DOI: 10.4018/IJCRMM.2019070102

International Journal of Customer Relationship Marketing and ManagementVolume 10 • Issue 3 • July-September 2019

Copyright©2019,IGIGlobal.CopyingordistributinginprintorelectronicformswithoutwrittenpermissionofIGIGlobalisprohibited.

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Understanding Customer Perceived Mall Values:A Confirmatory Factor Analysis ApproachAnil Kumar Kashyap, Department of Business Management, Dr. Harisingh Gour Vishwavidyalaya (A Central University), Sagar, India

Ajay Kumar, Department of Business Management, Dr. Harisingh Gour Vishwavidyalaya (A Central University), Sagar, India

ABSTRACT

Value-based business strategies are acquiring attention throughout the world. Retailing in Indiahas distinct challenges. The diversity in its population largely affects its retail characteristics.Understandingcustomerperceivedvaluesanddevelopingappropriatestrategiesistheonlywaytosucceed.TheproposedstudyisdesignedtoexploreandvalidatethecustomerperceivedmallvaluesinanIndiancontext.Toaccomplishtheobjectives,samplesweretakenfrommallslocatedincentralIndia.Atotalof257sampleswereutilisedtoconcludetheresults.Asthefactoranalysisremainsadynamicfieldofresearchstudiesinmarketing,EFAandCFAisusedtoexaminethedata.Thestudyresultsshowsevencustomer-perceivedmallvalues:conveniencevalue,epistemicvalue,explorationvalue,monetarysavingvalue,self-gratificationvalue,socialinteractionvalue,andenjoyment-seekingvalue.Attheendofthestudyusefulmanagerialimplicationsareprovidedtomallmanagersandoperators.

KeywoRdSConfirmatory Factor Analysis, Customer Perceived Values, Exploratory, India, Shopping Mall

INTRodUCTIoN

Customerderivedmultiplevalueswhileshopping.Theactsofshoppingbecomingmorevaluedrivenaftertheevolutionofonestopshoppingdestinationi.e.themall.Peopleprefervalue-orientedshopping(VelitchkaandBarton,2006).Thevalueofshoppingisnothingbuttheoutcomeoftheshoppingactivitywhichcomeswithbuyingaproductorservicesorafeelingofrelaxationwhileaccompanyingothers.Peopleshopforthebenefitofvaluefulfilment(ShimandEastlick,1998).Theimportanceofshoppingvaluecanbeseeninseveralscholarlyarticles(Griffinetal.,2000;BabinandBabin,2001;Stoeletal.,2004;Babinetal.,1994;MichonandChebat,2004;Karimetal.,2013;Carpenter,2008;SeoandLee,2008;Jacksonetal.,2011;DavisandHodges,2012).Thesestudiesarelimitedtoacertainextentofshoppingvalueslikehedonicandutilitarian,whileconsumerseeksmorethanthesevalues.Peopleoftenshopjusttogetoffersanddiscounts,torelax,toenjoyandsocializewithothers,orjustasareasontogetoutoftheroutinelife.Somecustomersenteredinthemallprimarilytogetthevalueofsensualandemotionalsatisfactionduringashoppingtrip(BatraandAhtola,1991;Roy,1994;WakefieldandBaker,1998)representshedonicvaluesasshoppingvalue.However,thesereasonscouldnotbetracedouteasilybuthavealargeinfluenceonvalueseekingprocess.Therefore,

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agapexistsbetweenthevaluewhichcustomerexpectfromashoppingdestinationandtheactualvaluestheyreceivedagainsttheamounttheyspent.

Inthecontextofthemall,it isverycommoninIndiathatpeopleaccompaniedtheirfriendsandrelatives.Thesemallvisitorsvisitmallwithouthavingtheobjectiveofshoppingintheirmind.Itisequallyimportanttounderstandwhatkindofvaluesthesepeoplederivedwhileescortingtheirfriendsandfamilymembersduringtheirshopping.Afterallthechoiceofselectingamallforshoppingdependuponthecommonconsentofthegroup.Later,theexperiencethesefellowvisitorsreceivedalsomultipliedthechancesoftheirvisitinthemallagain.Successofmalllargelydependsuponthefootfallitrecordedeachday.Therefore,mallmanagersneedtodesigntheshoppingvalues(Babinetal.,1994,2005;BabinandDarden,1995)whichcatertheneedofallitsvisitors.

Customerperceivedvalueisanaggregationofwhatevercustomerperceiveduringtheirshoppingtrip.However,somescholarlyarticledefinedthecustomerperceivedvalue(e.g.ChangandDibb,2012)asthesynthesisofmarketing,economics,axiology,andpsychology.Itmeansshoppingvalues(Utilitarianandhedonicvalues)arethesubdomainofcustomerperceivedvalue.Further,customerperceivedvaluesconsistmoredimension than theshoppingvalues.Customer-perceivedvalue isnothingbutaconcernforconsumerswishingtomakesoundpurchasechoices(ChangandDibb,2012).Basically,thecustomer-perceivedvalueisatrade-offbetweenwhatthecustomergets(i.e.benefits,quality)inexchangeofwhathe/shegives(i.e.priceorsacrifice)(Zeithaml,1988).Perceivedvalueplaysanimportantroleinshapingcustomers’choiceandacceptancetorepurchaseandconsequentlyinachievingsustainablecompetitiveadvantage(EidandEl-Gohary,2015).

