Research on Modern Grocery Market in Pakistan

The Evolution of unexampled(a) marketplace placeplace dietstuff place in Pakistan. A inquiry draw to remove ever-ever-changing consumer acquire patterns and opportunities for newfangled entrants in the current marketplace celestial sphere. By Adavanced look for Methods MBA-Evening schedule Section E Submitted on November 19, 2012 flurry of Contents Titles varlet No. basic Information Abstract Ac pick sum up onledgements executive abstract Introduction Methodology question Findings evidence Recommendations Appendices References 02 03 04 05 06 08 09 13 14 15 22 sc allywag 1Prefatory Information inquiry offspring The Evolution of advanced(a) securities industry Market in Pakistan. inquiry Background The traditional intellectual nourishment sell empyrean (sm on the whole local anestheticity memorys, street vendors, general trade stores, and so forth ) comp scratch close 95% of scarcely nutrient sell stores in Pakistan small-arm the ultr a advanced sell sector (hypermarkets, supermarkets, give the axe stores, etc. ) train up the re of import 5%. Over the bygone a few(prenominal) old age outside(a) retailers permit taken advantage of the out emersion opportunities in this market.Well- make outn European retail giants Makro, subway system, and Carrefour (Hyperstar) gull open stores in all study Pakistani metropolitan cities. The port metropolis of Karachi unaccompanied has at least five self-aggrandizing retail stores that serve to a greater extent(prenominal) than 19 meg slew. With a increment middle-in germ clear up (estimated at much than or less 25% of the entire population), switch magnitude urbanization, change magnitude popularity of worldwideistic viands results, and a growing outcome of international restaurants and fast sustenance scopes, Pakistan is emerging as an expanding market for U. S. high- rate agricultural produces.The overall food retail and wholesale affair accounts for 17% of Pakistan? s GDP. These en commodiousd retail stores present been able to tap into the changes in consumer lifestyles and high disposable income. Emerging technologies have correspondingwise contributed to the emergence of the large food retail superstores, which offer a wide clench of value added products and serve to wrong aw be middle income consumers. Convenience stores in flatulence/Gas stations atomic number 18 withal providing an additional option for consumers and their popularity among Pakistani consumers is come up.To turn in slenderly the driving forces that lead changes in the consumer pervert behavior and furtherto a greater extent to re primary(prenominal) the rising motivation of modern-dayized market place stores and hypermarkets which would ultimately guide investors towards an hazard and would permit them k today the critical market actors and consumer call for on the basis of which they should design their businesses t o make headway maximum market dispense in minimum measuring rod of conviction and re arisings. scalawag 2 Abstract The Evolution of Modern Grocery Market in Pakistan. The meat objectives of our look for atomic number 18 omnibus(prenominal)ly explained and okay by the results and take c beations, with vivid illustrations that clarify the main consumer tastes and favorences that argon the agents of changing purchasing patterns universe the case behind the increase number of modern food product stores in major cities of Pakistan which is linked to our second objective that is more towards the coronation hazard for local and contrasted venture capitalists in the mentioned sector. knave 3Acknowledgements front intimately and foremost, we would alike to thank Almighty Allah for enable us to achieve the limit of our project report effectively, next we would like to thank to our course mentor of Advanced Research Methods-E, Mr. Salman Rabbani for the valuable guid ance and advice. He stimulate us greatly to work in this project. His allow foringness to motivate us contributed tremendously to our project. We similarly would like to thank him for showing us some examples that related to the topic of our project.Besides, we would like to thank all those participants, colleagues and partitioning brace for providing us with their valuable insights and responses that enabled us to spot this project. Group Members Sandhya Talreja Talha Abid 1235220 1235182 Page 4 Executive Summary The change magnitude number of modern securities industry stores ar chop-chop increasing in Karachi and other cities of Pakistan which accounts for attracting volume of the customers and acquiring market sh ar more than it was in the aside few years.These mammoth stores make up 5% of all Pakistan? s retail food stores. there argon two segments of modern food markets. adept segment is dominated by the international groups and there ar similarly mun icipal food retailers that are to a fault utilizing new modern retail formats. For example, large food retail stores (Metro, Makro, and Hyperstar) comprise almost 2% of all Pakistani food retail outlets with an estimated annual upset of $176 million. The overall shell out of merchandise food products in the large retail stores is about 5. 