30 years of retail change:where (and how) do you shop?

Purpose – The purpose of this paper is to investigate the extent of retail change in the UK grocery sector over the last 30 years. Design/methodology/approach – In 1980, a press article by Richard Milner and Patience Wheatcroft attempted to anticipate retail change by 1984. Taking that as a template, the paper examines how retail did, in fact, change over a much longer timescale: with some unanticipated innovations in place even by 1984. Reference is made to academic research on grocery retailing in progress at the time and which has recently been revisited. Findings – Although Milner and Wheatcroft tackled the modest task of looking ahead just four years, the content of their article is intriguingly reflective of the retail structure and systems of the UK at the time. Whilst some innovations were not anticipated, the broad themes of superstore power and market regulation still command attention 30 years on. Originality/value – Through reconsidering 30 years of retail change, the paper highlights that with time how do you shop has come to pose at least as interesting a question as where do you shop.

Paths of the least resistance:understanding how motives form in international retail joint venturing

Developing the premise that strategies are forged through an ongoing mutual process of developing motives and responses to multiple degrees of resistance, this paper examines the motives underpinning the adoption of joint venture strategies using empirical details from four British retail firms. The findings point to multiple motives forming from multiple paths of resistance in the foreign market, but also among individuals within the firm as well as across the whole international programme. Moreover, this study reveals a paradoxical tension between management's operational impatience to immediately ground the retail format and an overall wariness or gloomy perceptions associated with adopting an international retail joint venture. The paper therefore concludes that the motives and barriers are manifestations of the struggles involved in internationalising retail operations.

Resource allocation in decentralised computational systems:an evolutionary market-based approach

We present a novel market-based method, inspired by retail markets, for resource allocation in fully decentralised systems where agents are self-interested. Our market mechanism requires no coordinating node or complex negotiation. The stability of outcome allocations, those at equilibrium, is analysed and compared for three buyer behaviour models. In order to capture the interaction between self-interested agents, we propose the use of competitive coevolution. Our approach is both highly scalable and may be tuned to achieve specified outcome resource allocations. We demonstrate the behaviour of our approach in simulation, where evolutionary market agents act on behalf of service providing nodes to adaptively price their resources over time, in response to market conditions. We show that this leads the system to the predicted outcome resource allocation. Furthermore, the system remains stable in the presence of small changes in price, when buyers' decision functions degrade gracefully. © 2009 The Author(s).

Chain-store pricing and the structure of retail markets

This paper examines competition between chain-stores and independent retailers in the UK retail opticians' market. We demonstrate that the pricing policy adopted by chain-stores can determine the impact their entry has on independent retailers. Crucially, in this market the chain-store retailers set an identical national price across all local markets. Our results suggest that this pricing strategy lessens the detrimental effect competition from chain-stores has on independent retailers. © 2014 Springer Science+Business Media New York.

Brand orientation and brand values in retail banking

This exploratory study seeks to provide an appreciation of brand orientation in retail banking. Through in-depth interviews at head office and branch level, we explore managers' brand mind-set. We also surface managers' views about the relationship between market and brand orientation. Further, we examine managers' perceptions about the role of brand values as resources in creating a brand orientation. In a large-scale study of front-line employees, we examine the level of agreement with brand values, and describe differences in brand buy-in across employee clusters. © 2013 Copyright Westburn Publishers Ltd.

Performance management in the United States and France:four case studies in the retail and airline industries

The profusion of performance measurement models suggested by Management Accounting literature in the 1990’s is one illustration of the substantial changes in Management Accounting teaching materials since the publication of “Relevance Lost” in 1987. At the same time, in the general context of increasing competition and globalisation it is widely thought that national cultural differences are tending to disappear, meaning that management techniques used in large companies, including performance measurement and management instruments (PMS), tend to be the same, irrespective of the company nationality or location. North American management practice is traditionally described as a contractually based model, mainly focused on financial performance information and measures (FPMs), more shareholder-focused than French companies. Within France, literature historically defined performance as being broadly multidimensional, driven by the idea that there are no universal rules of management and that efficient management takes into account local culture and traditions. As opposed to their North American brethren, French companies are pressured more by the financial institutions that fund them rather than by capital markets. Therefore, they pay greater attention to the long-term because they are not subject to quarterly capital market objectives. Hence, management in France should rely more on long-term qualitative information, less financial, and more multidimensional data to assess performance than their North American counterparts. The objective of this research is to investigate whether large French and US companies’ practices have changed in the way the textbooks have changed with regards to performance measurement and management, or whether cultural differences are still driving differences in performance measurement and management between them. The research findings support the idea that large US and French companies share the same PMS features, influenced by ‘universal’ PM models.

