Retail sector has witnessed an immense
growth in the last few years. The key factors
responsible for the retail boom have been the
change in consumer profile and demographics,
increase in the number of international brands
available in the Indian market, economic
implications of the government, increasing
urbanization, credit availability, improvement
in the infrastructure, increasing investments in
technology and real estate building a world
class shopping environment for the consumers.
If numbers are to be believed, India’s retail
industry is estimated at about USD 350 billion
and forecast to be double by 2015. After
agriculture, retail is the largest source of
employment and has deep penetration into rural
India. Retailing contributes to 10% of GDP.
As per Associated Chambers of Commerce and
Industry of India (ASSOCHAM), the overall retail
market is expected to grow by 36%. The organized
sector is expected to register growth amounting
to Rs 150 billion by 2008. The total size of the
market is also expected to increase to Rs 14,790
billion from the current level of Rs 5,880
billion.
Retail is amongst the fastest growing sectors
in the country and India ranks 1st, ahead of
Russia, in terms of emerging markets potential
in retail.
