The retail sector in the developing countries is witnessing a huge revamping exercise as traditional markets make way for new formats such as departmental stores, hypermarkets, supermarkets and specialty stores. Rated the fifth most attractive emerging retail market, India is being seen as a potential goldmine. A recent McKinsey study titled India's Retailing Comes of Age has predicted a retail revolution in India. Store Retailing as the departmental store, which is a store or multi brand outlet, offering an array of products in various categories under one roof, trying to cater to not one or two but many segments of the society and Non store retailing as the direct selling, direct marketing, automatic vending. Most of these stores believe in creating not just a marketing activity with its customers, but rather favor relationship building with him so as to convert first time customers into a client.
A number of Indian and international retailers are entering this nascent, though dynamic market. Market liberalization and increasingly assertive consumers are sowing the seeds of a retail transformation that will bring bigger Indian and multinational players on to the scene. Buoyed by a strong increase in private consumption, retailing is one industry that is waiting to explode. Though retail may well be our next sunrise industry after Information Technology, capitalizing on the opportunities is still a formidable task for retailers. We may have made several forays into the world of international retailing, but success has only been moderate. At about 2 per cent of the total global retail market, we are still only scraping the surface.
[...] This high acceleration in sales through modern retail formats is expected to continue during the next few years with the rapid growth in numbers of such outlets in response to consumer demand and business potential. Lifestyle/Shopping Habits: Lifestyle in India is shifting from austerity to complete self-indulgence. This phenomenon can be attributed to various factors, for instance admiration of capitalism, dual in-home nuclear families, a gradual shift towards a credit based economy and aspirations of global lifestyle. The consumer today spends to achieve “feel good” factor. [...]
[...] The other important participants in the Indian Retail sector are Bata, Big Bazaar, Pantaloons, Archies, Cafe Coffee Day, landmark, Khadims, Crossword, Reliance RETAIL SECTOR Different Forms of Retailing: Emergence of New Formats of Retailing in India Major Types of Retail Operations Hypermarkets: The hypermarket format is most suitable and appealing to the Indian consumer. The concept hypermarket is new to India. The largest retailers operating in this format are Pantaloon Retail with Big Bazaar, RPG Enterprises with Giant (now Spencer's) and Tata Trent's Star India Bazaar hypermarkets. [...]
[...] Therefore if a Retail store/outlet does not stores the In thing, then it would have to face lots of consumer moving out he retail outlet very soon Is All Brands Availability Criteria? People have become Brand Conscious. They want to get associated with the Brand. A consumer his old age does not bother which brand he is wearing. College Students, office goers, business men everyone in the age bracket of 18 to 55 wants look good and be associated with a Brand Is Merchandise sold good value for money a criteria? [...]
[...] My Study Consumer Outlook will clearly depict the behavior pattern across different age group and the analysis followed will define the rules to be followed in Indian Retail Market Consumer Outlook Does consumers' selection of retail outlets depend on the brands available or is it the retail outlet first and the brand next? I have done a in-depth research on the various aspects that link brand and retail strategy. To find out what parameters a consumer takes into consideration for selecting a Retail Outlet, I went through a survey. [...]
[...] This process will add about 30% to the existing urban population in India over the next 10 years, swelling the pool of middle class consumers. This urbanization will produce younger families with both the ability (spending power) and the desire to spend up to 2.5 times more than rural households. The top six Indian cities-Mumbai, Delhi, Chennai, Kolkata, Bangalore and Hyderabad-are the engine of India's exploding economy. They represent only of the population but contribute 14% of India's GDP. They are the centers of business, finance, politics and the emerging industries such as IT, pharmaceuticals, textiles and automotive, that have put India on the global map. [...]
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