The Hindu Business Line : `Global retail majors eyeing India'

RETAIL activity in India is set to grow and backdoor entries may be the norm if FDI in that sector is not allowed, according to Dr R.L. Bhatia, CEO, Centre for Change Management.

He said that some of the companies that were attempting the backdoor route were Wal-Mart and Marks & Spencer.

Despite the lack of FDI opportunities, India was recently ranked the second most attractive retail destination among emerging global markets, with China leading, by AT Kearney.

To discuss pertinent issues and felicitate stalwarts of the retail industry, India Retail Summit will be held on November 26-27.

Dr Bhatia added that retail activity was picking up at a phenomenal rate, and was being spurred by the easy availability of credit cards. He added that those entering retail were seeing huge profits, saying: "Retail is a pure cash business."

He said the growing consumerism in the country, coupled with the fact that 57 per cent of the population was below 25 years of age was also one of the reasons retailers were being encouraged to invest in more activity. However, the areas that were bound to suffer were infrastructure, especially in Mumbai, human resources, financial management, consumer spend levels and operational efficiencies.

The summit `The Retail Paradigm - Growth and Opportunities' will be chaired by Ms Chanda Kochhar, Executive Director, ICICI Bank.

Broadly, the India retail summit aims to develop an insight into the current trends and developments in retailing. The three-day summit will also have an exhibition at the Taj Lands End on November 26-27, and will also have awards for retail excellence.