Retail is the sale of goods and services from individuals or businesses to the end-user.

Retailers are part of an integrated system called the supply chain. A retailer purchases goods or products in large quantities from manufacturers directly or through a wholesale, and then sells smaller quantities to the consumer for a profit. Retailing can be done in either fixed locations like stores or markets, door-to-door or by delivery. Online retailing, a type of electronic commerce used for business-to-consumer (B2C) transactions and mail order, are forms of non-shop retailing. Retailing in India is one of the pillars of its economy and accounts for 14 to 15 percent of its GDP. The Indian retail market is estimated to be US$ 450 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people. The Indian retail industry has been thrown open to foreign majors and is packed with players who strive to offer great products and value-formoney to Indian consumers. The country holds vast promise for retailers with its burgeoning spending power and rising middle class. The organised segment is in its nascent stage and has huge potential to harness in the sub-continent. Foreign giants like Wal-mart and IKEA have recently received the Governments nod to enter the Indian market, after making all the necessary compliances. The Indian apparel market has demonstrated resilience and growth in an environment characterized by slow economic growth. The domestic apparel market, which was worth INR 207,400 crore ( USD 38 billion) as of 2012, is expected to grow at a compound average growth rate of 9% over the next decade. Further, the recent omission of excise duty on branded apparel has provided an impetus to retailers in terms of the overall market sentiment. The Menswear MarketWith a market size of INR 87,500 crore (USD 16 billion) in 2012, menswear is the largest segment in Indiasapparel market, accounting for 42% of the overall market. In comparison, womenswear makes up 38%, while kidswear comprises 20%, of the market.

Market Size and Growth Projections

The menswear market can be divided into various categories including woven shirts, trousers, denims,winterwear, innerwear, T-shirts, suits, activewear, ethnic wear and dailywear. The woven shirts category is thesingle largest within the menswear market, followed by trousers and denim. The menswear market is expected togrow at a CAGR of 8.5% over the next five years to reach INR 131,000 crore (USD 24 billion) by 2017. High Growth Categories Denim, activewear and T-shirts are high growth categories within menswear segment with CAGRs of 16%, 14%,and 12% respectively. Despite the not so optimistic economic scenario of 2012, the demand for denim is growingamong men, especially with the younger generation. The entire denim market of India hinges around the mensdenim segment which contributes 80% to the market. The heightened acceptance of casual or Friday dressing,and the penetration of denim into Tier II and Tier III cities and rural India are contributing to the growth of mensdenim in India. The activewear category primarily constitutes of sportswear, gymwear, and swimwear. Increasing health consciousness has made sports, gym, jogging, swimming, yoga, etc. an essential part of modern life, especially in metros, as a result of which the demand for activewear is on the rise within Indian menswear market. The shift from formal attire to comfort-oriented casual attire is driving the market for mens T-shirts, alongside the demand for denim. Market Trends Menswear consumers are in a phase of transition; they no longer want to stick to wearing apparel of defined styles and silhouette but also want to experiment with the look of the clothing. The demand for occasion-specific clothing is rising within the menswear segment, e.g., the modern Indian male can be seen in activewear at the gym in the morning; in formal shirts, trousers, and suits during office hours; in smart casuals in the evening; and in dailywear/sleepwear at night. The demand for ethnic dressing at special occasions like marriages and social functions is also a distinct trend. Many brands have specifically forayed into mens ethnicwear to cater to this demand. The menswear segment is also witnessing an increase in the demand for colored bottomwear. In addition to thetraditional colors, viz. black, blue, brown and grey, Indian men have started experimenting with newer colous like red, green, orange, etc. Almost all domestic and international brands have started offering mens bottomwear in newer colors; they are also optimistic about the growth of colored trousers and denim.Another interesting trend in the menswear market is the steady growth in

the premium tailoring segment comprising the fashion designers and the bespoke / luxury segment. Customers in the super premium segment are willing to pay a premium to ensure that their tailor-made clothing reflects their own personality and also helpsthem differentiate themselves and get noticed. Market Trends With increasing women in the workforce, and the growing economic independence of women, the demand for womens westernwear is at an all-time high, thanks to which womens westernwear is emerging a clear winner in the womenswear market. This trend is expected to continue as more women enter into the workforce or aspire to follow the lifestyle of working women. Within working women, there is a clear trend indicating the growing acceptance of womens dresses and western formalwear. The working women in the metros and mini metros, in addition to traditional sarees and salmar kameez, are moving towards dresses, formal suits, and business attire. Though these markets may remain relatively small, they are expected to grow rapidly. Know about fashion promotion strategies Marketing mix: product; price; place; promotion (4 Ps); decisions; marketing; brand; target market Promotional mix: advertising; sales promotion; visual merchandising; PR; personal selling Advertising: fashion brand eg magazines, newspapers, television, billboards, internet, specialist trade fairs; attention grabbing techniques eg Attention, Interest, Desire, Action (AIDA); specific consumer groups eg

shock tactics, celebrity endorsements, promotional offers, point-of-sale, Unique Selling Proposition (USP) Sales promotions: short term promotions eg buy one get one free, student discount, 20% off Visual merchandising: eg stores, product, shop floor, window displays, point-of-sale PR: media; brand image eg press releases, articles, charity support 2 Understand how promotional strategies target different markets Different consumer groups: eg profiles, age, lifestyle, buying habits, gender, ethnicity, occupation; visual imagery; consumer profiles; brands; markets eg housewife, tween, student, young professional Different fashion environments and types of stores: eg department, boutique, chain, high street, online, mail order Ways groups are targeted: advertising campaigns; media eg magazines (Vogue, iD, Harpers, GQ), newspapers, internet; promotion models; competitor campaigns The purpose of promotion is to obtain and retain customers. It covers:

'above-the-line', which is using independent media to reach a wide audience easily, but over which the company may have limited control, for example, magazine advertising. This reaches a mass audience but can be hard to measure its impact.

