This study examined the case of a rural periodic market. The rural markets offer increased opportunities for the influence of social factors on economic transactions. It is expected that in a less developed economy the social factors influence economic behaviour much more than in developed economies. Retail institutions offer economic and social benefits to the participants in a market. Collectively the investigation results in a conclusion that retail industry in India is growing with highly innovative approaches initiated by modern retail formats that are providing huge opportunity to learn for traditional retailers in terms of knowing their customer preferences from time to time and change accordingly, which in turn make all retailers alert of changing times so that demand for their shops remain ever alive. Data subjected to factor analysis using principal components revealed 75.306% explained variance and five factors (Offers/Discounts, Accessibility of cards/Mobile banking, Ample varieties & entertaining ambience, All under one roof and Freeness in selection of product) in traditional retail stores that make the customer to look for modern outlets and 72.661% explained variance and four factors (emotional trapping, reach at convenience, More shopping time and No credit facility) modern retail malls that influence customer to resort to the traditional kirana shops.100 responses collected from traditional retail owners to assess key learnings and changes that they have made in their retail shops after the entry of corporate retail chains since 10 years revealed that 76% of them have made their stores lean and product specific in line with the demand of next door customer. 300 responses were collected from varied set of customers visiting organized and traditional and/or retail outlets (for food, grocery and cosmetics) in six district headquarters of Karnataka through a structured questionnaire. The study brings out the factors that influence the consumer to move towards away from expecting shoppers (retailers) who may be organized, traditional or mix of both. The study has been carried out to cognize the store features that impact the preference and change of retail store by the consumer as per his/her choice. The concern involves a bottomless thought of the factors prompting consumer behavior in the retail sector. Though many traditional retailers are disinclined to acclimatize to newer formats, there are evidences of constant learning and transformed visibility in the market place. Despite of the accolades, retailers in developing markets like India are vexing to address the shifting preferences of customers through the design of modern retail formats. According to IBEF 2017 report, retail industry in India is one of the most dynamic and fast paced industries which account for over 10% of GDP and around 8% of the employment and India is the fastest growing retail and world's fifth-largest global destination in the retail space.
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