Retailing in the 21st Century: Current and Future Trends

405 Pages·2006·3.768 MB·English

by  Professor Dr. Manfred Krafft, Professor Murali K. Mantrala PhD (eds.)

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Foreword
Hans-Joachim Körber
Chief Executive Officer of METRO AG
In general, retailing is perceived as a rather traditional busi-
ness sector. Very many believe that this industry is mostly
concerned with making good deals, putting high pressure on
suppliers, and selling at competitive prices. The marketing
side of this business is perceived as being rather short-term
oriented and mostly concerned with price promotions.
However, over the last few years, the world of retailing has
changed dramatically. Retail operations of companies like
Carrefour, Tesco, Wal-Mart, and last but not least METRO
Group, have greatly increased in complexity and sophistication. Today, the re-
tailing sector is one of the leading industries in applications of innovations such
as radio frequency identification (RFID) and self-service technologies. Retailing
has been the industry that has principally fostered breakthroughs in supply chain
management and logistics. Retailing leads other sectors in customer data cap-
ture, data warehousing and analyses. Retailing provides the setting for research,
development and applications of advanced analytical, econometrics and optimi-
zation methods in domains like pricing and integrated marketing communications
management. Retailing, specifically online retailing, is still the main commercial
application area of the Internet and is at the vanguard of the globalization of
business. Last but not least, to manage such operations, retailing demands and
employs numerous employees with specialized training and expertise. However,
many of these advances in modern retailing remain largely unknown to the out-
side world where the old image of retailing as a slow-moving business with few
management challenges and unexciting career prospects remains prevalent.
Even within the retailing profession, many practitioners remain unfamiliar with
all the current trends and advances in retailing management methods, technologies
and applications.
To improve contemporary retailing’s public image, enhance the knowledge of
its practitioners, and stimulate further retailing research, there is a great need for a
source that documents and provides objective information on the current trends
and advances in retailing. I believe that this book “Retailing in the 21st Century –
VI Foreword
Current and Future Trends” edited by Manfred Krafft and Murali K. Mantrala
effectively meets these objectives.
The editors of this book have successfully brought together an impressive list
of authors who include industry experts and leading academic scholars from
Europe, the United States, Australia, and Asia. In the chapters of this unique book,
these experts share their knowledge and insights about diverse topics ranging from
retailing trends around the world to retailing strategies, marketing, operations and
human resource management. From my perspective, the combination of insights
from practitioners as well as from scientists is one of the major strengths of this
book, leading to interesting blends of practical and academic knowledge.
Another interesting characteristic of this edition is its focus on some of the lat-
est developments in marketing and technology in retailing, including RFID, elec-
tronic price tags, digital advertising displays, self check-out systems, personal
selling assistants, and smart kiosks. Several authors describe how these new tech-
nologies have been successfully demonstrated in the METRO Group’s “Future
Store” in Rheinberg. However, the authors also describe how these technologies
affect consumer behavior, employee behavior, and competitive behavior.
Metro helped this book project to become true by providing information and
inviting the interested authors. Aside from presenting and exchanging their ideas
for the respective chapters, all participants had a tour of the Future Store and thus
got a first-hand impression of how retailing could look like in a few years. This is
also one of the aims of the editors and authors of this book – not only investigate
recent trends and share industry and academic insights, but also look ahead into
the near future of retailing.
Overall, I believe that practitioners as well as academics will strongly benefit
from this book and find it stimulating and thought-provoking. Examples of best
practice in retailing and most recent findings from academic research convey in-
teresting insights into current and future trends.
Dr. Hans-Joachim Körber Duesseldorf, July 2005
Chief Executive Officer
METRO AG
Acknowledgements
Before we started on this project in late 2003, we were unaware of the huge in-
vestments of time and effort that go into editing a book. We naively thought that
you simply ask some colleagues to cover certain topics, wait for their chapters
being submitted on time, do some editing and send the whole material to the pub-
lisher. Now we know better …! Since the authors who contributed to this book are
either top executives or among the world’s leading retailing academics with many
demands on their time, our tight deadlines for submitting first drafts of the chap-
ters, peer reviews of all manuscripts and final revisions of the contributions got
challenged quite frequently. Throughout, however, there was remarkable enthusi-
asm for this project shown by all our contributors, and we are gratified by their
dedication, commitment to quality and responsiveness that enabled this book of
twenty-three chapters by 46 experts to be completed in fourteen months from the
contributors’ kick-off meeting in mid-June 2004. Our many thanks to all our con-
tributors!
This book would have never taken off without the generous support of METRO
AG and exclusive access to information about Metro’s Future Store Initiative. It
would never have been completed without the unstinting support, administrative
and editorial assistance of Frederike Göhlich of University of Muenster, Thomas
Hamela, Hans-Joachim Körber, Julia Merkel, Zygmunt Mierdorf, and Gerd
Wolfram of METRO AG, and Martina Bihn and Irene Barrios-Kezic of Springer.
Our heartfelt thanks to all these dedicated individuals!
Finally, this project consumed quite some of our leisure time that should have
been devoted to our families. Though we are quite enthusiastic and proud about
