A CONTINGENT LOOK AT RETAIL INTERNATIONALIZATION: PROPOSITION OF A TAXONOMY AND DISCUSSION OF THEORETICAL CHALLENGES UMA VISÃO CONTINGENCIAL DA INTERNACIONALIZAÇÃO DO VAREJO: PROPOSIÇÃO DE UMA TAXONOMIA E DISCUSSÃO DOS DESAFIOS TEÓRICOS

There is no agreement upon the set of dimensions to be used to categorize distinct types of retailers and, consequently, it is difficult to disentangle the particularities of the internationalization trajectories of specific types of retailers. In this article, we propose a taxonomy of the firms involved in international retailing and discuss the differences in the internationalization patterns of the retail business across the types of retailers. The data was collected from an extensive review of the literature on retail internationalization and from several secondary sources, such as a report of a research institute and retailers’ websites, as well as from visits to stores. The proposed taxonomy identifies three distinct types: (i) traditional retailers, (e.g., Walmart, JCPenney), which distribute a varied array of third parties’ brands, (ii) specialized branded retailers (e.g., Zara, H&M), which are exclusive distributors of their own brands, and (iii) direct branded retailers (e.g., Adidas, Louis Vuitton), firms that are brand manufacturers’ that are also distributors of their brands, but in a non-exclusive manner, as such brands are also distributed through other retailers. This contingent view of retail internationalization helps overcome two week points this field has: (i) the pervasive research practice of employing mixed samples of distinct types of retailers; and (ii) the inadvertent focus on traditional retailers, such as supermarkets and department stores, as if they were representative of the population of international retailers as a whole, which contrasts with the noticeable increase in the international retail distribution of consumer products through monobranded stores.


