Trends In Retail Sector

2215 Words9 Pages
INDIAN RETAIL SECTOR-ITS CHALLENGES, OPPORTUNITIES AND FUTURE TRENDS Meenu Kundra Assistant Professor P.G. Dept. of Commerce and Management Hans Raj Mahila Maha Vidyalaya, Jalandhar. ABSTRACT The retail industry contributes to the economic growth of a country and is undoubtedly one of the fastest changing and dynamic industries in the world today. The retail sector in India is also one of the fastest growing sectors having the world's second largest place in consumer market, a leading source of employment and is witnessing revolution. The Indian retail sector is developing rapidly and those who want to enter in the market now can learn about local dynamics, develop market insights and establish leadership positions. This paper focuses on…show more content…
These stores used to cater to the needs of local people. Eventually, the government supported the rural retail and many indigenous franchise stores came up with the help of Khadi & Village Industries Commission. The economy began to open up in the 1980s resulting in the change of retailing. The first few companies to come up with retail chains were in textile sector, for example, Bombay Dyeing, S Kumar's, Raymond’s etc. Later, Titan launched retail showrooms in the organized retail sector. With the passage of time, new entrants moved on from manufacturing to pure retailing. Retail outlets such as Food world in FMCG, Planet M and Music world in Music, Crossword in books entered the market before 1995. Shopping malls emerged in the urban areas giving a world-class experience to the customers. Eventually, hypermarkets and supermarkets emerged. The evolution of this sector includes the continuous improvement in the supply chain management, distribution channels, technology, back-end operations, etc. This would finally lead to more of consolidation, mergers and acquisitions and huge…show more content…
Here beverages, snacks and other small items can be bought via vending machines. It involves utilizing automated methods for customers to quickly purchase the desired product. Category killers: These are small specialty stores that offer a variety of categories. They are known as category killers as they focus on specific categories, such as electronics and sporting goods. This is also known as Multi Brand Outlets or MBO's. Specialty stores: These are retail chains dealing in specific categories and provide deep assortment. Mumbai's Crossword Book Store and RPG's Music World are couple of examples. Franchise: This form of retailing comprises of a contractual channel where one part the franchisor controls the business activities of the other party franchisee e.g. McDonalds and Pizza Hut. CHALLENGES FACED BY THE ORGANISED RETAIL INDUSTRY IN INDIA Extreme change in the behavior, taste and preferences of the consumer, growing economy and earning capacity, less time and fast track life have emerged challenge in the organized retail sector in India. Recently Indian Government allowed FDI in single brand retailing and multi brand retail which further comprises challenges for retail industry. Some of the major challenges are

More about Trends In Retail Sector

Open Document