


































In ternationa l
Scholars
Journa ls

                                                                                                               
African Journal of Agricultural Marketing ISSN: 2375-1061 Vol. 2 (6), pp. 144-148, June, 2014. Available online at 
www.internationalscholarsjournals.org © International Scholars Journals 

 

Author(s) retain the copyright of this article. 
 
 
 
 
 

Full Length Research Paper 
 

Unprecedented growth of organized retailing in India: A 
case study on the rise and fall of Subhiksha Retail 

Chains 

 

Samir Deb Chakraborty 
 

Department of Management Studies, Indian Institute of Technology, Delhi, India. 
E-mail: deb.samir3@iitd.ac.in 

 

Accepted 6 May, 2014 
 

Organized retailing in India has reached a point of transformation after witnessing unprecedented growth 
over the last few years. It has lot of potential for further growth and for penetrating into semi urban and 
rural markets. Opportunities for retailing are increasing day by day due to changing customer behaviour, 
technological developments and modified regularities by allowing more than 51% FDI’s in retail sector. 
India is a palace for all sizes, varieties and formats of retail sector. The country is a mosaic of wide 
diversity-urban, rural, rich and poor customer base. Technological advancements have witnessed 
phenomenal growth in retailing over the past few years. On the other hand, adoption of information 
technology (IT) in retail business should be largely cautious, incremental and supportive of the 
conventional operational functions rather than being drastic for successful implementation. The current 
study is on Subiksha retail chain’s raise after expansion with significant reach across country-wide with 
the application of IT and fall arising out of rapid expansion resulting in insufficient funds. Subhiksha has 
made a grand entry into retail sector a decade earlier when the sector was on a boom but hit hard by the 

global financial crisis during 2008
.
 for further expansion. The authors have collected data by means of 

observation and interviewing customers of various retail outlets at different parts of Hyderabad and 
Secunderabad. To support the primary data secondary data is also collected from newspapers, journals, 
websites, books and articles. The causes of failure that are identified are lack of skilled personnel, know-
how, poor implementation, coordination and improper allocation of funds. 

 
Key words: Retail sector, information systems, point of sale, SAP, enterprise resource planning (ERP).

 
 
INTRODUCTION 
 
Retailing is more of service than selling alone. Retailing is 

the terminal point of marketing where the producer or 

marketer meets with ultimate consumer for exchange of 

products   and   services   with  a motto of profit. Retailing 

 
 
 
 
Includes  sale,  services  and  distributing to the end user. 

Today‟s  customers  are  getting attracted towards organi-  
zed retailer‟s with store décor, cheering window shopping, 

point of sale,  variety  of merchandize, increased product 



Samir        144 
 
 
 
assortment and best quality services. Service in the retail 
is generally customized and personalized. More custo-
mers are attracted towards shopping malls and organized 
retail formats because of their service feature. The quality 
of services can be achieved through proper imple-
mentation of information systems with the support of well 
trained and qualified personnel. No customer would like 
to wait for long in queue for billing and collecting the 
items. Retailers are currently depending on itemized bar 
coding system with computerized software at the billing 
counters known as point of sale (POS) or check out. POS 
helps in taking orders, billing, purchasing and main-
tenance of inventory. Convenience is another factor which 
the consumers look out for. Convenience to the custo-
mers and easy billing of the retailers can be possible 
through technology that uses radio frequency 
identification (RFID). Cost of inventory is the important 
factor at organized retailers. Retailers are able to reduce 
the inventory cost by following just-in-time (JIT) techno-
logy in collaboration with their suppliers. They can also 
provide efficient supply chain services through third party 
vendors. Integrated ERP system enables retailers in 
proven customer centric methodologies, extensive market 
research, front end and back end store systems, mer-
chandizing, and long-term relationship with customers. 
 
 
Objectives of the study 
 
1. To study the importance of information systems in 
retailing.  
2. To study the growth and expansion strategies of 
Subiksha retail store.   
3. To find the causes of failure of Subiksha retail stores in 

India.  

 
Scope of the study 
 
The current research “information technology in Indian 

retailing - issues and challenges, a case study on rise 
and fall of subhiksha retail chains” is confined to the twin 

cities of Hyderabad and Secunderabad. This study mainly 
focused on the strategies of subiksha retail outlets and 
the reasons for its failure in spite of the use of modern 

methods like ERP systems, best marketing practices like 
everyday low pricing (EDLP) pricing and early entrance in 

to the market. 
 
