Indian Retail Sector-Recent Trends, Changes and Challenges
The Indian retail market, over the last decade, has been increasingly leaning towards organized retailing formats. The pattern of domestic retailing is altering with organized modern retailing. A big change from the traditional plethora of unorganized family-owned businesses because of rapid urbanization, changes in shopping and consumption pattern, demographic dividend and pro-active measures by the government are abetting the growth of the retail sector in India.
The Indian retail sector provides immense opportunity for large scale retailers to set-up their operations which results in a trend of organized retail formats like departmental stores, hypermarkets, supermarkets and specialty stores and hence altering the retailing landscape in India. India is one of the third-most attractive retail markets for global retailers among the largest emerging markets. The federal government of India allowed 51% FDI in multi-brand retail in India with some restriction. This change paved way for joint ventures (JV) in the sector. A part from JV, a trend of rural retailing is also witnessed by Indian companies to tap the rural market.
The Indian retail sector accounts for 22 per cent of the country's gross domestic product (GDP) and contributes to 8 per cent of the total employment. The industry is experiencing exponential growth, not just in major cities and metros, but also in Tier-II and Tier-III cities. This paper intends at the changes, trends and the challenges on Indian retail sector.
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