segment has seen the emergence of supermarkets/grocery chains (Food World, Nilgiris, ApnaBazaar), convenience stores (ConveniO, HP Speedmart) and fast-food chains (McDonalds,Dominos).It is the non-food segment, however that foray has been made into a variety of new sectors.These include lifestyle/fashion segments (Shoppers' Stop, Globus, LifeStyle, Westside),apparel/accessories (Pantaloon, Levis, Reebok), books/music/gifts (Archies, MusicWorld,Crosswords, Landmark), appliances and consumer durables (Viveks, Jainsons, Vasant & Co.),drugs and pharmacy (Health and Glow, Apollo).A number of reasons have lead to this exponential growth of retailing in India and this growth inturn, is heading the country towards development. India's strong economic growth and risingdisposable incomes of middle class and lower middle class made big business houses venture into this business, and many businesses are coming from US and Europe. The Government'sdecision to allow foreign Direct Investment and businesses in to this sector has attracted foreigncompanies to establish their businesses in India. Now foreign retailers will be able to own their own stores in India for the first time as part of a major government liberalization of business. Till2006 foreign companies were allowed to operate franchises by the government to protect theindigenous companies. Now new regulations may allow foreign companies to hold up to 100%.But the Indian government is going ahead with new reforms which may create millions of job inthe near future while safeguarding the interest of domestic firms.The increase in the land valueand number of real estate companies investing in this field has also helped power the boom asfinancing is made easier.The economic significance of retailing is huge and in a developing country like India it cannot beignored.
Retailing in India is witnessing a huge revamping exercise as can be seen in the graph