An Empirical Analysis of Managerial and Environmental Factors Affecting the Performance of Hanaromarts in the Seoul Metropolitan Area
2018
Chae, S.H., University of Seoul, Seoul, Republic of Korea | Sung, N.I., University of Seoul, Seoul, Republic of Korea | Jo, D.H., University of Seoul, Seoul, Republic of Korea
This study analyzes factors affecting the performance of 104 Hanaromart stores located in the Seoul metropolitan area(Seoul, Incheon, Gyeonggi-do) as of 2015. The performance of Hanaromarts is measured by not only sales and sales per store size but also the efficiency index estimated by data envelopment analysis(DEA). The empirical results confirm that an increase in certain factors, such as number of employees, store size, and number of convenience stores, tends to increase Hanaromart store sales. Special attention should be devoted to the finding that contracted part-time and full-time employees are more effective than temporary sales staff in increasing sales per employee. Among competing retailers, the presence of convenience stores (supermarkets) is negatively(positively) associated with the level of Hanaromart store sales. In addition, both the number of households and the number of large facilities have a positive effect on Hanaromart store sales, but this effect varies depending on the definition of trading area. The number of employees in any employee type is the only variable that affects sales per square meter. The results from the Tobit model indicate that a higher ratio of temporary sales staff(contracted part-time employees) to full-time employees results in a higher inefficiency index among Hanaromart stores. In addition, the number of POS systems is shown to be positively associated with improvements in store efficiency. Finally, the results confirm that a greater number of convenience stores(supermarkets) leads to more inefficient(efficient) Hanaromart stores. The study provides several suggestions regarding managerial and marketing strategies for Hanaromarts.
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