Consumer trial, continuous use, and economic benefits of a retail service innovation:the case of the personal shopping assistant

Service innovations in retailing have the potential to benefit consumers as well as retailers. This research models key factors associated with the trial and continuous use of a specific self-service technology (SST), the personal shopping assistant (PSA), and estimates retailer benefits from implementing that innovation. Based on theoretical insights from prior SST studies, diffusion of innovation literature, and the technology acceptance model (TAM), this study develops specific hypotheses and tests them on a sample of 104 actual users of the PSA and 345 nonusers who shopped at the retail store offering the PSA device. Results indicate that factors affecting initial trial are different from those affecting continuous use. More specifically, consumers' trust toward the retailer, novelty seeking, and market mavenism are positively related to trial, while technology anxiety hinders the likelihood of trying the PSA. Perceived ease of use of the device positively impacts continuous use while consumers' need for interaction in shopping environments reduces the likelihood of continuous use. Importantly, there is evidence on retailer benefits from introducing the innovation since consumers using the PSA tend to spend more during each shopping trip. However, given the high costs of technology, the payback period for recovery of investments in innovation depends largely upon continued use of the innovation by consumers. Important implications are provided for retailers considering investments in new in-store service innovations. Incorporation of technology within physical stores affords opportunities for the retailer to reduce costs, while enhancing service provided to consumers. Therefore, service innovations in retailing have the potential to benefit consumers as well as retailers. This research models key factors associated with the trial and continuous use of a specific SST in the retail context, the PSA, and estimates retailer benefits from implementing that innovation. In so doing, the study contributes to the nascent area of research on SSTs in the retail sector. Based on theoretical insights from prior SST studies, diffusion of innovation literature, and the TAM, this study develops specific hypotheses regarding the (1) antecedent effects of technological anxiety, novelty seeking, market mavenism, and trust in the retailer on trial of the service innovation; (2) the effects of ease of use, perceived waiting time, and need for interaction on continuous use of the innovation; and (3) the effect of use of innovation on consumer spending at the store. The hypotheses were tested on a sample of 104 actual users of the PSA and 345 nonusers who shopped at the retail store offering the PSA device, one of the early adopters of PSA in Germany. Data were analyzed using logistic regression (antecedents of trial), multiple regression (antecedents of continuous use), and propensity score matching (assessing retailer benefits). Results indicate that factors affecting initial trial are different from those affecting continuous use. More specifically, consumers' trust toward the retailer, novelty seeking, and market mavenism are positively related to trial, while technology anxiety hinders the likelihood of trying the PSA. Perceived ease of use of the device positively impacts continuous use, while consumers' need for interaction in shopping environments reduces the likelihood of continuous use. Importantly, there is evidence on retailer benefits from introducing the innovation since consumers using the PSA tend to spend more during each shopping trip. However, given the high costs of technology, the payback period for recovery of investments in innovation depends largely upon continued use of the innovation by consumers. Important implications are provided for retailers considering investments in new in-store service innovations. The study contributes to the literature through its (1) simultaneous examination of antecedents of trial and continuous usage of a specific SST, (2) the demonstration of economic benefits of SST introduction for the retailer, and (3) contribution to the stream of research on service innovation, as against product innovation.

