Abstract International Retail industry has got a tremendous consumer pull since globalization. Many Retail Stores evolved in a very different way from the traditional Stores. Many multinational companies are transforming themselves to become global companies. When it comes to selling in foreign lands, the strategies of retailers don't always simply translate from one country to another. This research discusses about whether the efforts of Retail Stores can hold the customers and which factor will influence customer by Retail strategies. Concept of RETAIL The distribution of consumer products begins with the producer and ends at the ultimate consumer. Between the producer and the consumer there is a middleman the retailer,who links the producers and the ultimate consumers? Retailing is defined as a conclusive set of activities or steps used to sell a product or a service to consumers for their personal or family use. It is responsible for matching individual demands of the consumer with supplies of all the manufacturers. The word ‘retail’ is derived from the
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Transcript
Abstract
International Retail industry has got a tremendous consumer pull since globalization.
Many Retail Stores evolved in a very different way from the traditional Stores. Many
multinational companies are transforming themselves to become global companies.
When it comes to selling in foreign lands, the strategies of retailers don't always simply
translate from one country to another.
This research discusses about whether the efforts of Retail Stores can hold the
customers and which factor will influence customer by Retail strategies.
Concept of RETAIL
The distribution of consumer products begins with the producer and ends at the
ultimate consumer. Between the producer and the consumer there is a middleman the
retailer,who links the producers and the ultimate consumers?
Retailing is defined as a conclusive set of activities or steps used to sell a product
or a service to consumers for their personal or family use. It is responsible for matching
individual demands of the consumer with supplies of all the manufacturers. The word
‘retail’ is derived from the French work retailer, meaning ‘to cut a piece off’ or ‘to break
bulk’.
It is defined as all activities involved in selling goods or services directly to the
final consumer for their personal, non-business use via shops, market, door-to-door
selling, and mail-order or over the internet where the buyer intends to consume the
product.
The retail industry can be divided into
1. organized large,
2. unorganized and
3. Informal sector enterprises.
The first category retailers comprise traders who possess legal permissions or
licenses to undertake the activity, are registered with sales tax/VAT etc. Such
enterprises are supermarkets, hypermarkets, retail chains, and also the privately-owned
large retail businesses.
Their presence on scene, though of a recent origin, is gradually gaining in
importance, and slowly eating into the business of second category of retailers. By
unorganized retail trade enterprises, we mean all those local kirana &general shops,
family managed –Own Account trade enterprises (Mom-Pop shops), registered under
the Shops and Establishment Act (s), administered by the local authorities.
The third category of retailers include small shops such as tiny grocery and vegetable
shops run from a room of a house, paan/beedi kiosks (often selling a variety of items,
like small toothpaste tubes, tooth brushes, soaps, pouches of shampoo, etc.), way-side
vendors, and hand carts operating without any licenses.
Indian retail sector
The retailing sector in India has undergone a significant transformation. Traditionally,
Indian retail sector has been characterized by the presence of a large number of small
unorganized retailers. However, in the past decade there has been development of
organized retailing, which has encouraged large private sector players to invest in this
sector.
The Indian trading sector, as it has developed over centuries, is very different
from that of the developed countries. In the developed countries, products and services
normally reach consumers from the manufacturer/producers through two different
channels: (a) via independent retailers (‘vertical separation’) and (b) directly from the
producer.
In India, however, the above two modes of operation are not very common.
Small and medium enterprises dominate the Indian retail scene. The trading sector is
highly fragmented, with a large number of intermediaries. So also, wholesale trade in
India is marked by the presence of thousands of small commission agents, stockiest and
distributors who operate at a strictly local level.
Most Indian shopping takes place in open markets or millions of small,
independent grocery and retail shops. Shoppers typically stand outside the retail shop,
ask for what they want, and cannot pick or examine a product from the shelf. Access to
the shelf or product storage area is limited. Once the shopper requests the food staple
or household product they are looking for, the shopkeeper goes to the container or
shelf or to the back of the store, brings it out and offers it for sale to the shopper. Often
the shopkeeper may substitute the product, claiming that it is similar or equivalent to
the product the consumer is asking for. The product typically has no price label in these
small retail shops; although some products do have a manufactured suggested retail
price (MSRP) pre-printed on the packaging. The shopkeeper prices the food staple and
household products arbitrarily, and two consumers may pay different prices for the
same product on the same day. Price is sometimes negotiated between the shopper and
shopkeeper. The shoppers do not have time to examine the product label, and do not
have a choice to make an informed decision between competitive products.