the final outcome of our work, we also feel sorry about neglecting them on many
weekends and holidays we should have been with them. For all their patience and
moral support, we dedicate this book to Anna-Kristina, Christine, Elisabeth, Ole-
Michel, Surya, Vidya and Ashwini.
Manfred Krafft
University of Muenster, Germany
Murali K. Mantrala
University of Missouri, Columbia, USA
Table of Contents
Foreword....................................................................................................V
Acknowledgements.................................................................................VII
Overview.....................................................................................................1
Manfred Krafft and Murali K. Mantrala
PARTI: INTRODUCTION
Retail Success and Key Drivers.............................................................13
Dhruv Grewal, Ram Krishnan, Michael Levy, and Jeanne Munger
Retailing in the Global World: Case Study of Metro............................27
Zygmunt Mierdorf, Murali K. Mantrala, and Manfred Krafft
PARTII: GLOBAL, ENVIRONMENTAL, AND MARKETTRENDS
Global Trends
Retail Trends in Europe..........................................................................41
John Dawson
Trends in U.S. Retailing..........................................................................59
Barton A. Weitz and Mary Brett Whitfield
Trends in Retailing in East Asia.............................................................77
Roy Larke
Environmental Trends
Future Store Technologies and Their Impact
on Grocery Retailing...............................................................................95
Kirthi Kalyanam, Rajiv Lal, and Gerd Wolfram
X Table of Contents
The Third Wave of Marketing Intelligence..........................................113
Raymond R. Burke
Applications of Intelligent Technologies in Retail Marketing...........127
Vadlamani Ravi, Kalyan Raman, and Murali K. Mantrala
New Automated Checkout Systems....................................................143
Thorsten Litfin and Gerd Wolfram
Market Trends
Understanding Retail Customers........................................................159
Mark D. Uncles
Future Trends in Multi-channel Retailing...........................................175
Peter Sonneck and Cirk Sören Ott
Retail Competition.................................................................................193
Edward J. Fox and Raj Sethuraman
PARTIII: TRENDS IN RETAILMANAGEMENT
People
New Challenges in Retail Human Resource Management................211
Julia Merkel, Paul Jackson, and Doreén Pick
Product
Retail Assortment: More (cid:143) Better........................................................225
Susan M. Broniarczyk and Wayne D. Hoyer
Out-of-Stock: Reactions, Antecedents, Management Solutions,
and a Future Perspective......................................................................239
Peter C. Verhoef and Laurens M. Sloot
Pricing
Recent Trends and Emerging Practices in Retailer Pricing.............255
Ruth N. Bolton, Venkatesh Shankar, and Detra Y. Montoya
Retail Pricing – Higher Profits Through
Improved Pricing Processes................................................................271
Hermann Simon, Andreas von der Gathen, and Philip W. Daus
Table of Contents XI
Distribution (Place)
Current Status and Future Evolution of Retail Formats....................289
Dieter Ahlert, Markus Blut, and Heiner Evanschitzky
Electronic Retailing...............................................................................309
Barton A. Weitz
Operations, Promotion, and Marketing
Communications
Supply Chain Management in a Promotional Environment..............325
Arnd Huchzermeier and Ananth V. Iyer
Sales Promotion....................................................................................345
Karen Gedenk, Scott A. Neslin, and Kusum L. Ailawadi
Understanding Customer Loyalty Programs......................................361
Werner J. Reinartz
Integrated Marketing Communications in Retailing..........................381
Kalyan Raman and Prasad A. Naik
About the Editors..................................................................................397
About the Authors.................................................................................399
Overview
Manfred Krafft1 and Murali K. Mantrala2
1 University of Muenster, Germany
2 University of Missouri, Columbia, USA
Retailing in the new millennium stands as an exciting, complex and vital busi-
ness sector in most developed as well as emerging economies. TheForeword of
this book by Hans-Joachim Körber, CEO of METRO Group, highlights the rapid
changes taking place today in the world of retailing. Key trends and develop-
ments such as changing customer needs and increasing interest in the shopping
experience as much as products, retailer consolidation, emerging multi-channel
retailing strategies, changing nature of competition within and between retail-
ing formats, globalization and technological breakthroughs such as radio fre-
quency identification (RFID) and personal selling assistants (PSAs), are having
or will soon have a dramatic impact on the way large retailers do business in
this new century. Retailing in the 21st Century is intended to help business
leaders, analysts, policymakers, retailing executives, consultants and academics
better understand these trends in retailing and their current and potential im-
pacts, develop strategies and tactics for better performance, and identify issues
and questions for further research. With twenty-three crisp and insightful chap-
ters contributed by many of the world’s leading experts in various facets of
retailing, Retailing in the 21st Century offers in one book a compendium of
state-of-the-art, cutting-edge knowledge to understand and guide successful
retailing in the new millennium.
Additional information (e.g., a subject index and further references) are available
on the companion website of the book at www.springeronline.com/3-540-28399-4.
Overview of Chapters
The twenty-three chapters in the book are divided into three Parts: (I) Introduc-
tion; (II) Global, Environmental and Market Trends; (III) Trends in Retail Man-
agement. The chapters in Part I provide an overview of current trends in retailing
and key drivers of retail success in national and international markets. Part II con-
tains chapters that examine, in more depth, specific trends in different geographical
regions of the world, trends in retailing technology and data environments, and