Perceived value, customer
attitude and loyalty in retailing
María-Eugenia Ruiz-Molina
Department of Marketing
Faculty of Economics
Universidad de Valencia
Avda. Naranjos, s/n
Valencia 46022
Spain
Tel: + 34 96 162 51 77
Fax: + 34 96 382 83 33
© 2008 Palgrave Macmillan 1479–1110
Received (in revised form): 23 June 2008
María-Eugenia Ruiz-Molina
is Assistant Professor in the Department of Marketing and Market Research, University of
Valencia, where she earned her PhD in Business Administration and Management. She is also
a consultant at Catalonia Open University (UOC). Her current research interests are consumer
behaviour, retailing and service marketing.
Irene Gil-Saura
has been a professor in the Marketing Department of the University of Valencia since 1988 and
has been a visitant scholar at several European universities. Her studies are published in several
international journals, for example International Review of Retail, Distribution and Consumer
Research, International Journal of Retail & Distribution Management, International Journal of
Service Industry Management, Industrial Marketing Management, Annals of Tourism Research,
Tourism Management, etc. She is currently interested in service marketing, consumer behaviour
and retailing.
Abstract
Customer perceived value has a subjective nature, since it means
an evaluative judgment. In the literature, it has been noted that
the value received by the consumer has a number of components
that together determine its significance. The literature has also
highlighted the existence of a relationship between perceived
value and customer attitude, considering this variable an
important determinant of customer loyalty. This paper tries to
analyse the influence of the major components of perceived value
on customer attitude and loyalty in several retail activities.
Keywords:
retailing, perceived value, attitude, loyalty
Journal of Retail and Leisure Property (2008) 7, 305–314.
doi:10.1057/rlp.2008.21; published online 1 October 2008
INTRODUCTION
The maintenance of a portfolio of satisfied and faithful customers
provides to the company an improvement of its economic and competitive
situation in the markets as well as an increase in the effectiveness of the
strategic operations developed (Ravald and Grönroos, 1996; Yang and
Peterson, 2004). In this sense, loyal customers increase the volume of
sales of the company (Gwinner et al., 1998), reduce the communication
costs of attracting new customers (Payne and Frow, 2005) and create
brand equity (Bhattacharya and Sen, 2003). These advantages are a
consequence of the inelasticity of the customer loyalty demand after price
increases, word-of-mouth advertising for the company, cross-selling and
more resistance to the competitors (Barnes and Howlett, 1998).
Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314 305
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 Ruiz-Molina and Gil-Saura

Nevertheless, increasing consumer awareness and knowledge about the

existence of alternatives, high customer expectations about the service,
and promotional actions and incentives to switch service provider might
lead to consumer behaviours such as variety seeking and service provider
switching (Beckett et al., 2000). Thus, companies need to consider the
determinants of customer loyalty and their relative importance in order to
affect service delivery (Lewis and Soureli, 2006).
Among the factors that exert a fundamental influence on customer
loyalty, the role of perceived value (Nguyen and LeBlanc, 1998; Lewis
and Soureli, 2006) and customer attitude (Dick and Basu, 1994) has been
emphasised. Nevertheless, depending on the type of product and the
characteristics of the purchase process, different consumer behaviour
patterns are expected (Bloch et al., 1986; Youn et al., 2001).
In this context, focusing on retailing, the present paper aims at testing
the influence of perceived value on customer attitude and loyalty, as well
as the existence of differences in these relationships across retail
activities. In particular, we analysed two retailers offering frequently
purchased products (grocery and clothing/footwear) and two types of
establishments that commercialise home durable goods (electronics and
electric home appliances, and furniture and decoration).