6%.To decompose and figure out factors that have changed the buying patterns crosswise the urban areas of Pakistan across all major population segments based on the demo vivid characteristics. The later part of the research authenticly(p) describes investment opportunity and egression indicators with rising purchasing power of battalion and increasing consumption patterns leading to zest buying behavior. Appendices and annexes contain some useful facts that obtain the future trends of retailing in Pakistan that how changes are anticipated in the years to come with love to building, selling, supply chain prudence and customer assist ancesPage 5 Introduction Consumer diet Purchasing air The number Pakistani consumer go pasts 42% of his income on food. Consumption of imported processed and spend a penny-to-eat food is greater in urban areas because of higher(prenominal) disposable incomes and coming to modern style of food. A emblematic Pakistani household makes regular purchases of secure foods (i. e. , wheat flour, pulses, edible oils, fruits, ve depressables, draw, meat, etc. ) several(prenominal) cadences per month from neighborhood stores payable to thingamabob, perceived freshness, and particular storage spot at home.A growing number of puppylike Pakistani professionals (male/female) generally take making monthly food purchases from modern retail stores due to greater garland of products, air stores, and to bask food operate all infra one roof, thus providing the opportunity of combining one stop obtain? with a family outing. Affluent Pakistani families are attracted towards modern re tail stores due to their affordability, strategical locations, chafe to the imported processed food, and open choices for multiple product range.In comparison the countryfied consumer prefers homemade products, organic fruits & vegetables, and has limited access to processed food. The demand for imported food such as dates, cereals, beverages, chocolates, almonds, cakes, fruits and fruit juices reaches its peak during the festive season, especially at Eid and Ramadan. however Pakistan has a large and growing middle-income class (estimated at about 25% of the derive population).It also has a large and growing young population and over 55 percent Pakistani? s are in the 10-40 years age bracket. The pep pill middle-income class is currently estimated at 17 million, with relatively high per capita income which favors consumer spending. Since 2000 demand for narrow down products targeted at the middle-income consumers have increased importantly. The forthcoming changes in the Pakistani consumer demographic will create opportunities and challenges for companies doing business in Pakistan.Keeping in view the supra stated scenario and these facts the well described the consumer demographics in Pakistan, we decided to convey a quantitative research to know the factors of changing buying patterns and also to come close the magnitude of opportunity for the new entrants in the huge retail mart market that estimates about US$ 42 one million million million per annum. Page 6 Research Objectives ? ? To study the changes in buying patterns of consumers in metropolitan cities of Pakistan, subsequently the climax of modern grocery stores.To what extent these retail chains have been successful and to analyze if there is an opportunity for new entrants in the current scenario. Research Question ? ? What factors are responsible for changing buying behavior of pot be to urban areas of Pakistan? What is the size of opportunity that exists for new entrants in the current market? Page 7 Methodology The research methodology comprised of an online visual modality and questionnaire that was conducted finishedout the city of Karachi, Hyderabad, Lahore and Islamabad. There were 10 option-based question that were designed to get the responses covering the two basic research objectives.Respondents were randomly selected and were asked to fill out a questionnaire which contained predetermined options and with other unrestricted options as well, most of the participants were belonged to Karachi along with a momentous number of online respondents from Hyderabad, Lahore and Islamabad adding a variety of responses from urban areas of Pakistan. Respondents were divided into four main categories on the basis of their Gender, Age, matrimonial locating and Income to have a fair intelligence of different tokens of take and orientations of different consumer segments.Quantitative Research There was a need to limit the number of consumer that op t or prefer a certain attribute, products or services at these different stores so in terms of percentages it was easy to present and interpret data that was collected as a result of written report- questionnaire. First of all there was a pre-test conducted to know the validity and persuasiveness of the questionnaire and methodology and after that actual survey was launched online and respondents were asked to fill the survey.Online survey snubd the time and other costs associated to our research and proven to be a cost-effective incision to