 
MATERIALS AND METHODS 
 
The present study is a qualitative research. This paper attempts to 
review some examples by which information technology is playing a 
key role in providing quality services and quick delivery. It explores 
the reasons for change of customer behaviour and assessing the 
use of emerging information systems for improving effective 

customer service. The current study is based on observation and 
interviewing   customers   of   various retail  outlets. The data is also 

 
 
 

 
derived from company confidential information by conducting 
interviews with the middle and top level mangers of various retail 

outlets. In order to combat the problems associated with the 
implementation of information technology the opinions of bankers, 

top level managers in the form of interviews available with various 
reputed national news papers, websites are mentioned. 

 
Indian retail industry 
 
Indian retail is one of the fastest growing markets in the world. The 
sector is experiencing exponential growth, with retail development 
taking place not just in major cities and metros, but also in Tier-II 
and Tier-III cities. Indian retail landscape is evolving from the brick-
and-mortar model to adopt technology for connecting with 
consumers and achieve complete seamless customer experience. 
Currently Indian organized retail sector consists of 8% in the entire 
retail industry. It may grow much faster than traditional retail. It is 
expected to gain a higher share in the growing pie of the retail 
market in India. The Indian retail market, currently estimated at 
$490 billion, is project to grow at a compounded annual growth rate 
of 6% to reach $865 billion by 2023. The organized retail is 
estimated to register a growth rate of around 25% by 2020. With 
growth in the E-commerce industry, online retail is also estimated to 
touch US$ 70 billion by 2020 from US$ 0.6 billion in 2011. The 
Government of India (GOI) has approved 51% foreign direct 
investment (FDI) in multi-brand retail and increased FDI limit to 
100% in single brand retail and for cash and carry (wholesale) 
trading and exports. Emerging organized retail outlets and higher 
disposable income of consumers makes the middle and upper 
middle classes inclined to purchase from these stores (Srivastava, 
2008). Retail chains like Subhiksha (Apna bazaar in Hyderabad, 
Andhra Pradesh) entered with gorilla marketing strategy to capture 
a good market share with cost effectiveness strategy but failed 
before customers realized its presence in Andhra Pradesh. 

 
Subhiksha retail chains 
 
Subhiksha is a small format, neighborhood, convenient and discount 
store that offered a product mix (Table 1) of food, grocery, medi-
cines, telecom and other products under one roof. The name 
Subhiksha is taken from Sanskrit that means “prosperity” as it 
reflects the Indian ethos and can be understood by every Indian, 
with the tag line “why pay more when you get it less at Subhikha”. It 
opened its first store in the year 1997 at Thiruvanmiyoor in Chennai 
with Rs. 3-4 lakhs an initial cost out lay, aims to 500 stores by 2007 
covering more than 100 cities all over the country and wants to 
double the outlets by the end of the year 2007. They focused on low 
prices with high sales and have an image of being a best place for 
good buys. They also adopted every day low price (EDLP) strategy 
to achieve economies of scale. It even competed with neighborhood 
grocery stores on the promise of discount on maximum retail price 
(MRP) by negotiating substantially for lower rates from suppliers by 
paying cash. The most important target market for Subhiksha was 
„aamadmi‟ that is lower and middle income people and the slogan 
for it ‘you can never get products cheaper than at Subhiksha‟. Table 
1 shows the product mix. 

 
Three key differentiators of Subhiksha 
 
Product mix: Subhiksha sells a mix of FMCG, fruits, vegetables, 
pharmaceuticals, telecom products and accessories. These product 
lines constitute the bulk expense of any average household.  
Deep Discounting: Subhiksha offers its consumers low prices, 

which are consistent and cheap. A consumer can save close to 

Rs400   every  month by purchasing their households at Subhiksha. 



       
 

 Table 1. Product mix.        
 

         
 

 
Groceries Fresh Fruits and Vegetables 

FMCG Pharmacy  Mobile  
 

 products Items  Instruments  
 

 

     
 

 
Pulses, Vegetables 

Soaps, 
  

Mobile 
 

 

 

Tomatoes, Potatoes, Green 
   

 

 
Grains, Medicines, 

  
 

 
vegetables etc Detergents,  

handsets,  
 

 

Spices, Atta, Health   
 

 
Fruits Shampoos, 

 
and other 

 
 

 

Oils and beverages, etc. 
 