Studiesconductedsofarinthecontextofthemallhavediscussedanddiscoveredtheshoppingvalues;however, theproposedstudyexplores thecustomerperceivedvalue in thecontextof themall.Thefirstsectioni.e.introductionisaboutthecustomerperceivedvalueanditsimportanceindrivingcustomertoretailoutlets.Thefollowingsectionpresentsadetailedliteraturereviewonmallperceivedvaluesfromcustomerperspective.Thenextsectionclarifiedtheresearchobjectivefollowedbyrationaleofthestudy.Thefourthsectiondescribesresearchmethodologywhichincludeddatasource,samplingprocedureandquestionnaireemploymentprocess.Later,dataanalysis,resultsanddiscussionarepresentedwhichalsoexplaintheuseofEFAandCFAtofurthervalidatecustomermallperceivedvalue inIndiancontext linkingwithotherstudies.At lastconclusion,managerialimplication&futureresearchdirectionsaregiven.

LITeRATURe ReVIew

Customerperceivedvaluehasgainedmuchattentionamongtheresearcherofmarketingandretailing.TherealismofidentificationofcustomerperceivedvalueinmallshoppingstartedfromthestudyofBabinetal.,(1994)whentheyexploredthepersonalvaluedimensionintotwobroadcategoriesutilitarianandhedonicshoppingvalue.Later,ArnoldandReynold(2003)emphasizedonlyonhedonicvalueandexploreditintosixcategories;adventure,gratification,social,ideashopping,valueandroleshopping.Thehedonicvaluewasfurtherexploredinthecontextofthemall.Theutilitarianvaluemainlyrelatedtotheaccomplishmentoftheintendedgoaloftheshoppingtripinanefficientandconvenientmanner(Babinetal.,1994;Chandonetal.,2000),monetarysavings,andquality(Chandonetal.,2000)andreflectstask-relatedworthofutilitywhilehedonicvalueassociatedwiththefeelingsandemotions(Laverieetal.,1993),senseofjoyandescape(Jacksonetal.,2011;Karimetal.,2013),expression,explorationandentertainment(Chandonetal.,2000),funandplayfulness(Babinetal.,2013;Borgesetal.,2013).Jacksonetal.(2011)andKarimetal.(2013)identifiedthedifferencesinshoppingvaluesacrossthegenerationalcohortsandgenders.Inaddition,astudyincentralIndiaconductedbyKesariandAtulkar,(2016)confirmedotherdimensionsofutilitarianandhedonicvaluesandmeasureitseffectoncustomersatisfaction.Thedimensionsweremonetarysaving,selection,convenience,customizedproducts,entertainment,exploration,placeattachmentandsocialstatus.AnotherstudyinIndiancontextconductedbyKhare(2011)resultedinfluencesofhedonicandutilitarianvaluesofsmallcityconsumersandtheirattitudetowardsmalls.

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Thedimensionsofcustomer-perceivedvaluelikeself-gratificationvalue,socialinteractionvalue,epistemicvalue,spatialconveniencevalue,timeconveniencevaluewasalsoidentifiedby(CaiandShannon,2012;DavisandDyer,2012;El-AdlyandEid,2015)inthemallstudies.CaiandShannon(2012)measuredtheinfluenceoffourtypeofmallshoppingvalues;socialaffiliation,self-actualising,self-transcendenceandself-enhancementtowardsthemallattitude,intentionthenbehaviour.SweeneyandSoutar(2001)conceptualizethefindingsofSheth(1991)andidentifiedvalues;emotionalvalue,socialvalue,quality/performance,price/valueformoneytomeasurecustomers’perceptionsofvalueonaconsumerdurableproductatabrandlevel.However,Shethetal.(1991)identifiedfiveindependentconsumptionvalues;functionalvalue,socialvalue,emotionalvalue,epistemicvalueandconditionalvalue.Thesevaluessteerconsumerbehaviourandresultinconsumerchoice.DavisandDayer(2012)proposedaconsumerperceivedvaluesinthecontextofconsumers’shoppingexperiencesintwodominantretailoutlets;massmerchandisersanddepartmentstores,consumersexperienceninetypesofvalues;acquisition,transaction,efficiency,self-gratification,socialinteraction,choice,exploration,esthetic,andsocialstatusvalue.OlsenandSkallerud(2011)establishedtheirstudybyexamininggroceryshoppingbeliefwhilemeasuringstoreattributeonshoppingvalue.Theyconcluded thatpersonalinteractionandphysicalaspectsofstoreattributesmayhaverelationordirectiondifferentlywithdimensionsofshoppingvalue.Rintamakietal. (2006)proposedthedecompositionof totalcustomer value into utilitarian (monetary saving and convenience), hedonic (entertainment andexploration)andsocialdimensions(statusandself-esteem)perceivedbydepartmentstoreshoppers.Alsosuggestedthatsocialvaluevariesbyday‐of‐weekwhenthereismorecrowedinstore(e.g.onSaturdayGriffinetal.,(2000)comparetheshoppingvalueintheU.S.andRussian.Recently,El-AdlyandEid,(2016)measuretheeffectofcustomerperceivedmallvaluesoncustomersatisfactionandthenonloyalty.

