India's retail biz to touch USD 590 bn by 2011

Bangalore, Feb 15 (UNI) The Retail business in India is expected to touch 590 billion USD by 2011, Namadhari Fresh General Manager (Systems and Retail Outlet) B D Bhaskar Rao said today.

In his theme presentation at a seminar on 'Retail Revolution for Agricultural Property', organised by Bangalore Chamber of Industry and Commerce (BCIC) here, he said that with the service sector gaining momentum in the country, following opening of the market, the retail sector was given a boost.

''However, there is no reason for small and medium retailers to be afraid of the entry of corporates into retail business, as it will not have any impact on them,'' he claimed.

Mr Rao said though the retail leaders like Reliance, Spencer's and others were spreading their footprints, it would take at least five to 10 years to get settled due to various reasons. By that time, the small and medium retailers could find many avenues to safeguard their business.

Even big retailers were facing problems as consumers demand quality produces at affordable prices and availability at a short distance, he said.

Stating that maintainance of freshness of fruits and vegetables was the main challenge faced by big retailers, who have entered the retail business, Mr Rao said ''Namadhari has a cold chain from field to consumer.'' ''The big retailers facing acute talent shortage and space shortage, will not immediately affect the small and medium retails.'' Union Minister of State for Planning M V Rajasekharan called for mechanism to safeguard the interests of small and medium retailers.

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