The large pool of emerging middle class, with population of more than 350 million lies at the center of big bets for the major retail industry players. The changing consumption patterns are raising the demand for lifestyle products.
While organized retailer sector in India is targeted at high-income urban customers, unorganized retail sector primarily caters to traditional customer base of lower income sections in the rural pockets of India. This is probably why the two forms of retailing manage to co-exist in India.
Organized Indian Retail Sector has undergone rapid changes and has metamorphed into a high-growth industry. With the mushrooming of malls, multiplexes, and supermarkets consumers are treated to a completely different shopping experience. With a gamut of services, freebies and bonanzas as addendum, organized retail sector are getting all the customer attention.
The stature of the Indian Retail Industry is significant, with a whooping 5 million retail outlets spanning across the country. However most of these are self-styled traditional units, with significant local presence, lacking anything close to a modern retailing industry. For this very reason, industry experts feel that opportunities in organized retailing are going to increase manifold.
The market research report, “India Retail Sector Analysis (2006-2007)”, accredits the Indian Retail Industry as a significant revenue churner, with a market size of Rs. 10 Trillion as per 2005. Organized Indian retail sector market size hovers around Rs 351 Billion and is rapidly gaining ground.
An analysis Indian Retail Sector reveals that average growth rate for this segment stands at around 32% in comparison to a modest 8% in the unorganized sector. Rural India is the major revenue driver for unorganized retailing in India with a share of 76%.
The overall Indian Retail Industry contributes 10% to the GDP and a source of employment for more than 41 million individuals.
The research report presents a comprehensive picture of the overall Indian Retail Industry.
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