Fromthecriticalreview,itisconcludedthatcustomer-perceivedvalueisfragmented,scholarlyfindingsareinconsistentandthereisnogeneralizedagreementaboutthedimensionscomprisingperceivedvaluemeasures.Thereasonbehindthesemaybesubjectiveorcontextualnatureofthestudies.With regard to the contextualnature, the research studieshave reported thediversity inperceivedmallvaluefromcustomers’perspectiveindifferentcontexts.However,abundantofstudiesisconductedinWesterncontext(Kim,2002;JinandKim,2003;Lietal.,2004;Jacksonetal.,2011;Davis andDyer, 2012;Sarabia-Sanchez et al., 2012) and its proliferation is continueother thanWesterncontextsuchasChina(CaiandShannon,2012),Malaysian(Karimetal.,2013)andIndia(Khare,2011:KesariandAtulkar,2016)etc.ResearchstudiesarerequiredmoreinIndiacontexttounderstandthecustomerperceivedvaluesatmallbecauseofmallshoppinginterestandmallretailsizeinIndiaiscontinuouslyincreasing.

Research objectiveTheprimaryobjectiveofthisstudyistoextendtheresearchworkofEl-AdlyandEid(2015)alongwithotherrelevantstudiesandstrengthenedtheconceptofmallshoppingvalues.ThestudiesonperceivedmallvaluesareverycommoninEurope,USAandeveninChina,butIndiacontextitisoneoftheleastdiscussedtopicsofmallretailing.Therefore,theresearchershavetriedtomeasureandre-validatethescalewhichmeasurecustomerperceivedmallvaluesintheIndiancontext.

Rationale for the StudyIndiancustomershavebecomeverysensitive.Itleadstheirwishtoseekmorevaluesofwhateveramountorprice theypaidwhile shopping.Thisvalue-orientedapproach influencecustomersorderivedlargershoppingvalues.Itishappeningduetounprecedentedincreaseinconsumerspending,changesinsocio-economicstatusandincreasingproliferationofmodernretailformatsinIndia.Theconcernedaboutshoppingvalues is revealedgloballybut tounderstandperceiveshoppingvalueataggregatelevelinIndiancontextalothastobedone.ThisstudywillhelpinunderstandingtheperceivedmallvaluefromcustomerperspectiveinIndiancontext,andtodesignanddevelopuniformandcustommallretailstrategies.

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Research MethodologySampling Design and Respondent Profile InformationTherespondentsforthisstudywerethemallshoppersfromIndiansocietywhoareexposedtotheconceptoforganizedretail,mallandmallculture.Tomakesurethequalityofdataitwasaskedtotherespondentsthattheymustvisitmallatleastonceinthepastthreemonths.Conveniencesurveytechniquewasusedtocollecttheprimarydata(Saundersetal.,2007;El-AdlyandEid,2015).MallavailableinMadhyaPradeshstatewereselectedforsamplesurvey.Total300questionnairesweredistributedamongtherespondents.Ofthem282questionnaireswerereceivedback.26questionnaireswerefoundincompleteorinappropriatetouseinthestudy,thereforeonly256wereusedfordataanalysis.

Questionnaire Development ProcessTomeasuretheperceivedmallvalues,aquestionnairewasdevelopedusingtherelevantliteratureonperceivedmallvaluesthatarestructuredonthestudieswhichwereconductedindiversecontextualnature.However,theproposedstudyislimitedtotheperceptionofcustomerstowardsmallintheIndiancontext.Initially,thecontentofthequestionnairewasdiscussedandfinalizedafterthepilottesting.Afterevaluatingthequestionsimportanceitswordings,itwasobservedthattherespondentswereconfusedoverthelanguageoffewquestions.Therefore,thequestionnairewasslightlymodifiedintermsofcontentandlanguageoftheitems.Thefinaldraftofthequestionnairewasdividedintotwoparts.Thefirstpartcontainingthedemographicinformationabouttherespondentswhilethesecondparthavingitemsdesignedtomeasurethecustomerperceivedmallvalues.ItemsusedtomeasurethecustomerperceivedmallvalueswereadoptedfromthestudiesofBabinetal.(1994),Lysonskietal.(1996),ReynoldsandBeatty(1999),ArnoldandReynolds(2003),Khare(2011),El-AdlyandEid(2015).Afive-pointLikert-scalerangefrom1to5points(where1isstronglydisagreeand5stronglyagree)wasusedtomeasuretheresponse.

