• Journal of the Korean Society of Clothing and Textiles
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• v.39 no.4
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• pp.613-624
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• 2015

This study examined: 1) the effect of store density on perceived crowding 2) the difference of perceived price benefit of sale by store density 3) the effect of perceived price benefit and store density on perceived crowding and 4) the effect of perceived crowding and price benefit on shopping behaviors. Store density and perceived crowding were categorized into social and spatial dimensions. Data were collected with 6 (high, medium, and low social and spatial densities) * 2 (sale and no-sale) between-subjects experimental designs. A total of 395 responses were analyzed. The results revealed that social density affected social crowding, but spatial density had no effect on perceived crowding. Price benefit of sale was not different by store density. The sale itself did not affect perceived crowding. Under the social density situation, perceived price benefit reduced spatial crowding and social crowding showed a positive effect on purchase behavior while spatial crowding had a negative effect. However, the most important effect on purchase behavior was price benefit. The study implies that social density (not spatial density) is important for consumer behavior and retail strategies.

• Ocean and Polar Research
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• v.40 no.1
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• pp.49-58
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• 2018

This study aimed to analyze the causality of hairtail prices among import and domestic distribution channels using a Vector Error Correction Model(VECM). The results are as follows. First, since the ADF unit-root test suggests that each of the price variables, apart from retail price, has a unit root, the price variables should be 1st-differenced to secure the stability of the prices. Next, through the Johansen co-integration test, it was discovered that there are long-term relationships among the price variables. On the basis of the co-integration test, VECM analysis shows that the producer price has a long-run balance with the import and wholesale prices. In particular, when the prices deviate from the balance, the producer price dynamically adjusts to return to the long-term relationship among prices. It also indicates that the producer price has an impact on the import, wholesale, and retail prices in the short-term, and the import price has an influence on the producer and wholesale prices. In addition, the impulse response analysis demonstrates that the impulse of import and producer prices has a lasting impact on each of the prices.

• Industrial Engineering and Management Systems
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• v.8 no.1
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• pp.1-13
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• 2009

This paper presents a coordinated planning model of price-dependent demand for a single-manufacturer and a single-retailer. The demand is assumed to be normally distributed, with its mean being price dependent. The manufacturer and retailer coordinate with each other to jointly and simultaneously determine the retail selling price and the retailer order quantity to maximize the joint expected total profit. This model is then compared to a 'returns' policy model where manufacturer buys back unsold items from the retailers. It is shown that the optimal total profit is higher for coordinated planning model than that for the returns policy model, in which the retail price is set by the retailer. A compensation or profit sharing scheme is then suggested and it is shown that the coordinated model with profit sharing yields a 'win-win' situation. Numerical results are presented to illustrate the profit patterns for both linear and nonlinear demand functions. The coordinated planning model, in addition, has a lower optimal price than for a returns policy model, which would result in higher sales, thus expanding the markets for the whole supply chain.

• Journal of Distribution Science
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• v.15 no.9
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• pp.5-16
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• 2017

Purpose - This research is to provide new insights for policy makers in Korea, comparing South Korea and foreign countries such as Japan, UK, France, Germany, Netherlands, Sweden, Spain and the forth, in terms of the effects of retail regulations on a retail trade industry. Research design, data, and methodology - After introduction, the research begins with literature review on the background why advanced countries have introduced retail legislations, then, will present their effects. The fourth section will compare the South Korea with the above foreign countries. Finally, the authors will draw conclusions and mention not only research limitations but also future research directions. Results - Based on the previous research, the authors compared Korea and advanced countries, in terms of how retail regulations influence retail employment, retail productivity, retail price, and the protection of independent retailers. The authors found that industrialized countries have made a significant effort to protect small shops for social stability with many different regulations and/or budget. With regard to results, however, the degree of its achievement is lower than expected. Conclusions - In order to protect small- and medium-sized retailers efficiently and effectively, policy makers need to develop better sophisticated retail regulations than those of advanced countries.

• Journal of Distribution Science
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• v.15 no.11
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• pp.73-82
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• 2017