'below-the-line', which uses media over which the business has control, for example, direct mailing. This type of promotion can be more cost-effective and give more measurable response rates. Ben Sherman uses both above-the-line and below-the-line promotion to help inform customers about its products. Through this information, it increases the customers' desire to buy its products. Promotional activities

Some people think of promotion as being just advertising but advertising is only one aspect. Promotion may also include:

direct mail - for example, catalogues, newsletters you may receive by post or email exhibitions or events - Ben Sherman has a high profile at fashion events and music events, for example, sponsoring a series of live gigs to support new British music in collaboration with with Gibson guitars and music channel MTV

sales promotions - such as discounts, money-off coupons or competitions public relations - perhaps through press conferences or by participating in charitable events, such as the Gibson Guitar auction for Nordoff Robbins charity sponsorship - Ben Sherman sponsored the 'Best Breakthrough Artist' category at the 2007 Q Awards product placement - Ben Sherman gives clothes to famous people so that they create publicity when they wear them. This is seen as an endorsement for the product. Amy Winehouse and Ricki from the Kaiser Chiefs have been used to promote Ben Sherman products by wearing them at high profile events and featuring in the printed press

branding - you can see the Ben Sherman brand in the layout and decoration of its stores, its links to music, its advertising campaigns, packaging and point-of-sales displays

Sales promotion is one of the seven aspects of the promotional mix. (The other six parts of the promotional mix are advertising, personal selling, direct marketing,publicity/public relations, corporate image and exhibitions.) Media and non-media marketing communication are employed for a pre-determined, limited time to increase consumer demand, stimulate market demand or improve product availability. Examples include contests, coupons, freebies, loss leaders, point of purchase displays,premiums, prizes, product samples, and rebates Sales promotions can be directed at either the customer, sales staff, or distribution channel members (such as retailers). Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions. Some sale promotions, particularly ones with unusual methods, are considered gimmicks by many.

Sales promotion includes several communications activities that attempt to provide added value or incentives to consumers, wholesalers, retailers, or other organizational customers to stimulate immediate sales. These efforts can attempt to stimulate product interest, trial, or purchase. Examples of devices used in sales promotion include coupons, samples, premiums, point-of-purchase (POP) displays, contests, rebates, and sweepstakes. Sales promotion is needed to attract new customers, to hold present customers, to counteract competition, and to take advantage of opportunities that are revealed by market research. It is made up of activities, both outside and inside activities, to enhance company sales. Outside sales promotion activities include advertising, publicity, public relations activities, and special sales events. Inside sales promotion activities includes window displays, product and promotional material display and promotional programs such as premium awards and contests.[1]

Types of Retail outlets

Department Stores A department store is a set-up which offers wide range of products to the end-users under one roof. In a department store, the consumers can get almost all the products they aspire to shop at one place only. Department stores provide a wide range of options to the consumers and thus fulfill all their shopping needs. Discount Stores Discount stores also offer a huge range of products to the end-users but at a discounted rate. The discount stores generally offer a limited range and the quality in certain cases might be a little inferior as compared to the department stores. Supermarket A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket. A supermarket is an advanced form of the small grocery stores and caters to the household needs of the consumer. The various food products are all properly displayed at their respective departments to catch the attention of the customers and for them to pick any merchandise depending on their choice and need.

Warehouse Stores A retail format which sells limited stock in bulk at a discounted rate is called as warehouse store. Warehouse stores do not bother much about the interiors of the store and the products are not properly displayed. Mom and Pop Store (also called Kirana Store in India) Mom and Pop stores are the small stores run by individuals in the nearby locality to cater to daily needs of the consumers staying in the vicinity. They offer selected items and are not at all organized. The size of the store would not be very big and depends on the land available to the owner. They wouldnt offer high-end products. Speciality Stores As the name suggests, Speciality store would specialize in a particular product and would not sell anything else apart from the specific range.Speciality stores sell only selective items of one particular brand to the consumers and primarily focus on high customer satisfaction. Malls Many retail stores operating at one place form a mall. A mall would consist of several retail outlets each selling their own merchandise but at a common platform. E Tailers Nowadays the customers have the option of shopping while sitting at their homes. They can place their order through internet, pay with the help of debit or credit cards and the products are delivered at their homes only. However, there are chances that the products ordered might not reach in the same condition as they were ordered. This kind of shopping is convenient for those who have a hectic schedule and are reluctant to go to retail outlets. In this kind of shopping; the transportation charges are borne by the consumer itself. Dollar Stores Dollar stores offer selected products at extremely low rates but here the prices are fixed.