data AnalysisRespondent’s Demographic ProfileBackground informationof thesurveyrespondentswascollectedon thebasisofgender,maritalstatus,educationandfamilyincome.Therewere61.47percentofmaleand38.52percentoffemalerespondentsinfinalsample.Fromagegroups,21-40yearsoldrespondedhavealargestgroupandaccounts47.08percentwhileupto20yearswere45.91percent,41andaboveagerespondentare7percent.Dataonmaritalstatus,singlerespondentaccounts76.3percentandmarried23.7percent.Amongtheeducation,graduateandpostgraduateare48.63and34.24percentrespectivelyfollowedbyschooleducation10.89percentandothers,7.0percent.Intermofincomelevel,37.74percentofrespondentsarerangebetweenRs.25,001-50,000followedbyRs.50,001-75,000in23.73percent,upto25,000in18.67percent,Rs.1,00,001andabovearein10.12percentandRs.75,001-1,00,000in9.72percent.

Exploratory Factor AnalysisBeforeapplyingthefactoranalysis,theanti-imagecorrelationmatrix,andsampleadequacytestisusedwhetherthedataisadequatetoruntheExploratoryfactoranalysis(EFA)withprincipalcomponentanalysisandvarimaxrotationwasrun.Eigenvaluesusedtoconfirmthenumberoffactorstobeextractedindataanalysis(Hairetal.,2015).Theanalysisproducedsevenfactorswhichaccountforatotalvarianceof64.473%,andexhibitedaKMOmeasureofsamplingadequacyof0.760at.000levelofsignificant.Thevalueofsamplingadequacyishigherthanbench-markvalueof0.5.InEFAoutputtable1,anitem“Iamcautiousintryingnewproducts”thatwasreflectingcrossloadingontwofactorsi.e.explorationvalueandepistemicvalue.Thisitemadjustedonepistemicvalueduetocontributioninfactorreliabilityandmeaningofitemsisalsomatchmoreonepistemicvaluefactor.

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Alltheitemshaveahigherloading(>.50).Inordertoquantifythescalereliabilitiesofthefactorsidentified,Cronbach’salphacoefficientsarecalculated.Nunnally(1979)recommendedthereliabilityofscaleatminimumvalue0.70.Theextractedsevenfactorsare“conveniencevalue”,“epistemicvalue”,“explorationvalue”,monetarysavingvalue”“self-gratificationvalue”,“socialinteractionvalue”,and“enjoyseekingvalue”.ResultsoffactoranalysistogetherwiththepercentageoftotalvarianceextractedforeachofthefactorandcalculatedCronbach’salphascoresarereportedintable1.

Confirmatory Factor AnalysisTheconfirmatory factor analysismodel isderived from theexploratory factor analysiswhich isreportedintable2.TheCFAmodelrepresentsthemeasurementmodelforshoppingvaluewhichconsumerderivedinshoppingmall.Thismodeliscomprisedofsevenconstructs.Evaluationofthemodelisdonetocheckadequacyofparameterestimatesaswellasthemodelasawhole.

The proposed model is found adequate as indicated by goodness-of-fit statistics. Minimumdiscrepancy/degreeoffreedom(CMIN/DF)ratiois1.325.OthervalueofGoodness-of-fitindicesareGFI=0.906,AGF=0.879,IFI=.962,CFI=.961,RFI=.831,IFI=0.962,TLI=0.954,andRMR0.055.Rootmeansquareerrorofapproximation(RMSEA)valueis0.036.Alltheseindicatorsarethesignofgoodfitindicesformeasurementmodelofperceivedmallvalues.Amore,allindicatorshavesignificant loadingsontotherespectivelatentconstructs(atp<0.001significant level)withCFAloadingsvaryingbetween0.673and0.969reportedintable3.

ReSULTS ANd dISCUSSIoN

ThepurposeofthepresentstudyistounderstandtheperceivedmallvaluefromIndiancustomers’perspective.Inthisstudysevenmallsperceivedvalueshavebeenidentifiedandvalidated.Thesevaluesareself-gratificationvalue,conveniencevalue,social interactionvalue,explorationvalue,epistemicvalue,monetarysavingvalueandenjoyseekingvalue.TheidentifiedfactorsorvaluesinthisstudyaresomewhatsimilarwithwhatexploredpreviouslyinthestudyofEl-AdlyandEid(2015),ReynoldandArnold(2003).However,theirorderofpreferenceisentirelydifferentifmeasuredonyoungIndiancustomers.

