Organized Retailing in the last decade has emerged as one of the sunrise industries in India, closely following the IT and biotechnology industry. The boom in the sector started after the liberalization measures were initiated in 1991 in the country. Several large chains have entered the bandwagon and achieved fair to significant success. Indian retailing has evolved over the past decade, from largely an ‘informal’ and disorganized marketplace to an increasingly corporatised industry at least in the urban India.
This is the largest among all the industries ,accounting for over 10% of country’s GDP and around 8%of employment.
The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. But all of them have not yet tasted success because of heavy initial investment that are required to breakeven with other companies and compete with them. The Indian Retail Industry is gradually inching its way towards becoming the most boom industry.
The total concept and idea of shopping has undergone an attention drawing change in the format and consumer buying behavior; ushering in a revolution in shopping in India. Modern retailing has entered into the retail market in India as is observed in the form of bustling shopping centre , multi-storied malls and the huge complexes that offer shopping, entertainment and food all under one roof. Large young working population with median age of 24 years, nuclear families in urban areas,alongwith increasing working women population and emerging opportunities in the services sector are going to be the key factors in the growth of organized retail sector in India.
In India, the vast middle class and its almost untapped retail industry are the key attractive forces for global retail giants wanting to enter into newer markets, which in turn will help the Indian retail industry to grow faster. Indian retail is expected to grow 25% annually. Modern retail...
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