India is quick becoming the retail destination of the world. Per the international management consultant AT Kearney, India has emerged as 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 business is changing. India is passing through a retail boom today. A variety of changes have taken place on the Indian retail front like increasing availability of international brands, increasing range of malls and hypermarkets and straightforward availability of retail space. With the Indian government having opened the doors for FDI, the entry of foreign retailers into the country has become easier. India has come a protracted manner from the ancient Kirana stores and is on its method to turning into a 'mall country'. The emphasis has shifted from affordable pricing to convenience, potency and ambience.
The major factors fuelling this change are the increase in disposable income of the individuals, improving lifestyles, increasing international exposure and increasing awareness among the customers. India incorporates a massive middle class as well as youth population, that has contributed greatly to the retail phenomenon. The center class is taken into account to be a serious potential customer group. The youth are perceived as trend setters and decision makers. Tourist spending in India is increasing, that has additionally prompted the retail boom.
Food and grocery are the 2 classes in the Indian retail sector which provide the foremost promising opportunities. Except this, the other areas where there are vast possibilities for Indian retailers are jewelry, apparel and consumer durables. Indian retailers are also trying to form a distinct segment for themselves in areas like books, gifts and music.
The Indian retail industry is going through a amount of golden sunshine.
Fibre2fashion discusses on sure issues regarding the Indian retail industry with Mr. Andreas Gellner, Managing Director, Adidas India:
Mr. Gellner, expressing his view on the current scenario in the Indian retail sector, states that by currently, it's honest to assess that the outlook is terribly bright, however currently, the potential and dynamics are somehow overhyped. Undersupply of appropriate areas and manpower have driven both essential value elements to levels where it's very troublesome for several retailers to make profits (not to speak regarding generating funds for additional expansion). The service tax on rentals, of course, was the final blow to many profitability models.
He went on to any state that the long-term future is very promising, but the following few years will stay very challenging. Whereas speaking about this mall culture in India, he believed that the department stores as places to congregate and spend time for searching and other activities have been well accepted.
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