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VSRD-IJBMR, Vol. 1 (6), 2011, 348-361

R RE ES SE EA AR RC CH H A AR RT TI IC CL LE E

A Study of Buying Behavior and Brand Perception of Consumers in Shopping Malls

1

M. Yaseen Khan* and 2SM Tariq Zafar

ABSTRACT
In India Shopping Malls industry is upcoming industry worth Rs 17000 Cr. In NCR (National Capital Region) Gurgaon is the most favorite place for the shopping malls. M.G. (Meharuli Gurgaon) Road is the place for all famous shopping malls in Gurgaon. In NCR DLF, MGF, JMD, SAHARA, all big players are in the region. On M.G. Road Gurgaon MGF Group has two shopping malls in operation MGF Metropolitan Mall, MGF Plaza, Sahara Group has its Sahara Mall and DLF Group has its City Centre. The project involved the study of comparative analysis consumer buying behavior and brand perception of consumers regarding shopping malls on M.G. Road and Metropolitan Mall as a base. Consumer purchasing power is the main factor, which determines their buying behavior and brand of shopping malls. Shopping Malls are the places for the fun & entertainment, family outing, shopping and eatings. In shopping Malls age factor is the most dominant factor in daily footfalls. In different shopping malls different age group consumers come and they impact on the buying behavior. Keywords: Shopping Malls, Consumer Behaviour, Brand Perception, Purchasing Power, Fun & Entertainment, Age Factors etc.

1. INTRODUCTION
In 2009, India's nominal GDP stood at US$1.243 trillion, which makes it the twelfth-largest economy in the world. If PPP is taken into account, India's economy is the fourth largest in the world at US$3.561 trillion, corresponding to per capita income of US$3,100. The country ranks 139th in nominal GDP per capita and 128th in GDP per capita at PPP (Purchasing Power Parity). With an average annual GDP growth rate of 5.8% for the past two decades, the economy is among the fastest growing in the world.
____________________________ 1

Research Scholar, MBA Department, Uttrakhand Technical University, Dehradun, Uttrakhand, INDIA and Assistant Professor, Army Institute of management & Technology, G.Noida, Uttar Pradesh, INDIA. 2 Director, MBA Department, Roorkee College of Management & Computer Application, Roorkee, Uttrakhand, INDIA. *Correspondence : my_candida@rediffmail.com

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India has the world's second largest labour force, with 516.3 million people. In terms of output, the agricultural sector accounts for 28% of GDP; the service and industrial sectors make up 54% and 18% respectively. Major agricultural products include rice, wheat, oilseed, cotton, jute, tea, sugarcane, potatoes; cattle, water buffalo, sheep, goats, poultry; fish. Major industries include textiles, chemicals, food processing, steel, transport equipment, cement, mining, petroleum, machinery, software. Indias trade has reached a relatively moderate share of 24% of GDP in 2006, up from 6% in 1985.In 2008; India's share of world trade was about 1.68%. Major exports include petroleum products, textile goods, gems and jewelry, software, engineering goods, chemicals, and leather manufactures. Major imports include crude oil, machinery, gems, fertilizer, and chemicals. According to the 8th Annual Global Retail Development Index (GRDI) of AT Kearney, India retail industry is the most promising emerging market for investment. In 2007, the retail trade in India had a share of 8-10% in the GDP (Gross Domestic Product) of the country. In 2009, it rose to 12%. It is also expected to reach 22% by 2010. According to a report by North bride Capita, the India retail industry is expected to grow to US$ 700 billion by 2010. By the same time, the organized sector will be 20% of the total market share. It can be mentioned here that, the share of organized sector in 2007 was 7.5% of the total retail market. Indias GDP growth rate is a healthy 9% for 2005-06 - and this has had its ripple effect on all industries- more so the Retail sector, of which only 3 % was organized until now. The Indian retail industry accounts for 10% of GDP and 8% of employment. India is being touted as the next big retail destination with an average three year compounded annual growth rate of 46.64%. The Indian economy is poised to take the third position in the world in terms of Purchasing Power Parity by the year 2010. The Indian Retail Market is an Rs.1, 200,000 million markets as per the Images India Retail Report 2007. Organized Retail market is zooming ahead with an annual growth rate of 30%. The Retail sector is vibrant with growth happening in all related areas - be they malls, hypermarkets or single brand luxury stores, they have dotted the commercial landscape of the metros, and have even percolated to the Tier II and Tier III cities. Malls are fast becoming sought-after entertainment hotspots. From a situation where there were no malls about a decade ago, the country had over 300 malls translating to over 100 million sq.ft. in available mall space by the end of 2007. Food and Grocery retail holds the most potential, as almost 99% of it is unorganized. A number of big players are entering the field of organised food retail like Reliance, Aditya Birla Group and the Bharti Group, which has tied up with the worlds largest retailer - WalMart. All these major players are expected to show an annual growth rate of 25- 30%. The Retail boom has also led to the opening of a large number of single brand outlets across the country. With big brands and bigger outlets across all segments, from Apparel and Footwear, Watches, Books and Stationary to Jewellery and Consumer Durables, the sweep is indeed broad. The Retail Sector is definitely witnessing a growth phase and everyone wants to make their presence felt in order to take their share of this huge pie. Take a gourmet trip - dig in to sample the depth and breadth of this amazing sector. Types of Retail Chains operating in India * Food and Beverage * Health and Beauty * Clothing and Footwear * Home Furniture and Household Goods * Consumer Durable Goods * Leisure and Personal Goods. MGF DEVELOPMENTS LIMITED is a part of MGF Group. MGF (Motor General Finance) is a very well