INTRODUCTION
Retail internationalization (RI) is not a recent phenomenon (Alexander, 2012;Leknes and Carr, 2004), but research in the field still suffers from fragmentation (Alexander and Doherty, 2010;Burt and Sparks, 2002;Dawson, 2000;Swoboda et al., 2009).Such undesirable state of affairs stems from the absence of an agreed upon definition of what constitutes RI (Dawson, 1994;Sternquist, 1997) and the still unclear identification of the main categories of international retailers and how they behave (Alexander and Doherty, 2010;Moore and Burt, 2007).Extant literature has concentrated on the internationalization of mass merchandise retailers -in particular, supermarkets and hypermarkets chains such as Walmart and Tesco -and has oftentimes inadvertently taken this category as representative of the population of international retailers.In addition, several studies have employed mixed samples of distinct types of retailers (Alexander, 2011;Sternquist, 1997, Vida andFairhurst, 1998), which make it difficult to disentangle the particularities of the internationalization trajectories of specific types of retailers.
While some studies have proposed their own typology of international retailers, based on the observation of their international expansion movements (Pellegrini, 1994;Salmon and Tordjman, 1989;Treadgold, 1988), and some have focused on a particular type of merchandise, such as food and nonfood (Alexander and Doherty, 2009) or retail segment, such as fashion and luxury (Fionda and Moore, 2009;Wigley and Moore, 2007), there is still a theoretical gap concerning which dimensions would be best to characterize the firms that are involved in the retail internationalization. Several researchers (e.g., Alexander and Doherty, 2010;Ilonen et al., 2011;Lopez and Fan, 2009;Moore et al., 2000) have argued that many of the proposed typologies do not deal well with retail heterogeneity, an industry marked by different types of firms which are involved with the retailing activity, such as luxury retailers and fashion retailers, whose own brands are the main drive of their international expansion (Moore et al., 2000).
Therefore, a new dimensional classification is necessary in order to account for the internationalization trajectories of firms that are involved exclusively with the distribution of their own branded products, rather than the distribution of branded products of third parties' (which characterizes the retailing activity of supermarkets and department stores).Examples of those firms involved in the exclusive distribution of their own branded products are found in several industries such as fashion (e.g., Zara, H&M, Calvin Klein), luxury accessories (e.g., Louis Vuitton, Gucci, Prada), cosmetics & toiletry (e.g.The Body Shop, MAC, L'Occitane), IT & telecom gadgets (e.g., Apple, Dell, Samsung), sportswear (e.g., Adidas, Nike, Under Armour), among others.Indeed, the exemplified firms are brand developers involved with both manufacturing (either directly or via outsourced sub-contracting) and retailing activities.
Considering the differences in the very nature of the firms involved in retail internationalization, we argue that some of the existing theoretical tenets in the field are not equally applicable to all firms and, therefore, such differences call for the advancement of new (contingent) theoretical underpinnings in order to account for differences in the internationalization trajectories across different types of retailers.In this study, we focus on dimensions which have not received proper attention in the retail literature -core activity (retail or manufacturing) tória internacional de diferentes tipos de varejistas.Neste artigo, propomos uma taxonomia das firmas envolvidas na internacionalização varejista e discutimos as diferenças entre os padrões seguidos por cada tipo identificado.Os dados foram obtidos por meio de uma extensa revisão de literatura e de consulta a várias fontes de dados secundários (relatórios de um instituto de pesquisa e websites das firmas), bem como de visitas a lojas.A taxonomia de firmas envolvidas na internacionalização varejista resultou em três tipos distintos de players: (i) varejistas tradicionais, como Walmart e JCPenney, distribuidores de marcas de terceiros, (ii) varejistas monomarca, como Zara e H&M, distribuidores exclusivos de suas marcas e (iii) varejo direto dos fabricantes, como Adidas e Louis Vuitton, firmas desenvolvedoras de marcas que distribuem suas próprias marcas por meio de lojas monomarca, mas de forma não exclusiva, já que essas marcas também são distribuídas pelos varejistas tradicionais.Essa visão contingencial da internacionalização varejista permite a superação de dois pontos fracos desse campo: (i) pesquisas com amostras de diferentes tipos de varejistas; e (ii) conclusões com base em amostras de varejistas tradicionais, como supermercados, como se fossem representativas da população de varejistas internacionais.Notadamente, a ênfase das pesquisas com varejistas tradicionais não responde às evidências do crescimento da presença global de marcas distribuídas por meio de lojas monomarca.
Palavras-chave: internacionalização varejista, tipos de varejista, taxonomia.and brand origin (third parties' brands or own brands).Given differences, across and within, firms' types associated with their core activity and brand origin, research should investigate if there are relevant differences in the RI process across them, with respect to motives, market selection, entry modes, operational patterns and international performance outcomes, as well as profile of divestment.
The objective of this paper is twofold.First, to justify a new taxonomy of firms involved with international retailing, based on the above-mentioned two dimensions, which is relevant to identify similarities and differences across firms in order to characterize properly the RI process.Second, to provide arguments about the distinctive internationalization patterns of those firms that develop and sell exclusively their own brand, not only as a contingent approach to the "universalistic" research practice of employing mixed samples of distinct types of retailers (Davies, 1993;Moore and Fernie, 2004), but also as a contrasting and complementary avenue to the usual research focus on mass merchandise retailers.
In order to achieve these research objectives, we departed from a thorough RI literature review, visits to the retailers' stores and data about the operations of firms involved with international retail made available by several secondary sources (retailers' websites, special reports).After this brief introduction, the next section presents the research method, followed by the proposed taxonomy of international retailers.Next, we discuss the implications of such taxonomy to better understand RI processes for each type of international retailer.This paper ends with the implications of the differences across retailers' types on the development of RI field and suggestions for future investigations, as well as the presentation of limitations of this research.

RESEARCH METHOD
Our first research objective is to propose a taxonomy of retailers that is relevant to identifying similarities and differences across retailing activity in order to properly characterize the RI process.Data to support this objective was obtained from: (a) a review of the literature in RI, retailing and marketing fields, in order to identify existing taxonomies and retailers' type denominations, (b) retailers' websites, which presented information of their activities, (c) visits to some international retailers' stores, in order to illustrate the taxonomy with real examples, and (d) the Delloite's Global Retailing Powers report (Delloite, 2014).The Delloite's Global Retailing Powers report (Delloite, 2014) has been used as a data source in several RI studies (e.g., Chan et al., 2011;Mohr et al., 2014;Mohr e Batsakis, 2014).Among the top 250 retailers listed in the report, we selected companies operating in more than one country (international retailers, cf.Chan et al., 2011) and excluded retailers that are pure e-commerce players and do not use bricks and mortar stores.For each of the 148 cases thus selected, we collected information about their retail sales, parent/company total sales and number of countries of operation.We checked additional sources of data (stores visits, retailers' websites and annual reports and available case studies) to classify correctly the cases into the proposed taxonomy.
In order to attain the second research objective, that is, to provide arguments about the distinctive internationalization patterns among retailers' types, we have resorted to (a) a review of the RI literature which covers the various aspects of the RI process, (b) a collection of the information available at retailers' websites and annual reports and (c) the experience of one of the authors of the current paper, who was a practitioner in the retail business as a shopping center developer in Brazil for 14 years.