A kiskereskedelmi stratégiai szövetségek hatása a kiskereskedelmi marketing tevékenységére és teljesítményére = Effects of the retail strategic alliances to the retailers' marketing activity and performance

A kilencvenes évek második felétől egyre jelentősebb szerepet játszanak a vállalatközi együttműködések, hosszabb távú kooperációk a hazai élelmiszer- és napi cikk kiskereskedelemben. A társulások szintjén a piaci siker egyértelmű, amely jól nyomon követhető az évente megjelenő kiskereskedői rangsorokban. A cikk viszont a tagkereskedők szemszögéből vizsgálja a kérdést, vajon a társuláshoz való csatlakozás ténylegesen javítja-e a kiskereskedő teljesítményét és milyen dimenziókon keresztül. _____________ From the second half of the ’90s the strategic alliances, the long term cooperations have been increasingly role in the domestic food and FMCG retail. On the level of the alliances the market success has been obvious, which has well presented in the annual retail rankings. The article examines the issue from the retailers’ point of view: whether the accession to the alliance has effectively improved the retalier’s performance and which dimensions through.

"Értelem és érzelem" A lakossági ügyfelek gazdasági magatartása és a bankokkal kapcsolatos attitűdjei ("Sense and sensibility" Retail customer behaviours and attitudes towards banks)

A globális pénzügyi és világgazdasági válság sok szempontból újszerű versenyhelyzetet teremtett a lakossági banki piacon az ügyfelek megtartása és az új ügyfelek megszerzése terén. A gazdasági és társadalmi környezetben bekövetkezett változásokhoz való alkalmazkodás sikeressége érdekében fontos a banki ügyfelek gazdasági viselkedésmódjának alaposabb és mélyrehatóbb megértése. Tanulmányunkban bemutatjuk azokat a főbb, releváns pszichológiai, szociológiai és gazdasági tényezőket, amelyek az ügyfelek bankokkal kapcsolatos magatartását és attitűdjeit befolyásolják. A vonatkozó elméleteket és kutatásokat egy konceptuális keretben foglaljuk össze; ennek az alappilléreit a bizalom, a pénzzel kapcsolatos attitűdök és az emocionális komponensek alkotják. _______ The global fi nancial and economic crisis created new competition in the market for retail banking, and in the areas of existing customer retention and new customers’ acquisition. The corresponding economic and social change called for new adaptive strategies on behalf of banks to better understand the economic behaviour of their customers. This paper focuses on certain relevant psychological, sociological and economic factors that tend to characterize customer behaviours and attitudes towards banks. With particular emphasis on highlighting the potential implications of relevant theories for the purposes of banks, our conceptual model incorporates elements of trust, monetary attitudes and underlying emotional components.

Food Retail Chains: Hungary in the EU

The role of retail chains is signifi cant, not only in the European but also in the Hungarian market. Major changes can be seen in the food trade, and hypermarkets and supermarkets are becoming more widespread, which has an international tendency. We are able to see the transformation of trade structure and changes in customer behaviour. On the customers’ side, this means newer demands on retail chains, which fact greatly determines the location and shape of stores. In Hungary, the presence of small shops is still signifi cant, in accordance with European and international trends; yet on the basis of turnover, the increasing dominance of larger sales centres can be seen.

Winners and Losers in the Liberalized Energy Retail Sector in Hungary:A Co-evolutionary Approach

This paper examines the recent history of the Hungarian energy trading market in a co-evolutionary framework. Hungary is characterized by a mixed ownership structure with mainly multinational incumbents in energy retail and distribution, while the wholesale is dominantly owned by state-owned companies. The legal framework also has dual characteristics, with free-market regulation for industrial consumers and a regulated price regime for households. Our research method follows a longitudinal approach from the period of market liberalization in 2008 until 2013. We identified strong relationship between the individual and sector performance of the trading companies and the current political ideology and institutional regime.

