Explain the emerging trends in the development of Modern Retail formats in Indian Context and Highlights the emerging Rural Retail Landscape and also, Reveals the Consumer Shopping Behavior (Across the Country) among the Modern Retail Formats with special reference to Delhi & NCR.
The empirical data has been collected with the help of Primary as well as secondary resources.
Key Words: Hypermarket, Convenience Store, Retailing, Malls, Shoppers Introduction India has witnessed a frenetic pace of retail development over the past five years. Goldman Sachs has estimated that the Indian Economic growth could actually exceed that of China by 2015. It is believed that the Country has potential to deliver the faster growth over the next 50 years. (1) As we all know that India has been a nation of Dukandars, having – approximately 12 million retailers. Obviously retailing is in our blood – either as a shopkeeper or as a shopper. The Indian Retail market is estimated to grow from the current US $ 330 billion to US $ 427 billion by 2010 & U. S. $ 637 by 2015. Retail which contributes 10% of our GDP is the largest source of employment after agriculture. (Annexure: 10) In the year 2004, ratio of organized-Unorganized retail was 3:97 which is expected to be 9:91 by 2010. (Annexure: 9 It is not just the global players like Wal-Mart, Tesco and Metro group are eying to capture a pie of this galloping market but also the domestic corporate behemoths like Reliance, NeelKamal, KK Modi, Aditya Birla group, and Bharti group too are at the same stage of retail development... 1
* Lecturer in Management, Department of Management Studies, Delhi School of Professional Research, G.G.S.I.P.University, Delhi. He can be reached at firstname.lastname@example.org
1. India’s Economic Growth May Beat China by 2015: Goldman Sachs, Asia Pulse, February 7, 2005.
There is increased sophistication in the shopping pattern of customers, which has resulted to the emergence of big retail chains in most metros; mini metros and towns being the next target. Customer taste and preferences are changing leading to radical transformation in lifestyles and spending patterns which in turn is giving rise to new business opportunities. The generic growth is likely to be driven by changing lifestyles and by strong surge in income, which in turn will be supported by favorable demographic patterns. Development of mega malls in India is adding new dimensions to the booming retail sector. There is significant development in retail landscape not only in the metros but also in the smaller cities. Even ITC went one step ahead to revolutionize rural retail by developing ‘Choupal Sagar’; a rural mall, for the Rural India. On one hand there are groups of visionary corporate working constantly to improve upon urban shopping experience and on the other hand some companies are trying to infuse innovative retail experience into the rural Set up. Given the situation we can say that Indian Retailing is at boom. The Macro Picture:...