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.

A retailer is one who stocks and sells the producers' goods to the individual consumer, at a profit. Retailing is the last link that connects the individual consumer with the manufacturing and distribution chain. Till the 1980s, people in India generally did not visit large retail stores to buy ready-to-wear clothing. They typically purchased fabrics from a small local shop, took it to their neighborhood tailor, who would sew a custom-made garment. But particularly since the late 1990s, India's accelerated economic growth has substantially altered this paradigm, which has simultaneously caused a sea change in textile and garment retailing too.

Increase in disposable income and changing lifestyle have resulted in a growing desire for well-designed, affordable, ready-to-wear clothing. Now, shopping has emerged as a fashion statement, with new malls sprouting up in city centers, suburbs and towns throughout the country. Kishore Biyani (Biyani), CEO of Pantaloon Retail (India) Ltd., is one of the pioneers of the retail transformation in India. Biyani has done a remarkable job of growing the ready-to-wear retail clothing market into a substantial business, and also setting the pace for transformation in the retailing of groceries, FMCGs and various household goods.

According to Retail Biz, an Economic Times publication, the total quantum of private spending in India is over Rs. 15 lakh cr and consumer spending after taking out expenditure on healthcare, education, transportation and housing is almost Rs. 10 lakh cr which gives an idea about the size of the retail market in India. Currently, retailing in India is estimated at $300 bn per annum. From the employment point of view, agriculture provides the maximum employment in India, followed by the retail business.

Marketing Mastermind Magazine, India Retailing industry, Indian Corporate Houses, Reliance, Bharti, Tatas, AV Birla Group, Godrej, Fast Mooving Consumer Goods, FMCGs, Kishore Biyani, Pantaloon Retail (India) Ltd., Consumer Behavior, Information Technology, E-commerce, Global Economy.