Retail Value Research Articles

Retail value chains: extension and development into transition economies

PurposeIn the area of international retail expansion the most challenging issues that firms struggle with are: which countries to expand to; which order to do it; and what are the retail drivers that can be readily exported to the new market versus which have to be market specific? The purpose of this paper is to look at one specific retailer and review how they have addressed these questions.Design/methodology/approachThe approach used is based around a case study of the expansion of the Stockmann department store into Estonia and Latvia. Using the findings of empirical research, qualitative and quantitative, the research shows how Stockmann has both built upon and exported its original home strengths while also focusing on which drivers had to be tailored to the local marketplace.FindingsThe case study found that there are some differences between the performances of Stockmann across the two Baltic countries, but the level of performance is quite high in most areas of retail operations. This supports the position that a multinational can successfully expand in diverse markets. In other words, although there are minor issues, on balance the regional versus country specific issues have been substantially resolved. Even national issues like skilled labour shortages and developing good practices for handling returns have been resolved at a medium level. Areas for improvement were in pricing and handling merchandise returns.Research limitations/implicationsThe findings are limited to one case study, of one retailer, and the fact that the study was over a defined period. This is a general limitation of case studies, but the use of multiple research methods, and methodologies helped to strengthen the research findings and interpretations.Practical implicationsThis study has presented the retail value chain as a model consisting of three main drivers: service; retail operations and country of origin aspects. The three constructs were found to be valid representations, enabling an assessment of a retailer's performance in multiple countries. The lessons drawn indicate that a business model used in the home country can be a powerful integrating and controlling tool for managing the multinational expansion, but that there is also a need to include consumer perceptions and evaluations of retailer performance. These operational measures continue to represent one of the best sources of data in understanding a retailer's performance, in both developed and converging countries such as Estonia and Latvia.Originality/valueThis paper presents a useful case study of a retailer that has expanded from its home base into a number of countries, all of which fall into the category of transition economies, and adds to the literature covering expansion into transition economies, which is a little known field in terms of the expansion of one's value chain or value proposition

Economic viability of stapes surgery in Germany

The purpose of this study was to determine the economic viability of stapes surgery in Germany. We compared the cost of the operation to the retail value and average cost of a lifelong supply of hearing aids. Retrospective study. Tertiary referral centre. One hundred and sixty-four consecutive cases of primary stapedotomy performed on patients with otosclerosis at our institution served as the representative group for the calculation. The post-operative air-bone gap average at the frequencies 500, 1000, 2000 and 4000 Hz was less than 10 dB for 62 per cent of the patients, and less than 20 dB for 92 per cent of the patients. There was a post-operative sensorineural hearing loss in 1.2 per cent of the patients. Analysis showed that, even for an elderly patient aged 65 years with a life expectancy of 15 years, the cost of a lifelong supply of hearing aids was greater than that of a stapedotomy procedure. Based on our group of patients, the stapedotomy procedure proved to be euro 800,000 K cheaper than treatment with an averagely priced hearing aid. The economic benefit was still present when taking into account possible revision surgery in 5-10 per cent of cases, and also when, in addition to the surgery, a post-operative hearing aid was required, in for example 20 per cent of cases. Stapes surgery is economically beneficial for the individual patient as well as for the general patient cohort, irrespective of age. The stapedotomy procedure also prevents the known disadvantages of conventional hearing aids, thus improving the patient's quality of life.

Identification of razor clams Ensis arcuatus and Ensis siliqua by PCR–RFLP analysis of ITS1 region

Ensis arcuatus and Ensis siliqua are the most economically important species of razor clams in the European Union. Due to similarities between their shell morphology, and the differing retail value, these species are often misidentified. Therefore, it is necessary to develop an appropriate protocol to allow accurate differentiation between these species of razor clam in order to protect consumer rights, avoid commercial fraud (whether intentional or unintentional), and to enforce labeling and safety regulations. With the aim of developing a rapid and reliable method of differentiation, individuals of E. arcuatus and of E. siliqua were examined by polymerase chain reaction restriction fragment polymorphism (PCR-RFLP) using the internal transcribed spacer region 1 (ITS1). A species-specific restriction endonuclease pattern was found with the enzyme Kspl for both species, allowing their exact identification. Thus, this work provides a simple, reliable and rapid protocol for accurate discrimination between E. arcuatus and E. siliqua, which proves useful for traceability and enabling the enforcement of labeling regulations.

