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.
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 behaviour, 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 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. This article reviews the opportunities, emerging trends and potentialities about the booming Indian retail sector.
A glimpse of the International Retail:
• One of the world's largest industries exceeding US$ 9 trillion
• 47 global fortune companies & 25 of Asia's top 200 companies are retailers
• Dominated by developed countries
• US, EU & Japan constitute 80% of world retail sales.
• Biggest player in India is Pantaloon Retail India Limited.
Percentage of Organized Retail
USA - 85%
Taiwan - 81%
Malaysia - 55%
Thailand - 40%
Brazil - 36%
Indonesia - 30%
Poland - 20%
China - 20%
India - 3%
Retailing – Indian scenario:
The retail sector in India is highly fragmented and organised retail in the country is at a very nascent stage accounting to only 3% of total organized retail across the world. In India, the retail sector is the second largest