AMIT DEV, CHAIRMAN, EXPERT COMMITTEE ON RETAIL, ASSOCHAM
How do you forsee the growth of the retail industry in India?
We are one of the fastest growing retail industries in the world. But there is a need to reinvent because until now retailers were attracting consumers and now it’s time to look at the world through the consumer’s eyes. This way loyalty can be built and a win-win situation too can be created. Retail industry has the potential to meaningfully contribute to India’s GDP.
What is your take on international retailers entering India?
We welcome all international retailers whether they are catering to the bottom or top of the pyramid. And within the next one year, top 100 international retailers are likely to be here. But I think this year is not of international retailers coming to India, rather this is a year of consolidation of the retail industry. So when the big boys come next year, we will definitely have a strong foundation to welcome them.
What are the key challenges that the Indian retail industry seems to be facing at present?
There are not two or three but infinite challenges that the retail industry is facing in India at present. The nature of issues will keep changing as the industry will enter into a more matured phase, but I don’t see the number of issues decreasing in times to come.
Do you agree that few players, who entered retail without any knowledge, have spoiled the scenario of the industry?
I would not say that they had no knowledge, but lack of knowledge, which they supplemented with their enthusiasm. But enthusiasm can’t always be a supplement for knowledge. Every one entering the Indian geography with the motive to make it big in the retail industry will have to realise that there is no short-cut to success and they will have to work and fight hard to make it big in this industry.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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