The Retail Value Chain: Linking Employee Perceptions to Employee Performance, Customer Evaluations, and Store Performance

The authors test a value chain model entailing a progression of influence from retail employee job perceptions → retail employee job performances → customer evaluations → customer spending and comparable store sales growth. The authors test the model using three matched samples of 1,615 retail employees, 57,656 customers, and 306 stores of a single retail chain. The authors find that three retail employee job perceptions (conscientiousness, perceived organizational justice, and organizational identification) have main and interactive effects on three dimensions of employee job performance (in-role performance, extra-role performance toward customers, and extra-role performance toward the organization). In turn, these performance dimensions exert influence on customer evaluations of the retailer (a satisfaction, purchase intent, loyalty, and word-of-mouth composite). The authors also show that employee perceptions exert a direct influence on customer evaluations, and that customer evaluations affect retail store performance (customer spending and comparable store sales growth). Finally, the authors conduct some simple simulations that show: (1) how changes in employee perceptions may raise average employee performances; (2) how changes in employee performances enhance average customer evaluations; and (3) how changes in customer evaluations raise average customer spending and comparable store sales growth. The authors then show that employee job perceptions and performances “ripple thru the system” to affect customer spending and store sales growth. The authors offer implications for theory and practice.

Contact structures in the poultry industry in Great Britain: Exploring transmission routes for a potential avian influenza virus epidemic.

BackgroundThe commercial poultry industry in United Kingdom (UK) is worth an estimated £3.4 billion at retail value, producing over 174 million birds for consumption per year. An epidemic of any poultry disease with high mortality or which is zoonotic, such as avian influenza virus (AIV), would result in the culling of significant numbers of birds, as seen in the Netherlands in 2003 and Italy in 2000. Such an epidemic would cost the UK government millions of pounds in compensation costs, with further economic losses through reduction of international and UK consumption of British poultry. In order to better inform policy advisers and makers on the potential for a large epidemic in GB, we investigate the role that interactions amongst premises within the British commercial poultry industry could play in promoting an AIV epidemic, given an introduction of the virus in a specific part of poultry industry in Great Britain (GB).ResultsPoultry premises using multiple slaughterhouses lead to a large number of premises being potentially connected, with the resultant potential for large and sometimes widespread epidemics. Catching companies can also potentially link a large proportion of the poultry population. Critical to this is the maximum distance traveled by catching companies between premises and whether or not between-species transmission could occur within individual premises. Premises closely linked by proximity may result in connections being formed between different species and or sectors within the industry.ConclusionEven quite well-contained epidemics have the potential for geographically widespread dissemination, potentially resulting in severe logistical problems for epidemic control, and with economic impact on a large part of the country. Premises sending birds to multiple slaughterhouses or housing multiple species may act as a bridge between otherwise separate sectors of the industry, resulting in the potential for large epidemics. Investment into further data collection and analyses on the importance of industry structure as a determinant for spread of AIV would enable us to use the results from this study to contribute to policy on disease control.