conduct our survey. Page 8 Research Findings On the basis of two unequivocal objectives the research findings are included in this report, the initial objective to determine factors that capture consumer buying behavior are the overall services offered, flavour and branded products, convenience of acquire all items at a hotshot point, no grocery items including mold apparel, cosmetics, medicine, home decor and so on remained the sign alise choices of the respondents.Regarding the second objective that was to know the size of opportunity for new entrants that was asked in a question to know precise demand of the modern grocery outlets in Karachi and other urban cities, the findings exhibit that a clear majority of the respondents want to have more modern grocery stores in their locality, exact figures are mentioned in the graphical representation section later in this report. Other quantitative results include the frequence of purchases, expenditure and preferred store type that are also useful to mastermind the size of the opportunity in this sector.Moreover participants also provided very insightful responses in open-ended options that highlighted many other things that they prefer at these modern stores. Including improvement suggestions regarding, customer sustentation and rush, committedness and rabbet programs were dominant responses of the survey discussed in the detail in graphical representation se ction. Page 9 vivid Representation and Analysis 1. Grocery work blackleg Type It? quite clear from the market share that supermarkets and hypermarkets have acquired during past suspender of years is significantly improved up to 30% for each category. Grocery submit Type frequent stores 30% 30% 18% 22% Dept. Stores Super Markets Hypermarkets 2. Grocery Frequency Frequency as compared to past trend of weekly or perfunctory grocery purchases has been transplanted to monthly purchases leading towards impulse buying behavior after the advent of the modern hypermarkets and superstores 60% 40% 20% 0% Grocery Frequency hebdomadally Fortnightly Monthly others 3.Grocery Market parcel Modernized supermarkets lead the market with 48% share of the grocery sector these markets are convenience to mickle living in developed areas of Karachi catering their grocery needs effectively. Grocery Market Share Hyperstar 14% 18% 20% 48% Metro/Makro Naheed/Chaseup /Aghaz/Imtiaz others 4. Grocery S pending Most of the people that opted for modern grocery stores belong to higher income segment and majority spends more than Rs. 7000 on their grocery needs. This indicates a higher magnetic inclination of the people to consume in the friendship. 0% 30% 20% 10% 0% Grocery Spending (PKR) 26% 6% 32% 36% Page 10 5. likeable Factors The factors that were dominant among the responses were convenience of getting all items at a single stop and stintingal purchases thus weighed down grocery budgets, this is the core reason that has changed buying patterns of consumers in the youthful years. other factors Appealing Factors efficient impregnable and Convenience adequate to(predicate) Economical 0% 20% 40% Adequate Parking Convenience Safe and Secure other factors Non grocery items 6.Non-grocery items come on of the non-grocery items most people preferred cosmetics reason universe the majority of female respondents in our sample. Rest of the people preferred medicines and ready to wear apparels. 0% 50% 46% 20% 16% 8% 10% 7. Additional Food Items Other than coarse grocery items as food staples there was a significant rise in the demand and preference to ready-to-eat/ frozen-food, reason being the most of the married females are opting for careers and workplaces then frozen foods provides them convenience and quick food solutions. 70% 60% 50% 40% 30% 20% 10% 0% Additional Food Items 2% sweetened fruits and vegetables meat/chicken/p oultry fixed food others 16% 16% 6% 8. Improvement Suggestions Discount separate were the most opted option by the respondents as people tend to buy in larger quantities they expect a significant amount off as a discount as well as the loyalty or privilege cards were also and added suggestion along with the speedy billing process due to the shortage of time in the busy schedule of people living in the large cities. 60% 50% 40% 30% 20% 10% 0% Improvement Suggestions 48% 28% 12% 12% dedication cards Discount cards swift billing process others Page 11 9.More Grocery Stores So about 90% of the people responded in positive when they were asked about more grocery stores in their city mainly because the convenience these stores offer, while the be 10% who opted for No, further explained there are enough no of stores in their neck of the woods only need is to improve their service quality. 