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An Insight Into the Growth of New Retail Formats in Indi

An Insight Into the Growth of New Retail Formats in Indi

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Published by: Adil on Oct 28, 2009
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09/24/2010

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ARESEARCH PAPER ON
An Insight into the Growth of New Retail Formats inIndia”.
To be presented at:60
th
All India Commerce Conference (Diamond Jubilee)(Technical Session II: Retailing Perspectives:Challenges & Opportunities )ORGANIZED BY:DEPARTMENT OF COMMERCE,OSMANIA UNIVERSITY HYDERABAD (A.P.).PAPER PRESENTED BY 
:
Dr. Pratyush Tripathi,Asst. Professor(Marketing), School of Management, LakshmiNarain College of Technology, Bhopal(M.P.). Email Id:Dr.Ajay Kumar MishraProfessor (Commerce),Centre of Excellence inHigher Eduction,Bhopal (M.P.)
 
Pratyush077@yahoo.comAn Insight into the Growth of New RetailFormats in India
 
Dr. Pratyush Tripathi
 
(Asst. Professor, School of Management, LNCT, Bhopal(M.P.))
Dr. Ajay K. Mishra
(Professor, Faculty of Commerce, Centre of Excellence inHigher Education, Bhopal (M.P.))
 ______________________________________________________________________ 
Abstract
The Indian retail sector is going through a transformation and this emerging market iswitnessing a significant change in its growth and investment pattern. Both existing andnew players are experimenting with new retail formats. Currently two popular formats-hypermarkets and supermarkets are growing very fast. Apart from the brick -mortar formats, brick -click and click-click formats are also increasingly visible on the Indianretail landscape. Consumer dynamics in India is changing and the retailers need to takenote of this and formulate their strategies and tactics to deliver value to the consumer.This paper investigates modern retail developments and growth of modern formats in thiscountry. We also discuss the challenges and opportunities available to the retailers tosucceed in this country.
Introduction
Retailing in India is receiving global recognition and attention and this emergingmarket is witnessing a significant change in its growth and investment pattern. It isnot just the global players like Wal-Mart, Tesco and Metro group are eying to capturea pie of this market but also the domestic corporate behemoths like Reliance, KK 
 
Modi , Aditya Birla group, and Bharti group too are at some stage of retaildevelopment. Reliance, announced that it will invest $3.4 billion to become thecountry's largest modern retailer by establishing a chain of 1,575 stores by March2007. The last couple of years have been rosy for real estate developers and theretailers are finding suitable retail space in prominent locations. The industry is buoyant about growth and the early starters are in expansion mood. There isincreased sophistication in the shopping pattern of consumers, which has resulted in big retail chains coming up in most metros; mini metros and towns being the nexttarget. Consumer taste and preferences are changing leading to radical alteration inlifestyles and spending patterns which in turn is giving rise to new businessopportunities. Companies need to be dynamic and proactive while responding to theever-changing trends in consumer lifestyle and behavior.Retailing in India is currently estimated to be a USD 200 billion industry, of whichorganised retailing makes up 3 percent or USD 6.4 billion. By 2010, organised retailis projected to reach USD 23 billion and in terms of market share it is expected torise by 20 to 25 per cent. The report also predicts a stronger retailer growth than thatof GDP in the coming five years.The generic growth is likely to be driven by changing lifestyles and by strong surgein income, which in turn will be supported by favorable demographic patterns. Rapidgrowth in international quality retail space brings joy to shoppers and shopping mallsare becoming increasingly common in large cities, and announced development plans project at least 150 new shopping malls by 2008. The number of departmentstores is growing at a much faster pace than overall retail, at 24 per cent annually.Supermarkets have been taking an increasing share of general food and grocery tradeover the last two decades.Development of mega malls in India is adding new dimensions to the booming retailsector. Shopping experience in the nation of shopkeepers is changing and changingvery fast. There is significant development in retail landscape not only in the metros but also in the smaller cities. Even ITC went one step ahead to revolutionize ruralretail by developing ‘Choupal Sagar’ a rural mall. On one hand there are groups of 

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