Interviews
Retail sector to overtake the developed retail economies
08 Mar '07
3 min read
While the concept of retail was not new to India, modern retail concepts were fairly new which would need the industry to share knowledge and get greater exposure to international retail brands.
Retail gurus felt that the growth in the GDP and the raising income levels and middle class moving up the stratum added to the increased purchase power will changing the outlook of the retail business in the country. Many Internationally acclaimed brands are looking at India with great expectations. The retail industry in India, according to the industry experts will be a major employment generator in the time to come.
Currently the market share of the modern retail is just over 4 percent of the total retail industry, thereby leaving a huge untapped opportunity. The sector is expected to see an investment of over US $ 30 billion within the next 4-5 years. Technopak estimates that modern retail in India would be worth US $ 175-200 billion by 2016.
However, the retail industry also faced the multiple challenges of a dearth of experienced professionals in modern retail, lack of proper retail systems, supply chain management, escalating real estate and HR costs. There was general consensus on the need to build an interactive retailing that ensures perfect triangular relations between the associate, retailer and consumer.
Retail gurus felt that the growth in the GDP and the raising income levels and middle class moving up the stratum added to the increased purchase power will changing the outlook of the retail business in the country. Many Internationally acclaimed brands are looking at India with great expectations. The retail industry in India, according to the industry experts will be a major employment generator in the time to come.
Currently the market share of the modern retail is just over 4 percent of the total retail industry, thereby leaving a huge untapped opportunity. The sector is expected to see an investment of over US $ 30 billion within the next 4-5 years. Technopak estimates that modern retail in India would be worth US $ 175-200 billion by 2016.
However, the retail industry also faced the multiple challenges of a dearth of experienced professionals in modern retail, lack of proper retail systems, supply chain management, escalating real estate and HR costs. There was general consensus on the need to build an interactive retailing that ensures perfect triangular relations between the associate, retailer and consumer.
Technopak
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