The modern retail industry in India is all set to touch USD 450 billion (around Rs. 22 lakh crore) in 2015 from the present USD 350 billion(around Rs. 17 lakh crore), an industry player said on Wednesday.
Speaking at a three-day national level retail conference here Pantaloon Retail’s Corporate Communications Head Atul Takle said, “There was no reason to be bearish. The Industry is all set to grow to USD 450 billion in 2015 from the present USD 350 billion.”
“The Industry should be optimistic...consumer space in the Modern Retail Industry is going to grow by 15 per cent, which means that there are huge opportunities still waiting,” he added.
Stating that there are lot of opportunities for the organised retail players in the country, he said the spending power of middle class puts the organised retail industry in an optimistic mode.
Comparing with the last year, when the Industry was adversely affected due to global economic slowdown, he said, “The prices are controlled by the real estate developers because of the high demand. Post-2008, things have changed a lot.”
“The demand is not that high and the developers are looking at different revenue models since the apex costs are under control,” he added.
Stating that recession was a learning experience, Mr. Takle pointed out since India was a diverse country, local factors played a huge role in the pricing of goods in the retail industry.
“Lack of trained work force was one of the challenges faced by the industry,” he said.
SRM University Chancellor and SRM Group of Institutions founder T.R. Pachamuthu said big players while entering the retail space should take small players along with them to ensure sustenance.
Profit making alone should not be the goal of the retail players, he said and called for inclusive growth to meet the challenges.
Radhakrishnan, Managing Director of Aligned Business Partners, emphasised that entrepreneurship was not only establishing a business but also an attitude.
He added people at decision-making levels in big format stores’ corporate offices, must carefully take decisions which affect a number of people in the retail trade.
