Retail project3 (Observations at Lifestyle mall)

LOCATION

The decision of store location plays a vital role in the success of a retail store. There are many factors that should be kept in mind before taking decision about the location.

The factors that should be considered are:-

ACCESSIBILITY: - Phoenix mill in lower Parel is well connected with roadways and railways, so it is very much convenient for customer to reach the store. After the launch of lifestyle store at Phoenix Mr. V. Muralidharan, Vice President- Operations, Lifestyle International India said:- “We are happy to now being able to reach out to our customers in the heart of Mumbai with the launch of our store at Phoenix mills.

ATTRACTIVENESS: - Phoenix mill is attractive place in lower Parel. In phoenix mill there are several restaurants and many specialty store, providing great ambience to pass their time

PARKING SPACE: - Before setting up a retail store one should also consider whether there is adequate space available for parking or not. In the case of Lifestyle, there are enough parking space.

CATCHMENT AREA: - Lower Parel is much in the center of town and near to the central and western suburbs. So it would be convenient for the people from both the side could visit the place. It can cover until south Mumbai and the central part of Mumbai.

NEAR TARGET MARKET: - Target market is a mix of people from all areas and language. In lower Parel and it surrounding a large part of population belong to it.

TRAFFIC: - Phoenix mill located in Lower Parel where traffic is high. Many people are visiting this place every day.

COMPETITION: - when Lifestyle was being planned to set up it store at phoenix mill the competition was very much nil.

EXTERIOR DESIGN

Exterior design play very important role in attracting the customer. Lifestyle at lower Parel is double stored building. The location of building is very prominent. The building has a modern look. There are many sign boards are displaying on the front wall of different brands; that we can see in the upper photograph also.

At night the building is well lighted. It focuses well on the name board at the top of the building. There is adequate light at the exterior side so as to show the people what they have in the store.

There are two doors. One from the front side and second in back. The customers can go into and come out from the store from any of the doors. There are securities to collects customer’s belongings. They also greet the customer warmly. They have latest technology so they don’t use the metal detector.

INTERIOR DESIGN

Lifestyle considers a good store is like a good store book. Every store has a beginning, middle and end, usually in the order. The entrances get up the story .It creates expectations that contain promises. Keeping this in mind Lifestyle at Phoenix mill layout was prepared. While the design of store compliments the customers need it also portrays Lifestyle image. It influences the customers buying decision Lifestyle has concentrated a lot on the store layout and space planning issues.

The lifestyle has a good planning to keep the things in particular manner. They are providing 10 feet length, 10Feet breadth and 8 feet height for each men and women garments brand. The garments are being kept in racks.

Merchandise type and density: - Lifestyle focuses on latest fashion apparels. It sees to it that no rack is left empty as they feel that empty rack create a wrong impression in the mind of the customers .If it merchandise is good it is put up or else the merchandise is put up in such a way that the rack seems to be filled up.

Fixture type and density: - Lifestyle see’s to it that none fixtures have sharp edges. This is for the safety of the customers. A fixtures used for display is flexible. It is fully detachable and can be put up wherever desired. It also sees to it that the fixtures match the merchandise.

Employee type and density: - Lifestyle staff is well versed with the local language as well as in English. The staff is regularly updated with information of the products.

Sign board: - The sign is a hanging from the top wall and it’s eye catching sign board. In that section where different brands are there a name board for that brands and its price is put up in.

Sound type and density:- Familiar light instrument are continuously played at Lifestyle and western music is plying on.

Lighting: - Lifestyle uses good lighting in the store involves more than illuminating space. Lighting is used to highlight merchandise, sculpt space and capture a mood / feeling that enhance the store image

TIMING OF THE STORE: - Lifestyle has kept it shore timing from

11A.M to 9:30 P.M.

PERSONAL SELLING

Lifestyle mainly relies on counter sale and they have personnel for customer assistance. But in some area like jewelry, optical, cosmetic personal selling is used.

In house training for staff is organized at regular interval to enhance the knowledge about the product.

They trains its sales employees to understand customers need quickly, such that he notices a customers need even before he verbalizes it and short out it.

Their sells people always maintain a positive attitude and are enthusiastic. Their staffs always maintain good eye contact, even when under fire. Their sale person believes in listen closely to an objection. First they acknowledge the objection and then give their point of view.

