Using an age-based lens to test the antecedents of value in retail

Scholars agree that value creation is the core purpose of economic exchange and recent dialogue calls for research that extends its conceptualisation, especially with respect to factors that may enhance customer-perceived value. In parallel, an additional call for research recognises the growth in seniors segments, their increased longevity, disposable income and demands as consumers. This paper reports on a study that integrates these two areas. It identifies and compares the strength of the antecedents of overall value of retail outlets for three groups of mature consumers and a younger segment. Factors relating to store characteristics and customer characteristics were investigated with respect to pharmacies and department stores. Data were collected via cross-sectional field studies, using mall intercept (n = 193) and an online panel (n = 527). Key findings are that the strongest predictor of overall value is perceived customer orientation for both store types, with significant findings also for comparative prices and merchandise. Differences between age groups exist for pharmacies but not for department stores. In pharmacies, customer orientation is a strong predictor for all age groups but, as consumers grow older, the effect due to service employees increases and that due to comparative price decreases. The discussion includes managerial applications and potential future research.