PERCEIVED VALUE AND CUSTOMER ATTITUDE

Perceived value is defined as the result of the comparison between
perceived benefits and sacrifices by the customer (Zeithaml, 1988;
McDougall and Levesque, 2000). From this definition, it is inferred that it
is a subjective and ambiguous concept (Woodruff, 1997). This fact
prevents a single interpretation and modelling of this term (De
Chernatony et al., 2000). Owing to the polysemy of the concept perceived
value, there are difficulties in comparing the results of different empirical
studies and, thus, there is inconsistency in the measurement of perceived
value (G.-Gallarza and Gil, 2006). In this sense, there is a consensus
about the multidimensionality of the concept of value (Sweeney and
Soutar, 2001), accepting the existence of several explanatory factors that
allow the measurement of perceived value.
In the scope of retailing, Sweeney and Soutar (2001) developed a scale
to measure perceived value that the authors denominate PERVAL. This
scale is one of the rare attempts to offer an operative proposal of
measurement of perceived value at the point of sale. This proposal
represents a step forward in comparison to theoretical approaches (Sales
and Gil, 2007). The PERVAL scale identifies three basic dimensions of
value, that is, emotional value (affective feelings generated by a product),
social value (the utility derived from the product’s ability to enhance the
consumer’s social self-concept) and functional value, composed of the
sub-dimensions of price (utility derived from the product due to the
reduction of its perceived short-term and longer-term costs) and quality
(referred to as product performance).
Perceived value might have an influence on customer attitude, as the
literature widely reports (Swait and Sweeney, 2000). Attitude refers to a
learned predisposition to respond consistently favourably or unfavourably

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 Perceived value, customer attitude and loyalty in retailing

to an object. Since attitudes are learned, they are affected by information

and experiences (Wilkie, 1994). On the other hand, the fact that attitudes
are predispositions to respond leads to their relationship with actual
consumer behaviour.
According to the Theory of Reasoned Action (Ajzen and Fishbein,
1980), consumer attitude influences consumer purchase behaviour.
According to this theory, behaviour is determined by intentions, which
are also influenced by attitudes and subjective norms. The relationship
between attitude and behavioural intentions has been widely examined
and supported empirically (Kim and Hunter, 1993; Berger et al., 1994).
The literature has reported the positive influence of perceived value on
loyalty towards the service provider (McDougall and Levesque, 2000;
Zins, 2001; Lewis and Soureli, 2006), particularly in the context of the
retailing (Chen and Quester, 2006). Loyalty has been analysed using two
factors: attitudinal and behavioural (Dick and Basu, 1994; Leung et al.,
1998; Oliver, 1999).
First, loyalty is defined as an attitude that sometimes involves a
relationship with the brand. In the second meaning, loyalty is considered
in terms of revealed behaviour through repeated purchases (Uncles et al.,
2003). In this sense, Dick and Basu (1994) define loyalty as the
conjunction of a positive attitude and repeat patronage.
Loyalty in the service sector is perhaps more difficult to conceptualise
than in the scope of products, due to the characteristics of services
(Bloemer et al., 1998; Mittal and Lassar, 1998). In this sense, intangibility
and lack of standardisation might imply that reliability and trust play a
more important role in building and maintaining loyalty (Dick and Basu,
1994). Additionally, the inseparability of production and consumption
and the customer participation in service delivery reflect the interpersonal
component of services and add an emotional dimension to loyalty (Javalgi
and Moberg, 1997). In this context, customer loyalty depends to a great
extent on service customisation (Ball et al., 2006), personal
communication management (Jones and Farquhar, 2003) and feelings of
enjoyment with regard to shopping at the store (Wong, 2004).
In particular, loyalty towards the store has been defined as the biased
behavioural response expressed over time by a decision-making unit
regarding an establishment in comparison with other stores, as a
consequence of psychological decision making and evaluative processes
that result in the commitment to the store (Knox and Walker, 2001). There
is empirical evidence of the positive relationship between attitude and
loyalty in retailing (Macintosh and Lockshin, 1997).
Finally, the customer valuation of the perceived relational benefits
might present significant differences across different types of service
(Gwinner et al., 1998; Patterson and Smith, 2001, 2003). The literature
indicates that different products or services involve differentiated levels of
functional, financial, social, psychological or opportunity risk, which can
negatively influence consumer attitude (Havlena and DeSarbo, 1991;
Gupta et al., 2004). In this sense, although value has been studied in
different types of retail stores (Sweeney and Soutar, 2001; Sales and Gil,
2007), the influence of perceived value on customer attitude and loyalty
across retail activities should be analysed.

