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The retail sector in India is growing at a phenomenal pace leading to job opportunities in different areas. Aaditi Isaac reports.

The retail sector in India is growing at a phenomenal pace. According to the Global Retail Development Index 2012, India ranks fifth among the top 30 emerging markets for retail. The recent announcement by the Indian government with Foreign Direct Investment (FDI) in retail , especially allowing 100% FDI in single brands and multi-brand FDI has created positive sentiments in the retail sector.

“There are many factors contributing to the boom in this sector. To name a few, increased consumerism with a capacity to spend on luxury items and increased spending power in the hands of Indians. More Indians are travelling abroad and are exposed to different cultures and way of life and thereby more brands. India’s internal consumption is also high and the consumption pattern owning to diversity in culture, religion and the family values that encourage spending on specific occasions keep the retail business well oiled. Marriages add a big dimension to the retail spends. Our culture expects a lot of give-and-take for marriages, festivals and other important events of life. Hence, it’s imperative for people right from rural to the urban , irrespective of their caste and creed or economic status, to spend on gifts as a part and parcel of life. And that’s the reason worldwide retailers eye the Indian market,” says Swati Salunkhe, managing director, Growth Centre (I) Pvt Ltd.

The size of India’s retail sector is currently estimated at around $450 billion and organised retail accounts for around 5% of the total market share. Ratings agency Fitch has assigned a stable outlook to the retail sector for 2012 as factors like expected sales, growth-driven expansion and efficient working capital management are likely to benefit retail companies . It is estimated that the retail sector would continue to grow at 10-12 % per annum, which is extremely encouraging when the country’s economy is only projected to grow at 6%.

EMERGING AREAS

Within retail, the emerging sectors would be food and grocery, apparel, electronics, e-commerce , fashion and lifestyle.

“The upcoming areas within retail are luxury, super specialty stores/ malls, and renewed emphasis on high streets. Unfortunately, malls have become expensive affairs for most of the retailers. Therefore, a huge investment and emphasis has been laid down on e-tailing or online stores that has wider reach and are economically viable,” says Darlie Koshy, DG and CEO, Institute of Apparel Management.

Any professional who has an experience in the retail industry or a relevant qualification in the field of retail industry like visual merchandising, marketing or has pursued a retail course can get into this field.

SKILL-SETS REQUIRED

The training and the skills would be a little different for people working in Indian retail stores and international retail stores.

“Conceptual understanding, analytical skills and details, understanding customers and observation skills — project management and operating skills are required to work in any retail industry whether Indian or international.

Specific aspects required to work in the international retail world would be understanding of global consumer behaviour, international standards and retailing strategies, for example, retail expansion strategies. One is required to develop a strategic bent of mind to be able to work in this environment,” says Salunkhe. It is also important to understand local culture , know the local language/s, spending patterns on festivals, special seasons, etc, and so on.