Retailing in India

RETAILING IN INDIA

Retailing is becoming or gaining the prominent place in the mind of the people in today's era. The Liberalization, Privatization as well globalization (LPG) also influences the factors for retailing sector in India. Especially Mr. Manmohan Singh, the Former Finance Minister who working in the government of Late Prime Minister Shri. P.V. Narsimharao during the period of 1991 opened the doors for LPG. His important role was for changing the economic pattern of Indian people. During this journey the other factors like GATT, WTO also played important role towards the economic development of the country.

Now a day in retailing the consumer is treated as a King or Queen. Addition to this some changes is also affecting India's Social culture & economic culture. These are increasing in no. of nuclear family, reduction in joint family system while economic factor like ever increment in income or pay scale, the increscent in level of disposal of income, the habits of saving & deposit etc. In this scenario customers are looking constantly for convenience of one stop shopping experience to make effective and better usage of their time, efforts, money. Further some they are looking for better qualitative and valued items, shorter ques as well as healthy & clear shopping environment. So as to meet these needs and demands there has been a revolution of retailing industry.

On the other hand kirana stores who operates out of small outlet. These retailers have a better proximity to customers with low overhead cost, follows or offer the credit system and offers the valued in addition to services since long period of time. But there are also certain limitations. Theses limitation which are on the part of retailer itself and on the part of customers also. The limitations on the part of retailer are just like display area or display space, investment problems, area or location etc. On the part of customers problems are like lack of availability of experience of handing the products, lack of sufficient space, non availability of free environment of making choice of the products. While on the other side the retailing sector is becoming the organized one. This retail sector is the comprising of supermarkets, hypermarkets, specialty stores, malls, discount stores with entertainment area just like multiplex zones etc who are seeking to satisfy the nee ds of consumers preferring to shops in ambience which is attractive, hygienic, offering convenience in addition to wide range of the products at a competitive price. There is no doubt the retailing sector will increase day by day in India. And therefore, the foreign countries are showing the most and very keen interest and also concentrating on the Indian Market. The invitation for Foreign Direct Investments in retailing sector (FDI) by the Ministry of commerce India as well as by the Hon. Prime minister of India reflects the future scenario of retailing sector in India. As above, the social and economic factors plays the vital role in Indian segment by the Indian consumers the other factors like ever-changing in taste, changes in likes and dislikes, fashion trend in the market also leading towards the requirement of retailing stores. As foreign country retailer had conducted survey of the Indian consumer in the area of level of - income, their sources, habits toward disposa l and savings �investment, changes in the level of standard of living of the people. They realized that the near about 70 to 80 % of the Indian people have shown keen interest in retailing or they want retail shop in India where they can enjoy the buying of the goods and services under one roof in short span of time without taking much efforts. In short, this is the picture which reflects the future of retail in India, which is good one for India Country.