Indian market has high complexities in terms of a wide geographic spread and
distinct consumer preferences varying by each region necessitating a need for
localization even within the geographic zones. India has highest number of outlets per
person (7 per thousand) Indian retail space per capita at 2 sq ft (0.19 m2)/ person is
lowest in the world Indian retail density of 6 percent is highest in the world.1.8 million
households in India have an annual income of over 45 lakh (US$81,900).
• Functions for assisting the FDI approval holders in obtaining various approvals and
resolving their operational difficulties. FIIA has been interacting periodically with the FDI
approval holders and following up their difficulties for resolution with the concerned
Administrative Ministries and State Governments.
2004 Investment Commission
• Headed by Ratan Tata, this commission seeks meetings and visits industrial groups and
houses in India and large companies abroad in sectors where there was dire need for
investment.
Attempting to research directives and results of the above bodies resulted in no direct
contact but instead a list of various other sub bodies.
• Project Approval Board (PAB) for approving foreign technology transfer proposals not
falling under the automatic route.
• Licensing Committee (LC) for considering and recommending proposals for grant of
industrial license.
• In addition, concerned Ministries/ Departments issue various approvals as per the
allocation of business and various Acts being administered by them.
• At the State level, State Investment Promotion Agency and, at the district level,
• District Industries Centers generally look after projects.
• Concerned departments of the State Government handle sectoral projects.
• Fast Track Committees (FTCs) have been set up in 30 Ministries/Departments for close
monitoring of projects with estimated investment of Rs. 100 crores and above and for
resolution of issues hampering implementation.
• “Investment Promotion and Infrastructure Development Cell” gives further impetus to
facilitation and monitoring of investment, as well as for better coordination of
infrastructural requirements for industry
• SIA has been set up by the Government of India in the Department of Industrial Policy
and Promotion in the Ministry of Commerce and Industry to provide a single window for
entrepreneurial assistance, investor facilitation, receiving and processing all applications
which require Government approval, conveying Government decisions on applications
filed, assisting entrepreneurs and investors in setting up projects, (including liaison with
other organizations and State Governments) and in monitoring implementation of
projects.
• CCFI Cabinet Committee on Foreign Investment- meets at the ministerial level and is
guided by the prime Minister, considers foreign investment exceeding Rs 3 billion as
requiring special political attention.
• Indian Missions Abroad- can also receive project proposal and will forward tem to the
institutions in New Delhi.
• Indian Investment Centre- (This was supposed to be closed after the Planning
Commission was established but still continues to operate) established as an
autonomous organization in 1960 with the objective of doing promotional work abroad
to attract foreign private investment into India and establishment of joint ventures,
technical collaborations and third country ventures between Indian and foreign
entrepreneurs.
The major competitors of Wal-Mart include Costco, Target Corp., and K-Mart.
Wal-Mart leads the industry and sector in market cap, employees, revenue, EBITDA, net
income, and earnings per share. Target and Costco have surpassed Wal-Mart in Revenue
Growth by quite a margin. Target also leads Wal-Mart in gross margin. K-Mart has
shown a decline over the past years and is dropping out of the major competitor
category.
Impact of Wal-Mart on Small retailer
In global business world, only larger size cannot imply that Wal-Mart is better and
successful. In fact, Wal-Mart also came under criticism for its impact on small retail
businesses. Independent small shops have to went out of business after this giant chain
stores come into play. Some research said that after Wal-Mart has been in town for
eight to ten years, that town is just a ghost town. This phenomenon is not happening
only in the United States, but it also has the same consequence in everywhere that this
giant chain store comes into play. In some countries, Wal-Mart has banned from local
communities because it obliterates local business. In short run Wal-Mart is like a
custodian but when look cautiously, it is a killer.
Though Wal-Mart is the world's largest retailer and consumer center and a principle
source in boosting up the American economy but it is resulting into negative impacts
over the local small business economies. The very policies of Wal-Mart from controlling
their suppliers to managing the working environment and low wages strategy along a
policy to provide products related to every filed of life under one single roof with a
cheaper rate then any other shopping center. This is affecting the local market
tremendously.
