Rated as the fifth most attractive, emerging retail market in the world, India is viewed as a potential goldmine for global as well as domestic majors. India's total retail market is estimated at Rs. 9,300 billion of which organized retail is at Rs. 300 billion and is expected to grow at a compounded rate of 30 per cent over the next five years. Currently estimated to employ nearly 15 per cent of educated Indian adults, the industry has the potential to employ over two million people in the next four to five years. The retail sector is witnessing a lot of changes as traditional formats make way for new ones. The figures are indicative of the tremendous growth and buoyancy there is in the Indian retail sector. This, in turn, has enhanced the scope and value of the industry and has made it a very attractive one for prospective employees. The organized retail industry has grown from two to about 3.5 per cent today. There are 55 malls in operation and in the text couple of years, there should be 200 malls in operation across the country. With these levels of growth, there is high scope in this dynamic business. Also, retail is no longer regarded as a New Age profession, but has become an established one with high potential and high growth, organized retail is not limited to major cities. Prominent retailers having gained significant market share in Tier I cities, are eager to cash on and expand into unexplored Tier II cities for establishing broad based visibility and consequently brand loyalty. They are introducing several new concepts, and exploring new structures for space acquisitions etc. Comparatively, a low real estates price in tier II cities is one of the major attraction. Smaller cities like Lucknow, Kanpur, Amritsar, Ludhiana, Jaipur, Jodhpur, Chandigarh, Nasik, Nagpur and Indore are also expected to see a remarkable growth in the number of malls.
The government recently announced foreign direct investment in retail will be allowed upto 51 % in single brand products, with prior government approval. This is aimed at attracting investment, technology and best global practices. However, domestic demand for such branded products remains the key driver. This announcement is expected to provide a boost to premium and luxury brand retailers, serving select clientele. Large Indian corporate groups like Reliance, Tatas, Piramal, Rahejas etc. are exploring opportunities in the retail sector.
There are a lot of career options in the retail industry today. A career in retail offers a more diverse range of occupations than most other industries. These include...
Sales: Every retail store depends upon the sales force to sell its merchandise. The position is an entry-level one.
Store Manager: Store managers are responsible for managing an individual store. Most store managers take on the duty of running the day-to-day operations of the store.
Retail Manager: Apart from under standing the mindset, habits and lifestyle of the customer, the Retail Manager determines the layout of merchandise, monitors stock levels, places orders for new stock, manages the supply chain and keeps and analyses.
Retail Buyers and Merchandisers: They are responsible for selecting the merchandise for a store and then physically buying the goods.
Visual Merchandisers: Retail design or visual merchandising plays an important role in this business. Designers or Visual Merchandisers are the ones who give the brand a face.
Supply Chain Distributors and Logistics and Warehouse Managers: This is amongst the most vital areas of organized retailing and normally is the differentiator between modern chains, more so when it comes to perishable goods retailing.
The majority of jobs are at the shop floor level or in sales. These account for approximately 60-75 per cent of the total jobs in retail. Other job opportunities are in Merchandising, Visual Merchandising, Customer Relationship Management and in the Marketing and Supply Chain segment.
Institutions:
Birla Institute of Management Techonolgy
Birla Vidya Niketan,
Pushpa Vihar, Sector-IV, New Delhi-110017.
Asia-Pacific Institute of Management,
Opp. Pocket-E, Sarita Vihar, New Delhi-
110076 (www.asiapacific.edu )
Indian Retail School
N-10, South
Extonsion-1, New Delhi-110049
(www.indianretailschool.com ).
K J Somajya Institute of Management
Studies & Research, Vidyavihar. 9 SASMIRA, Sasmira Marg, Worli,
Mumbai-400030
Garware Institute of Career Education
and Development,
Vidyanagari, Kalina, Santacruz (E),
Mumbai-400098
Pearl Academy of Fashion
A-21/13, Naraina Industrial Area, Phase II, New
Delhi- 110028
www.pearlacademy.com
Mudra Institute of Communications
Shela, Ahmedabad- 380058
ITM-CDLHP Global Leadership Centre,
ITM Campus, 25/26 Institutional Area,
Sector-4, Kharghar E, Navi Mumbai- 410210
Retailers Association of India (RAI)
111/ 112 Ascot Center, Next to Hotel Le Royal Merdien, Satiar Road, Andheri (E), Mumbai-400099
Welingkar Institute of Management Development & Research
LN Road Matunga (CR)- Mumbai-400019 and at Emen Arcade, Krishna Nagar Industrial Layout, Hosur Road, Bangalore.
Kohinoor Business School
Khandala
Apeejay Institute of Business Studies
Plot No. 23, Sector 32, Institutional Area, Gurgaon- 122001.
Source: Employment News