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Retailing in India has been growing at a frenetic pace over the past decade. More importantly, it has witnessed rapid change in terms of the retail mix (organized versus unorganized), the quality and scale of retailing, the varieties of retail formats and also change in consumer preferences and shopping habits.
The retail sector has attracted many Indian corporate houses such as the Future Group, Reliance, Bharti, Tatas, AV Birla Group, Godrej and others to make substantial commitments and investment plans in this sector. Leading multinational retailers such as Wal-Mart, Carrefour and Tesco are waiting in the wings to get a share of the Indian retail pie. The Indian retail scenario is definitely headed for a major transformation in the years to come.
India's retailing boom has acquired further momentum, dyna-mism and vibrancy with international players experimenting in the Indian market and the country's existing giants taking bold innovative steps to woo the consumers. The next few years are likely to witness rapid growth in the organized retailing sector with several leading international players establishing their presence in India by adjusting their formats to suit local tastes and buying behavior. At the same time, the domestic players have stepped up their defenses and are striving to gain an edge over the global players by using their knowledge of local markets. According to Technopak, $12 bn (Rs. 54,000 cr) is likely to be invested in India in organized retail over the next five years. Clearly, the next wave of the retail boom is upon us.
Retailing,
the biggest private-sector industry in the world, is one of
the prime movers of an economy. One of the significant drivers
for formal real estate and urban development, it accounts
for 10% of the Gross Domestic Product (GDP) of most developed
countries. Globally, retailing is big business—worth
a staggering $6.6 tn according to a recent report published
by McKinsey & Co.—and much of it is accounted for
by organized retailing. |