Basically Wal-Mart is a very large business company, which primarily focuses on
developing and expanding Wal-Mart while maintaining its standard of products and
presenting a healthy shopping environment. Therefore, it offers incentives like
partnership to the suppliers, sharing profits with the staff as well as assuring a friendly
customer care service with everyday low prices.
However, the small local business companies cannot earn a large amount
of profit from a minimum cost of production as compared to big shopping centers and
specifically Wal-Mart, which is the world's largest chain of shopping centers. Another
aspect that affects the small town business companies is the low wages labors with
extra facilities. Since small town business companies do not have ample potential and
capacity to earn maximum profits with minimum cost production and minimum lose,
workers are also not interested to work with these companies as they find no charm and
attraction in the working environment.
The small local business merchants lose economic strength and diversity
ofvarious products, as they do not have the potential to compete the giant retailers like
Wal-Mart.
Nature of retailing in china
China’s retail industry has extensive room for market growth. Favorable macro conditions,
changes in consumption patterns and the new demographic structure will be the driving forces
of the growth of the retail industry.
Favorable macro conditions to the retail industry include China’s relatively low
percentage of consumption / GDP compared with other developed countries, rapid
urbanization, a bigger middle class, supportive government policies and inflation pressures.
Micro changes include the teens and 20s become the dominant group in the retail markets.
These consumers have higher tendency for consumption and more aggressive consumption
patterns.
China’s retail market is more fragmented than that of other developed countries or
other industries in China. There will be more opportunities for investors to look for future
leaders with strong growth potential in the retail industry.
Sales channel plays a significant role in the selling process of the retail industries. It also
has a big impact on the investment returns of consumer products manufacturers. However,
sales channel resources (such as supermarketsand department stores) are scarce and scattered
in China. The characteristics of sales channels also bring risks andlimitations to the
development of the retail industry.
The risks and limitations brought by different sales channels to the consumer goods
manufacturers explain the fragmented nature of China’s retail industry.
The growth rate of consumption ofChina is 6.9% from 1998 2006 which is the highest in the‐
world.
The following factors will continue to contribute to the growth of the retail industry in China:
1.) Rapid urbanization and increasing disposable income
2.) A bigger middle class and an improving social security system‐
3.) Inflation pressure is beneficial to retail sales growth
4.) Supportive government policies to boost internal consumption
Wal-Mart in china
Local adaption is a key reason for Carrefour’s success, and Wal-Mart has also adapted its
modal to the Chinese Market. In the grocery section of its stores, Wal-Mart originally
offered meat and seafood American-style, in plastic wrapped, freshness-dated
containers. To Chinese consumers, however, “fresh” means that you can pick it out
yourself and watch it wriggle so they took a pass. In response, Wal-Mart brought
Chinese wet markets indoors, allowing consumer to pick out their own dinner. Now
when opening stores in a new city, Wal-Mart teams arrive five months early in order to
research local consumption habits and to fine-tune store merchandise.
In China, Wal-Mart executives have their eyes squarely on the growing middle class, not
on China’s large poor population who cannot afford Wal-Mart good As a result, Wal-
Mart merchandise is more upscale and aligned with middle class materialism then in the
United States.
Prices in China are high, in part, because there is a VAT of 13% on most things.
More important, retailing in China is not nearly as efficient as it is in the US. While Wal-
Mart is successful in China, it doesn’t enjoy anything like the market share it does in the
US. Smaller, but my guess is, far more profitable. Wal-Mart faces very limited low-price
competition in China. Most stores are of the Mom-and-Pop variety, which keeps overall
prices high. Urban real estate is also expensive, and that also has an underlying impact
on consumer prices.
According to a recent McKinsey study, China currently boasts more than one
million wealthy urban households and more ten 42 million middle class households are
expected by 2015,which will give China a more sizeable middle class than found in
either America or Europe.
China remains a crucial location for sourcing the good that Wal-Mart sells
worldwide. Wal-Mart Global procurement Center moved from Hong Kong to Shenzhen
in 2002, and the retailer’s supplier networks are heavily concentrated in China. Wal-
Mart’s global sourcing strategies are forcing changes in the way that Chines suppliers
operate.
Logistics and distribution are serious problems for Wal-Mart too. In China,
however, Wal-Mart faces several difficulties. The first is China’s infrastructure while
more efficient than most developing countries; there are still plenty of bottlenecks.