Purpose - This paper aims to investigate a profit maximizing incentive of foreign traders in distributing the KOSPI 200 Futures. Such an incentive may induce unsophisticated retail traders to suffer loss from speculative trading. Since Korean government increased the entry barriers of the market to protect unsophisticated traders, the market size has been decreasing while the proportion of the contract held by foreign traders has been increasing. These on going changes make the market imperfectly competitive, where a profit maximization incentives of foreign traders are expected to grow. In this paper, we attempt to find any evidence of such behavior, thereby providing implications regarding market policy and market efficiency. Research design, data, and methodology - According to Kyle(1985), an informed trader exploits his/her monopoly power optimally in a dynamic context so that he/she makes positive profit, where he/she could conceal his/her trading utilizing noise trading as camouflage. We apply the KOSPI 200 Futures market to the Kyle's model: foreign traders who take into account the effect of his/her trading to maximize expected profits as an informed trader, retail investors as noise traders, and financial institutions as market makers. To find any evidence of monopolistic behavior, we test the variants of trading volume and price data of the KOSPI 200 Futures over the period of 2009 and 2017. Results - First, we find that the price of the KOSPI 200 Futures are more volatile than the price of underlying asset. Second, we find that monopolistic foreign trader's trading order flows are consistent with exploiting his/her monopoly power to maximize profit. Finally, we find that retail investors' trading order flows are inversely consistent with maximizing profit, that is, uninformed retail investors suffer loss continuously in speculative trading against informed traders. Conclusions - Our results show that the quantity of strategic order flows may have a large effect on the price, therefore, resulting the market inefficiency. The results also imply that, in implementing regulations, the depth of the market must be considered to maintain market liquidity, and suggesting interesting research topics regarding the market structure.

• Convergence Security Journal
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• v.8 no.3
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• pp.83-92
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• 2008

In respect complication of group and period, the sales of retail trade is composed of various factors. This paper studies focus on estimating the determinants of the sales of retail trade. The volume of analysis consist of 7 groups. Analyzing period be formed over a 36 point(2005. 1$\sim$2007. 12). In this paper dependent variable setting up sales of retail trade, explanatory(independent) variables composed of composite stock price index, the number of the consumer's online buying behavior company, the coincident composite index, the index of trading price of APT, employment rate, an average of the rate of operation(the manufacturing industry), the consumer price index. The result of estimating the determinants of sales of retail trade provides empirical evidences of significance positive relationships between the coincident composite index, the index of trading price of APT, employment rate, an average of the rate of operation(the manufacturing industry). However this study provides empirical evidences of significance negative relationships between the consumer price index. The explanatory variables, that is, composite stock price and the number of the consumer's online buying behavior company, are non-significance variables. Implication of these findings are discussed for content research and practices.

• The International Journal of Costume Culture
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• v.9 no.1
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• pp.15-26
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• 2006

The purposes of this study were 1) to identify the dimension of perceived service quality of fashion retail stores in the basis of expanded marketing mix, 2) to investigate the effect of each dimension on long-term orientation/customer satisfaction, trust, commitment and WOM/repurchase intention) on perceived service quality. The questionnaires were administered to 333 women shopped in a fashion retail store in Gwang-ju city. Data were analyzed by using exploratory and confirmatory factor analysis, Cronbach' ${\alpha}$, and multi-regression analysis. The results were as follows: 1) The dimension of perceived service quality based on expanded marketing mix were classified as follow: product, price, place, promotion, people, physical evidence, process services. Long-term orientation was categorized into four factors: customer satisfaction, trust, commitment, WOM/repurchase intention. 2) For the effect of the perceived service quality by dimension, product, people, physical evidence, process services have significant effect on long-term orientation, while price, place, promotion services have not significant.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.37 no.6B
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• pp.453-463
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• 2012

The Effect of asymmetric interconnection charge is different between where the retail price of incumbent is regulated and that of incumbent is not regulated. When the retail price of incumbent is not regulated, the brand loyalty and the relative magnitude of each marginal cost determine the effect of consumer surplus. However, when the retail price of incombent is regulated, network substitution effect also plays a important role to the consumer surplus. The higher the brand loyalty, the lower the network substitution effect, or the higher the marginal cost of the entrant, the social welfare through the asymmetric interconnection charge is more increased. In the other cases, the consumer surplus might be decreased.

• Journal of agriculture & life science
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• v.44 no.6
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• pp.201-211
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• 2010

This paper estimates the degree of market power of marketers in the Korean beef market, especially focusing on wholesale and retail marketing levels. Prices in various marketing levels show that there is a possibility of more price differentials than marketing costs in the Korean beef market. Annual price and quantity data are used to estimate the degree of market power in the wholesale and retail levels. The empirical results show that the domestic beef retail market is far from perfect competition and the wholesale market is relatively near to perfect competition.

• Proceedings of the Korean Operations and Management Science Society Conference
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• 2006.11a
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• pp.323-326
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• 2006

We investigate pricing and ordering policies in a supply chain consisting of a single manufacturer and a single retailer. Demand at the retailer depends on the retail price and is assumed to be constant over time for the fixed price. The retailer places orders according to an EOQ policy and the manufacturer produces the order quantity according to a lot-for-lot policy. The retailer and the manufacturer cooperates each other to maximize the average profit for the supply chain. A mathematical model is presented and a solution procedure is developed to determine the optimal retail price and order quantity.