LITERATURE CRITICAL REVIEW ON RETAILERS' TYPES
Retail internationalization processes and trajectories are expected not to be homogeneous across different retail types (Mollá-Descals et al., 2011;Moore et al., 2000).Hollander (1970) was recognized as the first to identify international types of retailers, such as "luxury goods retailer" and "specialized retailers".Other authors distinguish "food" and "non-food" retailers (Alexander e Doherty, 2009), and "fashion retailers" (Doherty, 2000;Wigley et al., 2005).Although often used by scholars and practitioners, such classifications are non-exhaustive, not mutually exclusive, and often lack internal consistency.
Overall, several types of retailers can be identified across the stock of theoretical and empirical studies to date.In studies about hypermarket and supermarkets, these retailers are usually designated as mass merchandise, general merchandise, large or 'big box' retailers (Alexander and Doherty, 2009;Arnold, 2002;Diallo, 2012).However, large or 'big box' retailer are also used in the classification of department stores, such as Marks&Spencer (Mellahi et al., 2002) and of specialized retailers that operate with large store format, such as Home Depot and Ikea (Bianchi and Arnold, 2004;Jonsson, 2010).Large specialist retailers are also known as category killers (Moore et al., 2000).
Mass merchandise retailers and similar terms, represented by the supermarkets, hypermarkets, department stores and discount stores, usually employ large stores (the "big box" format) and sell a vast array of merchandise, including food, and of brands purchased from diverse manufacturers.As a way to increase their bargaining power, they may develop/sell products under their own private label, which compete with products of their traditional suppliers (Bao et al., 2011;Diallo et al., 2013).Apart from these similarities, there are particularities that characterize each category of mass merchandise retailers.Hypermarkets and supermarkets -such as Carrefour, Tesco, and Walmart -include food in their assortment; department stores -such as Saks and Marks&Spencer -are organized in sections ("departments"), each representing a small store (Guy, 1998); and discount stores -such as Costco and Target -offer low-price-low-service (Kim and Jin, 2002).
Specialized retailers sell products of specific categories -such as toys (Toys R Us), shoes (Foot Locker), perfume and cosmetics (Sephora and Parfumerie Douglas), or home appliances (Home Depot and Ikea) -with deep assortment coming from many manufacturers.However, the store size of these retailers may vary; while Home Depot operates with 'big box' formats, Sephora's stores are of a smaller size (Alexander and Doherty, 2009).
In common, the above-mentioned retailers are multibranded retailers, i.e., they buy and sell products/brands from several manufacturers.However, the comparison between the several multi-branded types of retailers indicates that there is an underlying dimension that differentiates them, that is, product scope.In the case of the mass merchandising type of retailers, such as the supermarkets, the product scope is wide (general merchandise), while in the case of the specialized retailers, the product scope is narrow (specialized merchandise).
It is interesting to note that multi-branded retailers may develop private labels, which are distributed only in their own (or franchised) stores.While extant literature recognizes that the development of private labels originates from retailers' intention to limit the power of manufacturers (Bao et al., 2011;Steenkamp and Geyskens, 2014), there is also evidence that private labels also support retailers' own brand expansion strategy.The case in point is Sephora, whose own branded products are sold in their stores, but also in department stores (e.g., El Corte Inglés, 2014), as well as in several e-tailers, such as Amazon (Kerber, 2011).
Studies of these types of multi-branded retailers prevailed in the initial phase of the RI literature and are still very popular (Alexander and Doherty, 2010).More recently, the increase in the international activity of fashion and luxury retailers called the attention of the academic community, which has led to a relevant number of studies on these retail sectors (Alexander and Doherty, 2010).Besides, well-known consumer brands, such as Apple, Nike and MAC, are also sold through chains of monobranded stores in a worldwide scale.However, little has been published in the RI literature about this type of retailing activity (Ilonen et al., 2011).
In studies about those types of retailers, extant literature offers a plethora of terms with lack of uniformity, such as brand-oriented retailers, branded retailers and brand manufacturer's retailers (Alexander and Doherty, 2009;Alexander, 1995;Brïdson and Evans, 2004).Moreover, in some studies, firms involved with retail activities are identified by their stores types, such as single brand stores, company (owned) stores, (own) brand stores, branded stores or manufacturer's retail direct channel (Brun and Castelli, 2008;Dolbec and Chebat, 2013;Ilonen et al., 2011).
In common, these firms are involved with the retail activity by selling a narrow range of products under their own private brands.The comparison between multi-branded retailers, such as the supermarkets, and mono-branded retailers, such as the fashion retailers, indicates that there is an underlying dimension that differentiates them, related to brand management.While the multi-branded retailers manage a range of thirds parties' brands, which might include or not, their private labels, the mono-branded retailers manage only their own brands, and do not manage any third parties' brands.
However, mono-branded retailers are not exactly one single type of firm.While Zara is a retailer that also develops (and manufactures) its brands, Nike is a manufacturer that is also involved with the direct retailing of its brands.In the former example, the firm's core business is retailing, but its value chain is backward integrated into manufacturing -either by operating their own manufacture activities or else by outsourcing from third parties.The reasons for backward integration relate to the need to achieve the proper balance between quality and price (Lopez and Fan, 2009).In the latter example, the firm's core business is manufacturing (directly or outsourced) and brand development, but its value chain is forward integrated into distribution, by operating monobranded stores.The reasons for the forward integration into retailing relate to the need to control better the (extended) brand experience offered to consumers (Castelli and Brun, 2010;Ilonen et al., 2011).
The comparison between retailers backward integrated into manufacturing and manufacturers forward integrated into retailing suggests another underlying dimension that differentiates them, which is the firms' core business.While the former firm's core business is retailing, the latter's is manufacturing.