© 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314 307
 Ruiz-Molina and Gil-Saura

In view of the existing empirical evidence, the following research

questions are considered:

1. Are there significantly different customer assessments of perceived

value across retail activities?
2. Does perceived value influence customer attitude towards the store?
If yes, what is the most influencing component of perceived value
on customer attitude?
3. Similarly, does perceived value influence customer loyalty towards the
store? If yes, what is the most influencing component of perceived
value on customer loyalty?

METHODOLOGY
In order to achieve the aim of this paper, we perform a quantitative
analysis through a personal survey to consumers. Table 1 shows the main
characteristics of the research.
The items included in the questionnaire regarding perceived value
have been extracted and adapted from the scale proposed by Sweeney
and Soutar (2001), whereas the valuation of the global attitude of the
client is that of Bove and Johnson (2000). Items for measuring loyalty
towards the retailer have been adapted from Srinivasan et al. (2002) and
Anderson and Srinivasan (2003). In all cases items were ranked using a
five-point scale.
The stores have been selected among the main companies in each
activity sector (following their NACE — National Classification of
Economic Activities — and TEA — Tax on Economic Activities — codes
obtained from SABI (Iberian Accounting Analysis System), an Informa
database that contains the annual reports of the most important Spanish
and Portuguese companies) in terms of total sum of the assets in the
company’s balance sheet. Regarding the consumers sample, they were
randomly selected at the exit of the store following a probability-
sampling process in order to guarantee that the sample is representative of

Table 1: Technical details of the research

Universe Customers of the following types of retail stores:

Grocery
Textile/footwear
Electronics/electrical appliance
Furniture/wood/decorations
Geographical scope Spain
Sample size 400 consumers (100 for every sector) of 51 stores
Sample design Personal survey to final consumers at the store exit
Data collection period September–October 2007
Scales (five-point Likert) Perceived value — adapted from Sweeney and Soutar
(2001)
Attitude — adapted from Bove and Johnson (2000)
Loyalty towards the retailer — adapted from Srinivasan
et al. (2002) and Anderson and Srinivasan (2003)
Statistical techniques Descriptive analysis
Analysis of the variance (ANOVA)
Linear regression analysis
Statistical software SPSS version 15.0

308 © 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314
 Perceived value, customer attitude and loyalty in retailing

Table 2: General sample details

Consumers Frequency %

Gender
Male 184 46.00
Female 216 54.00

Age (years)
18–25 25 6.30
26–35 113 28.30
36–45 156 39.00
46–55 78 19.50
56–65 22 5.50
Older than 65 6 1.50

Level of studies
No studies 1 0.30
Primary studies 115 28.80
Secondary studies 207 51.75
University studies 76 19.00

the population in terms of gender and age. Table 2 shows its distribution
in terms of its classification variables.
With the data of the questionnaire, a descriptive data analysis is applied to
obtain the average assessment of the value items for the different retail
activities. The existence of significant differences across retail activities is
tested through an analysis of variance. Finally, the relevance of the different
value dimensions is tested through the estimation of a linear regression model.

ANALYSIS AND RESULTS

First of all, in order to identify the main components of perceived value,
the average values of the items of the questionnaire are obtained for each
retail activity, whereas the significance of the differences across retail
activities is tested through an analysis of variance (Table 3).
Grocery stores are significantly less valued than the rest of the
establishments regarding the quality of their products, the emotional
value and the social value associated with these purchases. This finding
could be due to the peculiarities of the grocery products purchase
process, for example routine purchases and low customer involvement.
On the contrary, clothes and footwear stores, as well as furniture and
decoration establishments, show the highest scores in emotional and
social value, consistently with the hedonic character of these purchase
processes.
Regarding the price component, significant differences have been
obtained for the item ‘The products of this store would be economical’,
where grocery stores stand out over the rest of the retail activities.
Thus, we find an affirmative answer to our first research question, since
grocery stores are in general terms undervalued in comparison with the
rest of the stores (clothing and footwear, electronics, and furniture and
decoration), excepting the price component of value.
In order to test the influence of the different components of perceived
value on customer attitude, a multiple linear regression is estimated

© 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314 309
 Ruiz-Molina and Gil-Saura

