Retail and the indian economy
retail
can be defined as the sale of good or merchandise from a fixed location such as
a department store or kiosk
in
small or individual lots for direct consumption by the consumers.
It eliminate
the direct interface between manufacturer and institutional buyers such as the
government
And
other bulk customer. Retail is the last
link that connects the individuals consumer with the
Manufacturing
and distribution chain. “The retail
industry in India is of late often being hailed as one of the sunrise sectors
in the economy”
Retail
sector is the most booming sector in the Indian economy; some of the biggest
player s of the world is going to enter into the industry soon.
It is on the threshold of a big revolution
after the IT sector. Organized retailers in India are trying out a variety of formats,
ranging from discount
Store to supermarkets to hypermarket to specialty
chains departmental stores, apparel stores, etc. catering to majorly all
sectors of
Society providing the all-important 3vs – value,
variety and volume.
At Kearney, the well- known
international management consultancy, recently identified India as the “second
most attractive retail destination”
Globally
from among thirty emergent markets. The share of retail trade in the country’s
gross domestic product (GDP) was between 8-10
Per
cent in 2007.it is currently around 12 percent, and is likely to reach 22 per
cent by 2010.At Kearney said “the consumer spending in India
Has
increased by an impressive 75 per cent in the last four year and will quadruple in the next 20 years.
India recently topped the
Nielsen
global consumer confidence study, conduct by Nielsen, a market research
company.
Despite
of the global economy slowdown, Indian retailers are still optimistic about the
Indian growth story. “The Indian economy is
More
stable than other economics across the world and one must not confuse India
with the rest of the world”, reiterated MR Sandeep
Kulhalli, v-p, retail and marketing,tanishq.
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