to go ahead and gradually liberalize the retail sector despite continuing opposition from the Left parties. The tortoise-like slowness with which the retail sector is being opened up is due to objections by the Communists, but the amazing fact is that some movement is taking place. This seems to be due to Prime Minister Manmohan Singh's conviction that bringing in the big retail chains will unleash a wave of employment in rural and urban areas. The fears of the Left, on the other hand, are that the entry of retail giants will mean job losses as small mom-and-pop retailers get pushed out of existence. The fact is there is merit in both arguments. On the plus side, it is clear that agriculture is not providing enough jobs for the economy and there is an unprecedented wave of migration to urban areas. The entry of retail chains, which buy straight from the farmer, is bound to bring about greater purchasing power as the producer will get much better prices. This has already been felt in parts of the country like Jharkhand where farmers have held demonstrations protesting the withdrawal of Reliance Retail by the state government. Similarly, this gives a bonanza to the consumer who gets food products sourced directly from the farmer without having to pay the middleman's commission. It is clearly, a win-win situation for all. But the Agitators have a point too. They are worried that the 15 million small retailers in the country may be forced out of existence. India has the largest retail economy in the world, according to a study by the CII (Confederation of Indian Industry) and A.T. Kearney. It pegs the size of the retail industry with the closure of the countless tiny retail outlets that dot the countryside can mean severe hardship for the families working in them. At the same time, as the saying goes, no one can stop an idea whose time has come. And the time has certainly come for retail chains to enter this country. The process has been gradual, as mentioned earlier, but even so large retail has made a dramatic impact in the areas where it has been allowed to make an entry. In the long run, it is clear that the entry of large retail chains will benefit the agricultural sector, which is in dire need of resuscitation. They will also have a long-term effect on agricultural unemployment, which is the big worry for policymakers right now. Besides, Indian consumers are not likely to desert heir neighborhood grocers en masse immediately. Therefore the hue and cry over loss of jobs is somewhat premature. Domestic retail chains have already been allowed to set up business and it is now merely a matter of allowing bigger foreign players into the country Multinational giants like Walmart and Carrefour also have deep pockets and their huge investible funds are meant for sourcing products from rural areas, which in turn will provide more jobs. The thinking in the commerce ministry right now seems to be that the existing policy of allowing only single brand retailing can be extended in a phased manner to multi-brand retailers.

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CONCLUSION

India is at the crossroads with regard to the retail sector. Several emerging market economics have gone ahead and reaped the benefits of modern retail. Politics is an unfortunate reality that has been coming in the way of success of organized sector and ultimately the overall retail sector. The hue and cry created by unorganized sector against Reliance Fresh, Wal-Mart especially in U.P., Jharkhand etc. is not appreciable, it is the major hindrance in the growth of retail sector. There is need of balanced approach to retail & govt. has to play a very vital role in shaping the future course. Though tradition retail has been performing a vital function in the economy, but it has to shed off its shortcomings and inefficiencies and this is actually happening. Thus, the organized sector is not only impacting the other sectors positively but also it has benefited its own competition i.e. unorganized sector. So, organized sector becomes the growth mantra of Retail sector.

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