 

 Apples, Oranges and other Brooms, etc. accessories.  
 

 

other groceries 
   

 

 fresh fruits.       
 

        
 

 
 
 
Branded Products: Subhiksha did not compromise on neighbor-

hood presence and caters to brands that the consumer prefers to 

buy. These factors gave them an edge over other retail competitors. 
 
 
Issues in Indian retiling - Post information technology 
 
Inventory management is the key area of success 
 
Management of inventory at the store is a key focus area for all 
retailers. There is an increasing evidence of a partnership between 
the operations and finance functions with both process and policy 
being tuned to inventory management. Perpetual stock takes are 
outsourced to specialist firms by an increasing number of retailers 
who seem to have reaped significant benefits from this move. 
Retailers are also looking at decreasing shrinkage levels by 
focusing on process, policy and technology initiatives. Visual 
merchandising (VM) viewed as additional revenue driver. It is being 
viewed as a function that should drive sales rather than just 
enhancing the „look‟ of the store. To this end, some retailers are 
starting to correlate the performance of specific VM displays with 
the sales of the respective categories. It is interesting to note that 
value retailers had a significantly higher process maturity than their 
department store and fashion counterparts. Space management 
tools are slow to take off for large format lifestyle retailers, space 
efficiency assumes great importance, and, given the high real 
estate cost, slight deviations can significantly affect revenues. 
 
 
Below the line (BTL) marketing is the way forward 
 
Below the line marketing is emerging as a strong focus area for 
retailers. Catchment initiatives are considered as important across 
retail segments to arrest declining sales from the store. Store 
managers are increasingly pushing the strategies to catch customer 
and enhance the level of satisfaction to each customer. Weak store 
expansion and strong focus on optimization of existing investments, 
market acquisition through new store launches has taken a back 
seat, and store profitability has become the top objective. While 
store managers are being trained and measured on store 
profitability, there is also a need to tighten central functions. 
 
 
Value added services in retailing 
 
In today‟s competitive retail environment, businesses need to offer 

an expanding set of retail value added services (VAS) at point of 
sale in order to increase store traffic, satisfy customers and 

generate additional revenue. Evolving consumer‟s behavior has 
dramatically impacted the way retailers are delivering products. 

Value- added services offered by retailers are more likely to 
cultivate strong customer loyalty providing a competitive advantage. 

 
 
 
With the help of information technology retailers are now offering 
value-added services to transform shopping into an inclusive and 

enjoyable experience. Fast customer services, digital channels of 

distribution, free on board pricing, stock availability check make the 

retailers to focus on well being of the customers and in turn earn 

higher profits. 

 
Modest adoption of customer loyalty programs (CLP) 
 
Few retailers have a rich customer database to reach out their 
individual customers. Not many retailers are maintaining an inte-
grated loyalty program. Even today they use the phrases „rewards 
program‟ and „loyalty program‟ interchangeably not recognizing that 
they are a part of a continuum. Customer segmentation is another 
important area that retailers have to focus on the modern retailing. 
Retailer must have processes across the following six segments 
like customer service, inventory management, marketing, relation-
ship management, visual merchandising, people management and 
space management reveal ample scope for improvement and good 
customer loyalty. 

 
People management or human resources management 
 
The successes and failure of every business depends on the 
people working for it. Retailing is not an exception to it. People 
management has emerged as yet another strong theme, with 
retailers making renewed efforts to engage, train and retain key 
employees at the store front. Customer service, attending queries, 
helping the customers, educating the customers are the services 
expected from the store staff. Employees are the final link in the 
retailing process to customers and service interaction is the final 
moment of truth for retailers. Retention of key employees is 
recognized by the industry as being important for sustained store 
growth. This is a function of human resource policies involves 
training, incentive management, engagement, career planning and 
progression. 

 
Retail life cycle 
 
Retail stores also pass through stages of growth and decline called 
as „retail life cycle David Gilbert (“Retail Marketing Management 
2003-Pearson Edition”). The life cycle of retail stores depends on 
the effectiveness of well formulated and well implemented customer 
target strategy by keeping customer loyalty. The retail business‟s 
outcome depends on customer targeting, customer retention, 
customer profitability, and customer satisfaction. The life cycle of 
retail stores can be extended through successful implementation of 
information technology for customer relationship, merchandizing, 
human resource, and supply chain management practices. As 
shown in Figure 1. 