PROPOSAL OF A TAXONOMY OF INTERNATIONAL RETAILERS
In view of the previous discussion, we propose a classification of international retailers with respect to three dimensions: (a) product scope -wide or narrow; (b) brands' management -own or third parties'; and (c) company's core business -retailing or manufacturing (see Table 1).
As per Table 1, four different retailers types were identified: (i) general merchandise retailers, retailing firms whose stores distribute a wide array of products/brands of several manufacturers, (ii) specialized retailers, retailing firms whose stores distribute a narrow array of products/brands of several manufacturers, (iii) specialized branded retailers, retailing firms whose stores distribute only the brands they develop and manage through backward integration, and (iv) direct branded retailers, manufacturing firms' that develop and manage brands and are also involved with the direct distribution of their brands through retail mono-branded stores.
Direct branded retailers are involved a wide spectrum of retail sectors.There are examples of brand manufacturer retailers in IT & telecom gadgets (Apple, Samsung), sportswear (Nike, Adidas), luxury goods (Burberry, Louis Vuitton), chocolates (Lindt, Godiva), cosmetics & toiletry (MAC, L'Occitane), and apparel (Hugo Boss, All Saints, Desigual).A similar, and quite interesting, example is found in some service firms that sell tangible souvenirs, such as Disney Store and ESPN Store; although they are not manufacturers per se, their core business is not retail either.Additionally, cross sector branding activities are noticed in the stores of the Coca-Cola Clothing brand.
For the purposes of this paper and in order to avoid possible misinterpretation stemming from the multiplicity of terms used in the literature to refer to the retailers types, multi-branded retailers, either general or specialized, will be jointly named as Traditional Retailers.In seeking for parsimony, we opted to join both types into one because they differ only in one less relevant dimension (product scope).The distributors of the brands they develop and manage through backward integration into manufacturing (represented by some of the most prominent fashion retailers) will be named as Specialized Branded Retailers.And the manufacturers' direct retail business (e.g., in the fashion, luxury goods, sportswear, computers industries, among others) will be named Direct Branded Retailers.
Table 2 presents additional details (channel strategy, retail format and prevalent store size) on top of the ones presented in Table 1, which are also more fine-grained presented.

