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The 2012 edition of the Retail Leadership Summit (RLS) focussing on-New
Age Retail in the Big Bang Era-kicked off at the National Centre for
Performing Arts here on Wednesday.
B S Nagesh, chairperson, Retailers Association of India (RAI), addressing the crowd, mostly comprising retail industry professionals, said, "Over 33 million people now work in the retail sector in this country, which is a far cry from the days parents dissuaded their children from becoming 'shop-keepers.'" He added, "We have seen tremendous growth in the consumption patterns and obviously in the aspirations."
Elaborating further he said that it was not only the upper crust which wanted to avail the best products and services at affordable prices, but now the bigger chunk of India's population (the middle and lower classes) also wanted to improve its lot.
"In fact, the biggest opportunity for a retailer is now the Indian consumers themselves, particularly in the age group of 25 to 50. They have a sizeable chunk of the country's total disposable income," said Nagesh.
Those in the business of food would do well if they kept in mind Nagesh's pertinent observation that while the apparel industry in the country was witnessing a penetration rate of about 35 per cent, food and beverages managed to penetrate by just one per cent.
"However, it is heartening to know that the challenge is an internal one and is not because the consumer has stopped responding. In fact, Indian consumers are waiting with bated breath for new concepts," he said.
Those in the quick service restaurants (QSR) segment are witnessing the highest growth within the food and beverage industry. Everyone's pick, when not dining at home, has been a KFC or McDonald's outlet at some point.
However, this is not without its fair share of problems. "There is (ironically) a serious dearth of people," Nagesh pointed out, adding that for those who wanted to become franchisees or e-commerce professionals, there could not be a better time than now.
Finding new ways to capture and cash in on the increasing footfall should be the objective of the retailers. The retail boom, currently at its peak in the country, is expected to last for the next two decades or more.
Simon Susman, a native of South Africa and the non-executive chairman of Woolworths Holdings Limited, delivered the international leadership keynote address. The Cape Town-based retail giant, which is into apparel and food (among other products), also serves Australia.
"South Africa is now about seven times more prosperous than India," he said, touching upon the country's history and economy. In his presentation, he mentioned Nelson Mandela's crusade against apartheid and how non-white South Africans have been absorbed into the mainstream in recent years.
Source: http://www.fnbnews.com/article/detnews.asp?articleid=31214§ionid=1
B S Nagesh, chairperson, Retailers Association of India (RAI), addressing the crowd, mostly comprising retail industry professionals, said, "Over 33 million people now work in the retail sector in this country, which is a far cry from the days parents dissuaded their children from becoming 'shop-keepers.'" He added, "We have seen tremendous growth in the consumption patterns and obviously in the aspirations."
Elaborating further he said that it was not only the upper crust which wanted to avail the best products and services at affordable prices, but now the bigger chunk of India's population (the middle and lower classes) also wanted to improve its lot.
"In fact, the biggest opportunity for a retailer is now the Indian consumers themselves, particularly in the age group of 25 to 50. They have a sizeable chunk of the country's total disposable income," said Nagesh.
Those in the business of food would do well if they kept in mind Nagesh's pertinent observation that while the apparel industry in the country was witnessing a penetration rate of about 35 per cent, food and beverages managed to penetrate by just one per cent.
"However, it is heartening to know that the challenge is an internal one and is not because the consumer has stopped responding. In fact, Indian consumers are waiting with bated breath for new concepts," he said.
Those in the quick service restaurants (QSR) segment are witnessing the highest growth within the food and beverage industry. Everyone's pick, when not dining at home, has been a KFC or McDonald's outlet at some point.
However, this is not without its fair share of problems. "There is (ironically) a serious dearth of people," Nagesh pointed out, adding that for those who wanted to become franchisees or e-commerce professionals, there could not be a better time than now.
Finding new ways to capture and cash in on the increasing footfall should be the objective of the retailers. The retail boom, currently at its peak in the country, is expected to last for the next two decades or more.
Simon Susman, a native of South Africa and the non-executive chairman of Woolworths Holdings Limited, delivered the international leadership keynote address. The Cape Town-based retail giant, which is into apparel and food (among other products), also serves Australia.
"South Africa is now about seven times more prosperous than India," he said, touching upon the country's history and economy. In his presentation, he mentioned Nelson Mandela's crusade against apartheid and how non-white South Africans have been absorbed into the mainstream in recent years.
Source: http://www.fnbnews.com/article/detnews.asp?articleid=31214§ionid=1