Scheduled for February 15 and 16 in Mumbai, the Great India Retail Summit 2024 by The Economic Times will host retail pioneers, brand founders, MDs and CEOs, investors, policymakers, industry watchers, and technology innovators. The event promises futuristic keynotes, candid chats, insightful sessions, and panel discussions to exchange ideas on the changing landscape of the retail industry.
“There is a need to provide lower interest rate to the retailers through the special announcement in the budget to assure easier financing for the Retail businesses. The government should allocate a special fund and formulate a special trader finance scheme with SIDBI to help millions of independent retailers across the nation by declaring low-cost loans and relaxing some industry guidelines,” RAI has said.
The article talks about the shift and emerging trends that are transforming the retail landscape.
“ICRA’s sample set of 14 large jewellers, which account for ~70% of the organised market, is projected to record a healthy revenue expansion of 15-18% YoY in FY2024 on the back of their planned retail expansions and a gradual shift in consumer preferences towards branded jewellers,” said Sujoy Saha, vice president and sector head, ICRA.
The Indian e-commerce industry is growing at a CAGR of 23% and expected to touch $350 Bn by 2030 making India the 3rd largest online retail market (trailing only the United States and China) with over 6 Mn MSME merchants. The Indian retail market is largely unorganized, however, over the next 5 years, the share of modern retail (including e-commerce) will increase to 30%.
Since India’s domestic standard regime is new and evolving, Indian businesses are yet to unlock their full retail capabilities to tap into export opportunities for high value-added products. By developing business strategies that align with best international practices and global trends for product standardization, enterprises can increase their exports.
The figures reflect a slowdown in consumers' willingness to spend after a blowout summer. Consumer spending jumped in the July-September quarter, but economists forecast it will slow in the final three months of the year, as credit card debt - and delinquencies - rise and average savings fall. "The October retail sales report was stronger than expectations, but confirmed a slowdown in consumption," Ellen Zentner, chief U.S. economist at Morgan Stanley, wrote in a note to clients.
Underperforming shopping malls are taking the right turn toward profits, helped by the robust growth in India's retail industry. Malls such as the Garuda Mall in Bengaluru, Atria Mall in Hyderabad, and Capital Mall in Bhopal have witnessed a reversal of fortunes thanks to a re-evaluation of their brand mix and structural realignment.
The Tamil Nadu government is mulling to shut down 275 Tasmac liquor outlets following complaints from people over the disturbances created due to these outlets.
The Enforcement Directorate has arrested the MD of Lava International mobile company, a Chinese national, a Chartered Accountant and another person as part of its ongoing money-laundering probe against Chinese smartphone-maker Vivo.
The start-up, founded by ex-Flipkart alums Khushnud Khan and Rathore in 2018, is aimed at empowering retailers in their battle against retail giants. With that as the goal, they set out to bridge the gap between tradition and innovation, and bring e-commerce convenience and technology to offline retail stores.
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