Retail Sector In India: Issues And Prospects
Retail, according to Concise Oxford English Dictionary, is the ‘sale of goods to the public for use or consumption rather than for resale’. Retailing is derived from the K. S. School of Business Management – 7- French word ‘retailer’ meaning ’breaking bulk’ and breaking bulk quantities into smaller sellable units.
Usually, a retailer buys goods or products in large quantities from manufacturers or importers, whether directly or through a wholesaler, and then sells individual items in small quantities to the general public or end users. The world over the retail sector has grown rapidly with increasing sophistication and modernization of the lifestyle of households and individuals and with the increasing globalization of trade; India has begun to cater rather astonishingly rapidly.
An Overview Of the Indian Retail Sector
The retail sector has helped in giving strong impetus to overall economic growth as a significant driver of the growth of the service sector, which contributes as much as 54 percent of GDP. It has strong backward and forward linkages with other sectors like agriculture and industry through stimulating demand for goods and through mass marketing, packaging, storage, and transport. Moreover, it creates considerable direct and indirect employment in the economy. Also, the consumers have benefited in terms of a wide range of products available in the market.
Components Of the Retail Sector
The major components of the retail sector are K. S. School of Business Management – 8- Food and Grocery, Fast Moving Consumer Goods (FMCGs), Consumer Durables, Apparel, Footwear, Watches, Jewellery, Health and Beauty products, etc.
The anatomy of the retail market has shown that clothing and textiles constitute 39 percent of the organized retail pie, followed by food and grocery, which accounts for 11 percent of the total retail market.
Title – A Project Report On Market Research Of Shopping Malls
Author – Group: – S.Y.M.B.A.
College -K.s. School Of Business Management Gujarat University Ahmedabad
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