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known company in finance sector and now it is in the shopping malls industry. In India Shopping Malls industry is upcoming industry worth Rs 17000 Cr. In NCR (National Capital Region) Gurgaon is the most favorite place for the shopping malls. M.G. (Meharuli Gurgaon) Road is the place for all famous shopping malls in Gurgaon. In NCR DLF, MGF, JMD, SAHARA, all big players are in the region. On M.G. Road Gurgaon MGF Group has two shopping malls in operation MGF Metropolitan Mall, MGF Plaza, Sahara Group has its Sahara Mall and DLF Group has its City Centre. The study involves comparative analysis of consumer buying behavior and brand perception of consumers regarding shopping malls on M.G. Road Gurgaon and Metropolitan Mall as a base. The methodology adopted to study the consumer buying behavior & brand perception of consumer is through survey in shopping malls on M.G. Road 675 consumers were surveyed. The survey is done through the personal interviews by putting two different sets of structure questionnaire to them with the help of a team of management students. Consumer purchasing power is the main factor, which determines their buying behavior and brand of shopping malls. Shopping Malls are the places for the fun & entertainment, family outing, shopping and eatings. In shopping Malls age factor is the most dominant factor in daily footfalls. In different shopping malls different age group consumers come and they impact on the buying behavior.

1.1. Metropolitian Mall

In Metropolitan Mall consumers belong to age 20 25 and 25 -35 were in the maximum numbers. They either belong to students or services or they are professionals. Consumers in this age group come to the shopping malls either in once in a week or twice in a week. Their purposes to come to a shopping mall are just for fun and entertainment (PVR Movies), eating, and shoppings. On average they used to spend Rs. 500- 2500 on their per visit in Metropolitan Mall. As a consumer they spend the most on music and entertainment and food and beverages. After this they spend on apparels and sportswear & footwear. In case of girls in this age group they spend a large amount on gifts and beauty products. In this age group the consumers like the metropolitan mall most. The brand images in their minds of Metropolitan Mall were different different. A large group of this segment have image only of PVR Gurgaon. Next they have image of Shoppers Stops, McDonalds, and Metropolitan Mall. Consumers have the image of Metropolitan Mall is the best place for the entertainment and eating because of good food joints and restaurants. Most of the consumers of any age group were very much impressed by the ambience and gentry of Metropolitan Mall. A common brand image of Metropolitan Mall was that it is some costly for a big shopping.

1.2. Sahara Mall

Consumers in Sahara Mall belong to 25 35 age and age 35 and above were in the maximum numbers. In this age group consumer were either Homemakers or services, or they were professionals. They come in either once in a week or twice in a month. In Sahara Mall consumers were serious buyers and they either come for the family shopping or for the eating. The annual holds income is between 2 5 lakhs common. Consumers spend Rs. Between 500-2500 and more then Rs. 2500.Consumers in shopping mall and spend mostly on households and eating. Consumers in Sahara Mall are very much influenced by discount schemes. Consumers in Sahara

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Mall come for the BIG BAZZAR, HALDIRAM and PANTALOON. The brand image of Sahara Mall in consumers is only Big Bazaar and Haldiram. Some have the image of Pantaloon. The common brand image of Sahara Mall is a mall for the MIDDLE CLASS. Its a good place for eating and family shopping.