The first factor which has highest extracted variances in this study is “convenience value”.However,inthestudyofEl-AdlyandEid(2015)itwasnamedas“spatialconvenienceandtimeconvenience”whichwererankedatsixthandeightpositions.Thepositionandorderofexploredfactorsreflectstheirimportance.Conveniencevalueisthecombinationoftimeandspatialconvenience(El-AdlyandEid,2015).Convenience is anything that reduces customer timeandeffort. In thecurrentstudythisfactorincludedcomplementaryservices,conveniencelocation,onestopshoppingandconvenient to shop lateatnight.Spatial (i.e. location)convenience isonewhichaffects thecharacteristicsofretailformatchoice(Gonzalez-Benitoetal.,2007).Moreover,conveniencevaluereferstoeffortsavingcapability.Thisincludestheproximitytothelocation,availabilitywhenconsumerdesireproductandflexibilityofdeliveryofproductunderoneroofmalls(YaleandVenkatesh,1986).Further,researchstudiessupportedthatmallisaonestopshoppingplace(Kim,2002;Nguyenetal.,2007;Zafaretal.,2007),aconvenientlocation(Chebatetal.,2009;Patney(2010)Thapliyal,2012),havingthecomplementaryservices(i.e.entertainment&foodfacilities)(Cristiansenetal.,1999;Patney,2010;Thapliyal2012;Radhika,2013;KesariandAtulkar,2016).Thus,conveniencevalueisanimportantfactorindesigningthemallshoppingdestination.Theshoppingmallisaplacethat fortunateenoughtooffercustomer’sgreaterspatialconvenience thanshoppingstripswould(ReimersandClulow,2004).

Epistemicvalueisthesecondfactorwhichcomesfromtheacquisitionofutilityfromaproductorservicesthatarousesduetointerestofcuriosity,novelty,andadesirefornewknowledgeaboutnewstoreandnewproduct(Shethetal.,1991;Blochetal.,1994),andtokeepupwithfashionortrends(ArnoldandReynolds,2003).Theepistemicvaluederivesfromtheentirelynewexperienceorit

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Table 1. Factor analysis results

Mall values Factors Loading Reliability (α)

% Variance Extracted

Convenience value .825 10.912

Ivisitthemallbecauseofitsconvenientlocationtomyhouseorstudyplace.

.845

Mallisaone-stopshoppingplace. .805

Ivisitthemallforitscomplementaryserviceslikecinema,foodzoneandpromotionetc.

.801

Itisconvenientformetoshopatthatmallbecauseitworkstilllate .743

Exploration Value .816 10.568

Ivisitthemallforitsproductvarietyandassortment. .849

Ienjoyshoppingaroundtofindaperfectgiftforsomeone .831

Ienjoyexploringalternativestoresinmall. .765

Iconsideravisittothemallasalearningexperience. .710

Self-Gratification Value .787 10.082

Tomeshoppingisawaytorelievestress. .772

WhenIamindownmood,Igoshoppingtomakemefeelbetter. .840

WhileshoppingIcannormallyforgetmyproblem. .744

Shoppinginmallmakesmefeelhappy. .680

Epistemic Value .769 9.671

Thewell-knownnationalbrandsarebestforme. .821

Igoshoppinginmalltoseewhatnewproductsareavailable. .798

Iamcuriousintryingnewproducts .715

Igoshoppingtokeepupwiththenewfashion. .687

Monetary saving value .798 8.780

Malloffersmequalityproductindiscountedrates. .890

WhenIbuyproduct,IliketobesurethatIamgettingmymoney’sworth. .816

Ivisitthemalltogetcompetitivepricingofproducts. .814

Social Interaction Value .748 8.279

Igoshoppingwithmyfriendstosocialize. .749

Igoshoppingwithmyfamilytosocialize. .751

IgotoshoppingwhenIwanttotreatmyselftosomethingspecial. .800

Enjoy seeking Value .762 8.223

Ienjoyshoppingjustforthefunofit .799

Ifindshoppinginmallexcites. .786

Goingshoppingtomallisoneoftheenjoyableactivitiesforme .786

Extraction Method: Principal Component Analysis.Rotation Method: Varimax with Kaiser Normalization

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mayreplacebyalternativeifthecustomersareboredorgratifiedwithhisorhercurrentbrand(Sethetal.,1991).IntheirstudyEl-AdlyandEid(2015)foundthisvalueonfourthposition.AccordingtoReynoldetal.(2002)shoppersspentthemaximumamountoftimeandmoneyontheavailabilityofcurrentfashionproductinthemallandvaluedthebrandedstoreavailablewithinthemallpremises.

Thenextidentifiedfactoris“explorationvalue”,whichissupportedbythepreviousmallstudiesbyKasariandAtulkar(2016)thatidentifiedsub-factorofHedonicvaluewhichrepresentthevalueformallshoppers,exploreandlearnthenewarrivals.Mallswithavarietyofstoresenabledthecustomertoacknowledgenewarrivalsofaglobalbrand,generatejoyofexplorationduringshoppingprocess(WestbrookandBlack,1985;Khare,2011).Fortheyoungcustomersmall isaplacewheretheyexperiencehigherpleasureandafeelingofexcitementduringtheshopping.Thus,retailersshouldfacilitatecustomerbyofferingexploringfacilities(Blochetal.,1994).

