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Retail Industry

Retail Industry

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Published by ajay135

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Published by: ajay135 on Aug 09, 2009
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10/27/2012

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Uday khanna
Lecturer, Graphic Era University470/F, Opposite Cane Society, Ganeshpur,Roorkee (U.K)-247667uday_khanna2002@yahoo.com01332-232091, 09319701501
Title: Retail industry: Next growth engine forIndian EconomyAuthors
Dr. Pankaj Madan,Professor,Gurukul KangriUniversity, Haridwar,pankaj_mad@yahoo.comMr. Uday khanna,Lecturer,Graphic Era University, Dehradun,khannauday77@gmail.com
 
Mr. Manish Kumar,Dean(Management Dept.)Graphic Era University,
 
Dehradun
 
Abstract
The paper illustrates the changes, trends & future prospects occurring in the retailindustry. Retailing is becoming a buzzword in the current market scenario. It is undergoing a seachange with the emergence of new topologies like hypermarkets, supermarkets, superstores,malls, e-retailing & others. The gradual shift in the demographics of the Indian customers givesan opportunity to the retailers to showcase their energy and charisma. The ever increasing per capita income & the growing purchasing power give a wider room to the consumers in terms of availability, convenience, experience & choice. There is beeline of the retail chains who want tocatch hold of the customer’s share of voice and mind &the technology is playing an importantrole in bridging the gap between the customer expectation and the delivery mechanism of theretail chain. The article focuses on the scanning of the external environment for the retailindustry & gives a picture of various threats & opportunities in the competitive retail market.The emergence of retail marketing is creating an ecosystem where the big as well as small players can complement each other & create opportunities for a major chunk of skilled labor thatcan greatly contribute to our booming economy. The debatable issue of survival of unorganized(kirana stores) sector has been resolved by the report of Icrier, the premier research body whichsuggests that due to supply crunch in the market, both the organized & unorganized players canwork hand in hand to feed the ever demanding & impulsive customer to cope up with thedemand-supply mismatch. The focus is on the entry of the big organized retail chains beingowned by big Indian corporate houses like Reliance, Bharti & Aditya Birla group on one hand &the big giants like Wal-Mart, Tesco& Carrefour on the other hand, who has shown keen interestin the strong unorganized sector being dominated by local kiranawala & baniyawala.
Keywords
:
topologies, ecosystem, Icrier, impulsive customer, kiranawala
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Retailing in its initial period was witnessed at the weekly haat or gathering in a market place where vendors put on display their produce (goods). Then the market saw the emergence of the local baniya & his neighborhood ‘kirana shop’. They were the local mom & pop storeslocated in residential areas. Retailing is not a term, it is a concept which is taking shape to givethe Indian consumers a different lifestyle where they can enjoy & pamper them & can relax their muscles by a wide array of the branded showrooms & the mystic interiors which make thecustomer proudly associated with a positive shopping experience to live in.Retail industry undergoes a revolutionary change during the post liberalization era. Thefast changing demographics of Indian consumers has given birth to the growth of Western formattypologies such as specialty stores, department stores, supermarkets, hypermarkets, shoppingmalls, discount stores & factory outlets. In the post liberalization era, consumer buying behavior & lifestyles has undergone a transition phase. The concept of ‘value for money’ & ‘timesqueezed impulsive customer’ has open new arena for the biggies to exhibit their competenciesfor a comfortable share in the competitive & highly fragmented market. Retail is a game of multiplication where economies of scale & distribution excellence are driven by the numbers of stores in a country.“Nowhere in the world has the journey of retail been as smooth as it is in India. Thecustomers in the other parts of the world had been introduced to the concept of retailinggradually i.e it was the transition from department stores to shopping centers, then tohypermarkets & supermarkets & the journey took time around 30-40 years to go throughgradually. But in India however everything comes together in a single stroke to cater to the risingaspirations of the demanding time squeezed impulsive Indian consumers”- “explains B.S Nagesh, M.D Shoppers stop
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