To survive in the competitive retail landscape, retailers launch service innovations designed to grant additional value to consumers. This study investigates whether and in which circumstances retail service innovations create shareholder value, using stock returns to capture investors’ point of view. An event study is used to analyze a broad, varied set of 350 service innovation announcements by publicly listed retailers. The study shows that the customer value benefit(s) aimed for by the retail service innovation (i.e., its level of convenience and engagement) has an impact on shareholder value. Moreover, this impact is contingent upon the stage of the consumer purchase process that the innovation targets, and upon the hedonic or utilitarian nature of the products offered by the retailer that initiates the innovation. The impact on retailer shareholder value is more positive for service innovations high on convenience that speed up and simplify the shopping process, when implemented at the purchase stage or by retailers offering utilitarian products. Service innovations high on engagement that focus more on non-transactional initiatives instead fare well in the post-purchase stage.

为了在竞争激烈的零售环境中生存，零售商推出了旨在为消费者带来更多价值的服务创新。这项研究调查了零售服务创新是否以及在何种情况下通过股票收益率来反映投资者的观点来创造股东价值。一项事件研究用于分析公开上市零售商发布的350多种广泛的服务创新公告。研究表明，零售服务创新所追求的客户价值收益（即其便利性和参与度）对股东价值有影响。而且，这种影响取决于创新所针对的消费者购买过程的阶段，以及发起创新的零售商所提供产品的享乐性或功利性。当在购买阶段或由提供实用性产品的零售商实施时，对便利性高，可加快并简化购物流程的服务创新的影响，对零售商股东价值的影响更为积极。高度重视参与度的服务创新更多地关注非事务性计划，而在购买后阶段表现良好。