Some of these are physical, relating to roads, ports, and so on. Wal-Mart operations in
China are not yet large enough to reap efficiencies from its logistics system.
In China, however, labor unions are vastly different from their western
counterparts, both in structure and in practice. Unions are officially run by the
Government and tend to be more pro management than in other country, while
financially supporting the community party structure and helping to secure social order.
Factor Affecting FDI In Retailing (CHINA)
factor Impact Advantage Disadvantage
Culture To Chinese consumers,
however, “fresh” means
that you can pick it out
yourself and watch it
wriggle so they took a pass
It cerate customer believe
on store.
Price policy Prices in China are high, in
part, because there is a VAT
of 13% on most things.
Wal-Mart faces very
limited low-price
competition in China.
it can’t enjoy
anything like the
market share.
Government and
labor issue
Labor Unions are officially
run by the Government
Wal-Mart tread unions
compete with
government trade union.
Government can
interfere in
management practices
Supply chain and
distribution
China’s infrastructure while
more efficient than most
developing countries; there
are still plenty of
bottlenecks.
It can provide competitive
and long term advantage
in market.
It creates new and
costly distribution
systems Which
influence to price of
product.
Income group China a more sizeable
middle class than found in
either America or Europe
and its par capita income of
person will be grow in a
future
Demand and Sale will be
improved with the
growth of middle class.
Nature of U S A Retail Industry
The retail industry business has been around for centuries in the United States. It allstarted
with a community general shop where people of the community would shop foritems of
necessity. Single general stores by local residents were the most common because specialty
stores were not really necessary due to limited population within the city and dissconnectivity
of people. As societies advanced with population increase leading to expanded cities, and new
advanced technologies gave rise to interconnectivity as well easy communication between
distanced cities or societies, opportunity for specialty stores was formed. But before the
specialty stores formed into a business the function of the general store was most essential
because they provided the varied needs of the local community.
Also the reason for the striving success of these general stores then was "necessity".
People around had no other options but to go for the general store. In the current scenario, the
US retail industry is thriving and booming. With the exponential growth of the retail business
across the whole of the United States, it is more likely to predict that this industry will very soon
come in to the category of the infrastructure industry. Managing customer relations and
attending their needs is a very important issue in business-to-business markets Customer is the
prime focus in retail business and only they matter because they are the ones who buy the
retailer products.
Retail chainsin the U.S. are publicly traded on the stock exchange and privately owned.
An estimatedtwo-thirds of the U.S. gross domestic product (GDP) comes from retail
consumption.Retail industry is a good indicator of the well-being of the U.S. economy.
According to thelatest annual report from the U.S. Census Bureau (2009), the total amount of
sales for theU.S. Retail Industry (including food service and automotive) was $4.13 trillion. Of
theworld’s 10 largest retail companies in the world, five of them are from the US and five are
from Europe. The top ten global retailers had combined sales of $1.15 trillion in 2008,according
to international consulting group, Deloitte. According to the U.S. Bureau ofLabor Statistics,
around 14.4 million people were employed in the U.S. Retail Industry asof April, 2010. Although
retail employment was increasing every month at the beginningof 2010, due to the recent
recession of the economy, the retail employment numbers werestill the lowest they've been for
the past decade. Due to the decline in retail jobs and theincrease in overall unemployment, the
retail job market in 2010 is extremely competitive atall levels.
Wal-Mart in U S A
Wal-Mart is primarily a discount retailer because they sell their products at the lowest
possible prices.Byselling at the lowest price.The essence of successful discount retailing
to cut the price on an item as much as possible, lowering the markup, and earn profit on
the increased volume of sales.Wal-Mart’s key slogan was around offering the lowest
prices in the market all year around, making an emphasis on cutting down any
competitors’ offer, averaging around 20% less than their competition.
The company has three "Basic Beliefs" or core philosophies Sam Walton built the
company on. Those beliefs are: (1) Respect for the Individual, (2) Service to Our
Customers, and (3) to Strive for Excellence. Other beliefs include, exceeding customer
expectations with "aggressive hospitality" such as using door greeters. The store also
features patriotic display and themes in its US stores.
Another goal for the company is to support efforts in the local community via
charitable contributions. Wal-Mart identifies several affiliations with charities such as
the United Way and the Children's Miracle Network.