AN EMPIRICAL VERIFICATION OF THE PROPOSED TAXONOMY OF INTERNATIONAL RETAILERS
We searched in the 250 top retailers of Deloitte's report (Delloite, 2014), and found 148 international retailers; out of those, 128 were classified as Traditional Retailers (either General Merchandise or Specialized Retailers), 10 were classified as Specialized Branded Retailers and another 10 as Direct Branded Retailers -the latter two categories being the focus of this study and listed in Table 3.
Most (or all) of the revenues of Traditional Retailers relates to retail sales, since they do not manufacture products.Specialized Branded Retailers are involved in manufacturing, but they usually do not sell their products to other retailers; rather, they sell them through their own or franchised retail stores.Therefore, most (or all) of their revenues also relates to retail sales.Direct Branded Retailers are product manufacturers, which have also engaged in retail; as such, most of their revenues do not necessarily come from their retail business.
The prevalence of Traditional Retailers in Delloite's Top 250 international retailers list results from their sales volume across the globe, but not necessarily represents their visibility in the international retailing scenario.In terms of geographical diversification, Specialized Branded Retailers and Direct Branded Retailers operate in many more countries than the Traditional Retailers.While the former are present respectively in 48.7 and 51.6 countries on average, the latter operate in 8.5 countries on average (mass merchandise retailer), and 11.2 countries on average (specialized retailer).

ASPECTS OF THE RETAIL INTERNATIONALIZATION PROCESS
We review the literature on RI highlighting the differences in the internationalization process of the three proposed types of retailers, from now referred to as SBR, for Specialized Branded Retailers, and DBR, for Direct Branded Retailers.Traditional Retailers will be designated without abbreviations.When mentioned all together, they will be referred as retailers and when both SBR and DBR are mentioned together, they will be referred as Branded Retailers.
The RI literature review will follow the agenda used by Swoboda et al. (2009), resulting in the following aspects of the RI process: motives, market selection (and number of countries), entry modes, operational patterns, and divestment profile.

MOTIVES
Several scholars have suggested brand orientation as a pull factor in RI motives for Branded Retailers in the search for new markets, irrespectively of the situation of their domestic markets (Alexander and Doherty, 2009;Treadgold, 1988;Wrigley et al., 2005).Pull factors were used to explain the expansion of luxury retailers (an example of DBR), which looked into foreign market niche opportunities to expand their unique brands (Dion and Arnould, 2011;Fionda and Moore, 2009;Nobbs et al., 2012).In contrast, Traditional Retailers are more likely to expand to foreign markets as a response to the saturation of their domestic markets (Burt and Sparks, 2002).Alexander (1995) proposed a motivation matrix in which Traditional Retailers are more prone to expand by push factors and Branded Retailers, called by the author as brand-oriented retailers, by pull factors, being the latter prone to be born global, as their original brand inception is usually globally oriented.Strong brand image, niche strategy and innovative retail formats allowed Branded Retailers to explore the opportunities identified in foreign markets, resulting in intense expansion both domestically and internationally (Alexander and Doherty, 2009;Quinn, 1999;Williams, 1992).

MARKET SELECTION
RI literature, as well as anecdotal evidence, usually support the argument that Branded Retailers can select more distant markets and may operate in many more countries than Traditional Retailers (Delloite, 2014;Moore et al., 2000).

Retailer type
Traditional Source: expanded and refined from Alexander and Doherty (2009); Arnold (2002); Brïdson and Evans (2004); Brun and Castelli (2008); Burt and Sparks (2002); Castelli and Brun (2010); Diallo (2012); Dawson (1994Dawson ( , 2000)); Dolbec and Chebat (2013) The reasons for broader market selection options are found in the characteristics of foreign markets where Branded Retailers' targeted consumers have already experienced their brands, by travelling abroad, or where their brands are well recognized and highly valued, because of brands' global marketing efforts, including merchandising initiatives in films and TV series.
Although extant literature contends that firms tend to select geographically close foreign markets that exhibit similar economic, cultural, and political systems to enter in the first moment of their internationalization process (Evans et al., 2000;Treadgold, 1988), some studies found that Branded Retailers could use their own brands' image and niche orientation to overcome psychic distance barriers or mitigate their effects (Evans et al., 2000;Moore et al., 2000, Simpson andThorpe, 1995).Alexander (1990) emphasized the importance of the niche opportunity when DBR select a new market to enter, using as example the targeted cosmopolitan consumers of luxury goods who can be found in large cities of many countries.