1.3. MGF PLAZA

MGF PLAZA is commonly visited by consumer in the age group of 25- 35 and age above then 35. Consumers in MGF Plaza are belonging to business, services and most of them Home Makers. Consumers in MGF PLAZA are serious buyers. They come to the Mall once in a month or twice in a month. They just come for the family shopping for the home furnishing and electronic items like TV, Refrigerators etc. Consumers in MGF Plaza are mostly brand oriented. Their common annual house holds income between 2-5 and 5- 10 lakhs. The brand image that they have of MGF Plaza is a complete place for the home furnishing items. Arcus, Samsung, Philips, LG and Electrolux brand in this mall. Most famous is the Arcus home furnishings. MGF PLAZA is a place for the home furnishing items. This mall is totally different from Metropolitan Mall and DLF City Centre. Consumer who visits any shopping mall on M.G.Road almost comes to visit every shopping mall. In study of shopping malls it was found after analysis that Metropolitan Mall is the best place for the fun & Entertainment, eating and branded shopping. Metropolitan Mall is not a place for the middle class. Sahara Mall is good for the family shopping like households, apparels due to Big Bazaar and Pantaloon and good for the eating due to the Haldirams. Sahara Mall is the only one mall on M.G. Road for the middle class. Regarding the MGF PLAZA it is the place only for the home furnishings and essential items for the family. It is the place both for the middle class and higher class.

2. OBJECTIVES OF THE STUDY

The study was conducted on following objectives. : Find out the different types buying behavior of consumers in different shopping malls on M.G.Road. To study what type of consumers visit the different shopping malls. Purpose to come to shopping malls. What the consumer think about the particular shopping mall as a brand in shopping malls. How consumers motivate to visit any shopping mall? In shopping malls on which sector consumers spend the most. How Shopping mall are different to each other regarding the types of consumers and their buying behavior. Analysis of buying behavior pattern and brand perception.

And based on above findings, Recommendations on followings: How can increase the conversion ratio of footfalls to buying in shopping mall?

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How can increase the footfalls in shopping malls? For what types of consumers Shopping Mall should make its plans.

3. RESEARCH PLAN
The study is descriptive in nature to examine the consumer buying behavior and brand perception of consumers in shopping malls. The research involved gathering Secondary data as well as Primary data. For the purpose, survey was conducted to collect the data. Consumer survey was conducted to gather initial data from the market. Consumers decide the brand of any shopping mall and they are different to each other to various aspects. Consumer survey was done to know their purchasing behaviour in different shopping malls on M.G.Road. They are the one who constitute the market and the target of the business. Until and unless the marketers have the knowledge of consumer buying behavior and where they spend the most and what they thing about the mall cannot increase the footfall and conversion ratio in Shopping Malls. Hence, a consumer survey was done to know their wants, purchasing power, and buying habits to know their brand perception and buying behavior in shopping malls. Secondary data regarding footfalls in shopping mall, buying pattern and other related was collected from the internet, magazines, newspapers, KPMG Report and mall management itself.

3.1. Research Instrument

In marketing research the main research instrument used in collecting primary data is the Questionnaire. For this research, a questionnaire was structured for both consumer buying behavior and the for the consumer brand perception. The questionnaire was close ended. Close ended questionnaire was put to the customers. It had a set of option and the respondent made a choice among them.

3.2. Sample Plan 3.2.1. Sample Size

Metropolitan Mall 180 Sahara Mall 215 MGF Plaza 195 Total 590

3.2.2.

Sample Procedure

Nonprobability Convenience Sample was adopted i.e. the most accessible members of the population or random selection of the consumers. The best-suited method for this kind of survey is Personal Interview while the consumers were shopping. Through this method of conducting research more questions can be asked and it helps in collecting additional information, which may be useful for the company.

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3.3. Limitations of the Study

Only a small population of the consumers were studied, which may not be enough to throw correct picture. The consumers were very reluctant to answer the question and the response may be biased. The answer given by the consumers were too vague to deduct exact figures. The DLF City Centre was not studied due to the permission problem.

