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A Study of Factors Contributing Towards the Growth of Organises Retail International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017), © Research India Publications http://www.ripublication.com A study of Factors contributing towards the growth of Organises Retail Ritu Sinha Ph.D Scholar (Management) (2014-2017) Kalinga University, Raipur, C.G. Enrollment No. 15086416 (KU002MMXIV02010594) Abstract Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP. The Indian retail market is estimated to be US$ 600 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people. In November 2011, India's central government announced retail reforms for both multi-brand stores and the Indian retail industry has emerged as one of the most dynamic and fast -paced industries due to the entry of several new players. I t accounts for over 10 per cent of the country‘s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world‘s fifth-largest global destination in the retail space. This paper is going to study the major factors responsible for the growth of organised retail in India. 1. Introduction India is the country having the most unorganized retail market. Traditionally it was a family's livelihood, with their shop in the front and house at the back, while they run the retail business. More than 99% retailer's function in less than 500 square feet of shopping space. Global retail consultants KSA Technopak have estimated that organized retailing in India is expected to touch Rs.35,000 crore in the year 2005-06. Retailing in India is one of the pillars of its economy and accounts for about 10 percent of its GDP12. The Indian retail market is estimated to be US$ 600 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2 billion people3 4. In November 2011, India's 1 "The Bird of Gold - The Rise of India's Consumer Market". McKinsey & Company. May 2007 2 Anand Dikshit (12 August 2011). "The Uneasy Compromise - Indian Retail". The Wall Street Journal. 3 "Winning the Indian consumer". McKinsey & Company. 2005 4 Majumder, Sanjoy (25 November 2011). "Changing the way Indians shop". BBC News. 189 International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017), © Research India Publications http://www.ripublication.com central government announced retail reforms for both multi-brand stores and the Indian retail industry has emerged as one of the most dynamic and fast- paced industries due to the entry of several new players. It accounts for over 10 per cent of the country‘s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world‘s fifth-largest global destination in the retail space. The Indian retail sector is estimated at around Rs 900,000 crore, of which the organized sector accounts for a mere 2 per cent indicating a huge potential market opportunity that is lying in the waiting for the consumer-savvy organized retailer. Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer. Indian retailers need to advantage of this growth and aiming to grow, diversify and introduce new formats have to pay more attention to the brand building process. The emphasis here is on retail as a brand rather than retailers selling brands. The focus should be on branding the retail business itself. There is no doubt that the Indian retail scene is booming. A number of large corporate houses —Tata's, Raheja's, Piramals's, Goenka's — have already made their foray into this arena, with beauty and health stores, supermarkets, self-service music stores, new age book stores, every-day-low- price stores, computers and peripherals stores, office equipment stores and home/building construction stores. Today the organized players have attacked every retail category. Retailing in India is the largest private sector and second to agriculture in employment. India has highest retail outlet density –Around 1.5 retail crore retail outlet. The retail sector contributes about 10-11%to Indian GDP and it is valued at an estimated Rs.93000 crore out of which organized retailing industry around Rs.35000 crore. Organized retailing is primarily urban centric, its share as represented in urban scenario is projected to be 12 to 20% Growing at more than 30%, the organized sector is deriving the retail growth in India and contributes significantly to the growth of economy. According to the study done by the "Associate Chambers of Commerce and Industry" it is that annual retail sales reached $17billion by the year 2010, the retail sector in India has the potential to reach $270-280 billion dollar. Dr Vishal Bishnoi(2009) 5 in his paper ―“Effect of Organised Retail on Un- organised Retail with reference to Indian Scenario‖ mentioned that India is 5 Vishal Bishnoi (2009), ―Effect of Organised Retail on Un-Organised retail with Reference to Indian Scenario‖, 4th national conference on ―Innovation and Adaptability : Twin Engins of sustained 190 International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017), © Research India Publications http://www.ripublication.com the country having the most unorganized retail market. Indian retail market is preliminary characterized as Mandis and /or weekly Bazaars, where vegetables, groceries, and other day-to-day items were sold, later small stores came up at corners of the streets or residential colonies which were popularly known as Kirana stores now also referred as ‗Mom and Pop Stores‘. We have gone through a number of literature to enquire about the major factors affecting the growth of Organised retail in India. 2. Objectives and Research Methodology Objectives of the study are as given below: 1. To analyse the retail market in India. 2. To find out the major categories of Retail Outlets. 3. To Growth drivers of the Organized Retail Industry in India. Research Methodology Research methods can be classified in different ways, the most common distinction is between the quantitative and the qualitative approaches (Myers, 20076). Quantitative approaches were originally used while studying natural sciences like: laboratory experiments, survey methods and numerical methods. A qualitative study is used when the researcher wants to get a deeper understanding on a specific topic or situation. Myers (2007) 7 stated that the qualitative approach was developed in social sciences in order to support the researcher in studies including cultural and social phenomena. Sources included in the qualitative approach are interviews, questionnaires, observations, documents and the researcher‘s impression and reactions. The chosen approach is qualitative. This study typically takes the form study of secondary data available on Indian Retail system. To understand and conclude the major factors contributing towards the growth of Indian retail industry, we have gone through a number of reports and papers. This has the advantages of providing very rich information and avoiding the influence of others on the opinion of any one individual. 3. Results and Discussion Growth‖ at– 28-29 th March 2009. published in Conference Proceedings Book by Excel Publication, New delhi, ISBN# 978-81-7446-833-8, pp. 318-324. 6 Myers, M. D. (2007), ―Qualitative Research in Information Systems‖, MIS Quarterly, vol. 21 No. 2, pp.241-242. 7 Ibid 191 International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017), © Research India Publications http://www.ripublication.com Organised Retailing is India's one of the fastest growing industry and one of the biggest sources of employment in the country, generating more than 10 per cent of GDP of India. Organised retailing, however, currently organized retail is contributing merely about three percent of the overall Indian retailing industry. Organised retailing, aims at providing an ideal shopping experience to the consumer based on the advantages of large-scale purchases, consumer preference analysis, excellent ambience and choice of merchandise. Retail industry can be broadly classified into two categories namely- organised and unorganised retail. Organized retail - Organised retailing, in India, refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the publicly traded supermarkets, corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. Unorganized retail – on the other hand, refers to the traditional formats of low-cost retailing, for example, the local corner shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc, It consists of unauthorized small shops - conventional Kirana shops, general stores, corner shops among various other small retail outlets - but remain as the radiating force of Indian retail industry. Other Classifications Hyper marts/supermarkets Large self-servicing outlets offering products from a variety of categories. Mom-and-pop stores They are family owned business catering to small sections; they are individually handled retail outlets and have a personal touch. Departmental stores Are general retail merchandisers offering quality products and services. Convenience stores Are located in residential areas with slightly higher prices goods due to the convenience offered. 192 International Journal of Business Administration and Management. ISSN 2278-3660 Volume 7, Number 1 (2017), © Research India Publications http://www.ripublication.com Shopping malls The biggest form of retail in India, malls offers customers a mix of all types of products and services including entertainment and food under a single roof.
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