145          Afr. J. Agric. Mark. 



Samir        146 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
Figure 1. Retail life cycle 

 
 
 
Challenges in Indian retiling - Post information technology 
 
In India, economics of small-format organized retailing is very 
challenging due to strong competition from neighborhood kirana 
stores and vegetable vendors. Subhiksha did not compete with the 
neighbour retailers and left the market before customers felt its 

presence and before it could achieve the target of doubling the 
stores across the country. It failed to deliver the services and had 
gone into severe debts. 

 
Expansion strategies – Rapid expansion of Subhiksha retail 

chains 
 
Started expanding rapidly from 14 stores to 50 stores in 2000, it had 
130 stores across Tamilnadu by the end of 2002. Rapid growth of 
telecom sector in India made them to go into the deeper parts of the 
country to attract literates and middle class segment. They even 
expanded their stores into Gujarat, Delhi, Mumbai, Andhra Pradesh 
and Karnataka by recruiting people in various regions and had 500 
plus stores by the end of 2005. It was considered to be India's 
largest retail chain store with 500 plus stores and plans to have 
1,000-plus stores by the end of the year 2007. It was looking for a 
gross turnover of Rs4300crore with 2300 stores. However the 
growth was fuelled from a small net base of Rs250crore. 
 

 
Fall of Subhiksha retail chains 
 
The promoter of Subhiksha Mr.R.Subramanian has 59% equity and 

there were no traces of liquidity crisis faced by the company, till 
October, 2008. It was only in the month of November, 2008 the 
management admitted that there was a severe liquidity crunch with 
mounting debt and unpaid employees and suppliers. The problems 
are also related to competitors, marketing, information technology, 
location and layouts. As shown in Figure 2. 

 
Challenges from implementation of information technology 
 
“We are facing a lot of difficulty in accessing data across different 

regions using the local ERP system” Ankur Saigal, Vice-president 

(Tech) and Subhiksha Trading services. Wide spread retail chains 

rely on information technology as it plays an important role for 

speed and accurate service to the customer.  Even  small individual 

 
 
 

 
retail outlets are benefiting from information technology. The 
enterprise resource planning solutions help all sizes of the 
companies by designing sales modules, relationship management, 
POS system, and shipping orders. Information technology is 
extremely valuable function by providing a direct link with the 
accounts receivable and inventory modules (Randy and Michael – 
November, 2006). The company decided to invest more on effective 
ERP like SAP and has taken long time to implement than expected 
accompanied by many problems like lack of technical expertise and 
system users. 

 
Challenges faced from competitors 
 
Subhiksha faced competition from strong multinational giants like, 
Reliance, More, Fresh@Heritage, Big Bazar and many more local 

kirana stores. The strategies adopted by these organized retailers 
like -ambience, display, availability of merchandize, window shop-

ping, free on board pricing are not followed by Subiksha. Table 2 
shows the comparative analysis of reputed retail stores at Film 

Nagar and Hyderabad. 

 
Challenges from poor marketing decisions 
 
With increasing customer awareness, retailers should offer unique 
or special assortment of goods that suits the demands of the 
customers at lower prices than its competitors. No customers want 
to pay more for the same product. Products were not available at 
the stores due to lack of stock or it could not make consistent 
decisions on promotional services, product assortment, store décor 

and service levels. It did not focus on frequent festive and promo-
tional offers from time to time to attract and retain the customers. 

 
Challenges from location and layout decisions 
 
Location and layout plays an important role in the success of every 

retail store. Though there are number of stores located in major 

places they not in proximity to the market and there is low focus on 

target customers. Lack of parking place, poor visibility of 
merchandize, improper maintenance of breadth and depth of the 

stores has created lot of problems. 
 
