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The fundamentals !

STRATEGIC RETAIL MANAGEMENT

TYPES OF ENVIRONMENT
 Retail institution types vary based on retail characteristics such as products, scale of operation, and mix of store attributes. The primary retail institution types are as follows:
 Department store, discount store, and specialty store.
 According to the U.S. Bureau of Census classifications of product developed in1924, product categories were named based on the retail institution type where they were displayed and sold
(McNair & May, 1978).
 For example, products, which were sold in neighbourhood stores, such as grocery stores, drug stores, and hardware stores, have become convenience goods. Products, which were sold in large department stores, have been named as shopping goods.
Specialty goods have become products sold in specialty stores, such as shoe stores, men’s clothing stores, and jewellery stores.

THEORIES OF RETAIL CHANGE

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CYCLICAL THEORY
 Cyclical theory basically explains the different phases in a

company. According to this theory, change follows a pattern and all phases have identifiable attributes associated with them.

 There are three primary components associated with the theory:

wheel of retailing, retail life cycle and retail accordion. While wheel of retailing refers to a company entering the market with low prices and affordable service in order to challenge competitors, retail life cycle addresses the four stages that a company goes through when entering the buyer's market.

 The retail accordion aspect of cyclical theory suggests that some

businesses go from outlets that offer an array of products to establishments providing a narrow selection of goods and services. These establishments later return to a generalized outlet store. Retail accordion is also known as general-specificgeneral theory.

WHEEL OF RETAILING
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McNair (1958)