Retail Supply Chain Management: Quantitative Models and Empirical Studies PDF
Preview Retail Supply Chain Management: Quantitative Models and Empirical Studies
International Series in Operations Research & Management Science Narendra Agrawal Stephen A. Smith Editors Retail Supply Chain Management Quantitative Models and Empirical Studies Second Edition International Series in Operations Research & Management Science Volume 223 Series Editor Camille C. Price Stephen F. Austin State University, TX, USA Associate Series Editor Joe Zhu Worcester Polytechnic Institute, MA, USA Founding Series Editor Frederick S. Hillier Stanford University, CA, USA More information about this series at http://www.springer.com/series/6161 Narendra Agrawal (cid:129) Stephen A. Smith Editors Retail Supply Chain Management Quantitative Models and Empirical Studies Second Edition Editors NarendraAgrawal StephenA.Smith DepartmentofOperationsManagement DepartmentofOperationsManagement andInformationSystems andInformationSystems LeaveySchoolofBusiness LeaveySchoolofBusiness SantaClaraUniversity SantaClaraUniversity SantaClara,CA,USA SantaClara,CA,USA ISSN0884-8289 ISSN2214-7934 (electronic) InternationalSeriesinOperationsResearch&ManagementScience ISBN978-1-4899-7561-4 ISBN978-1-4899-7562-1 (eBook) DOI10.1007/978-1-4899-7562-1 LibraryofCongressControlNumber:2015934150 SpringerNewYorkHeidelbergDordrechtLondon ©SpringerScience+BusinessMediaNewYork2009,2015 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilarmethodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthis book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained hereinorforanyerrorsoromissionsthatmayhavebeenmade. Printedonacid-freepaper Springer Science+Business Media LLC New York is part of Springer Science+Business Media (www.springer.com) Foreword It is with great pleasure that I can write a foreword for the second edition of the book Retail Supply Chain Management: Quantitative Models and Empirical Studies. I want to congratulate the editors, Narendra Agrawal and Stephen Smith, forcompilingthisimpressivevolume.Likeitsfirstedition,thisvolumecontinuesto be a book that provides a solid reference on research on retail supply chains and inspiresnewresearchonthissubject. Retailingformsthepartofthesupplychainthatinterfacesbetweentheultimate consumersandtherestofthesupplychain.Assuch,itisoftenviewedasthepartof thesupplychainwheretherealdemandsoftheconsumersfirstshowup.Whether wearetalkingaboutaphysicalretailstoreoravirtualstore,theconsumerdemands thatoccurheredrivethedemandsintherestofthesupplychain.Sointhatsense,it islikethefrontierofallsupplychains. ItisthereforegratifyingtoseeNarenandStevefocusingtheirvolumeonretail supplychains.Theinnovations,lessonsinpractice,andnewtechnologicalsolutions inmanagingretailsupplychainsarenotjustimportantinretailingbutcrucialinthe ultimateeffectivemanagementofthecompletesupplychain. There are two distinguishing features in the research of retail supply chains, whichthecurrentvolumecaptureswell.First,retailsupplychainsareloadedwitha lotofempiricaldata.Thisisanareathathastraditionallybeenrichindata,which provides fertile grounds for us to pursue empirical research. Second, research on retail supplychainsnaturally intersects with research inmarketingintwoways— category management and pricing. Of course, category management and pricing have traditionally been key areas inthe marketingliterature. Butwhatthe current volumehasaddedisthedimensionofsupplychainmanagementtothesemarketing approaches.Integratingcategorymanagementwithinventoryplanningandcoordi- nating price optimization with supply chain management are unique dimensions thatdistinguishthisbook. v vi Foreword Thesecondeditionexpandedonthedistinguishingfeaturesofthepreviousone with new analytics on data accuracy and visibility, retail workforce management, and business models of fast fashion. These are topics that are both timely and criticaltosuccessesinretailing. I am sure that the readers will share my great enthusiasm for this book as a wonderfuladditiontotheemergingliteratureofretailsupplychainmanagement. ThomaProfessorofOperations,InformationandTechnology, HauL.Lee GraduateSchoolofBusiness,StanfordUniversity Stanford,CA,USA Preface We began working in retail supply chain management through the retail research programoftheRetailManagementInstitute(RMI)atSantaClaraUniversity.RMI was founded in 1980 by its current Executive Director, Dale Achabal, who is the L.J. Skaggs Distinguished Professor of Marketing at Santa Clara University. Research at RMI has focused on marketing and supply chain decisions in depart- ment store chains and specialty retailers. Over 