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Consumer is well informed today - Mr Spencer Sheen, M&S
15 Oct '08
2 min read
Recognizing the amazing potential of Indian Retail Industry, major players from the global arena have entered this market. This sector accounts for around 10 percent of the GDP of the country, standing at about US $300 billion and is anticipated to touch almost $427 billion by 2010.
Although, currently, recession has engulfed the global economy, India is still maintaining itself to be an attractive destination for foreign investors.
The changing buying behaviour of the consumer and modified concept of shopping has encouraged international players like Marks and Spancer to focus on this market keenly.
Mr Spencer Sheen - Head of Retail, M&S India, discussed about the current scenario of Indian retail sector, in an exclusive interview with Fibre2fashion, and told, “India has a growing, vibrant population, and is a huge opportunity amongst emerging retail markets. The Indian consumer is well informed today and recognizes good value. As a mid market retailer, we at M&S believe we will appeal to millions of Indian consumers who, like UK consumers, both want good quality, good value products.”
Talking about major hurdles faced while selecting India for your retail operations, Mr Sheen expressed “Finding property is a key priority for us. We're going to be working hard to expand our presence in India by looking for properties across the country so that has to be our focus at the moment.”
While stating the major factors that decide success in retail, the Head of Retail stressed, “A vibrant retail sector provides direct employment in stores, warehouses and at suppliers. As new retailers enter the market place, the Indian consumer will benefit in terms of choice, value and service. The successful International players will be those who are prepared to adopt their model for the Indian market. International retailers must be clear as to their strategy for entering India, it should never be just as a reaction to tougher trading in their home market.”
Pointing out the role of internet in retailing worldwide and that of India, Mr Spencer Sheen, stated, “Internet retailing is important, and is definitely growing internationally and in India. However it is too early for us to comment regarding our plans in this regard.”
Although, currently, recession has engulfed the global economy, India is still maintaining itself to be an attractive destination for foreign investors.
The changing buying behaviour of the consumer and modified concept of shopping has encouraged international players like Marks and Spancer to focus on this market keenly.
Mr Spencer Sheen - Head of Retail, M&S India, discussed about the current scenario of Indian retail sector, in an exclusive interview with Fibre2fashion, and told, “India has a growing, vibrant population, and is a huge opportunity amongst emerging retail markets. The Indian consumer is well informed today and recognizes good value. As a mid market retailer, we at M&S believe we will appeal to millions of Indian consumers who, like UK consumers, both want good quality, good value products.”
Talking about major hurdles faced while selecting India for your retail operations, Mr Sheen expressed “Finding property is a key priority for us. We're going to be working hard to expand our presence in India by looking for properties across the country so that has to be our focus at the moment.”
While stating the major factors that decide success in retail, the Head of Retail stressed, “A vibrant retail sector provides direct employment in stores, warehouses and at suppliers. As new retailers enter the market place, the Indian consumer will benefit in terms of choice, value and service. The successful International players will be those who are prepared to adopt their model for the Indian market. International retailers must be clear as to their strategy for entering India, it should never be just as a reaction to tougher trading in their home market.”
Pointing out the role of internet in retailing worldwide and that of India, Mr Spencer Sheen, stated, “Internet retailing is important, and is definitely growing internationally and in India. However it is too early for us to comment regarding our plans in this regard.”
Fibre2fashion News Desk - India
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