Bangalore, Nov 23 (UNI) Retail business in India was expected to touch Rs 200,000 crore by 2010 and Rs 900,000 crore by 2016, RAMMS India President R Kannan said today.
Speaking at a one-day seminar on 'Get ready for Wal-Mart: How to thrive in the new global retail scene' here, he said the retail market growing at 37 per cent was expected to attain 42 per cent next year. ''The fast growth in retail sector has taken everybody by surprise and continued growth has made many a time our own inability to keep phase'', he added.
Mr Kannan said to address the problems faced in the retail business and to equip properly to meet the ever growing demand the Retail Knowledge Building seminar was organised with experts of the domain available to speak on the strategic approaches, logistics, multi-channel Information Technology and all other aspects of working of Wal Mart.
''Looking at the mushrooming growth in the Retail Industry and heading of the leading global retailers to India there is need to encash the opportunity by adopting necessary technology not only to satisfy consumer needs'', he added.
J C Williams Group Founder John Williams, said with purchasing power of middle class increasing, it is time for the Retail sector to meet the demand. However, loyality to the consumers and social responsibility should be kept in mind while meeting the demands of customers, he added.
Mr Williams said Wal Mart, the world's largest retail business organisation, may enter India in 2008. Technology also plays a vital role in handling the retail business, he added.
The company's senior partner John Torella, said ''as the private brand goods and services are becoming an integral part of the Indian retail landscape and more and more retailers looking into private brands as part of their core retail strategy, it is important to understand the need of them and keys to its success''.