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Topic : Retail for India Tomorrow !!!
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Future of FDI in Retail

By : Akhilesh Majumdar, Logistics Manager, Tesco
Industry : Retail Chain/Logistics Functional Area : India
Keywords :

INDIA

Future

Retail

Economy

Activity:  5 comments  8439 views  last activity : 07 06 2010 20:18:04 +0000
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 The Indian retail sector is ready to take on challenges from global retail players such as Wal-mart and Carrefour because unlike them, they have a better understanding of the Indian consumer’s psyche. Ultimately, a successful retailer is one who understands his customer.The Indian customer is looking for an emotional connection, a sense of belonging. Hence, to be successful any retail outlet has to be localised. The customer should feel that it is a part of his culture, his perceived values, and does not try to impose alien values or concepts on him. Indian customer is not keen to buy something just because it is sold by an international company. Ultimately, it boils down to how much localisation and adaptation the company is willing to do for India. Other than tremendous money power, global companies have nothing extra or special that the Indian retail business does not have.We live in exciting times. Only two percent of India’s retail market is organised. The future shows tremendous potential for growth in the retail sector. Almost all large companies worldwide are looking to establish a base or stake in the Indian market. In this scenario, the Indian retail sector itself must seize the initiative to realise the dreams of contributing to a prosperous and booming economy. The focus should be on the Indian horizon before looking for retail opportunities in other countries because India itself is a big retail market.In the near future India will see a phenomenal growth of shopping malls and speciality retail stores. The speciality stores will cater for home, electronics, furniture, watches, sunglasses and assorted items. There will be more fashion stores for youth. Speciality retail stores and malls are the future of Indian retail market.

 

The Indian retail sector is ready to take on challenges from global retail players such as Wal-mart and Carrefour because unlike them, they have a better understanding of the Indian consumer’s psyche. Ultimately, a successful retailer is one who understands his customer.The Indian customer is looking for an emotional connection, a sense of belonging. Hence, to be successful any retail outlet has to be localised. The customer should feel that it is a part of his culture, his perceived values, and does not try to impose alien values or concepts on him. Indian customer is not keen to buy something just because it is sold by an international company. Ultimately, it boils down to how much localisation and adaptation the company is willing to do for India. Other than tremendous money power, global companies have nothing extra or special that the Indian retail business does not have.We live in exciting times. Only two percent of India’s retail market is organised. The future shows tremendous potential for growth in the retail sector. Almost all large companies worldwide are looking to establish a base or stake in the Indian market. In this scenario, the Indian retail sector itself must seize the initiative to realise the dreams of contributing to a prosperous and booming economy. The focus should be on the Indian horizon before looking for retail opportunities in other countries because India itself is a big retail market.In the near future India will see a phenomenal growth of shopping malls and speciality retail stores. The speciality stores will cater for home, electronics, furniture, watches, sunglasses and assorted items. There will be more fashion stores for youth. Speciality retail stores and malls are the future of Indian retail market.

 

 Top Comment : Raja Pandian   | 05 18 2008 05:29:31 +0000
Yes, have to agree with him, this is proven already in the mobile phone sales!!
 
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5 comments on "Retail Future in India"
  Commented by  Jambu Iyer, International Property Consultant    | 09 30 2008 06:28:50 +0000
I firmly believe that the next 5 years will be the defining period as far as organised retail is concerned.....those format which are India specific will emerge successful and those that are xerox copies of the wetsern formats are bound to perish....
  Commented by  Jambu Iyer, International Property Consultant    | 09 30 2008 06:27:13 +0000
already walmart has fallen flat and bit the dust in southasian countries,germany and brazil...
  Commented by  Hardik Patel, Team Lead (Staffing and Recruitment), Rishabh Softwares Pvt. Ltd. / Rishi Infotech Pvt. Ltd    | 07 23 2008 13:37:00 +0000
Nice Article.
  Commented by  Raja Pandian, Project Manager Sree Santhosh Garments    | 05 18 2008 05:29:31 +0000
Rating : +1 
Yes, have to agree with him, this is proven already in the mobile phone sales!!
  Commented by  Gaurav Banerjee, Consultant, NewGround    | 05 07 2008 11:34:21 +0000
Rating : +1 
Good article.
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