4. MGF Group
With the burgeoning of the Indian financial sector, it is becoming increasingly important to identify the distinct strengths of any financial services company before deciding to associate with it. This is an introduction to an organization that, in many ways, has been a role model for a host of new companies entering the field. With over 60 years of experience. The Motor and General Finance Ltd. is one of India's oldest financial companies, and today among the acknowledged leaders in the industry. The company provides here an outline of the group's wide-ranging development financing and fund management experience, and the scope of our operations today. The motor and General Finance has now become the MGF Group, with companies involved in Hire Purchase and leasing, construction and real estate development and automotive dealerships. Following are the companies within the MGF Fold: 1.MGF Developments Ltd. 2.MGF Motors Pvt. Ltd. 3.MGF Automobiles Pvt. Ltd. 4. Capital Vehicle Sales Pvt. Ltd. 5. Compact Motors Ltd. 6. Kerala Cars Pvt. Ltd. 7.Omega Motors Pvt. Ltd. 8. The Motor and General Finance Ltd. 9.MGF (INDIA) Ltd. 10. India Lease Developments Ltd. 11.Jaybharat Credit Ltd. 12.Goodwill India Ltd. 13 MGF Services Ltd.

Globalization and knowledge growth have changed rules. Today, the customers are more aware and better connected with counterparts across the nation. This changing environment compels to seek higher levels of service quality and efficiency. There is perhaps no better measure of an organizations success than customer satisfaction. With world class Service and Support systems, the company constantly strive to be the industrys best, setting standards for others to follow.

4.1. Retail
With 2, 00,000 sq. ft of space dedicated to departmental stores and retail outlets, the Metropolitan are a shopper's paradise. From furnishings to cosmetics, jewellery to designer wear, the complex will cover varying budgets, tastes, and needs. Shop space has been structured keeping the retailer in mind. All outlets will have back door servicing, for aesthetic and logistical considerations. Signage and shop windows allow retailers to create a distinct pull.

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4.2. Hospitality
The complex has six specialty restaurants offering Continental, Chinese, Mediterranean and Frontier cuisine. From Delhi's discerning gourmets, the Metropolitan promises a veritable feast. For the musically inclined, live performance from talented musicians and groups, will be a feature of the jazz Bar. Theme based restaurants like sports cafes would appeal to the younger crowd.

4.3. Entertainment
The top floor has a Multiplex screening the latest blockbusters. It serves to draw crowds to upper floor stores, encouraging impulse buying. Constantly changing signage and cutouts of recent attractionswilladdvariety.30, 000 sq ft of space is earmarked for exclusive Fun spots. With a host of arcade games, pool, bowling, crazy cars and virtual reality games. Aimed at attracting the younger crowd, the Metropolitan will have a discotheque. It serves as a crowd puller during after commercial hours, while serving as a venue for exciting events and promotions.

4.4. Lifestyle Outlets

HEALTH AND FITNESS CLUB. BRANDED PARLOURS-Staying fit is now the mantra of the day. Exclusive fitness club boasting modern equipment and facilities will feature in the complex. Spread over nearly four acres, the Metropolitan, through sheer scale and spread, puts conventional shopping malls in the shade. On par with malls the world over; the Metropolitan banishes the current notion of 'hurried shopping' in clustered localities. Cinema, fine dining, fun spots, and cultural feasts heighten the experience, introducing the concept of 'leisure shopping'. The accent is on space, a gentle pace, and above all, comfort.

5. DATA ANALYSIS 5.1. Consumer Buying Behaviour in Metropolitan Mall

Keeping with international norms, the Metropolitan will boast an Atrium, which is designed to be the heart of the complex. It will serve as the converging point for the flow of visitors, and be the primary node from which they embark on their journey. With designated resting areas, visitors can take a break as they contemplate the manner in which they would like to occupy themselves. The Atrium will, thus, be humming with activity, and will generate the character for the mall. Age group of consumers in Metropolitan mall is - Below 20 yrs and they were 35 in number and all are students, 20-25 yrs.-70(30 students, 5 business persons and 35 homemakers), 2535 yrs.-60(10 business persons, professionals and 15 homemakers), 35 yrs.& above-15(5 business persons, 5 professionals and 5 homemakers). The basic and prime purpose to come to shopping mall of age group below 20 yrs is fun & entertainment.