100% 80% 60% 40% 20% 0% More Grocery Stores 90% 10% Yes No Yes No 10. Most preferred attribute grapheme is the most opted attribute and mostly the quality products and services available at modern grocery store provide an added gain to the customers and delight them in many ways. 0% 60% 40% 20% 0% Most preferred attribute feel Pricing Brand Other Page 12 Conclusions After studying the legal brief results and graphical illustrations we hereby conclude that major causes of change in consumer purchase patterns are superior quality of products and services offered to customers at economical prices, thus elevating the overa ll value for customers when it comes to convenience blackleg, hassle-free parking, pleasant environment, serene ambiance, sanctuary and security which preceding(prenominal)ly was not offered by any of the conventional grocery stores of their localities.Now majority of the consumers prefer going to modern supermarkets and hypermarkets rather than the wholesale markets, to avoid the long fatigue grocery shopping which included nerve-racking parking, lack of security and safety. Moreover people on weekends go for grocery shopping with their families which allows them to spend quality time with their family as an outing or entertainment and enjoy shopping with all the modern state of the art facilities offered by malls and shopping centers.Furthermore, along with the basic grocery items people tend to shop additional items including garments, cosmetics, fashion products, frozen foods, medicines and so on that is again an appealing factor that directed majority of the customers towa rds these modernized grocery store thus offering more and more benefits and ease to customers.As it has been witnessed that in the past few years the retail market dynamics have changed dramatically with modern grocery stores capturing the 40% share in the sector it is therefore a paying(a) sector for orthogonal investors in the sectors and source of high FDI (Foreign Direct Investment) that would increase employment opportunities for our population and also would add up to fiscal revenues for the government. Page 13 RecommendationsAfter the completion of this research that was in response to previous researches on Emergence of Modern retail in Pakistan and Market Transformation referable To Current Economic Turmoil (USA and European retail sphere of influences) we suggest a comprehensive and more sophisticated research should be carried out on a moneymaking(prenominal) level to have an in-depth knowledge and insights about the market. Many of the indicators suggest the modern society in Pakistan are moving towards big money consumption and retail sector concomitant has been the key performer accounts for an annual turnover of about US$ 42 billion(estimated).So in response to it another research should carried out on Factors of Impulse Buying Behavior of consumer segments in Pakistan with respect to the modern grocery markets rapidly increasing and expanding the retail sector in Pakistan. The scope of our research was limited to few major cities of Pakistan i. e. Karachi Lahore Islamabad and Hyderabad, so its scope should be increased for future research also incorporating the useful insights of the key industry players of the modern grocery markets. Page 14 Appendices Appendix-1 (Survey Questionnaire) ARM-Questionnaire Demographics Age ? 7-28 ? 29-40 ? 41 & above Gender ? M ? F Marital Status ? Single ? Married total Household Income (PKR) ? 10,000-20,000 ? 20,001-50,000 ? 50,001 & above Area of dwelling _____________________________________________ ___________ 1. What type of grocery store do you prefer for your grocery shopping? ? General stores ? Departmental stores ? Super market ? Hyper-markets 2. 3. 4. 5. How often you go for grocery shopping? ? weekly ? fortnightly (every 15 days) ? Monthly ? others recreate specify_____ Which store do you often prefer for your grocery needs? ?Hyperstar ? Metro/Makro ?Naheed/Chase-up/Imtiaz/Aghas ? Others___ On average how much amount you spend on your grocery? (PKR) ? 1000-3000 ? 4000-7000 ? 7000-myriad ? Above 10000 Based on the prior selected store which factor makes you buy from that store? ?Economical ? Adequate Parking ? Convenience (all items under one-roof) ? Safe and secure environment ? Others divert specify___________________ What type of items do you prefer to shop along-with grocery? ?Cosmetics ? Garments ? Medicines ? Electronic Appliances ? Others_____ What additional foods items do you like to buy form the grocery stores? Fresh Fruits and Vegetable ? Meat/ crybaby/Fish ? Frozen Foods ? Others__________ What improvements you like substantiate as far as services are concerned? ? subjection cards ? Discount coupons ? Speedy billing process ? Others _______ Would like to have more stores and hyper markets? ?Yes ? No What do you prefer the most for your grocery items? ?Quality ? Pricing ? Brand ? Others occupy specify___________ 6. 7. 8. 9. 10. Thank you for your time and attention. Page 15 Appendix-2 FMCG Companies Profit From Rural Consumption ruin in Pakistan By Riaz Haq Higher return prices have increased bring upers? ncomes in Pakistan by Rs. 342 billion in the 12 months finished June, harmonize to a government economic survey. That was higher than the gain of Rs. 329 billion in the preceding eight years, according to a report by Bloomberg stark nakeds. Companies like Millat tractors, Honda atlas Motorcycles, Pak Suzuki Motors, Engro Foods, Telnor, snuggle, Colgate-Palmo prevail, Proctor and Gamble and Unilever have been big beneficiarie s of the current hobnailed consumption boom. come near Pakistans chief Ian Donald has summed up the rising demand for his companys products as follows It? a common acquaintance that China and India are much big in terms of harvest-time than Pakistan. but for go up, the per capita consumption of our products in Pakistan is twice as much as we have in China and India. It should be noted that Nestle is the worlds largest packaged food company, and Pakistanis per capita consumption of draw and dairy products is about 2. 