Abstract
This paper explores the growth and dimensions of retailing
industry in India. The retail sector is playing a phenomenal role throughout
the world. In the changing scenario, the Indian retail industry has witnessed
many changes and growth as one of largest industry offering 10-11% of GDP in
the country and is providing wide employment opportunity and India has the
highest shop density and is rated the fifth most attractive emerging retail
market in the world, second in the global retail development index out of 30.due
to globalization and liberalization, increased per capita income, changing
lifestyle and increased product availability at lower prices, improved shopping
standards, convenient shopping and display and blending of shopping with
entertainment has increased the growth of retail market in India, and also it
faces many problem like non- availability professional sales skill,
availability of space in metro cities, low image and less attractive to
investors, Rigorous labor laws control the growth of retail industry, even
though it is expected that by 2016 modern retail industry in India will be
worth US$ 175- 200 billion. It is becoming the
flourishing industry in India.
Key words: Retail formats, Shopping, Emerging trends.
Introduction
Retailing is considered as one of the most nimble industry,
where the manager comes in contact with the customers and responds to their everyday
needs. To be successful in the competitive arena, retailers must be able to
convince the shoppers, that they can satisfy their needs better than their
competitors. It is one of the largest industries in India, with an employment
of around 8% and contributing to over 11% of the country's GDP. Retail industry
in India is expected to rise by 25% yearly as it is being driven by strong
income growth, changing lifestyles, and favorable demographic patterns.
Shopping in India has witnessed a revolution with the change in the consumer
buying behavior and the whole format of shopping also altering the growth of
retail industry. In India there are multi- stored malls, huge shopping centers,
and sprawling complexes which offer food, shopping, and entertainment all under
the same roof.
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The
author is a Research Scholar in Management Science Department at Sathyabama
University, Chennai
