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India’s Organized Retail heading for a boom
Mar 20, 2006
Indian organized retail is on the brink of a revolution says the managing director of a very large retail chain in India. He informs that in 2004 the size of the organized retailing market stood at Rs280 billion making only 3% of the total retailing market. The market is expected to grow at the rate of 25-30% per annum and is estimated to reach a robust Rs1, 000 billion by 2010. Further its contribution to total retailing sales would rise to 9% by the end of this decade.
The retail sector also shows stocks becoming increasingly attractive from the investor’s angle. The development of the value based concepts and the growth of retail space in smaller cities and towns are predicted to drive the organized retail into higher levels of cities. Retailers have responded to this development by contributing to contemporary retail formats such as hypermarkets and supermarkets. The prominent ‘tier-II’ cities, which are experiencing a pick up in activity, include Surat, Lucknow, Dehradun, Bhopal, Indore, Baroda, Nasik, Bhubaneswar and Ludhiana among others.
With the growing consumption in the metros, manufacturers and retailers of products such as personal computers, mobile phones, automobiles and other consumer durables and financial services are increasingly targeting consumers in tier II cities and towns. On the other hand small towns are witnessing a rapid growth of malls and the contribution of these tier II cities to total retailing sales is expected to increase to 20-25% per annum.
The retailing system in India is being driven by factors such as favorable demographic and psychographic changes of India’s consumer class, international exposure, availability of increasing quality retail space, wider availability of products and brand communication.
RNCOS, a premier market research and report publishing company in its recent publication of a market research report namely “Indian Organized Retail Industry (2005-2007)” provides a comprehensive picture of the retail industry across India. It also provides data on consumer behavior and insight into consumer needs found in retail channels. It gives suggestions on how manufacturers and retailers can better exploit the opportunities in retail sales including frequency of retail store visits and average spending on each visit.
The report “Indian Organized Retail Industry (2005-2007)” also contains strategic and technical information, which could help product suppliers, supply chain managers, investors and financial analysts and retail store equipment vendors to evaluate market performance and arrive at appropriate decisions.
According to the report the strong consumer demand for retail shopping has made the convenience stores sector one of the most proliferating forces in the entire retail. The market research report compiles a comparative study of the various business houses involved in the retail stores. It has been found that consumers’ impulsive purchase of confectionaries along with food and beverages contribute the largest to the retail sales. Also people spend more for value instead of convenience.
For more information visit: http://www.rncos.com/Report/CP15.htm
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