 
FINDINGS OF THE STUDY 
 
The organized retail sector in India can expect to witness 
a second big revolution in the not too distant future in 
spite of setback faced due to several reasons. The oppor-
tunities in food and grocery retail in India are immense 
and constitute about 69% of India‟s total retail market. 
Though, there is scope for growth of organized retail 
sector in Indian retailing, Subiksha was not able to 
encash those opportunities due to improper decisions. 
Any retail sector that intends to enter into the market will 
make a thorough research before its entrance. Subhiksha 
did lot of research and felt that customers were price 
conscious, prefer to a convenient store to buy the needy 
products with specific purpose and not for fun. Inspite of 
its research, it faced lot of problems like lack of sufficient 
funds for expansion cropped up by un-mindful expansion 
spree across different parts of the country with improper 
selection of ERP  systems.  Other  reasons for failure are:



147          Afr. J. Agric. Mark. 
 
 

 
Challenges faced 

form competitors 

 
 
 
 

 

Challenges faced 
    

Challenges 
  

Challenges posed from 
 

       
 

 while implementing     faced by   marketing decisions 
 

 IT     Subhiksha    
 

         
 

    Challenges faced from   
 

      location decisions   
 

          
 

           

 
Figure 2. Challenges faced by Subhiksha 

 
 
 
Table 2. 4 P‟s - Comparative analysis of reputed retail stores at Film Nagar, Hyderabad 
 

Subhiksha 
More Supermarket Fresh@Heritage 

Reliance Retail 
 

Supermarket stores  

  
 

 

 
Products 
 

 
Promotion  
Pricing 
 
 
Place 

 
The merchandize 

includes  
FMCG, Groceries, 

Fruits Vegetables, 

Pharmacy, Mobiles 

and other Products.  
Not that effective 

EDLP pricing  
Stores are located at 

most of the places in 

the city and more 

than hundred cities in 

the country. 

 
Not very wide range 

of merchandize but 

includes Groceries, 

Fruits,  
FMCG and  
Vegetables  
Not that 

effective Normal  
Stores are located at 

most of the places in 

the city and some of 

the states in the 

country. 

 
Wide range that includes 

Groceries, FMCG, 

Vegetables, Fruits, 
Own manufactured Dairy 

Products, Pastries and other 

ready to eat items.  
Effective  
Normal 

 
Stores are located at different 

places in the city only. 

 
Merchandize includes 

Groceries, FMCG, 

Vegetables, Fruits, 
Reliance mobile 

Handsets, SIM cards, 

Steel and plastic items.  
Effective  
Normal 
 
Stores are located at 

different places in the 

city and in other 

states in the country. 

 
 
 
are- discount pricing with thin margins, poor inventory 
management like managing inventory at two extreme 
ends. Some stores were having high inventory levels and 
some others were with no or low stock. Bad history of credit 

defaults that led to supply breakages as they acquire entire 

merchandize on cash basis. It entered into the market 
with gorilla strategy and tried to be the number one in 
every place in the country. Out of the total stores 
established only few stores were profit generated and 
rest were not that much profitable. It moved across 
different sectors such as medicines, grocery, IT, mobile, 

than others very fast than competitors. Global economic 
meltdown, labling its own products, going for wrong IPO in 

2007 but shelving in view of uncertain market conditions were 

other reasons for the failures. The growth pattern in 
organized retailing  and in the consumption made  by  the  

 
 
 
Indian population may follow a rising graph helping the 

newer businessmen to enter the India Retail Industry. 

 
 
Limitations of the study 
 
The study is limited to twin cities of Hyderabad and 

Secunderabad. This may not represent the true picture of 
the total population. The findings are derived by analyzing 

the data collected from the respondents and every care 
has been taken to avoid their biased opinions. Still there 
was an ample scope for biased opinions which will affect 

the results of the study. The data collected for the study is 
limited to the selected retail outlets but not for the whole 

retail sector in twin cities. 



Samir        148 
 
 
 
Conflict of Interests 
 
The authors have not declared any conflict of interests 
 
 
REFERENCES 
 
David Gilbert (2003). Retail Marketing Management. Pearson Edition”. 

http://books.google.com.ng/books/about/Retail_Marketing_Managem 
ent.html?id=pkQmJwAACAAJ&redir_esc=y 

Randy P, Michael JW (2006). WHITE PAPER –“Total Cost of 
Ownership for Point-of-Sale and PC Cash Drawer Solutions: A 
Comparative Analysis of Retail Checkout Environments. Update 
Sponsored by: IBM” 
ftp://public.dhe.ibm.com/software/retail/marketing/whitepaper/pos_vs 
_pccd_1106.pdf 

