Scope of Retail Management Sector in the Present Scenario: A Screen Short Case Study in India

Abstract

The Retail Industry in India is the fifth largest in the world and is estimated to double its current value in coming years with the opening up of Foreign Direct Investment (FDI) in Indian retail. Indian retail industry is one of the fastest growing industries in India, especially over the last few years. India is first becoming the retail destination of the world as it offers most attractive opportunities in market for retail investment. The retail scenario has been was extremely competitive at all levels and global economic slowdown forced retailers to monitor costs more effectively by adopting technological techniques and innovate strategies to influence the price sensitive and conservative consumer. It has been ranked the second most attractive market for investment after Vietnam. The Indian retail industry is estimated to be worth Rs 13 - 14 lakh crore and is very much fragmented by nature. Organized retail in India was valued at 96,500 crore in 2008 with an impressive growth rate of 40 – 50 per cent in the last few years as compared to the 9  - 10 per cent  growth in the overall retail industry. The retail staff plays a very important role in increasing the sales and for building the image. So, retailers are always in search of skillful staff. Home to one of the top five retail markets in the world, India offers immense scope of growth and opportunities in this arena. As of now, almost 90 per cent of the Indian retail sector is controlled by tiny family-run shops i.e. the unorganized segment. Thus, organized retailers have a lot of room for further penetration in this flourishing economy. With a growing economy, improving income dynamics, rising awareness, and a youth-heavy customer base, India is well on its way to become one of the most prospective markets for the domestic and global retailers. Retail trade has emerged as one of the largest industry contributing to employment generation, revenue generation, increased turn over and many more. Through this paper I am an attempt to understand the finer strategic perspective for the retail sector organized and un-organized retail environment, the positivity or negativity of career or job opportunities in the retail management sector, role of Foreign Direct Investment (FDI), Supply Chain Management, Economic Growth, Infrastructure and newly coming Goods and Service Tax (GST) effects in the retail management sector in India.