30 major retail chains have partic- ipated in our research by providing data and problem descriptions and by sponsoring projects. The goal of our research has always been to develop new analyticaltoolsforsupportingtheoperationalandplanningdecisionsthatretailers face.Thesponsoringorganizationssawthepotentialbenefitfromdevelopingnew analytical methodologies that could take advantage of the capabilities offered by emerging information technologies in retailing. Consequently, a number of the decisionsupportprototypesdevelopedatRMIwerelaterconvertedintooperational softwaresystemsbyconsultingorganizationsandapplicationsoftwareproductsby independentvendors.Inthissense,theresearchdoneatRMI,aswellastheresearch by other authors of chapters in this volume, has led to an array of retailing applications that constitute a great success story for management science and for supplychainmanagementinparticular. We are very pleased to present the second edition of our book following the tremendoussuccessofthefirstone.Thishasprovidedtheauthorsanopportunityto updatetheircontributionstoincludethemostrecentdevelopmentsinourfieldsince 2009whenthefirsteditionwaspublished.Wehavealsoaddedthreenewchapters onrecenttopicswhichreflectareasofgreatinterestandrelevancetotheacademic andprofessionalcommunitiesalike. These topics arefastfashionretailstrategies, decisionmakinginthepresenceofinventoryrecordinaccuracies,andretailwork- forcescheduling.Wehopethattheneweditionwillserveasausefulresourcefor academic researchers and practitioners who are looking for the state of the art on studiesonthetopicofretailsupplychainmanagement. vii viii Preface We are grateful to all authors who have contributed their research to this endeavor and thank them for their patience as we went through multiple rounds of the review process for their submissions. We are indebted to our colleagues who painstakingly reviewed the various revisions of the submissions, adhering to standards typical of professional journals. These reviewers include Goker Aydin (Indiana University), Gerard Cachon (University of Pennsylvania), Nicole DeHoratius (University of Chicago), Vishal Gaur (Cornell University), Warren Hausman(StanfordUniversity),KirthiKalyanam(SantaClaraUniversity),Gu¨rhan Ko¨k(Koc¸University),StevenNahmias(SantaClaraUniversity),MarceloOlivares (Columbia University), Andy Tsay (Santa Clara University), and Jin Whang (Stanford University). Finally, we would like to thank Gary Folven, our original editor with Kluwer and later with Springer Publishing, who encouraged us to undertake this project and supported our efforts. Matthew Amboy, the current Editor (Business & Economics: OR & MS) at Springer, has also been extremely supportiveofourworkandpatientwithourschedules. WewishtothankourcolleaguesfromtheMarketingDepartment,DaleAchabal, ShelbyMcIntyre,andKirthiKalyanam,forcollaboratingwithusonawiderangeof projects. Many retail executives from sponsoring companies have contributed immensely to our research. There are simply too many for us to acknowledge individually but we are very grateful for their continued support. And we are especially gratefulto our wives, Niti Agrawal and Karen Graul, and ourchildren, NishantandNiharAgrawal,andGregandDanielSmith,forgraciouslysupporting usduringthetimeittooktocompletethisvolume. SantaClara,CA,USA NarendraAgrawal StephenA.Smith Contents 1 OverviewofChapters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 NarendraAgrawalandStephenA.Smith 2 SupplyChainPlanningProcessesforTwoMajorRetailers. . . . . . 11 NarendraAgrawalandStephenA.Smith 3 TheEffectsofFirmSizeandSalesGrowthRateonInventory TurnoverPerformanceintheU.S.RetailSector. . . . . . . . . . . . . . . 25 VishalGaurandSaravananKesavan 4 TheRoleofExecutioninManagingProductAvailability. . . . . . . . 53 NicoleDeHoratiusandZeynepTon 5 AnalyticsforOperationalVisibilityintheRetailStore: TheCasesofCensoredDemandandInventory RecordInaccuracy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79 LiChenandAdamJ.Mersereau 6 AnOverviewofIndustryPracticeandEmpiricalResearch inRetailWorkforceManagement. . . . . . . . . . . . . . . . . . . . . . . . . . 113 SaravananKesavanandVidyaMani 7 CategoryCaptainshipPracticesintheRetailIndustry. . . . . . . . . . 147 Mu¨minKurtulus¸ andL.BerilToktay 8 AssortmentPlanning:ReviewofLiterature andIndustryPractice. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175 A.Gu¨rhanKo¨k,MarshallL.Fisher,andRamnathVaidyanathan 9 FastFashion:BusinessModelOverviewandResearch Opportunities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 237 FelipeCaroandVictorMart´ınez-de-Albe´niz ix
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