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Retail trade contributes around 10-11% of Indias GDP and currently employs over 4 core people. Within this, unorganized retailing accounts for 97% of the total retail trade. Traditional forms of lowcost retail trade, from the owner operated local shops and general stores to the handcart and pavement vendors together form the bulk of this sector. In the absence of any significant growth in organized sector employment in India in the manufacturing or services sector, millions are forced to seek their livelihood in the informal sector. Retail trade, which has been a relatively easy business to enter with low capital and infrastructure needs, has acted as a refuge source of income for the unemployed
The Central Statistical Organization (CSO) in its national accounts statistics (NAS) uses the classification of organized and unorganized sectors. According to it : Generally all enterprises which are either registered or come under the purview of nay one of he acts, such as Indian Factories Act, 1948, Mines and Minerals (Regulation and Development) Act, 1957, The Company Law, the central/ states Tax Acts, and the Shops and Establishment Acts of the state governments, are defined as organized sector ..
All unincorporated enterprises and households industries which are not regulated by any acts and which do not maintain any annual reports presenting the profit and loss and the balance sheets are classified as unorganized.
. A number of large domestic business groups have enteredthe retail trade sector and are expanding their operations aggressively. Several formats of organized retailing like hypermarkets, supermarkets and discount stores are being set up by big business groups besides the ongoing proliferation of shopping malls in the metros and other large cities. This has serious implications for the livelihood of millions of small and unorganized retailers across the country.
Another finding is this that Organized retailing has witnessed considerable growth in India in the last few years and is currently growing at a very fast pace. A recent survey report prepared for the FICCI states that organized retail, estimated as a $ 6.4 billion industry in 2006, is projected to reach $ 23 billion by 2010. The share of organized retail in overall retail sales is projected to jump from around 3% currently to around 9-10% in the next three years. A number of large domestic business groups have entered the retail trade sector and are expanding their operations aggressively.
RECOMMENDATION
Following are my recommendations for unorganized retail sector: Unorganized retail sector consists of small shopkeepers and retailers, they are very vast in number but they don t have unity, they have to form unity in themselves. They have to be more focused on making personal relations with the customers.
Recommendation for organized retail sector: The income is rising in the urban middle class families, this will increase their ability to buy branded products. They also have to work hard on PR services. Because they are facing challenge from both the sectors. They have to give discounts not only in the seasons but, all the time.
CONCLUSION
Thus I can conclude that with the economy opening up, the retail industry, of late is going through several changes. Big players and MNC s have started to enter the retail industry and a new dimension is being given to the retail business. The survival of the retailer, small or big, has become difficult. Supermarkets are yet to get the great Indian middle class and rural India in their fold. Until then, small retailers will be the most sought after retail entities, especially by those marketers who are keenly looking at penetrating semi-urban and rural areas.
LIMITATION
The main limitation of my study is that I have collected my data from secondary sources. So my findings and knowledge is totally depend up on the findings and researches of others.