Problems And Prospects of Retail Business A Study With Reference to Warangal
Author(s):
Dr. Sreenivas Dadigala, Dr. Mallesham Vanga
Keywords:
Business Problems, Prospects
Abstract
The Indian economy was opened through economic reforms in the 1991 and since then, the country has seen growing size of markets including capital and commodity market, the emergence of new industries with global competitiveness, entry of global corporate, institutional reforms, reforms through policies and corporate governance. Furthermore an evolution in consumer shopping habits has increased the confidence of domestic as well as foreign investors in developing India. Retail industry is the largest industry in India, with an employment of around 8 per cent to over 10 percent of the country's Gross Domestic Product. Retail industry in India is expected to rise 25 per cent yearly being driven by strong income growth, changing lifestyles, and favorable demographic patterns. It is expected that by 2018 the modern retail industry in India will be worth US$ 179- 202 billion. India retail industry is one of the fastest growing industries with revenue expected to amount US$ 320 billion and is increasing at a rate of 5 percent yearly. A further increase of 7-8 per cent is expected in the industry of retail in India by growth in consumerism in urban areas, rising incomes, and a steep rise in rural consumption. It has further been predicted that the retailing industry in India will amount to US$ 21.5 billion by 2010 from the current size of US$ 7.5 billion for a retailer, it is very difficult to retain the potential buyer. In order to keep possession of their sales volume, the retailer has to face a stiff competition in the retail business. Majority of functions have to be performed by owners themselves due to limitation of resources.
Article Details
Unique Paper ID: 152173

Publication Volume & Issue: Volume 8, Issue 2

Page(s): 587 - 591
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