Bringing Green Homes within Reach: Healthier Housing for More People

Gaze upon the Helliers’ half-built house in Bristol, Vermont, and you might think you’re looking at an ordinary home construction project. Table saws, building materials, and piles of earth lie around the newly framed dwelling, while a crew of carpenters mills around the site, dressed for warmth in the chilly fall air. But look closer, and some unique features emerge. The exterior frame is wrapped in an outer layer of heat-trapping insulation. Sunshine streams in through large, south-facing windows, flooding the interior living spaces with light. Once the house is completed, solar panels will supply the family’s hot water and much of its electrical power. And indoor finishes, paints, rugs, and fabrics will be nontoxic. In short, the Helliers’ house is being built to be green. And that puts it in good company; new green homes jumped in number by 30% between 2005 and 2006 and could include up to 5% of the entire U.S. housing market within five years, predicts McGraw-Hill Construction, an industry information provider, in its June 2006 Residential Green Building SmartMarket Report. That makes green homes bright spots in an otherwise dismal housing market facing its worst slump in decades. To everyone’s benefit, green homes link sustainable materials and practices with better human and environmental health. “You’re really looking at a tripod of components,” says David Johnston, president of green building consultancy What’s Working and author of Green from the Ground Up, a forthcoming book on sustainable residential design. “First, energy efficiency has to be above minimal code requirements for your climate. The second component has to do with improved water and resource efficiency, and the third concerns indoor air quality. If your design doesn’t address all three of these issues, then you don’t have a green home.” According to the U.S. Environmental Protection Agency (EPA) Office of Air and Radiation, indoor air is typically 2–5 times more polluted than outdoor air, owing to the presence of asthma-inducing agents such as mold and toxic chemicals in carpets, paints, and other synthetic materials. In fact, the EPA ranks indoor air as one of the top five human health risks, says agency spokesperson Dave Ryan. By requiring nontoxic materials, green designs limit indoor exposure to carcinogens such as formaldehyde in manufactured wood products including sheathing and particleboard, and to volatile organic compounds (VOCs) in finishes. Home energy uses also contribute to global warming. The Energy Information Administration (EIA) in Washington, DC, estimates that domestic power demands account for 21% of all the greenhouse gases emitted in the United States. The construction industry as a whole accounts for 48% of U.S. greenhouse gas emissions, according to advocacy group Architecture 2030. And by optimizing insulation, green designs save on oil and gas bills, which are (quite literally in poorly insulated homes) going through the roof. But even as green homes gain in popularity, they’re also dogged by a sticky association with the rich, seen by many as too pricey for ordinary buyers. Indeed, McGraw-Hill Construction identified cost perceptions as a top obstacle to green building among homeowners and builders alike. Fueling that preoccupation with cost is a media obsession with “eco-mansions,” laments Charles Lockwood, a green building consultant in Los Angeles and New York. “Most of what you see in the press would leave you thinking you’d have to live in Malibu or Aspen to afford one of these places,” he says. To wit: the Maine Sunday Telegram in Portland ran a feature on 4 November 2007 titled “Unaffordably Green?” about a $1 million ultra-green home in nearby Freeport that was unsold after a year on the market. Christopher Briley, an architect with Green Design Studio in Yarmouth, Maine, concedes that most people who build their own houses have above-average incomes (McGraw-Hill Construction’s SmartMarket Report shows that nearly two-thirds of those who buy green homes make more than $50,000 a year). And buyers with more money to spend, Briley says, are apt to mix green design elements in with a host of other more expensive features—radiant floors and granite countertops, for instance—that skew costs higher. “A lot of these houses are going to be expensive anyway,” he says. “But that doesn’t mean you can’t have an affordable green house. It’s all about where you decide to spend your money.”

Generic Entry, Reformulations and Promotion of SSRIs in the US

Previous research has shown that a manufacturer's promotional strategy for a brand name drug is typically affected by generic entry. However, little is known about how newer strategies to extend patent life, including product reformulation introduction or obtaining approval to market for additional clinical indications, influence promotion. To examine the relationships among promotional expenditures, generic entry, reformulation entry and new indication approval. We used quarterly data on national product-level promotional spending (including expenditures for physician detailing and direct-to-consumer advertising [DTCA], and the retail value of free samples distributed in physician offices) for selective serotonin reuptake inhibitors (SSRIs) over the period 1997-2004. We estimated econometric models of detailing, DTCA and total quarterly promotional expenditures as a function of the timing of generic entry, entry of new product formulations and US FDA approval for new clinical indications for existing medications in the SSRI class. Expenditures by pharmaceutical manufacturers for promotion of antidepressant medications was the main outcome measure. Over the period 1997-2004, there was considerable variation in the composition of promotional expenditures across the SSRIs. Promotional expenditures for the original brand molecule decreased dramatically when a reformulation of the molecule was introduced. Promotional spending (both total and detailing alone) for a specific molecule was generally lower after generic entry than before, although the effect of generic entry on promotional spending appears to be closely linked with the choice of product reformulation strategy pursued by the manufacturer. Detailing expenditures for Paxil were increased after the manufacturer received FDA approval to market the drug for generalized anxiety disorder (GAD), while the likelihood of DTCA outlays for the drug was not changed. In contrast, FDA approval to market Paxil and Zoloft for social anxiety disorder (SAD) did not affect the manufacturers' detailing expenditures but did result in a greater likelihood of DTCA outlays. The introduction of new product formulations appears to be a common strategy for attempting to extend market exclusivity for medications facing impending generic entry. Manufacturers who introduced a reformulation before generic entry shifted most promotion dollars from the original brand to the reformulation long before generic entry, and in some cases manufacturers appeared to target a particular promotion type for a given indication. Given the significant impact that pharmaceutical promotion has on demand for prescription drugs in the US, these findings have important implications for prescription drug spending and public health.