Table 3: Perceived value components: average values and significant differences across retail
activities

The products of this Store… 1 2 3 4 Differences

Grocery Clothing/ Electronics Furniture/ between groups
footwear decoration

Quality
Have consistent quality and are 3.91 4.08 4.14 4.06 1–3
well made
Have an acceptable standard of 3.63 3.59 3.53 3.67 —
quality
Have poor workmanship* 2.02 1.68 1.74 1.72 1–2, 1–4
Would not last a long time* 2.13 1.77 1.72 1.99 1–2, 1–3
Would perform consistently 4.16 4.23 4.22 4.32 —

Emotional
Are those I would enjoy 3.35 3.80 3.74 3.88 1–2, 1–3, 1–4
Would make me want to use them 3.27 3.86 3.73 3.79 1–2, 1–3, 1–4
Are those I would feel relaxed 3.26 3.68 3.62 3.75 1–2, 1–3, 1–4
about using
Would make me feel good 3.25 3.78 3.67 3.76 1–2, 1–3, 1–4
Would give me pleasure 3.47 3.82 3.88 3.81 1–2, 1–3, 1–4

Price
Are reasonably priced 3.78 3.57 3.55 3.67 —
Offer value for money 3.71 3.93 3.74 3.71 —
Would be Economical 3.31 2.70 2.88 2.95 1–2, 1–3, 1–4

Social value
Would make a good impression on 2.88 3.38 3.25 3.44 1–2, 1–3, 1–4
other people
Would help me to feel acceptable 2.85 3.25 3.19 3.37 1–2, 1–3, 1–4

*Statistically significant differences between groups at the 5 per cent level for the Tukey post hoc multiple
comparison test

(Table 4). For this purpose, the variables corresponding to each

component of perceived value have been obtained from the average
scores for the different items.
As Table 4 shows, similar results are obtained for the four retail
activities. In particular, the higher the emotional value and the quality of
the products offered in the store, the more positive the customer attitude
towards the retailer. Price and social value do not seem to have an
influence on customer attitude.
Similarly, a linear regression is estimated in order to test the influence
of the four components of perceived value on customer loyalty towards
the retailer (Table 5).
Unlike attitude, in the case of loyalty, there is a clear influence of
emotional value in all the analysed retail sectors. Regarding the rest of the
value components, product quality is also a determinant of customer
loyalty towards the retailer excepting clothing and footwear stores, where
besides emotional value, price also influences customer loyalty. Table 6
summarises and compares the results obtained for the perceived value
regressions on customer attitude and loyalty towards the retailer.
Although quality and emotional value appear to be the main
determinants of customer attitude and loyalty for grocery, electronics and
furniture stores, in the case of clothing and footwear there is no exact
correspondence between the determinants of attitude and loyalty towards

310 © 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314
 Perceived value, customer attitude and loyalty in retailing

Table 4: Regression of customer attitude towards the retailer on the perceived value components

Independent
variables Grocery Clothing/footwear Electronics Furniture/decoration
Standard t Standard t Standard t Standard t
coefficient coefficient coefficient coefficient

Intercept — 1.274 — 2.611* — 1.068 — 3.287*

Value components
Quality 0.011 5.842* 0.363 3.923* 0.401 5.033* 0.251 2.859*
Emotional 0.011 3.729* 0.329 3.380* 0.435 4.986* 0.538 5.696*
Price − 0.007 1.787 0.086 0.961 0.052 0.701 0.136 1.934
Social 0.017 − 1.179 0.171 1.878 0.029 0.338 − 0.013 − 0.178

Adjusted R2 0.393* 0.394* 0.471* 0.561*

*Statistically significant at the 5 per cent level

Table 5: Regression of customer loyalty towards the retailer on perceived value components

Independent
variables Grocery Clothing/footwear Electronics Furniture/decoration

Standard t Standard t Standard t Standard t

coefficient coefficient coefficient coefficient

Intercept — 2.586* — 3.416* — 3.155* — 3.039*

Value components
Quality 0.439 4.948* 0.011 0.129 0.253 2.707* 0.398 4.417*
Emotional 0.222 1.955* 0.447 4.334* 0.501 5.065* 0.362 3.782*
Price − 0.067 0.726 0.201 2.342* 0.095 1.107 0.097 1.243
Social 0.089 0.752 0.108 1.117 − 0.179 − 1.943 0.030 0.398

