This about a third of levels in United States and Europe; and about half of levels in other emerging economies. A complete expansion of retail sector to levels and productivity similar to other emerging economies and developed economies such as the United States would create over 50 million jobs in India. Training and development of labour and management for higher retail productivity is expected to be a challenge. In Novemberthe Indian government announced relaxation of some rules and the opening of retail market to competition.
The food and grocery retail sector is expected to multiply five times in the same time frame. The present value of the Indian retail market is estimated to be around Retail sector in india.
History The origins for retail business in India can be traced with the emergence of Kirana stores and mom-and-pop stores. These stores used to cater to the local people. Later Titan launched retail showrooms in the organized retail sector.
With the passage of time new entrants moved on from manufacturing to pure retailing. Today India is the fifth largest in the world in terms of Retail Industry.
Comprising of organized and unorganized sectors, Indian retail industry is one of the fastest growing industries, especially over the last few years.
Though initially, the retail industry in India was mostly unorganized, with the change of tastes and preferences of the consumers, the industry is getting more popular these days and getting organized as well. The India retail industry is expected to grow from Rs. As India has a huge middle class base and its untapped retail industry are key attractions for global retail giants planning to enter newer markets.
Brief introduction The Indian Retail Industry has come forth as one of the most dynamic and fast paced industries with several players entering the market.
Today due to Retail business the total concept and idea of shopping has undergone an attention drawing change in terms of format and consumer buying behavior, ushering in a revolution in shopping in the country. Modern retailing has entered into the country and as is observed in the form of bustling shopping centers, multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof.
A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing working women population and emerging opportunities in the services sector are the key factors in the growth of the organized Retail sector in India.
The growth pattern in organized retailing and in the consumption made by the Indian population will follow a rising graph helping the newer businessmen to enter the India Retail Industry. The Food Retail Industry in India dominates the shopping basket. The future of the India Retail Industry looks promising with the growing of the market, with the government policies becoming more favorable and the emerging technologies facilitating operations.
Market capitalization The present value of the Indian retail market is estimated to be around Rs. Retail market for food and grocery with a worth of Rs. Furthermore around 15 million retail outlets help India win the crown of having the highest retail outlet density in the world.
Size of the industry In the next fe years the organised Retail Sector in India is expected to triple its size. The organised retailing comprises only 2. Top leading Companies Pantaloon Pantaloon is the most popular and biggest retailers in India with more than stores across the country.
Headquartered in Mumbai, it has more than 5 million sq.
It has the following retail segments: Hometown Furniture Bazaar Consumer Electronics:GST Impact on Retail Sector and Retailers in India. GST brings the following benefits to retailers and retail shoppers in the country. Lower Taxes. GST effectively replaces all the various indirect taxes being applied to the supply of retail products.
In FY17, organised retail market contributed 7 per cent of the total sector and unorganised retail market contributed the rest 93 per cent of the sector. Online retail is expected to be at par with the physical stores in the next five years and has grown 23 per cent to $ billion in The role of proximity marketing in shaping up new retail in India Impact of Revised GST Rate on the Food and Beverage Sector Monday, 4 December ; Trends That Redefine Retail Spaces in India.
Retail and Consumer quarterly newsletters As the retail sector witnesses unprecedented growth, India has emerged among the most desirable retail destinations in the world. Even though modern trade is growing at 15 to 20% per annum, it has a low organised retail penetration of just 8%.
India has occupied a remarkable position in global retail rankings; the country has high market potential, low economic risk and moderate political risk India is expected to become the world's third-largest consumer economy, reaching US$ billion in consumption by , according to a study by.
India, all the regulations regarding retail sector varies across states and their impacts are also heterogeneous since these regulations are still in state level and are being influenced by the existing political parties of different.