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RESEARCH PRODUCT

Effects of Retail Innovation and Image on “Value-Satisfaction-Loyalty” Chain

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There has been a particular focus on research into the links between value, satisfaction, and loyalty in services in recent years. In this context, we have selected image as a key strategic retailing tool and retail innovation because it is a new line of investigation with interesting challenges. This work deals with the study of these two antecedents in the “value→satisfaction→loyalty” chain. We approach the individual perspective considering the self-oriented values of Holbrook (Consumer value. A framework for analysis and research. Routledge, London, 1999) as an appropriate typology for research into retailing experiences. Therefore we aim to analyze the effect of image and innovation on the values of excellence, efficiency, entertainment, and aesthetics, how these values influence satisfaction, and to what extent satisfaction impacts loyalty. On a sample of 820 retail customers of grocery, clothing, furniture, and electronics stores and using SEM methodology, the results show direct, positive, and significant effects on all relationships, except in the “innovation→efficiency” link. Specifically, store image is more important than innovation in the value process, and entertainment is the value that most influences satisfaction. Practical implications for retail managers and further research are presented.