ThefourthfactoristhemonetarysavingvaluewhichissupportedbyJinandKim(2003),KesariandAtulkar(2016),Chandonetal.,(2000).Thescholars,KesariandAtulkar(2016)andChandonet

Table 2. Parametric estimates - regression weights

Estimate S.E. C.R. P

Convenientlocation <--- CONV 1.000

Onestopshopping <--- CONV .922 .078 11.891 ***

Latehour <--- CONV .830 .079 10.561 ***

Complementaryservices <--- CONV .894 .080 11.215 ***

Alternativestores <--- EXPLV 1.000

Learningexperience <--- EXPLV .801 .096 8.386 ***

Findgift <--- EXPLV 1.120 .098 11.442 ***

Productvariety <--- EXPLV 1.011 .088 11.549 ***

Feelhappy <--- SLFGV 1.000

Forgotproblem <--- SLFGV 1.025 .123 8.323 ***

Relievestress <--- SLFGV 1.225 .144 8.511 ***

Feelbetter <--- SLFGV 1.348 .154 8.747 ***

Curiousnewproduct <--- EPSTV 1.000

Wellkwonbrand <--- EPSTV 1.319 .153 8.633 ***

Newproductavailable <--- EPSTV 1.057 .128 8.260 ***

Keepfashion <--- EPSTV .930 .125 7.455 ***

Competitiveprice <--- MONSV 1.000

Discount <--- MONSV 1.398 .144 9.727 ***

Moneyworth <--- MONSV 1.057 .109 9.664 ***

Withfriend <--- SSLINV 1.000

Withfamily <--- SSLINV 1.066 .128 8.358 ***

Treatmyself <--- SSLINV 1.307 .138 9.467 ***

Enjoymore <--- ENJSV 1.000

Justforfun <--- ENJSV 1.223 .134 9.109 ***

Excite <--- ENJSV .896 .103 8.668 ***

Note: *** indicates that the value is less than 0.001 level of significant.

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al.,(2000)denotedthisfactorasamonetarysaving.Considerationofmonetarysavingsmakeshoppingmoreeffectiveandefficient(KesariandAtulkar,2016).InthestudyofEl-AdlyandEid(2015)thisfactoremergedas“transactionvalue”,offeringtransactionvalueinmallleadsthecustomersatisfactionandbehaviourintentionforgeneralconsumergoodsandevenforluxuryproducts.Inthisstudy,the

Table 3. Standardized loading for measurement model

Constructs Standardise Loading

Convenience value

Ivisitthemallbecauseofitsconvenientlocationtomyhouseorstudyplace. .865

Mallisaone-stopshoppingplace. .735

Ivisitthemallforitscomplementaryserviceslikecinema,foodzoneandpromotionetc. .695

Itisconvenientformetoshopatthatmallbecauseitworkstilllate .658

Exploration Value

Ienjoyexploringalternativestoresinmall. .731

Iconsideravisittothemallasalearningexperience. .571

Ivisitthemallforitsproductvarietyandassortment. .816

Ienjoyshoppingaroundtofindaperfectgiftforsomeone .802

Self-Gratification Value

Tomeshoppingisawaytorelievestress. .719

WhenIamindownmood,Igoshoppingtomakemefeelbetter. .759

WhileshoppingIcannormallyforgetmyproblem. .693

Shoppinginmallmakesmefeelhappy. .617

Epistemic Value

Thewell-knownnationalbrandsarebestforme. .787

Igoshoppinginmalltoseewhatnewproductareavailable. .697

Curiousnew/Mallsofferagoodselectionofwell-knownbrands.Iamcautiousintryingnewproducts

