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The last two decades have witnessed the great success story of Indian software services industry and the same is happening to the organized retailing at the moment. Everyone, big or small, want to have a piece of it and entering into the band-wagon.
In a short span of time, India has become the most sought after organized retailing hub with market opportunities of US $ 300 billion and is expected to reach US $ 440 billion by the end of year 2010.

The rising per capita income of middle and lower middle class has propelled the growth of retail in India. They form a large chunk of people visiting the malls and food joints on any day. The emergence of many Tier-2 and Tier-3 cities has given the fillip to the development of organized retailing in India. The concepts of malls and super-stores have now gripped the entire nation and the number is increasing. The organized retail sector is expected to grow at 6% by 2010 and touch a retail business of $ 17 billion as against its current growth level of 3% which at present is estimated to be $ 6 billion, according to the study undertaken by The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

Retail is India's largest industry, accounting for over 10% of the country's GDP and around 8% of the employment. Retail industry in India is at the crossroads. It has emerged as one of the most dynamic and fast-paced industries with several players entering the market. Retailing in India is gradually inching its way toward becoming the next boom industry. The whole concept of shopping has altered in terms of format and consumer buying behavior, ushering in a revolution in shopping in India. Modern retail has entered India as seen in sprawling shopping centers, multi-storied malls and huge complexes offering shopping, entertainment and food all under one roof.

The Indian retailing sector is at an inflexion point where the growth of organized retailing and growth in the consumption by the Indian population is going to take a higher growth trajectory. The Indian population is witnessing a significant change in its demographics. A large young working population with median age of 24 years, nuclear families in urban areas, along with increasing working-women population and emerging opportunities in the services sector, are going to be the key growth drivers of the organized retail sector in India.

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* Contributed by: -
Deepak Verma (Campus Associate),
PGD-GMT from National Institute of Fashion Technology,
Currently persuing PGDBM from Welingkar Institute of Management, Mumbai.