 The topic now we are going to discuss is wheel of retailing, very interesting and very important topic. Let me take you through one of the key diagrams which will really reflect about the wheel of retailing. If you notice, there are three phases which normally you will see in this table or in this diagram. The first phase is the entry phase and then the second phase is trading up phase and the third phase of this wheel of retailing is vulnerability phase. In the first phase, which is the entry phase, normally a retailer is having low prices, limited facilities and limited services for the customers. This means that it is a very entry level retailer which is managing these things in a limited way. The services offered are also limited, the facilities offered are also limited and the pricing offered is also offering a low level pricing. When we talk about the second phase which is trading up phase, in this case the customer is offering the retailer is moderate to high pricing, services facilities are better as compared to entry phase, which means there are increasing services as compared to the previous one, entry phase is better. Similarly, the facilities are facilitated in a way that is better for the customer, in this type of retail stores where we are talking about trading up phase. The third phase is the vulnerability phase. When we talk about the vulnerability phase, the prices here are comparatively high because the customer is buying a kind of better product, a quality product from a better place. They are availing excellent facilities, they are availing excellent services. When we compare the entry phase to this phase, it is almost opposite, which means low prices versus high prices, limited facilities versus excellent facilities, state of the art facilities, limited services, excellent services, which means all customer retail experience, excellent customer retail experience is in this kind of phase. So we have these three phases which connect and create a wheel of retailing. Let me give you another view of this wheel of retailing. If we talk about duration between 1890 to 1910, the departmental stores or departmental stores were considered to be in the category which was low pricing, low services, low facilities, which we talked about the entry phases stores. Whereas general stores or miscellaneous small retailers were considered to be at the top side, which means we are talking about what they were offering, normally offering to the customer. High pricing, excellent services, expensive services or expensive facilities or experience facilities. So resultantly when we come to the next phase, i.e. duration between 1955 to 1970s ideally, the discount stores were the one which is in that category, which is called the entry phase category, which means low prices were offered to the customer, there were facilities or normally low services because the customer's focus on the discount store was that they were able to buy the lowest prices there. And department stores would go to the high category, this shift was in that duration where department stores were considered to be the premium sellers, premium retailers that you will get high prices but you will get excellent quality, you will get excellent product, you will get excellent pricing. In terms of let's say premium pricing or you get excellent services, excellent facilities, everything is better in the perspective of department store. Then the third phase came, 1990s and after this, where today online retailer is sitting on the entry phase and online retailer is considered to be offering low pricing, not offering much services or offering much facilities, it is at the bottom. At the top we have category killers, they are responsible for a particular category and normally if you look at that category, they offer the best discounts. Let's talk about the third phase, which is the duration of 1990s and after this. This is the time where online retailer qualifies in low pricing, low facilities, low services. After this we have category killers, these are the people who specifically again talk about any product, excellent services but at the same time excellent prices are focused on a particular category. And if you look at the top, we have department stores which are also present in the same way today, which are present with premium pricing, premium services, premium facilities, they are offering the third phase. So we have, if you see gradually, department store in early 1990s, 1900s, if you see that department store was on the entry level phase which has moved and has gone to this location on the day of today, which is considered to be premium. And when we talk about the start-up, if we talk about the entry level phase, I have told you about online retailer and this is the expectation of the customer in the same way. From online retailer or category killer, these are the people who offer low prices to the customer and the customer buys here only because of price. I will quickly take this to the example. If we talk about the entry level, first of all we talk about the entry phase, then we have a new discounted online store, priceline.com or other than this, let's say which is offering discount, alaoffer.pk, alaoffer.com, these are the people who work in the market and work on discounting facilities, they work on discounting offers and offer products at low prices to the customer. Again, if we talk about mid-tier, if we talk about trading up phase, then we have two kinds of stores. Full-line discount stores, for example, Walmart, we have a Mackie's example in traditional department stores and if we talk about high-end, which is a retailer's high-end example, then we have Nehman's example from Prestige department stores. We have four examples, which we have a wheel of retailing to exemplify, it is absolutely accurate starting from the basic phase, entry phase where there is a discounted, where there is a new discounted, where there is a new entrant which is price-based and then there is a prestigious department store which is offering products at premium prices and the customer is offering a good experience and facilities.