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Indian Retail Industry: Strategies, Trends and Opportunities 2007
Digital Vector, June 2007, Pages: 345
Retail is India’s largest industry, accounting for over 10 per cent of the country’s GDP and around eight per cent of the employment. Retail industry in India is at the crossroads. It has emerged as one of the most dynamic and fast paced industries with several players entering the market. But because of the heavy initial investments required, break even is difficult to achieve and many of these players have not tasted success so far. However, the future is promising; the market is growing, government policies are becoming more favorable and emerging technologies are facilitating operations.
Retailing in India is gradually inching its way toward becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retail has entered India as seen in sprawling shopping centres, multi-storeyed malls and huge complexes offer shopping, entertainment and food all under one roof. The Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. 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 going to be the key growth drivers of the organized retail sector in India.
Some Key Facts:
- Retail is India’s largest industry, accounting for over 10 per cent of the country’s GDP and around eight per cent of the employment
- The market size of Indian retail industry is about US $312 billion
- Organised retailing comprises only 2.8 per cent of the total retailing market and is estimated at around US$ 8.7 billion
- The organised retail sector is expected to grow to US $ 70 billion by 2010
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