ATTRIBUTES OF STORE IMAGE

Abstract

With the emergence of the new economy, Singapore's retail industry is also undergoing tremendous changes. In a market saturated with formidable competitors, retailers now subsist in a more aggressive retail environment. The rapid change of technology also imposes additional demands on modem retailers. In addition, the evolving consumers' lifestyle and demand also pose as another challenge. Therefore, to survive and thrive in the new era, a retailer should make conscious effort to keep pace with drastic changes in the economy. The key to secure success is to embrace a consumer- oriented stance and assume a competitor - oriented strategy. Knowledge of consumers' and competitors' psychology is critical as it forms the foundation to a good marketing strategy. The acute ability to anticipate and address shoppers' preference as well as the competency to predict competitors' strategy and to design effective counter measures is crucial to success. Consequently, a good retail management strategy can be formulated and a unique retail image can be engineered. In order to uncover shoppers' preference, we must first determine the attributes of store image. The determinants of retail image are subjected to a myriad of tastes and preferences. As such, the aim of this study is to determine the composition of store image through a consumer survey. The shoppers' survey revealed that store image composes of locational factors as well as non-locational factors. As in the literature review, location was found to be an imperative factor that determines store patronage. However, non-locational factors are also playing increasingly important role in moulding store image. Some store attributes, like merchandise selection and quality of customers' service, were found to exert more influence on store performance. On the other hand, attributes like the provision of internet shopping facilities have little bearing on store patronage. Factor analysis uncovered the critical factors that shape store image and influence retail patronage. These critical store attributes (micro factors) were grouped into components attributes (macro factors) to allow retailers to see the "big picture'. The four main component factors (i.e. The size & architectural design of the shopping centre, the quality & variety of products, the quality of customers' service & marketing programs and the location & availability of dining outlets) serve to facilitate the formulation of strategic retail marketing plans Ultimately, the study aims to articulate the needs and the wants of the consumers .In turn, retailers can respond positively by adopting precision marketing strategy and cater to consumers' demand. Hopefully, in time, consumers are likely to see better quality shopping centres, which make shopping a more enjoyable experience. On the other hand, retailers can capitalize on this piece of information to capture a greater market share (i.e. make appropriate changes to net new shoppers) and thus, stimulating the performance of their shopping centres.