5 measure higher than in India. According to the FAO, the average dairy consumption of the developing countries is unagitated very low (45 kg of all dairy products in liquid milk equivalent), compared with the average of 220 kg in the industrial countries.Few developing countries have per capita consumption surpass 150 kg (Argentina, Uruguay and some artless countries in the Sudano-Sahelian zone of Africa). Among the most populous countries, only Pakistan, a t 153 kg per capita, has such a level. In South Asia, where milk and dairy products are preferred foods, India has only 64 kg and Bangladesh 14 kg. einsteinium Asia has only 10 kg. Here are a few key points excerpted from a recent Businessweek story on rise of the bucolic consumer in Pakistan 1. Unilever and Colgate-Palmolive Co. re displace gross salespeople into rural areas of the world? s one- sestetth most-populous nation, where demand for consumer goods such as Sunsilk shampoo, syndicate? s moisturizers and Colgate toothpaste has processioned local units? revenue at least 15 percent. Page 16 2. The rural push is aimed at the crude youth in these areas, who have free cash and resources to increase purchases, Shazia Syed, vice hot seat for customer development at Unilever Pakistan Ltd. , express in an interview. Rural growth is more than double that of national sales. 3.Consumer-goods companies forecast growth in Pakistan even as an increase in ethnic violence in Kar achi has made 2011 the deadliest in 16 years for the country? s biggest city and pecuniary center. 4. Nestle Pakistan Ltd. is spending 300 million Swiss francs ($326 million) to double dairy railroad siding in four years, boosted sales 29 percent to 33 billion rupees ($378 million) in the six months through June. We have been focus on rural areas very strongly, Ian Donald, managing theatre managing director of Nestle? s Pakistan unit, utter in an interview in Lahore. Our observation is that Pakistan? rural economy is doing better than urban areas. 5. hadji Mirbar, who grows cotton wool on a 5-acre farm with his four brothers, give tongue to his family? s income grew five-fold in the year through June, allowing him to buy branded products. He uses Unilever? s Lifebuoy for his out-of-door baths under a hand pump, or else of the handmade soap he employ before. We had a great year because of cotton prices, said Mirbar, 28, who lives in a colonisation outside south Pakistan ? s Matiari town. As our income has risen, we want to buy nice things and live like kings. 6.Sales for the Pakistan unit of Unilever rose 15 percent to 24. 8 billion rupees in the first half. Colgate-Palmolive Pakistan Ltd.? s sales increased 29 percent in the six months through June to 7. 6 billion rupees, according to data compiled by Bloomberg. In a generally faltering economy, the double-digit growth in revenue for companies servicing the consumer sector has come almost entirely from the rural areas, said Sakib Sherani, chief executive officer at Macroeconomic Insights Pvt. in Islamabad and a former economic adviser to Pakistan? s finance ministry. 7.Unilever is pushing dish aerial products in the countryside through a program called Guddi Baji, an Urdu word that literally means doll sister. It employs beauty specialists who understand rural women, providing them with vans filled with samples and equipment, Syed said. Women in villages are also employed as sales representati ves, because rural is the Page 17 growth engine for Unilever in Pakistan, she said in an interview in Karachi. temporary hookup the bulk of spending for rural families goes to food, about 20 percent is spent on looking beautiful and buying high-ticket(prenominal) clothes, Syed said. . Colgate-Palmolive, the world? s largest toothpaste maker, aims to address a huge gap in sales outside Pakistan? s cities by more than tripling the number of villages where its products, such as Palmolive soap, are exchange, from the current 5,000, said Syed Wasif Ali, rural operations manager at the local unit. 9. Its detergents Bonus Tristar and Brite are packed in sachets of 20 grams or less and priced as low as five rupees (6 cents), to boost sales among low-income consumers hurt by the swift pace of inflation in Asia after Vietnam.Unilever plans to increase the number of villages where its products are sold to almost half of the total 34,000 deep down three years. Its merchandise, including Dove shampoo, Surf detergent and Brooke Bond Supreme tea, is available in about 11,000 villages now. 10. Pakistan, Asia? s third-largest wheat grower, in 2008 increased wheat prices by more than 50 percent as summit Minister Yousuf Raza Gilani sought to boost turnout of the staple. The injection of purchasing power in the rural sector has been unprecedented, said Sherani, who added that local prices for rice and sugarcane have also risen. 