RETAIL DEFINITION
The word ‘retail’ is derived from the French word ‘retailer’, meaning ‘to cut a piece off’ or ‘to break bulk’. It includes all the activities directly related to the sale of goods and services to the ultimate consumer for personal or non-business use. In simple terms, it implies a first-hand transaction with the customer.
MEANING OF RETAIL
A retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retailing involves a direct interface with the customer & the coordination of business activities from end to end- right from the concept or design stage of a product or offerings, to its delivery & post-delivery service to the customer. The world over the retail sector has grown rapidly with increasing sophistication and modernization of the life-style of households and individuals and with increasing globalisation of trade; India has begun to cater up rather astonishingly rapidly. The industry has contributed to the economic growth of many countries & is undoubtedly one of the fastest changing & dynamic industries in the India and world today.
THE EVOLUTION OF INDIAN RETAIL INDUSTRY
For Indian retailing, things started to change slowly in the 1980s, when India first began opening its economy. Textiles sector (which companies like Bombay Dyeing, Raymond's, S Kumar's and Grasim) was the first to see the emergence of retail chains. Later on, Titan, maker of premium watches, successfully created an organized retailing concept in India by establishing a series of elegant showrooms. For long, these remained the only organized retailers, but the latter half of the 1990s saw a fresh wave of entrants in the retailing business. These were pure retailers with no serious plans of getting into manufacturing. These entrants were in various fields, like - Food World, Subhiksha and Nilgiris in food and FMCG; Planet M and Music World in music; Crossword and Fountainhead in books. As of the year ending 2000 the size of the Indian organized retail industry was estimated at around Rs. 13,000 crore. Retail growth is already gathering momentum and the organized retail industry is expected to grow by 30 per cent in the next five years and is expected to touch Rs. 45,000 crore in 2005. Thus, the growth potential for the organized retailer is enormous
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The word ‘retail’ is derived from the French word ‘retailer’, meaning ‘to cut a piece off’ or ‘to break bulk’. It includes all the activities directly related to the sale of goods and services to the ultimate consumer for personal or non-business use. In simple terms, it implies a first-hand transaction with the customer.
MEANING OF RETAIL
A retailer buys goods or products in large quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user. Retailing involves a direct interface with the customer & the coordination of business activities from end to end- right from the concept or design stage of a product or offerings, to its delivery & post-delivery service to the customer. The world over the retail sector has grown rapidly with increasing sophistication and modernization of the life-style of households and individuals and with increasing globalisation of trade; India has begun to cater up rather astonishingly rapidly. The industry has contributed to the economic growth of many countries & is undoubtedly one of the fastest changing & dynamic industries in the India and world today.
THE EVOLUTION OF INDIAN RETAIL INDUSTRY
For Indian retailing, things started to change slowly in the 1980s, when India first began opening its economy. Textiles sector (which companies like Bombay Dyeing, Raymond's, S Kumar's and Grasim) was the first to see the emergence of retail chains. Later on, Titan, maker of premium watches, successfully created an organized retailing concept in India by establishing a series of elegant showrooms. For long, these remained the only organized retailers, but the latter half of the 1990s saw a fresh wave of entrants in the retailing business. These were pure retailers with no serious plans of getting into manufacturing. These entrants were in various fields, like - Food World, Subhiksha and Nilgiris in food and FMCG; Planet M and Music World in music; Crossword and Fountainhead in books. As of the year ending 2000 the size of the Indian organized retail industry was estimated at around Rs. 13,000 crore. Retail growth is already gathering momentum and the organized retail industry is expected to grow by 30 per cent in the next five years and is expected to touch Rs. 45,000 crore in 2005. Thus, the growth potential for the organized retailer is enormous
Download Full Project Report
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