Booming Retail Industry in India
India is a developing country. Since it is still developing, there have been lot of growth in the industrial sector which provided job opportunities to the people. Retail Industry caught lot of attention in the past one decade. Due to the recent economic development of the country, people in India have enough to spend for their recreational activities and shop all they need. They have become fun loving and enjoy going shopping in huge shopping complexes even if the prices of the products at the shopping centre are higher than the products available in the open market.
The Indian Retail Industry is the largest of all the industries accounting on 10% of the country’s GDP growth and 8% of the country’s employment. The flourishing retail industry in India has reduced unemployment to a large extent. It has emerged as one of the most dynamic and fast paced industrial sector with several big players entering the market.
In India, the vast middle class and almost untapped retail industry are the key forces of attraction for global retail giants waiting to enter new markets. This attraction has stimulated the growth of the retail industry and is growing at a faster rate. It is estimated that the growth rate of the retail Industry will reach 25% at the end of the year.
What has caused the “BIG BOOM” in Retail Industry?
With the growing industries and positive economic development of the country, people have made huge amounts of money. Now they have the purchasing power to get whatever they want. The demand for branded commodities in categories like apparels, cosmetics, shoes, watches, beverages, food and jewellry is increasing and have become the lifestyle products for the Indian consumers.
A number of large corporate houses such as Tatas, Rahejas, Goenkas and Reliance have ventured into this arena, with beauty and health stores, supermarkets, self-service music stores, new age book stores, electronic stores, office equipment stores, building construction stores.
Initially there was less demand for commercial buildings, owing to the exorbitant property tax, hence land was surplus. Taking the premises on lease is still in fashion today as it attracts more of property tax. Since Mumbai was declared as the financial capital of India, the demand for commercial premises increased to a large extent.
This new trend brought in international players who set up companies in India. Instead of outright purchase, the MNCs and big companies prefer to have premises on lease basis. Consumers now prefer good quality work, modern amenities, parking facilities, quick service and less paper work.
This boom has influenced the construction industry also. The designing methodology has undergone lot of change to match the changing mindsets of the common man.
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In my next article, we will discuss the future trends of the Retail Industrial Sector in India…