Az európai villamosenergia-árak központi szabályozásának hatása a fogyasztói árakra (The impacts of the price regulation on the level of retail electricity prices in Europe)

Az Európai Unión belül az elmúlt időszakban megerősödött a vita arról, vajon a Közösség versenyképességének javításához milyen módon és mértékben járulhat hozzá az ipari és lakossági fogyasztók számára kedvező áron elérhető villamos energia. Az uniós testületek elsődlegesen a verseny feltételeinek további javításában látják a versenyképesség javításának fő eszközét, ám egyesek az aktívabb központi szabályozás mellett érvelnek. A jelenleg alkalmazott európai szabályozási gyakorlat áttekintése, a szabályozási modellek és a piaci árak alakulásának vizsgálata hozzásegíthet, hogy következtetéseket vonjunk le a tagállami gyakorlatok tekintetében, vajon sikeresebb-e a központi ármegállapításon alapuló szabályozói mechanizmus, mint a liberalizált piacmodell. ______ There is a strengthening debate within the European Union in recent years about the impact of the affordable industrial and household electricity prices on the general competitiveness of European economies. While the European Institutions argues for the further liberalization of the energy retail sector, there are others who believe in centralization and price control to achieve lower energy prices. Current paper reviews the regulatory models of the European countries and examines the connection between the regulatory regime and consumer price trends. The analysis can help to answer, whether the bureaucratic central regulation or the liberalized market model seems more successful in supporting the competitiveness goals. Although the current regulatory practice is heterogeneous within the EU member states, there is a clear trend to decrease the role of regulated tariffs in the end-user prices. Our study did not find a general causal relationship between the regulatory regime and the level of consumer electricity prices in a country concerned. However, the quantitative analysis of the industrial and household energy prices by various segments detected significant differences between the regulated and free-market countries. The first group of member states tends to decrease the prices in the low-consuming household segments through cross-financing technics, including increased network tariffs and/or taxes for the high-consuming segments and for industrial consumers. One of the major challenges of the regulatory authorities is to find the proper way of sharing these burdens proportionally with minimizing the market-distorting effects of the cross-subsidization between the different stakeholder groups.

A comprehensive study of bankruptcy prediction: Accounting ratios, market variables, and microstructure

Bankruptcy prediction has been a fruitful area of research. Univariate analysis and discriminant analysis were the first methodologies used. While they perform relatively well at correctly classifying bankrupt and nonbankrupt firms, their predictive ability has come into question over time. Univariate analysis lacks the big picture that financial distress entails. Multivariate discriminant analysis requires stringent assumptions that are violated when dealing with accounting ratios and market variables. This has led to the use of more complex models such as neural networks. While the accuracy of the predictions has improved with the use of more technical models, there is still an important point missing. Accounting ratios are the usual discriminating variables used in bankruptcy prediction. However, accounting ratios are backward-looking variables. At best, they are a current snapshot of the firm. Market variables are forward-looking variables. They are determined by discounting future outcomes. Microstructure variables, such as the bid-ask spread, also contain important information. Insiders are privy to more information that the retail investor, so if any financial distress is looming, the insiders should know before the general public. Therefore, any model in bankruptcy prediction should include market and microstructure variables. That is the focus of this dissertation. The traditional models and the newer, more technical models were tested and compared to the previous literature by employing accounting ratios, market variables, and microstructure variables. Our findings suggest that the more technical models are preferable, and that a mix of accounting and market variables are best at correctly classifying and predicting bankrupt firms. Multi-layer perceptron appears to be the most accurate model following the results. The set of best discriminating variables includes price, standard deviation of price, the bid-ask spread, net income to sale, working capital to total assets, and current liabilities to total assets.

Use of analgesics in intentional drug overdose presentations to hospital before and after the withdrawal of distalgesic from the Irish market