ENTRY MODES
International retailers' entry modes are usually presented as a continuum, ranging from high to low control, risk and cost (Treadgold, 1988).Organic expansion is characterized by a high degree of control, cost and risk, followed by merger, acquisition, and joint venture, while franchise presents lower degree of control, costs and risks (Burt, 1993;Doherty, 2000).RI literature indicates that Traditional Retailers are prone to high control market entries, as merges and acquisitions (Burt et al., 2008;Wrigley and Lowe, 2007), joint ventures (Palmer, 2006) and organic growth (Palmer and Owens, 2006;Wrigley and Lowe, 2007;Wrigley et al., 2005).Branded Retailers count with a broader spectrum of entry modes, when they possess a strong brand identity clearly positioned and do not operate with big box type of stores, and may adopt mixed or composed entry mode types, including franchising (direct to franchisees or through a master franchisee) (Burt, 1993;Doherty, 2000;Lopez and Fan, 2009;Picot-Coupey, 2009;Waarts and van Everdingen, 2006).However, organic growth seems to be the preferred mode for SBR, as noticed by Lopez and Fan (2009) for Zara and as stated by H&M in their investors' information prospect: "H&M stores are run by H&M, with the exception of some markets where we collaborate with franchising partners.Franchising is not part of the general expansion strategy" (H&M, 2014).
Flagship stores are considered as an entry mode of DBR (Nobbs et al., 2012), such as the luxury designer retailers, paramount to the success of the international expansion of their brands (Fionda and Moore, 2009).The flagship store provides a retail setting where DBR can leverage brand loyalty, promote brand image and communicate brand meaning in foreign countries (Arrigo, 2015).As argued by Moore et al. (2010, p. 156), "[flagship stores] are distinguishable from the rest of the retail network due to their scale, design, location and set-up and operating costs".

OPERATIONAL PATTERNS
The nature of the retailing activity, when compared to manufacturing, has raised questions about what is in fact internationalized (Dawson, 1994).Some scholars point to the transference of the retail concept, i.e., such as retail know-how, innovation, offer, formula, identity, format and brands (Burt et al., 2005;Dawson, 2000).In the marketing literature, the following aspects or activities have been argued to be transferrable across markets: store image, assortment depth and breadth, and store environment (Ailawadi and Keller, 2004;Lindquist, 1974;Mazursky and Jacoby, 1986).Ultimately, store image can measure the impact of retail as a brand (Burt and Sparks, 2002;Dawson, 1994Dawson, , 2000) ) in consumers' patronage.
Yet, it has been argued that the store image concept does not emphasize how consumers perceive the store that carries a single brand, such as the stores of the Branded Retailers, as the very brand appeal may exert stronger level of influence on the consumers' perception of the store image (Lopez and Fan, 2009;Moore et al., 2010).Branded Retailers seek the international expansion of the brands they develop and see themselves as brands, rather than retailers (Frasquet et al., 2013;Ilonen et al., 2011;Moore et al., 2010).Brands are developed in a centralized manner, including the retail settings, and "exported" to foreign markets.In contrast, Traditional Retailers "export" their retail formula, which includes the retailer's corporate image (Burt and Mavrommatis, 2006).
However, the retail activity of the DBR is only a part of their distribution strategy, as those retailers also export their brands to be distributed by local (multibrand) retailers in foreign markets.Consequently, while DBR export brands and also open brands' exclusive stores in foreign markets, SBR internationalization usually is carried out only by the opening of brands' exclusive stores.
As argued by (Ilonen et al., 2011), DBR seems to be gaining a global scale, noted by the increase in flagships and mono-branded stores.Brands like Le Creuset, Apple and Nike, originally sold only through Traditional Retailers, are also seeking growth by delivering to the consumer a brand's complete shopping experience (Brun and Castelli, 2008).Alexander and Doherty (2009, p. 101) argued that "retailing has been traditionally the less important arm of a manufacturing-based commercial activity", but recognized the importance of the fast growing forward integration activity of manufacturers into flagship stores and/or designer fashion brands (Kozinets et al., 2002;Manlow and Nobbs, 2013) Brand orientation plays an important role in the adaptation vs. standardization debate and RI scope (Swoboda et al., 2009).Branded Retailers are usually seen as global retailers, which exploit their brands' value around the globe, subject to few adaptations.Sternquist (1997) noticed that retailers with global orientation are vertically integrated, ranging from product conception to retailing, and expand into foreign markets in a standardized combination of their retail formula and valuable brands for foreign consumers.Some research on SBR (specifically, fashion retailers) provided evidence of the positive impact of the international replication of standardized integration of brand identity and store environment on performance in the host market, as well as in the relationship with stakeholders (Mollá-Descals et al., 2011;Wigley and Moore, 2007).
In contrast, Traditional Retailers are more vulnerable to the foreign market environment, such as local competition, culture, supply chain and regulation (Alexander and Doherty, 2009;Rocha and Dib, 2002), and their operational patterns are normally adapted to each foreign market.
In respect to the international retailers' operational challenges, Alexander and Doherty (2009) argued that Traditional Retailers should focus on their distribution competences to deal with adaptation challenges, as the scarcity of big sites, for instance, and benefit from their corporate brand strength, while Branded Retailers should emphasize the brand appeal in selected targeted markets, as they face few adaptation barriers.DBR faces an important operational challenge, as the manufacturer has to change its whole business model to become a retailer (Ilonen et al., 2011) -but that is a challenge that is dealt with before the internationalization process takes place.

