India's retail market is likely to touch a whopping Rs. 47 lakh crore by 2016-17, expanding at a compounded annual growth rate of 15 per cent, a Yes Bank-Assocham study says. Organized retail, which comprised a meagre seven per cent of overall retail market in 2011-12 is estimated to grow at a CAGR of 24 per cent and attain 10.2 per cent share of total retail by 2016-17. On the supply side, retail sector growth will be backed by expansion plans of existing players and the entry of new players, the study said.
Hence, it's important for every retailer to have a strong vendor relationship so that he can achieve maximum from this growing market base. CPFR will help both retailer & vendor to have more reliable understanding.
Mr. Kushagra Prakash is Assistant Professor (Fashion) in NITRA, Ghaziabad and Mr. Vivek Agarwal is Assistant Director & Dean (Management) in NITRA, Ghaziabad.