BACKGROUND: Distalgesic, the prescription-only analgesic compound of paracetamol (325 mg) and dextropropoxyphene (32.5 mg) known as co-proxamol in the UK, was withdrawn from the Irish market as of January 2006. This study aimed to evaluate the impact of the withdrawal of distalgesic in terms of intentional drug overdose (IDO) presentations to hospital emergency departments (EDs) nationally. METHODS: A total of 42,849 IDO presentations to 37 of the 40 hospitals EDs operating in Ireland in 2003-2008 were recorded according to standardised procedures. Data on sales of paracetamol-containing drugs to retail pharmacies for the period 1998-2008 were obtained from IMS Health. RESULTS: The withdrawal of distalgesic from the Irish market resulted in an immediate reduction in sales to retail pharmacies from 40 million tablets in 2005 to 500,000 tablets in 2006 while there was a 48% increase in sales of other prescription compound analgesics. The rate of IDO presentations to hospital involving distalgesic in 2006- 2008 was 84% lower than in the three years before it was withdrawn (10.0 per 100,000). There was a 44% increase in the rate of IDO presentations involving other prescription compound analgesics but the magnitude of this rate increase was five times smaller than the magnitude of the decrease in distalgesic-related IDO presentations. There was a decreasing trend in the rate of presentations involving any paracetamol-containing drug that began in the years before the distalgesic withdrawal. CONCLUSIONS: The withdrawal of distalgesic has had positive benefits in terms of IDO presentations to hospital in Ireland and provides evidence supporting the restriction of availability of means as a prevention strategy for suicidal behaviour.

Waste Not, Want Not: Managing Perishables in Small and Medium Retail Enterprises

Purpose of this paper:
Recent literature indicates that around one third of perishable products finish as waste (Mena et al., 2014): 60% of this waste can be classified as avoidable (EC, 2010) suggesting logistics and operational inefficiencies along the supply chain. In developed countries perishable products are predominantly wasted in wholesale and retail (Gustavsson et al., 2011) due to customer demand uncertainty the errors and delays in the supply chain (Fernie and Sparks, 2014). While research on logistics of large retail supply chains is well documented, research on retail small and medium enterprises’ (SMEs) capabilities to prevent and manage waste of perishable products is in its infancy (c.f. Ellegaard, 2008) and needs further exploration. In our study, we investigate the retail logistics practice of small food retailers, the factors that contribute to perishable products waste and the barriers and opportunities of SMEs in retail logistics to preserve product quality and participate in reverse logistics flows.

Design/methodology/approach:
As research on waste of perishable products for SMEs is scattered, we focus on identifying key variables that contribute to the creation of avoidable waste. Secondly we identify patterns of waste creation at the retail level and its possibilities for value added recovery. We use explorative case studies (Eisenhardt, 1989) and compare four SMEs and one large retailer that operate in a developed market. To get insights into specificities of SMEs that affect retail logistics practice, we select two types of food retailers: specialised (e.g. greengrocers and bakers) and general (e.g. convenience store that sells perishable products as a part of the assortment)

Findings:
Our preliminary findings indicate that there is a difference between large retailers and SME retailers in factors that contribute to the waste creation, as well as opportunities for value added recovery of products. While more factors appear to affect waste creation and management at large retailers, a small number of specific factors appears to affect SMEs. Similarly, large retailers utilise a range of practices to reduce risks of product perishability and short shelf life, manage demand, and manage reverse logistics practices. Retail SMEs on the other hand have limited options to address waste creation and value added recovery. However, our findings show that specialist SMEs could successfully minimize waste and even create possibilities for value added recovery of perishable products. Data indicates that business orientation of the SME, the buyersupplier relationship, and an extent of adoption of lean principles in retail coupled with SME resources, product specific regulations and support from local authorities for waste management or partnerships with other organizations determine extent of successful preservation of a product quality and value added recovery.

Value:
Our contribution to the SCM academic literature is threefold: first, we identify major factors that contribute to the generation waste of perishable products in retail environment; second, we identify possibilities for value added recovery for perishable products and third, we present opportunities and challenges for SME retailers to manage or participate in activities of value added recovery. Our findings contribute to theory by filling a gap in the literature that considers product quality preservation and value added recovery in the context of retail logistics and SMEs.

Research limitations/implications:
Our findings are limited to insights from five case studies of retail companies that operate within a developed market. To improve on generalisability, we intend to increase the number of cases and include data obtained from the suppliers and organizations involved in reverse logistics flows (e.g. local authorities, charities, etc.).

Practical implications:
With this paper, we contribute to the improvement of retail logistics and operations in SMEs which constitute over 99% of business activities in UK (Rhodes, 2015). Our findings will help retail managers and owners to better understand the possibilities for value added recovery, investigate a range of logistics and retail strategies suitable for the specificities of SME environment and, ultimately, improve their profitability and sustainability.