Utility scale hybrid wind–solar thermal electrical generation: A case study for Minnesota

The performance of a hybrid wind–solar power plant in southwestern Minnesota is modeled for a 2-yr period using hourly wind and solar insolation data. The wind portion of the plant consists of four interconnected wind farms within a radius of 90 km. The solar component of the plant is a parabolic trough solar thermal electric generating system using a heat transfer fluid that drives a steam turbine. The market value of energy produced, retail value of energy produced, and levelized cost of energy of the hybrid plant are compared to those of an energy equivalent wind-only plant. Results show that adding solar thermal electric generating capacity to a wind farm rather than expanding with additional wind capacity provides cost–benefit trade-offs that will continue to change as the two technologies evolve. At the present time, we find that capital cost and levelized cost of energy favor a wind-only plant while electric load matching favors a hybrid wind–solar plant. Regional differences in the solar resource in the US influence the economic viability of the hybrid plant, and a comparison using the present model is made with one location in the Southwest. The hourly data analysis presented here is a possible tool for evaluating the overall economic feasibility and generating characteristics for a hybrid wind–solar thermal electric power plant for any location with available wind, solar, electric load, and price data.

Collection of marine invertebrates for the aquarium trade in European waters: is anyone surveying?

Abstract Recently, the snails Hinia reticulatus, Cyclope neritea and Cerithium rupestre and the hermit crabs Diogenes pugilator and Clibanarius erythropus from warm European coastal waters have started to be commercially collected and traded. The average number (± standard deviation) of specimens captured per hour, by collectors were 475±237 for H. reticulatus, 363±112 for C. neritea, 384±173 for C. rupestre, 302±121 for D. pugilator and 210±54 for C. erythropus. All species survived well during transportation, were popular among aquarium hobbyists and attained high retail values, ranging from €0.90 to €4.00 per specimen. The collection and trade of these novel commercial species can either become a sole economic activity or an additional one for traditional fishermen and aquaculturists. Although no destructive collection techniques are employed, the lack of population biology studies and legislation regulating the capture of these species is a major problem in ensuring the sustainable use of these highly valuable marine resources. These species are currently mainly collected from natural parks areas protected by Portuguese and European Union designations. Copyright © 2007 John Wiley & Sons, Ltd.

Evaluation of policy options for the live reef food fish trade in the province of Palawan, Western Philippines

Abstract The live reef food fish (LRFF) trade has an estimated annual retail value of US$1 billion in the Asia-Pacific region and at least US$30 million in the Philippines. Palawan Province is the trade's center accounting for as much as 55% of the commodity's total export. Concern about the LRFF trade has caused the Palawan Provincial government to take action to regulate the trade. Four key policy options to address the short-term policy objective of developing a sustainable LRFF industry through the reduction of threats associated with destructive fishing and overfishing were proposed. These four policy options and associated analyses were presented to stakeholders at three separate policy consultations. The stakeholders reached a consensus that a regulated LRFF trade was the most sensible option. As a result, the Provincial Government of Palawan took action to enact “The Palawan Live Reef Fish Ordinance of 2006”, which provides for the sustainable and integrated regulation of the LRFF industry. This provincial ordinance will assist in crafting a national policy for the LRFF trade and may also be useful in revising the 1998 Philippine Fisheries Code. The key challenge is how to translate the ordinance provisions into effective on-the-ground actions.