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Category of Consumers (Age Group)

Age Group in metropolitan mall

15

35 Below 20 yrs. 20-25 yrs. 25-35 yrs. 35 yrs.& above

60 70

Spend per visit in shopping mall in the BELOW 20 yrs. Up to Rs. 200 4 (11%) Rs.200-500 21 (60%) Rs.500-2500 10 (29%) Rs.2500 & Above 0

Spend per visit in shopping mall in the age BETWEEN group 20-25 yrs. Up to Rs.200 5 (7%) Rs.200-500 46 (65%) Rs.500-2500 15 (22%) Rs.2500 & Above 4 (6%)

Spend per visit in shopping mall age group BETWEEN 25 35 yrs. Up to Rs.200 0(0%) Rs.200-500 26 (43%) Rs.500-2500 30 (50%) Rs.2500 & Above 4(7%)

5.2. Findings in Metropolitan Mall

The main purpose of visiting the mall is fun & entertainment, family outing and shopping at the last. The average spend of the consumers varies in different age groups is 14% upto Rs 200 and 43% consumers spend Rs 200-500 per visit. 29% consumers spend Rs 500-2500 and14% consumers spend Rs 2500 and above per visit. Consumers in mall were mostly in the age group of 20 25 yrs and 25 - 35. They came to the mall mainly for the entertainment in PVR and shopping in the Shoppers Stops. Consumers in mall were all age group and almost all were brand oriented regarding the products. The average spending was in the mall between 500 2500 and more then Rs.2500. The annual holds income of the mall between the Rs.2-10 Lakhs. Consumers in shopping mall accepted that Metropolitan Malls the best shopping mall on M.G.Road in Gurgaon

5.2.1.

Consumer Buying Behavior in Metropolitan Mall.

Consumers usually spend their money on Food, entertainment, Apparels, and sports & footwear. Consumers in the age group of below 20 25 yrs and 25 35 were in the maximum numbers.

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Consumers in Mall spend money between 500 2500 and more then Rs. 2500. Consumers in mall come to the mall either once in a week or twice in a week. Consumers in Mall either students or in services or professionals in the maximum numbers.

5.2.2.

Brand Perception in Metropolitan Mall.

Consumers in mall mostly know mall as PVR, Shoppers Stop and Metropolitan Mall. Consumers in mall are mostly Brand oriented regarding any thing. Consumers accept that this mall is the best place for the fun & entertainment and good food joint. Consumers mostly motivated to come to the shopping mall by friends and relatives.

5.3. Consumer Buying Behaviour in Sahara Mall

Age group of consumers in Sahara Mall. Below 20 yrs. 20 (8%) 20-25 yrs. 35(13%) 25-35 yrs. 60 (32%) 35 yrs.& above 100 (47%)

Category of consumers in Sahara Mall.

Category of consumers
6%
14 20 40 40

9% 19% Student Business Professional Services Homemaker

47%

101

19%

5.4. Findings in Sahara Mall

Consumers in Sahara mall were mostly in the age group among 25- 35 and 35 and above. In consumers the numbers of Homemakers and Services and professionals were in the maximum numbers. Consumer visits the mall generally the mall once in a week and twice in a month. Consumers come to the mall for the households shopping, eating and purchase for the apparels. Consumers influence by the Discounting schemes, and for the entertainment. The annual house holds income between 2 10 lakhs.

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5.4.1.

Consumer Buying Behavior in Sahara mall

Consumers in mall come for the house holds shopping. Consumers come to the mall mostly homemakers and service class. According to them Sahara Mall is the best for the middle class. Students consumers spend much on apparel and food& beverages in Sahara Mall. They spend 67% on apparels and 33% on food & beverages.

Student Consumers Up to Rs.200 0 Rs.200-500 5 Rs.500-2500 10 Rs.2500 & Above 0

0% 0% 33% Up to Rs.200 Rs.200-500 Rs.500-2500 67% Rs.2500 & Above

Apparels 9

Food & Beverages 5

Households 0

33%

0% Apparels Food & Beverages 67% Households

5.4.2.

Consumer Brand Perception in Sahara Mall

As a brand the Sahara Mall is famous a mall fore the middle class due to the Big Bazaar. Big Bazaar, Pantaloon, and Haldiram is the most popular among the consumers

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The popular brands also the Haldiram and the Pantaloon. Sales and discount schemes attracts them to come to the mall.

5.5. Consumer Buying Behaviour in MGF Plaza

Age group of consumers in MGF Plaza. Below 20 yrs. 4 20-25 yrs. 10 25-35 yrs. 72 35 yrs.& above 109

Age Group
Below 20 yrs.
2% 5%

20-25 yrs. 25-35 yrs.

56%

37%

35 & Above

Category of consumers in MGF Plaza Student 4 Business 45 Professional 23 Service 18 Homemaker 105

Category
2%

23%

54% 9%

12%

Student Business Professional Services Homemaker

5.6. Findings in MGF Plaza

In MGF Plaza the consumers were in the age group of 25-35 yrs. and 35 above mostly. Consumers were homemakers, businesspersons and professionals. They come for the mall home furnishing items and electronics items. They spend in the shopping mall more then Rs. 2500 and above. Consumers in mall were brand oriented only purchase these branded products.

