4 days ago
- Business
- Fashion Value Chain
Strategic Location Analysis and Marketing Approaches for New Retail Standalone: Nagarbhavi EasyBuy Store
Srinidhi Rajadurai
PG Scholar, Master of Fashion Management, NIFT Daman
Dr Rahul Kushwaha
Assistant Professor – FMS, National Insitute of Fashion Technology, Daman
INTRODUCTION
The retail landscape is continuously evolving, prompting businesses to seek strategic locations that maximize customer reach and enhance brand visibility. This research focuses on the strategic location analysis and marketing approaches for the proposed Nargarbhavi EasyBuy Store, aiming to provide insights into the viability of establishing a new standalone store in Nagarbhavi. Nagarbhavi, a densely populated suburb in Bangalore, presents a great opportunity for retail expansion due to its growing middle-class population and increasing in consumer spending power.
Marketing strategies are essential for any brand as they encompass the plans and tactics employed to promote products or services to target audiences. These strategies not only help in attracting new customers but also play a crucial role in retaining existing ones by fostering brand loyalty and awareness. For EasyBuy, a brand known for its commitment to providing quality products at competitive prices, effective marketing strategies are vital. They ensure that the brand not only stands out in a crowded marketplace but also resonates with the local community, thereby driving foot traffic to the new store.
Through this research, the aim is to provide valuable insights into the strategic planning of retail operations, ultimately enhancing the competitive edge of the EasyBuy Store in Nagarbhavi within a rapidly changing retail environment.
OBJECTIVES
To assess the demographic profile and purchasing behavior of residents in Nagarbhavi.
To conduct a competitive analysis and identify EasyBuy's market positioning potential.
To recommend localized marketing strategies to maximize store visibility, footfall, and conversion.
LITERATURE REVIEW
The research paper on a case study on Zudio by B Govil examines brand awareness focusing on Zudio, a retail clothing brand. Which aimed to investigate Zudio's strategies to create and maintain brand awareness, along with their effectiveness. Respondents view Zudio products positively, linking their quality to marketing promises, with advertisements and social media playing a significant role in shaping consumer preferences and choices. Zudio's marketing and celebrity endorsements are influential, and its loyalty programs encourage repeat purchases. The study offers valuable insights for marketing professionals and helps understand brand awareness dynamics in the fast-fashion industry, guiding future strategies for Zudio and similar businesses.
Karta N & Dhita P describe how the digital world has made it complex to drive marketing strategies for a brand due to the impact of Generation Z, a significant consumer group born between the mid-1990s and the early 2010s. This research paper aims to analyse Generation Z's consumer preferences and effective marketing strategies for building sustainable relationships with them. It uncovers recurring patterns, emerging trends, and socio-cultural influences shaping Generation Z's consumer behaviour, as well as their shift towards experiences over physical products, and their preference for brands prioritizing social values, environmental concerns, and sustainability. The insights from this research are expected to provide valuable guidance for companies looking to engage and resonate with Generation Z and remain competitive in the consumer market.
RESEARCH METHODOLOGY
The study combined both descriptive and exploratory methodologies. The descriptive aspect focused on evaluating the potential of the Nagarbhavi location through the analysis of customer accessibility, demographic profiles, and market demand, while the exploratory aspect sought to gain insights into local market trends, customer preferences, and the competitive landscape.
Primary data was collected from residents of Nagarbhavi, including students and staff from nearby colleges and schools. A total of 180 people were approached, with 100 responses collected, and after filtering for accuracy and completeness, 87 valid responses were used in the analysis. Convenience sampling was utilized for participant selection. Additionally, interviews were conducted with the Business Development team to understand the site selection criteria and strategic planning for new stores. Secondary data was gathered through an on-ground catchment and competition study in Nagarbhavi, analyzing key competitors such as Zudio, Style Union, and Trends, along with their product offerings, pricing, and promotional strategies. A SWOT analysis of these competitors was conducted, and historical performance data from previous EasyBuy locations was reviewed with input from the Business Development and Marketing teams. Geographic and demographic analysis was also performed using Google Maps to study the 3 km radius surrounding the proposed store, with supplementary data collected from online sources on population density, age distribution, and income levels.
Data analysis was conducted using SPSS and Excel. SPSS was utilized to identify correlations between key variables related to customer preferences, while cross-tabulation and bar graphs were employed to examine purchase behaviors segmented by age and average family income. This comprehensive analysis of customer demographics and purchasing patterns provided critical insights into the viability and potential success of the proposed EasyBuy store in Nagarbhavi.
