“Factors Affecting Impulse Buying Behavior in the Malls Special Reference to Noida City”
Keywords:
Organized retailing, Impulse buying behavior, Shopping mallsAbstract
“Retailing is the final step in the distribution of merchandise- the last link in the supply chain connecting the bulk producers of commodities to the final consumers.” One undergoing this process is referred to as Retailer. Retailing includes diverse products such as apparel, footwear, consumer durables, financial services and leisure. However in India retail trade remains in the backward state but at the same time is poised to expect a rapid growth in tandem with the economic growth. India’s $350-400 bn retail market -$7.5 bn organized retail is growing about 25-30% annually against economic growth of around 8% a year. With this onset many players are entering the market with various products and strategies to cash upon this development in retail sector, thereby increasing competition. Similarly there are various retail formats coming up to grab the opportunity in the retail sector.
One of the most prominent retail formats coming up is “Shopping Malls” which can be defined an arrangement of retail stores and providing the right mix of shopping, food courts and entertainment and parking facilities. The retail space is shared by anchor stores and other retailers (tenants), who will pay the developers of the mall-rent or lease payment for putting up the shop within the mall premises. Sarang Panchal, Executive Director Customized Research ACNielsen South Asia says, “With increase in the sheer numbers of malls and modern format stores shopping has almost become a national pastime in our country especially in the cities. Strong economic growth along with booming young adult populations with unprecedented levels of disposable incomes has made people more conscious of the latest trends and fashions. No one wants to be left behind, Indian consumers are ever willing to upgrade their knowledge where latest trends are concerned and these definitely helped in increasing the footfalls in all these modern malls mushrooming across the city.”
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