1. Telenor Pakistan Pvt. is also expanding in Pakistan? s rural areas, which already contribute 60 percent of sales, said Anjum Nida Rahman, corporate communications director for the local unit of the Nordic neck of the woods? s largest phone company. While the front man of multinational consumer product giants like Nestle and Unilever receive more coverage in the western media, the Euromonitor report finds that Pakistani FMGC companies like Engro Foods, Haleeb Foods, Shezan, Tapal, Shan and others dominate the packaged food business in Pakista n. Heres an excerpt from a recent Euromonitor report on Pakistan.Page 18 Appendix- 3 Study of the worldwide sell Markets Drivers of Retail Change Internationally There are significant changes underway in the international retail sector. Some are already evident in the Irish retail market while others are now beginning to show an impact. The key drivers of change in the retail sector are Consumer shopping habits and meal preparation habits are changing. This is driving the food retail structure to one of large stores for once-weekly shopping trips and smaller convenience stores for top-up purchases. Relatively low growth in retail spending across Europe, particularly in the food sector, which is generating substantial competition between retailers. A shift in the determinant of consumer demand from price consciousness to value for money. A stronger preference for service and convenience, some(prenominal) in retail service and also in product choice. The development of a more international outlook and a greater consciousness of international brands. More focused marketing methods, referred to as mass customization? and competition for consumer loyalty. The retail sector is still relatively highly regulated in many countries, specifically in the areas of planning regulations in respect of new store development and operative hours. Developments in information and communications technologies (ICTs) are enabling improvements in market research and analysis, and supply chain management. This is driving significant change in international retail supply chains as retailers look out increasing efficiencies and seek to reduce inventories. Page 19 Appendix-4Future of Retail Sector in Pakistan The expected future trends in the retail sector in Pakistan are that The retail sector can be expected to keep back to grow in line with the overall growth of the economy, thereby providing further employment and an increasing function to economic activity. The le vel of submerging, i. e. , the market share held by major retailers, in both the food and clothing sectors, is expected to continue to increase. Further consolidation in the market can be expected through mergers and acquisitions of national retailers and foreign retailers in the current market.Acquisition is likely to be the mode of market entry for large scale foreign retailers into the future. Size & Structure The strucuture of the retail sector is changing as Retailers are growing larger through mergers and acquisitions both in domestic and international markets The number of large sized stores is increasing significantly Levels of concentration in retail markets are increasing Order sizes and deliveries from suppliers are growing and suppliers are increasing in scale. Customer function Customer service is developing rapidly through Home hopping and delivery net profit shopping Longer opening hours Loyalty card schemes Better in-store service Micro-marketing to individualist customers and Improved post order. Page 20 Diversification Retailers are pursuing growth through diversification into New product areas, by food retailers into non-food goods, and into new markets such as apparel and music New business sectors such as banking and indemnification and New geographic markets, nationally and internationally, mail order, teleshopping and ecommerce.Supply-Chain worry Retailers are increasing their view as over the whole supply chain by implementing Centralized distribution in effect(p) consumer response (ECR) Increased traceability of goods Increased investment in Information Technology Supplier rationalization programs Greater involvement in supplier operations. Page 21 References Retail Sector Dynamics in Ireland-www. forfas. ie. European Journal of Scientific Research Euro Journals Publishing, Inc. 2009 http//www. eurojournals. com/ejsr. htm http//www. iazhaq. com/2011/10/fmcg-companies-profit-from-rural. html Retail mark ets planning guide-FAO air http//www. fao. org/docrep/v8390e/V8390E00. HTM New generation of retail markets By Ashfak Bokhari From InpaperMagzine 23rd July, 2012 http//dawn. com/2012/07/23/new-generation-of-retail-markets/ Retails Hottest Emerging Markets, 2012 http//www. cnbc. com/id/47782726/Retail_s_Hottest_Emerging_Markets_2012 Economic Impact of retail in Pakistan Proceedings of 2nd International Conference on Business Management Page 22