Traditionality to Modernity- Journey of Indian Retail

Abstract

With the advancement of civilization, the market have emerged as the medium for exchanging goods for goods, or money for goods, or other valued items to fulfill the human needs. The traditional markets which were once called as haats, had undergone immense change. Today they are replaced with Mall culture. The retail sector is expanding and modernizing rapidly in line with India's economic growth. It offers significant employment opportunities in all urban areas. In the beginning there were only ldrana stores called A1om and Pop Stores, the Friendly neighborhood stores selling every day needs. In the 1980s manufacturer's retail chains like DCM, Gwalior Suitings, Bombay Dying, Calico, Titan etc started maldng its appearance in metros and small towns. Afulti brand retailers came into the picture in the 1990s. With the era of globalization the Indian retail sector also underwent drastic changes. The Indian consumer has undergone a remarkable transformation. Just a decade or two ago, the Indian consumer saved most of his income, purchased the bare necessities and rarely indulged himself Today, armed with a higher income, credit cards, exposure to the shopping culture of the west and a desire to improve his standard of living, the Indian consumer is spending like never before. Organized retail with its variety of products and multitude of malls and supermarkets is fueling his addiction. Conquering the retailing in India will be a major challenge, given the complications that the unorganized sector poses those of the supply chain and consumer behavior as well as the glaring complexities of such a vast a market with all kinds ofconsumer segments thrown in. The present study reviewed the structural and behavioral changes taking place in Indian Retail Industry.