DIVESTMENT
Despite growing interest, literature on RI divestment still searches for appropriate theoretical ground that accounts for the many external and internal factors that affect the RI process (Alexander and Quinn, 2002;Cairns et al., 2008).Extant research focuses only on the divestment process of Traditional Retailers, but little is known about Branded Retailers' international divestment.
RI divestment may take place through various forms (Alexander and Quinn, 2002;Cairns et al., 2008), ranging from closure of stores, sale of the store chain in a country, termination of a business contract (joint venture, franchising) or organizational restructuring, and therefore "divestment may or may not involve market exit" (Alexander and Doherty 2009, p. 326).However, Traditional Retailers' divestment is more likely to happen by completely leaving the host market (Cairns et al., 2008).Alexander et al. (2005) showed that the stability of the volume of this activity are mostly related to external factors, both coming from domestic and foreign market, as for instance, during periods of economic crisis.In terms of internal factors, smaller retail chains (which run fewer than 40 units) are more prone to divestment while companies with market longevity resist better than the younger ones.
Branded Retailers of considerable size may be more resistant to failure, due to resource availability.However, divestment is more likely to happen by reducing the quantity of stores in the host market until a minimum point where operations become not profitable any longer due to structural local costs (Alexander and Quinn, 2002) and definite exit is taken.DBR may also abandon their retail operations in a given host market and keep the brand sold through other indirect retail channels, such as local retailers.

SUMMARY OF THE ASPECTS OF THE RETAIL INTERNATIONALIZATION PROCESS PER RETAILER TYPE
The aspects of the retail internationalization process previously revised are summarized in Table 4 per each different retailer type.
Traditional Retailers internationalize their retail formula (Bao et al., 2011) and usually expand abroad because of push factors -often, saturation of their domestic market (Alexander, 1990, Williams, 1992).They tend to select psychically close countries (Treadgold, 1988), thus entering a small number of countries.They often adopt high-control entry modes (Palmer and Owens, 2006)  adapt to the host country characteristics.They may be more resistant to failure, due to resources availability, and divestment is more likely to happen by completely leaving the host market (Cairns et al., 2008).Specialized Branded Retailers internationalize the branded store formula, influenced by pull factors, usually the opportunity to exploit an appealing brand and innovative/exclusive products in several host markets, whose consumers have similar life styles and "standardized" preferences (Moore et al., 2000).Their offer is unique, as they sell exclusively the brands they develop and these brands are sold exclusively through their stores, owned or master franchised.They may be more resistant to failure, due to resource availability.Divestment is more likely to happen by reducing the quantity of stores in the host market until a minimum point where operations become no longer profitable due to structural local costs (Alexander and Quinn, 2002) and definite exit is taken.
Direct Branded Retailers internationalize their brands by using a great variety of distribution forms, ranging from selling through Traditional Retailers to mono-branded stores, as well as via e-commerce (Frasquet et al., 2013).Pull factors motivate DBR to foreign markets, stemming from the opportunity to expand their appealing brands and technology/ uniqueness to similar customer segments in several host markets.As they target specific consumers, segmented by their life styles and aspirations, psychic distance is mitigated by standardized preferences, influenced by consumer global convergence (De Mooij and Hofstede, 2002).They offer to local consumers the complete brand experience (Brun and Castelli, 2008), either through own or franchised stores, and ultimately through the unique experience provided by flagship stores (Manlow and Nobbs, 2013).Divestment may occur in many forms, ranging from the reduction in the number of stores to even only one store, to the complete absence of the direct retail format and the maintenance of the brand's presence in market through the local retailers (Alexander and Quinn, 2002).