Srivastava RK (2008). "Changing retail scene in India". Int. J. Retail 

Distrib. Manage. 36(9):714-721. 

http://www.emeraldinsight.com/journals.htm?articleid=1737929 

 

Citations 

 
Abhishek Das “Art of POS transformation - A Thought Paper” Steven 

Alter “Information Systems – A Management Perspective” Lauden 

&lauden “Management Information Systems” 

The history of Subhiksha dates back to the year 1997 when Mr. R. 
Subramanian ...2002 - Opening up of about 120 - 130 stores in the 
whole of Tamil Nadu State .... 
Source:http://www.hindu.com/2006/07/15/stories/20060715178519

0 0.htm ...  
Some of the excerpts from interview related to popular retail chain 

“Subhiksha”: http://specials.rediff.com/money/2007/feb/05bspec.htm 
Yuliya Polovinchik“ The Importance of CRM and How a POS System 

Can Help” 
In March 2008, Subhiksha had 1100 stores, 14000 employees and ...  

http://www.theindu.com/rp/2008/01/13/stories/2008011350140400.ht 
m, last accessed on Business Daily from THE HINDU group of  
publications. Tuesday, Feb 24, 2009... ICICI Venture seeks 

probe into Subhiksha affair. 
www.thehindubusinessline.com/bline/2009/ .../2009022450970500.ht 

June 28 Subhiksha Trading Services Ltd, the closely held company that 
runs the country's largest food and grocery discount retail. 

www.thehindubusinessline.com/bline/2008/.../2008062951180100.ht.. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
Websites 
 
http://articles.businessinsider.com/2011-06-
08/tech/29977606_1_pos-systems-merchandise-planning-crm 
http://www-03.ibm.com/products/retail/products/ 
http://www.indiaretailing.com/ 
http://www.emeraldinsight.com/journals. 
http://www.tgrasaneh.com/upload/articles/25.pdf 
http://dare.co.in/opportunities/manufacturing/opportunity-in-pos-and-
mobile-printers.htm 
http://www.indiaretailing.com/ 
http://www.emeraldinsight.com/journals.  
http://www.tgrasaneh.com/upload/articles/25.pdf 
http://www.cxotoday.com/story/retail-it-spending-to-grow-in-india/ 
http://loyaltysquare.com/shoppers_stop.php 
http://www.slideshare.net/pratikvartak/shoppers-stop-2312484 
http://www.gaoresearch.com/PDF/POS.pdf 
http://www.huaat.net/download/DMtechniques.pdf 
http://loyaltysquare.com/shoppers_stop.php  
Ginnisystems.com http://www.business.com/retail-
and-restaurant/retail/  
http://specials.rediff.com/money/2007/oct/01sld2.htm, “Rediff.com 

(2007), „Subhiksha‟s incredible growth story‟, 

http://www.thehindubusinessline.com/economy/policy/indian-retail-

market-set-to-touch-865-billion-by-2023/article5623098.ece 

http://en.wikipedia.org/wiki/Retailing_in_India 
http://timesofindia.indiatimes.com/home/education/news/Retail-sector-in-

India-growing-at-phenomenal-pace/articleshow/14381624.cms 

http://www.citeman.com/7774-concept-of-life-cycle-in-retail.html 
Articles in The Hindu News papers 
www.thehindubusinessline.com/2006/09/.../2006092203890500.htmEp 
2006 – Business Daily from THE HINDU group of publications 
...Subhiksha to open 600 outlets across 5 States by next year... cent, 
the consuming class in India is expected to grow from the 280 million in 
2002 to 686 million in 2010.  
www.Subhiksha.in  
GAO Research- “Point of Sales Systems (POS) 
 
Text Books 
 
Bottom of the pyramid, C.K.Prahalad, Pearson 2009. 
Retailing Management by Levy and Weitz, Tata McGraw Hill, 2009. 
Retailing Management by ArifShaik, HPH, 2008. 
The art of Retailing, A.J.Lamba, Retailing Management Texts and 
Cases, SwapnaPardhan, Tata McGraw Hill, 2009 
„Retail Life Cycle of the Department Store Industry‟ Lai-ngun SUN 

Institute of Textiles and Clothing, The Hong Kong Polytechnic 

University, Hunghom, Kowloon, Hong Kong tcsunv@polyu.edu.hk 
 