In all, the company strategy is that of growth, expansion, and diversification by
finding new areas to expand into within retail and the service industry. It is the number
one retailer in the US and in the World as a result.
There have been several disagreements between the Union and Wal-Mart, as
Wal-Mart will not allow its workers to unionize. Several battles have been fought in
court and in the U.S. Congress over Wal-Mart's questionable labor practices. Wal-Mart's
policy has been one of delay and "terror" in the words of one union representative who
has accused the company of old-fashioned union-busting tactics. All of Wal-Mart's
competitors are unionized. They simply decided to avoid all the trouble. Wal-Mart has
decided to go up against labor laws to keep its overhead lower (Bernstein).
Wal-Mart awarded its employees differently, shifting the focus from salaries and
into profit-sharing stock based rewards, working to improve the employees skills, trust
and involvement by doing constant job shifts and sharing the corporate information
with them.
The reputation of companies is not driven just by customer experience.
Highly public events can have a significant impact on customer and stakeholder
perceptions. Such events might be a “corporate crisis” or a natural disaster, but either
can be opportunities for companies to leave a positive lasting impression. Reputation
management requires a tight connection with the core identity and strategy of a
company. It also requires an ability to think strategically from the point of view of an
increasingly skeptical public. Wal-Mart embraced its success in responding to the
Katrina challenge as an opportunity to demonstrate the positive social value of its core
business model.
Other retailers have a stake in how well Wal-Mart is doing and how much they
are expanding. If a Wal-Mart moves into a community, changes are the other retailers
in that community, especially if they are privately owned are going to lose money and
may even be forced to close down. Because Wal-Mart is the largest retailer in the
United States and number 1 on the Fortune 500 list, they have the ability to lower their
prices and therefore can force other retailers out of business because they cannot
match Wal-Mart's low prices.
Wal-Mart’s technological edge is in its logistics, distribution, and inventory
control having installed a computer in its first distribution center in 1969, it had, by the
late 1970s, connected all Wal-Mart stores and distribution centers, along with company
headquarters, to a computer network. Wal-Mart was an early adopter of bar-code
technology. Wal-Mart is currently at the forefront of efforts to integrate Radio
Frequency Identification — a technology in which each individual item receives a tag
that can be read by a radio signal, thus facilitating tracking shipments, inventory, and
sales. Wal-Mart’s investment in information technology does appear to have increased
its own productivity over the last several decades. Computations from Basker and Van
(2007) indicate that improvement in Wal-Mart’s technology have reduced its cost of
operating alarge chain.
Wal-Mart has managed to build one of the most efficient distribution systems in
the US. Distribution centers were constructed so that any Wal-Mart’s stores will always
have a distribution center less than a day’s drive away and operating its own truck fleet
has led to 99.5% on time delivery record.Wal-Mart was able to build a win-win
partnership with their suppliers while still acting as a very strong negotiator. Insisting on
lower prices, Wal-Mart was also working with suppliers to help them achieve those
prices by providing them with support and consultancy and going into details to achieve
efficiency for their businesses.
The United States has well-established distribution channels for all types of retail
companies. The retail services industry provides an openly competitive environment that
fosters strong business operations and spurs innovations that increase efficiency and reliability.
Numerous opportunities for growth exist in the U.S. retail market for retail providers of
all sizes, including individual direct marketers or direct sellers, small- to medium-sized franchise
unit owners, and large “big-box” store operators. New distribution companies are opening
stores and units daily to serve a large, affluent consumer base.
FACTOR AFFECTING FDI IN RETAILING(U S A)
Factor Impact Advantage Disadvantage
Employment Improve the employee’s skills, trust and involvement.
Allow employee’s ability to grow with the company and be promoted into higher positions.
Several battles have been fought in court and in the U.S. Congress over Wal-Mart's questionable labor practices.
Price policy However, as the economy faced a downturn, people wanted low price stores.
It fulfills budgetary needs of their target customers.
These price segments do not target all population of that area.
Technology Flexible systems provide retailers with a competitive advantage that can improve shopping experience and increase profitability.
While this industry is very technical, one thing that has not, and will not ever change is that consumers want and demand superb customer service.
Technology change is dynamic process.
Companies Services
Significant impact on customer and stakeholder perceptions.