.623

Igoshoppingtokeepupwiththenewfashion. .599

Monetary saving value

Malloffersmequalityproductindiscountedrates. .944

Ivisitthemalltogetcompetitivepricingofproducts. .700

WhenIbuyproduct,IliketobesurethatIamgettingmymoney’sworth. .645

Social Interaction Value

Igoshoppingwithmyfriendstosocialize. .681

Igoshoppingwithmyfamilytosocialize. .620

IgotoshoppingwhenIwanttotreatmyselftosomethingspecial. .848

Enjoy seeking Value

Ienjoyshoppingjustforthefunofit. .778

Ifindshoppinginmallexcites. .669

Goingshoppingtomallisoneoftheenjoyableactivitiesforme. .712

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researchershavecoveredoverallproductcategoriesinthemallratherthanindividual.FortheKoreandiscountshoppers,valueformoneyisoneofthereasonstovisitthestorestopurchaseproducts.Inthisstudy,thisfactor“monetarysavingvalue”consistmultiplevariablessuchasproduct’sdiscountrates,competitivepriceofproductandhuntingbargain.Thedesiretoexplorethediscountofferactsasastimulusforthemtovisitthemalls(Khare,2011).Thepricereductionandthedeviationfromareferencepricecancreateperceptionofmonetarysaving(Chandonetal.,2000)thatmayleadtovaluetothecustomers.InmostofthecasesithasbeenfoundthatIndiancustomerspreferthemallshoppingduetomonetaryaspecti.e.valueformoneytheyseekinmall(PatelandSharma,2009;Devgan&Kaur,2010;Patney,2010;Khare,2011;KesariandAtulkar,2016).Ontheotherhand,Westernpeoplespendmorethanwhattheyusetoearnandwithlessconscioustowardsmonetarysaving.

Self-gratificationvalueisrankedasfifthfactor.Inthisstudy,consumerperceivedself-gratificationvaluedeterminedonthecriteria;relievestress,feelbetter,forgetmyproblemandfeelhappy.Self-gratificationvaluefoundcommonlyinthestudiesofTauber(1972),CardosoandPinto(2010),DaviesandHodges(2012),DaviesandDyer(2012).El-AdlyandEid(2015)positeditatsecondpositionintheirstudy.However,ArnoldandReynolds(2003)labelleditasagratificationshopping.Duringtheshoppingtripcustomerrelievesstressfromtensionofparkingtheirvehicles,safetyandsecurityissue,noburdentohurryupshopping.Theyfeelbetterandhappywiththepleasantenvironment,availabilityofrequiredneeds.Choosingthemallasashoppingdestinationmaychangethemoodofcustomersbyagratifyingthepleasantemotion(CaiandShannon,2012).

ThenextfactorextractedthroughEFAis“socialinteractionvalue”whichencompassesthreeitemsi.e.shoppingwithmyfriends,shoppingwhenonewantstotreatoneselftosomethingspecial,andshoppingwithfamilytosocialize.Thehighestloadingoffirstvariableisshownthatmostoftheconsumersprefershoppingwiththeirfriendsorpeers.Theyprefertheshoppinginthemallforescapismpurpose.Comparetofreestandingstore,mallsavailingthecenterofofferinggreateropportunitiestosocializeduetothepresenceofopenspaces,benches,andfoodcourts(Blochetal.,1994).Thisvaluebasicallypeopleperceivedoutsidethehomeforasocialexperiencewiththeinteractionofsuchasfriends,salespeople,familyandothercustomers,escapingfromroutineetc.duringtheirshopping(Kim,2002;TerblancheandBoshoff2004)ortofindsomethingtobeenthusiasticaboutorsimplytointeractwithotherpeople.SocialinteractioncameonfifthpositioninthestudyofEl-AdlyandEid(2015).ThisvaluewasalsoassessedbyDavisandDyer(2012)whileinvestigatingtheshoppingvalueinmassmerchandisersanddepartmentstores.Thecustomerperceivedthesocialinteractionvaluehighinthedepartmentstoreaccordingly,ontheotherhandKim(2002)andBlochetal.(1994)revealedthisvalueinmallshopping.

InEFA,thelastfactoris“enjoyseekingvalue.”Thisvalueisidentifiedonthreeitems“shoppingjustforthefun”,“excite”and“goingtomallisoneoftheenjoyableactivity.”Inmallshopping,enjoymentisrelatedtothesocial,monetaryaspectandhedonicmotiveaccordingtoJamaletal.(2006).Previousstudiesonperceivedvaluesinmallcontextdonotrevealeditasaseparatefactor.InthecurrentstudyitemergedasanimportantfactorwhichshowsitsrelevanceinIndiancontext.Thefactoraddressesenjoythattheyoungcustomersprimarilyseekatmall.AsmallprovidestheshoppingexperiencewithentertainmentthereforeIndiancustomersgothereforenjoypurpose(SrinivasanandSrivastava,2010).Reflectthesocialdimensionwithinthemallpresentingitasanenjoyableactivity.

CoNCLUSIoN

Thepresentstudyconcludedthatcustomerperceivedmallvaluesisimportanttounderstandcustomers’hiddendesireandexpectationsfromashoppingmall.Understandingthediversityandcomplexityofperceivedmallvalueshelpthemalldevelopersandretailers.Thesuccessofmalllargelydependsoneverydayfootfallsitreceived.Customerfootfallscanbeincreasedbyarticulatingcustomerperceivedvaluesinmalldesignandfacilitation.Inthisstudysevenshoppingvalueshasbeenidentifiedandvalidated from thecustomerperspective.This study is conducted in Indiancontext; therefore, it

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givesanedgetounderstandIndianmallshoppersandtheirperceivedvalues.Thisstudyrevealedandconfirmedtheperceivedvalues;self-gratificationvalue,conveniencevalue,socialinteractionvalue,explorationvalue,epistemicvalue,monetarysavingvalueandenjoyseekingvalue.Thesequenceororderofthesevaluesisentirelydifferentwithwhatitwasextractedinothergeographicalcontextandonothercustomergroupsi.e.fromthestudyofEl-AdlyandEid(2015),Kesari&Atulkar(2016),Khare(2011),ArnoldandReynolds(2003)andBabinetal.(1994).Thesequenceoftheperceivedmallvaluesindicateitsimportance,itmeanscustomerperceivedvaluesvariesamongdifferentsetofcustomers.

