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The 'retailer of the year' award was handed over to the Lifestyle
team by ICICI bank MD & CEO KV Kamath yesterday at a function
coinciding with the KSA Retail Summit here.
The awards were instituted along with India's leading consultancy
firm in the retail segment, KSA Technopak, as the knowledge partner.
The first ICICI Bank Retail Excellence awards 2005 honoured not
only the top retailers and retail professionals, but also recognized
innovations and best in class operations in the industry.
Among the new award categories included for the first time in the
country were 'loyalty program ', 'global operations', 'fastest growing
retailer', 'forecourt retailer', 'luxury retailer', 'e-retailer',
'exclusive brand retailer', and 'home and lifestyle retailer'.
Interestingly, for the first time in India, direct consumer feedback
was taken at retail stores for the short-listed entries of the first
ICICI Bank Retail Excellence awards, before being presented for
the final evaluation to a jury.
"Retailing in India has seen a paradigm shift with a focus
on providing better, efficient, faster and economical services to
the customers. These awards provide a platform to recognize retailers
who are consistently seeking to innovate to satisfy and retain customers,
while increasing profits at the same time," said V Vaidyanathan,
senior GM & head of retail business, ICICI Bank.
The selection and evaluation process of the awards had three phases.
In phase I, entries were invited from retailers who had to provide
detailed information on retail presence, merchandise on offer, total
sales at MRP, net profit, total operating costs, average footfalls,
loyalty club membership, and other details specific to each category.
Based on the evaluation of these forms, 5 nominees were short-listed
for each award category.
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