Adjusted R2 0.291* 0.323* 0.359* 0.523*

*Statistically significant at the 5 per cent level

Table 6: Summary table: Perceived value components and their influence on attitude and loyalty

Value
components Attitude Loyalty
1 2 3 4 1 2 3 4
Grocery Clothing/ Electronics Furniture/ Grocery Clothing/ Electronics Furniture/
footwear decoration footwear decoration

Quality 兹 兹 兹 兹 兹 — 兹 兹
Emotional 兹 兹 兹 兹 兹 兹 兹 兹
Price — — — — — 兹 — —
Social — — — — — — — —

the retailer. In this sense, while attitude is influenced by quality, repeat

patronage for clothing and footwear stores does not depend on quality but
price. This fact could be due to the basically experiential and hedonic
motivations of consumers when purchasing these kinds of products
(Geuens et al., 2004).
All in all, the second and third research questions can be answered in
the sense that perceived value has a strong influence on both customer

© 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314 311
 Ruiz-Molina and Gil-Saura

attitude and loyalty towards the retailer, the emotional component for all
retail activities being especially relevant.

CONCLUSIONS
The results obtained in this paper provide support for the existence of
differences in the customer assessments of the value components across
retail activities. In this sense, grocery retailers are considered to offer
more economical products than other stores, whereas they show worse
results in perceived quality, emotional and social values in comparison
with other retailers — for example clothing and footwear, electronics and
electric home appliances, and furniture and decoration.
In spite of this finding, there is evidence in favour of the existence of a
common pattern of value determinants on customer attitude towards the
retailer for all the analysed retail activities, since attitude depends essentially
on product quality and emotional value associated with purchasing in the
store. Consistent with the Theory of Reasoned Action (Ajzen and Fishbein,
1980), customer attitude and behaviour — operationalised through customer
loyalty towards the retail store — depend on the same components of the
value, with the unique exception of the clothing and footwear stores.
Therefore, from the results obtained, we infer the convenience for the
retailer to adapt its supply of goods and services as well as the policies related
to the service delivery in order to respond to the most valued aspects by the
retail customers, thus contributing to a more positive attitude and higher
customer loyalty. In view of the importance of the emotional value associated
with purchasing in the store as a fundamental determining factor of customer
loyalty in the four retail sectors, it is inferred that there is a need for the
retailer to use its physical and human resources to create a pleasant store
atmosphere where the customer feels good and enjoys shopping in this
establishment, contributing in this way to repeat patronage. Thus, in the line
of Lewis and Soureli (2006), we understand that the retailer should
concentrate on providing a high-quality service and differentiating its
competitive strategies, while paying special attention to the store atmosphere.
The present work presents limitations regarding the sample size and
the variables under study and, at the same time, it raises new research
lines. In this sense, a first step to deepen this analysis could be the
inclusion of consumer sociodemographics in order to segment customers
based on these variables and perceived value jointly. As Lee (2007) points
out, sociodemographic variables might influence both customer attitude
and loyalty towards the store.
Another possible research line refers to image, given its relationship
with attitude (Barich and Kotler, 1991). The analysis of how
communications can be developed by the retailer to project a positive
image of the store and to what extent this can influence customer attitudes
and loyalty might provide useful implications for retail companies.
Finally, it might be convenient to incorporate retailer switching costs
in this model, since different studies (eg Jones et al., 2000; Lee and
Cunningham, 2001) report the influence of this variable on loyalty
towards the service provider and, following Ruyter et al. (1998), it
might explain the differences between activity sectors.

312 © 2008 Palgrave Macmillan 1479–1110 Journal of Retail & Leisure Property VOL.7 NO.4 PP 305–314
 Perceived value, customer attitude and loyalty in retailing

Acknowledgements
This research has been financed by the Spanish Ministry of Education and
Science (Project ref.: SEJ2004-05988 and SEJ2007-66054/ECON).

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