Supply chain and distribution
Wal-Mart’s stores will always have a distribution center less than a day’s drive away and operating its own truck fleet has led to 99.5% on time delivery record.
Nature of retailing in Brazil
Despite its wealth Brazil is a country in which 26% of the population lives below the poverty
line. The good news for businesses, however, is that this percentage is shrinking, meaning that
more and more people have disposable income. The emerging middle class – a significant
proportion of a total population of more than 190 million – presents a wealth of opportunity to
potential retail entrepreneurs. Indeed, Brazil has just overtaken the UK as the sixth-largest
economy in the world and is expected to carry on growing at a healthy rate for the foreseeable
future. Brazil has falling unemployment (very rare in the current economic climate), falling
inflation, and a rising population of working women – just a few of the positive attributes that
bode well for a robust and fertile retail economy.
Brazil’s consumers are classed into four main categories: A, B, C and D. Classes A and B occupy
the higher end of the personal income scale. Class C, containing those with low to
middleincomes, is growing the fastest. New opportunities are constantly arising for astute
retailbusinesses as Brazil takes on characteristics usually associated only with the most
advanced western economies:
• More working women
• Growing class of Double Income No Kids couples (‘DINKS’)
• Longer life expectancy
• Greater consumption of health related products
As a result of these developments the consumer market in Brazil is evolving. Although still a
relatively young population, the average age is set to rise, which along with the general
increase in affluence will create new desires for consumer goods.
Among the distinctive traits highlighted during the seminar was the concentration of wealth in
a few regions of Brazil, 18 in total, which together account for approximately 48% of all retail
trade. Of these regions, the Northeast, with the largest proportion of people below the poverty
line, is also changing quickly, with the fastest growth in class C consumers. Interestingly, 70% of
point of sale stores, around 400,000, are small independent stores, not large chains, and in
geographical terms are spread out thinly. This clearly presents a challenge to retailers
attempting to reach the consumers.
Important considerations for businesses when planning on entering the Brazilian retail market
include
• Identifying the consumer
• Understanding their unique desires
• How to communicate with the consumer to meet these desires
• How to meet the geographical challenges of the Brazilian landscape
Even in the late 1990s, Brazil was just like any other emerging economy, characterized by
extremes of wealth and abject poverty with no social class dividing the bridge between. A
decade and more down the line, the effervescence in the middle cannot be missed. Yes, the
great Brazilian middle class – defined as those who earn between $690 and $2,970 a month –
has arrived and is here to stay. If Brazil has made a name in the global retail sector, it had better
thank these late comers, empowered with good purchasing power and access to credit.
For the eighth consecutive year, the Brazilian retail industry has grown. While Brazil’s
GDP increased 2.7 percent in 2011, the retail sector expanded 4.4 percent, demonstrating
resilience against an economic downturn. According to the Brazilian Supermarket Association
(ABRAS), the retail industry was estimated to be worth about R$224.3 billion (approximately
US$119.31 billion) in 2011. Ongoing macroeconomic stability and social inclusion policies that
have put more credit in the hands of consumers have played an important role in maintaining
this positive result. The industry has also adopted aggressive strategies as the market becomes
more competitive. These are all factors impacting the sector’s improved profile compared to
2010: the number of stores increased from 81,100 to 82,000 (1.1 percent); the number of
employees also went up from 919,900 to 967,700 (5.2 percent); sales floor size expanded from
19,700 thousand square meters to 20,600 square meters (4.4 percent); and the number of
check-outs increased from 199,300 to 206,600 thousand (3.6 percent).
Brazil’s retail market is estimated to be worth about $230 billion, driven mostly by domestic
demand. Besides the 40% growth in GDP per capita during the last eight years or so, population
distribution also plays a vital role in encouraging the growth of sectors such as retail. About 30%
of the country’s population lives in the 10 principal metropolitan cities. Sao Paulo brims over
with a population of 18 million, while Rio de Janeiro has 10 million.
Still, the consumption habits of this predominantly urban population are diverse. As a
PwC report points out, the lower income sections tend to spend more on essentials such as
food and beverages, while those in the upper income bracket splurge on leisure, durable goods,
as well as luxury items. The Brazilian market is also perhaps the most internationalized among
the BRICs, as the top 10 retailers corner almost 60% market share among themselves. Food