유기축산물 소비동향과 해결과제

세계 유기농가 수는 약 25만호에 달하며 세계시장의 유기제품판매액은 27,800백만불(2006)에 이른다. 유기축산물 주요소비국은 EU 및 미국이며 주요품목은 우유, 양고기, 쇠고기이다. EU와 미국의 유기식품 시장점유율은 2% 미만이며 이중 유기축산물의 비중은 17%(미국)이다. 유기축산물의 주된 유통통로는 수퍼마?R(유럽), 건강식품전문매장(미국)이며 Tesco, Walmart 등과 같은 대형체인점의 판매비중도 증가하는 추세이다. 국가간 유기축산물교역량은 극히 적으며 주로 개발국 특히 유럽국가 간에 활성화하고 있다. 앞으로의 유기식품시장은 남미, 중동, 오세아니아를 중심으로 급성장할 것이다. 그러나 성장속도는 높은 가격, 유통인프라 미비, 유사유기축산물의 시장진입, 국가간의 인증 기준차이 등에 의해 제한될 것이다. 유기축산 선발국들은 유기농업을 농촌사회의 발전, 농업 생산방식의 다양화, 환경개선 등을 위한 정책적 수단으로 활용하고 있다. There are approximately 250,000 organic livestock farming in the world. The total retail value of organic food sales in the world is $ 27 billion. The organic livestock products such as milk, lamb and beef are marketed mostly in Europe and the USA. The market share of organic food is about 2% in total food marketing value of worldwide and of the organic food marketing value, organic livestock products portioned 17% in the USA. The organic livestock products are primarily marketed at Supermarket(Europe), Health and Natural Food store(USA). Concerning international trade, it is very little. But it is increasing among the developed counties of Europe. In the future, the production of organic livestock products will be rapidly increased in South America, Middle East and Oceania, but the growth rate will be limited due to its expensive price, lack of marketing-infra and different regulation system. Most of developed countries drive organic farming policy strongly as the strategic means of rural development, diversifying agriculture system and environmental improvement.

Development of an internet retail value chain model for electronic business

In this research study, a value chain model containing 74 e-business solution items was developed to show how Information Technology (IT) could be adopted by internet retail businesses. An investigation into the current implementation patterns of IT adoptions by the top 20 internet retail companies show that these e-business items can be categorised into basic and specific solutions. The basic solutions represent those e-business items needed by every company in the internet retail industry. Specific solutions are e-business items that are found only in companies operating in specific market segments. Using versatility analysis and implementation mapping, it was found that all these top 20 companies have at least 50% of the e-business solution items.

Pros and Cons of the Pharmaceutical Industry and Education

Pros and Cons of the Pharmaceutical Industry and Education

Estimated Economic Losses Associated with the Destruction of Plants Due to Phytophthora ramorum Quarantine Efforts in Washington State

The number and retail value of plants destroyed in Washington State nurseries due to Phytophthora ramorum quarantine efforts was estimated using Emergency Action Notification forms (EANs) issued by the United States Department of Agriculture Animal and Plant Health Inspection Service between 2004 and 2005. Data collected from EANs indicate that during this period 17,266 containerized nursery plants were destroyed at 32 nurseries, worth an estimated $423,043. The mean loss per nursery was estimated at $11,188 in 2004, $11,798 in 2005, and at $13,220 per nursery over the 2-year period. Accepted for publication 26 January 2007. Published 8 May 2007.

Hedonic and utilitarian shopping value: Investigating differential effects on retail outcomes

Previous research on both hedonic and utilitarian shopping value has focused much effort on the antecedents of shopping value with very little emphasis on the outcomes of shopping value. This study investigates the complex interrelationships between satisfaction with the retailer, hedonic and utilitarian shopping value, and important retail outcomes. Both hedonic and utilitarian shopping values are found to influence key retail outcomes. The results also support predicted differences in the relative influence of hedonic and utilitarian shopping value. Hedonic and utilitarian shopping values are also found to moderate a number of relationships between satisfaction and retail outcomes.

The Greydollarfella: An endangered species or a market opportunity?

This paper identifies an ignored and endangered species: the mature male shopper, who we have named the Greydollarfella. Based on current research and interviews, we describe this fellow and attempt to differentiate him from other consumer segments. The Greydollarfella, unlike younger men, appears not to like shopping and so is often ignored by retailers or excluded from the retail environment. We argue that the Greydollarfella should be included in, not sidelined from, retail and marketing considerations. He is much wealthier and less time-poor than younger men, and deserves a retail environment that suits his preferences and consumer requirements. We present some examples of how retailers are attending (and not attending) to the Greydollarfella. We conclude that Greydollarfella is not very well understood, is undervalued, and is often marginalised by retail marketing strategies. We believe he offers great value for marketers and retailers (both niche and mass) willing to take the time to understand his psyche, product and service needs, and views on the retail experience. Finally, we call for more attention to be paid to this segment.