Managerial Implication and Future Research directionsThecriteriaemphasizedinthestudyrevealedtheprioritycustomerperceivedmallvaluesthatmallmanagersneedtodesigntheshoppingvalues(Babinetal.,1994,2005;BabinandDarden,1995).Thisstudyenlightenstheinsightsaboutperceivedmallvalueswhichcustomersderivedduringtheirmallvisit.Adeeperunderstandingofthesevaluescanhelpthemallmanagersandretailersindesigninganddevelopingcustomercentricstrategy.Afterallthesuccessoftheretailformat(i.e.mall)largelydependsuponperceivedmallvaluebecausenowadayscustomerbecomesmorevalueoriented.Allvisitorswhoenteredintheshoppingmallmaynotbuyers.Theyvisitmallfornon-shoppingpurposestoo.Sometimestheygotomalljustforaccompaniedtheirfriendsorfamilymembers.Therefore,themallisnotmereashoppingdestination,butitisaplacewherepeoplecomeforfunandentertainment,tomakethemselvesrelax,tosocializeandalsotolearn.Theseperspectivesofmallmakethejobofmallmanagerandretailerstougher.Havingdifferentmotivestovisitthemallthesevisitorsderivesdiversevaluesfromamall.Inthisstudyitwasexperiencedthatshoppinginthemallisfunevenforthepeoplewhoactuallydon’tbuyanythingfromthemall,theywerejustaccompanyingtheirfriendsorfamilymembers.Itwasfurthernoticedthatthesefellowshoppers/mallvisitorsareactuallyexploringthemallmorethantheactualshoppers.Furtherthesemallvisitorscanbeconsideredasshadowshoppersastheyareconsumingtheretailenvironmentalotbutnotbuyingtheproducts.Therefore,managingvaluesshadowshoppersderivedareequallyimportantasthesevisitorsaretheprospectivebuyers.

In a market like India which is dominated by unorganized retail, changing lifestyles andconsumptionpatternsarealso transformingshoppingvalues thatattractconsumers tovisitmalls(Dholakia&Sinha,2005).Therefore,understandingthediversifiedvalueratherthanutilitarianandhedonicshoppingvaluesbecomesmoreimportant.Sincelargesharesofmallfootfallsareofyoungcustomers,catering theirneeds is theutmostchallenges formalldevelopersand retailers. In thestudy,itisnotedthatcustomersareequallysensitiveaboutthemallhavingfacilitiesandwiththeirconcernedbrand.Theirdecisiontorevisitthemalllargelydependsontheexperiencetheygetintheirprevious,nomatterwhethertheyshoppedanythingornot.Indiancustomersaremorecalculative,theirdecisiontovisitthemallistheaggregationofmallvalues.Understandingtheperceivedmallvaluesformallvisitorsasthesumofthesevaluesmayenhancetheoverallshoppingexperienceandconsiderationbythemallmanagerrequiretoholdingprofitablecustomersbyenhancingcustomersatisfaction,gainingthecompetitiveadvantageoverothers.

ThisresearchcoverstheperceivedvaluetowardsmallandadministeredonlyonIndiancustomers.SampleforstudyweretakenonlyMadhyaPradeshstate,forgeneralisationpurposeIndiaasawholecanbeselectedforsamplesurvey.ResearchstudiesmayalsobeconductedondifferentgenerationalcohortsgroupsofmaleandfemalesuchasBuilders,Boomers,GenerationXandGenerationY.Someoutcomevariablescanbeusedtomeasurethesevalues.

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Anil Kumar Kashyap is an Assistant Professor at Dr. Harisingh Gour Vishwavidyalaya (A Central University), India. He worked with many institutions including Indian Institute of Management (IIM), Ahemadabad, National Institute of Fashion Technology (NIFT), Gujarat University, and University of Lucknow etc. He holds the degree of MBA Marketing and Ph.D. in Business Administration from University of Lucknow. He has published journal articles, book chapters and attended many seminars, conferences and workshops. Dr. Kashyap works in area of management including retail,e-commerce, consumer behaviour, entrepreneurship and computer & IT applications in management.

Ajay Kumar is a Ph.D. research scholar in department of Business management, Dr. Harisingh Gour Central University, India. He has submitted his Ph.D. in Business Management. He holds the degree of MBA Marketing & Finance. He published journal articles and attended many seminars, conferences and workshops. He has interest in marketing, retailing, consumer behaviour and online shopping behavior.