India is fast turning into the retail destination of the world. Consistent with the international management consultant AT Kearney, India has emerged because the leader in terms of retail opportunities. The retail market in India is anticipated to grow to 427 billion USD by the year 2010.
But, the face of the Indian retail industry is changing. India is passing through a retail boom today. A number of changes have taken place on the Indian retail front like increasing availability of international brands, increasing number of malls and hypermarkets and straightforward availability of retail space. With the Indian government having unfolded the doors for FDI, the entry of foreign retailers into the country has become easier. India has come a long approach from the traditional Kirana stores and is on its way to turning into a ‘mall country’. The emphasis has shifted from cheap pricing to convenience, potency and ambience.
The most important factors fuelling this modification are the rise in disposable income of the people, improving lifestyles, increasing international exposure and increasing awareness among the customers. India features a giant middle class in addition to youth population, which has contributed greatly to the retail phenomenon. The center class is considered to be a serious potential client group. The youth are perceived as trend setters and call makers. Tourist spending in India is increasing, that has conjointly prompted the retail boom.
Food and grocery are the two categories within the Indian retail sector that offer the foremost promising opportunities. Except this, the opposite areas where there are vast possibilities for Indian retailers are jewelry, apparel and shopper durables. Indian retailers are attempting to form a distinct segment for themselves in areas such as books, gifts and music.
The Indian retail business goes through a amount of golden sunshine.
Fibre2fashion discusses on certain problems concerning the Indian retail industry with Mr. Andreas Gellner, Managing Director, Adidas India:
Mr. Gellner, expressing his read on the current state of affairs in the Indian retail sector, states that by now, it's truthful to assess that the outlook is terribly bright, but currently, the potential and dynamics are somehow overhyped. Undersupply of suitable spaces and manpower have driven each critical cost parts to levels where it's very difficult for several retailers to create profits (not to speak about generating funds for further enlargement). The service tax on rentals, in fact, was the final blow to several profitability models.
He went on to any state that the long-term future is terribly promising, however the subsequent few years can stay extraordinarily challenging. While speaking regarding the present mall culture in India, he believed that the department stores as places to congregate and spend time for searching and alternative activities have been well accepted.
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