A method for the comparison of chromaticity parameters in fish skin: Preliminary results for coloration pattern of red skin Sparidae

Skin coloration patterns in fish are of great physiological, behavioural and ecological importance, can be considered as an index of animal welfare in aquaculture and as an important quality factor for the retail value, especially of red skinned fish. In the present study we developed an appropriate method for comparisons of the skin chromaticity parameters in wild ( Pagrus pagrus, Pagrus caeruleostictus, and Dentex gibbosus) and farmed red skin Sparidae and investigated the effect of storage time on skin colour of farmed Pagrus pagrus. The three-dimensional characteristics of colour appearance (lightness — L ⁎, hue — H° ab and chroma — C ab ⁎) were calculated. A new index, named Entire Colour Index ( ECI), was developed to express hue and chroma which as combined variables, cannot be considered separately. In all species there was a remarkable dorsoventral gradient in mean L ⁎ and H° ab , with the ventral area being statistically significant brighter than the dorsal one. ECI value was species specific but did not show any statistically significant dorsoventral gradient, with the exception of P. pagrus. Skin melanin and carotenoids content presented differences between the Pagrus and the Dentex species that may explain the differences in the observed chromaticity pattern. Storage time affected lightness and hue only in the dorsal skin area. However, the effect of storage on ice was better reflected in mean ECI value which showed a marked decrease from Day 3 to Day 7 in both the dorsal (Day 0: 8.96 ± 0.40; Day 7: 2.86 ± 0.29) and ventral (Day 0: 8.97 ± 0.18; Day 7: 4.10 ± 0.29) skin area. Our results provide data for a non-subjective determination of skin colour pattern and show that ECI offers a good index of the actual colour in a meaningful and objective way.

Implementing a palatability assured critical control point (PACCP) approach to satisfy consumer demands

A 5-year commercial trial was run to test a new retail-to-farm trading model focused on beef eating quality as assessed by consumers. Retail description and pricing was based on cooked eating quality outcomes, dispensing with conventional anatomical cut description. Eating quality prediction was obtained by extensive use of the Meat Standards Australia (MSA) prediction model, which assigns a palatability score for each muscle from a given carcass when cooked by various methods. Pricing from the retail store to the boning and fabrication operation and from there to the supplying farmer was based on a % of retail value basis, thereby providing a direct incentive for the entire chain to focus on consumer satisfaction. Extensive yield and quality recording was conducted, providing detailed data to all participants and highlighting the magnitude of true value differences between carcasses, often of very similar type and appearance. The trial was successful in that sales continued to increase throughout the period and it has continued as an expanding commercial venture. The novel offer of fresh beef and cooked beef meals resulted in balanced carcass disposal and enhanced value to consumers. Systems were successfully developed to manage the process through each segment of the supply chain. It is believed that the principles demonstrated have broader industry relevance and provide the potential to stimulate substantial innovation and to reposition beef as a more contemporary food category. There are challenges in adopting this philosophy however due to required changes in technical procedures, in educating consumers regarding a new product offer and, more particularly, in changing industry culture.

Exploring Customers' Perceptions in Creating and Delivering Value

Retailers increasingly rely on technology-based self-service (TBSS) options (e.g., self-checkouts in grocery stores) to provide service to their customers. In TBSS environments, customers serve themselves at the convenience of these service options more than ever before. Retailers try to create and sustain a competitive advantage by offering customer value based on the utilization of TBSS options, while customers try to receive the best value for their participation in service production and delivery. The purpose of this exploratory qualitative study is to understand and address the potential gaps between retailer's value offering and customer's perceptions, particularly in TBSS environments of retail and grocery stores. The current paper uses a series of in-depth interviews based on a qualitative research design with grounded theory methodology underpinnings. In the interest of discovery, initial research findings inspired us to think about the issues toward a gap idea, supported by the extant literature. Findings of the study provide helpful insights on the issues discussed, but further qualitative in-depth and quantitative empirical studies are also needed.

Synovus Financial Corp.

AbstractCommercial Banking (MIC: 8.1 SIC: 6021 NAIC: 522110)Synovus Financial, with assets of $25.05 billion as of Dec 31 2004, is a registered bank holding company. Co. provides financial services including commercial and retail banking, financial management, insurance, mortgage and leasing services through affiliate banks and other offices in Georgia, Alabama, South Carolina, Florida and Tennessee. Co. also owns 81.0% of Total System Services, Inc.® (TSYS), which provides electronic payment processing services including consumer, debit, commercial, retail and stored value card processing and related services, as well as student loan processing.