SERVICES

A customer service desk is placed near entrance gate which provide all type of information to the customer. This is more help to the new customer who are coming for the first time and also help the customer to sort out their problems.

Staff is courteous and well informed about the product; they have the knowledge of the product. They are not enforcing the customer to buy anything but help them in purchasing.

A customer service cell is available at each store immediately to attend to customer quarries

A continuous training program is organized for the staff, so .that they are up to date with the products knowledge.

Lifestyle has also provision for those who are physically challenged and cannot climb stairs. They can use wheel chair and left is also there. Sufficient bags are available for the customers to take their goods to the payment counter.

PAY AND EXIT

Any shopping done by the customer is put in a plastic bag. They don’t close the bags because they use RFID. So there is no need to check the bags at the exit.

MERCHANDISING

Merchandising i.e. identifying customer’s needs, sourcing products to cater to the customers needs and displaying the products on the shelf space in such a way that it becomes easy for the customers to locate these products.

All the planning and strategies undergo the ultimate test when the merchandise actually reaches the shop floor. In terms of on-shelf strategies Lifestyle has a clear policy for each merchandise. The company gets weekly reports. The data is analysed to see the movement of various types of Goods.

VISUAL MERCHANDISING

Visual merchandising is a place to emphasis on your unique identity, advertise merchandise and catch the attention of the shoppers. The main function of the visual merchandising is to promote the store’s image and maximize the sales of its merchandise. In apparel section they displayed they product in this way which attract the customer. There are eye catching boards in every section to inform the product. These visual merchandising influences the customer for impulse purchase.

ADVERTISING

Lifestyle is spending huge amount of money in advertising. It is using print media for their corporate branding. They give advertisement in news paper like DNA & TOI.

They are also using hoarding poster in different parts of the city. Lifestyle advertisements are coming in Broadcast media also.

SALES PROMOTION

Lifestyle generally gives discount offer after summer during the month of August and September. This year discount offer period was 9^th Aug to 2^nd September.

While when the store opened in 2003 they organized cultural program for entertainment of the customer.

They also come up with different type lucky draw and giving gifts on a certain amount purchase. They also offer membership cards. They give point on purchased amount. These point converts into cash or gift. They collect a good data base by this way. They send greeting on festive as well as birthday card; they give a special discount on birthday (they used to write how much discount they are going to you on your birthday).

PRICES

Price is an integral part of the retail marketing mix. It is the factor which is the source of revenue for the retailer. The price of the merchandise also communicates the image of the retail store to the consumer. Various factors like the target market, store policies, competition and the economic conditions need to be taken into consideration while arriving at the price of a product.

Lifestyle keeps only branded products. Some in house brands are also available. Their target customer is middle class, higher middle class and upper class also. Generally, they sell these products on MRP. They follow the fix price strategy. The price of a product be same in every store of Lifestyle.

AMENITIES

Washrooms: - Washroom is present on second floor. There are separate washroom are available for male & female.

Changing rooms: - There changing room is a very important part of a store dealing in apparels. It plays a very crucial part as it is one of the influences of a customer’s decision making. Lifestyle has change room for each section like boys, girls, men and women. Changing room is well furnished and spacious.

Store keeping unit: - Lifestyle store keeping unit is very well efficient & maintain the store in a proper way.

OBSERVATIONS

• Exterior design of Lifestyle at Lower Parel is very attractive. At front part of building they have given more emphasis on visual merchandising.
• Sign board is very attractive it gives good impact to the customer’s mind about the store.
• Visual merchandising is fantastic. Or you can say up to the mark.
• The floor of Lifestyle is excellent. They have used marble so it looks neat and clean.
• Paints of wall are well maintained.
• In the store its sign boards look very attractive.
• Washroom is well furnished.
• Changing rooms were good but less in number so the customers have to wait for trial.
• There is a notice outside the trial room which says that Dear customers Kindly don’t take more than three garments for trial.
• Most of the times customers are stand for long time in que for paying the payment. So they should increase the cash counter.
• They have good collection in formal shoes, casual wear and in everything.
• Lighting is very good.
• The look of ceiling on second floor was not good so they should cover the ceiling to make a better look.
• Currently there is discount in lifestyle upto 50% off
• Salesperson wear a Red colour T-SHIRT and a black colour pant.
• RITU KUMAR has its own boutique at this store.