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chennai: The organised retail sector in India is optimistic about year-on-year growth momentum and is adopting a wait and watch approach before getting into major expansion drives, due to the current crisis in global markets in general and the Indian market in particular. Organised retailers believe that the current crisis will impact growth aspects in a limited way. But they are confident about coming out of the crisis sooner than later, said BS Nagesh, managing director, Shopper’s Stop Ltd and chairman of the Retailers Association of India.
Delivering a special address at a seminar on retailing, organised by the Confederation of Indian Industry here on Tuesday, Nagesh said organised retailing in India is here to stay and will continue to grow. “Though the industry has been sluggish lately, it will grow over the years,” he noted.
According to Nagesh, retailers must focus on improving customer services, developing strong customer relationships, offering quality products at right prices and creating succession paths to tide over the crisis.
NV Sivakumar, executive director and leader, retail and consumer practice, PricewaterhouseCoopers, “Growth will happen in a more caliberated manner. One will see the entry of global players into the country in the near future. Also, there will be greater affordability to scale up operations. It is a long-haul game and one will see profits only after a few years of operations,” he said further. Organised retailing comprises about 2.5-3% of the total retailing market in India. R Subramanian, managing director, Subhiksha Trading Services, said, “We need to change the perception among people that organised retailing is only for elite. Attracting more and more domestic consumers is an important factor for the organised retail industry.”
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