DISCUSSION AND CONCLUSIONS
We identified differences in business models across retailer types, which can affect their RI patterns, responding to the first objective of this paper.Understanding such differences and taking a finer-grained approach to RI is necessary to respond to the emergent role of branding as a major force of retail's internationalization (Wigley et al., 2005).
The results from the analysis of the different aspects of the RI process across the herein proposed retailers' types contributed to achieve the second objective of this paper, by answering the question: are there significant differences in the RI processes across the proposed types of retailers that justify the development of a contingent body of research?Considering what has been discussed here, the answer is 'yes' .
Direct Branded Retailers, manufacturers that also sell through direct retailing, possess features that allow them to internationalize faster and broader: the strength of their brand, the attractiveness of the products/technologies to given consumer segments across several countries, the importance of the direct retail to their main manufacturer business and their standardized formats.Specialized Branded Retailers, retailers that sell exclusively their own brands, count on an internationalized supply chain and brand appeal that sets them apart from fierce price competition and helps them achieve a global position.Traditional Retailers, retailers of multi-branded third parties' products, on the other hand, lack brand differentiation and face major adaptation issues, which lead them to operate in few and usually psychically close markets.Although their retail formula is easily transferable to host markets, it is also easy to be imitated and may have been preempted by indigenous competitors, making them strategically more vulnerable to host market competition (Dawson, 1994).
Traditional Retailers and Direct Branded Retailers seem to share only one common feature -both are distributors of merchandise to consumers -but no other similarities.As for Direct Branded Retailers and Specialized Branded Retailers, while a quick look might suggest that they look alike in many dimensions of RI, there are in fact some differences related to their distribution activities.In this respect, fashion retailing research is providing a valuable amount of knowledge about innovative formats and an international supply-chain being created to support the expansion of strong brands worldwide.
In this paper, we attempted to offer a view of the international retail scenario considering the retailing activity enlarged in its scope of activity, also encompassing manufacturing and brand management.
Additionally, we argue that Direct Branded Retailers is likely to be the main source of new international retailers, as manufacturers' willingness to grow internationally may possibly fill up retail arena with their brands' direct stores (Bell et al., 2001).With respect to global luxury brands, Bain & Company (2014, p. 17) reports that: Company-owned retail stores continued to gain share relative to other channels.From 2007 through 2014, the share of company-owned retail sales has gained 10 percentage points and now totals nearly one-third of the luxury-goods market.This reflects an ongoing "retailization" of what had been wholesale formats (for example, department stores) … with brands increasingly seeking global control of their operations.
In fact, many other brands not listed in the Delloite's Global Powers of Retail report (Delloite, 2014) are relevant players in the global scenario, as most of them are known by many consumers in developed and emerging countries, for instance: Adidas, Michael Kors, Nespresso, Coach, L´Occitane, MAC and Swarovski.

Table 1 .
A three-dimension classification of retailers.

Table 2 .
International retailer types' detailed information.

Table 3 .
Specialized Branded Retailers and Direct Branded Retailers included in Top 250 Global Powers of Retailing.

Table 4 .
and their operational pattern is oriented to Retail internationalization aspects.