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5.6.1.

Consumer Buying Behavior in MGF plaza

Consumers come for the purchase the branded electronic items and home furnishing items. Consumers in the mall were the only serious buyers and dont come for the entertainment. Consumers spends the money more then Rs. 2500

5.6.2.

Consumer Brand Perception

The MGF Arc us brand attracts consumers in the mall. Consumers were also come due to the Branded shops like Electrolux, Philips and LG electronics. As a brand in shopping malls consumers said that Plaza is the best for all necessary home items like electronics and furniture.

6. RESEARCH FINDINGS OF 590 CONSUMERS ANALYSIS

Metropolitan Mall is very famous in the age group consumers of 20 35 yrs. Due to PVR and ambience it is the best place for the entertainment and fun. Due to good food joints Metropolitan Mall is the best place for the eatings Sahara mall due to Big Bazaar very famous among the homemakers and services class consumers. Shoppers stops in Metropolitan Mall are famous then the Pantaloon in Sahara mall in the youths. MGF Plaza is only famous for the home furnishing and electronic items. In MGF Plaza only very few youths come as compare to Metropolitan Mall and Sahara mall. MGF Plaza is a complete place for the home products.

7. CONCLUSION
Survey among the 180 consumers regarding the consumer buying behavior and consumer brand perception in Metropolitan Mall consumers came for the fun & entertainment, shopping for the branded apparels, sportswear and mostly for the food. Mostly numbers of consumers in the age group between 20 35 yrs. The annual income of their were in the between 2- 10 lakhs. In consumers PVR and Shoppers stop were very famous. Survey among the 215 consumers regarding the consumer buying behavior and consumer brand perception in Sahara mall consumers come for the purchasing of households and shopping for the pantaloons. Consumers mainly in age group of 25 35 yrs and more then 35 yrs. Big Bazaar is the main attraction among the consumers. Survey among the 195 consumers regarding the consumer buying behavior and brand perception of consumers

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in MGF Plaza consumers in the age group between 30 35 yrs and above. They come for the home furnishing and other necessary electronics items for the home. Arc us is the main attraction among consumers.

8. RECOMMENDATIONS
In Metropolitan Mall management should think about the indoor games like bowling, snooker for their good time pass in mall. In Metropolitan Mall there should be a disco for the complete fun and entertainment. In Sahara Mall management should also think about to promote other stores except Big Bazaar. Make it like a Shopping mall not like a Big Bazaar store. In MGF PLAZA there are basically home furnishing items so make some plans for these serious customers who visit and purchase from the mall. For the Metropolitan Mall: This is a complete mall for the family, fun and entertainment so increase the numbers on consumer in the mall open some more food joints in the mall and starts some indoor games like snooker, for the good time pass in the mall. Starts discos for the youths and do more promotional activities for the young generations like fashion shows etc. For the Sahara Mall: Its not like a shopping mall its just like a Big Bazaar store specially for the middle class and place mostly for the consumers in the age group of 35 and above. So promote other stores also in shopping mall make it a complete shopping mall. Open some places like PVR in the mall by which it can also attracts the young generations. Make some proper sitting arrangements for the customers especially for the old customers. For the MGF Plaza: This is a complete place for the home furnishing items and necessary electronic items so open some more branded stores for these items.

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[17] Business Line a. b. c. d. e. f. g. Business Line (2010)Retailers on Firmer ground, scout for private equity funds (Sept.18) Business Line (2010) Mom-and-pop Stores unfazed by organized retail entry (Nov.23) Business Line (2010) As food prices rise, retail builds on private labels (Dec.31) Business Line (2010) Retailers sparkle as festival season boosts spending (Oct.20) Business Line (2010) Shoppers Stop pares private label sales (Nov.31) Business Line (2010) India growing into fashion destination (Nov.24) Business Line (2011) Durables sales on New Year high (Jan.1)

[18] www.indiaretailing.com a. b. c. d. e. f. http://www.indiaretailing.com/news.aspx?Topic=1&id=4264 http://www.indiaretailing.com/news.aspx?Topic=1&id=4335 http://www.indiaretailing.com/news.aspx?Topic=1&id=4331 http://www.indiaretailing.com/news.aspx?Topic=1&id=4326 http://www.indiaretailing.com/news.aspx?Topic=1&id=4276 http://www.indiaretailing.com/news.aspx?Topic=1&id=4288

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