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The term retail refers to the business of selling good and services in small quantities to the end customer. Seen as a combination of many different departments, the retail sector includes Companies and businesses like department stores, clothing & toy stores, supermarkets, drug stores, car dealers and gas stations etc.
The Indian Retail Industry
It has been estimated that the organized segment of the Indian Retail Industry is generating about 2% of the GDP in India plus huge employment opportunities for the youth. Over time, retailing in India has matured, become more organized and expanded to meet consumer demands. So much so that, it is believed that India has the highest density of retail outlets in the world.
An increase in the disposable income of the urban middle class as well as maturing markets have made the Indian retail Industry very attractive to International retail giants who are looking at investing in this large and promising Industry. Though still protected from foreign direct investments (FDI), its possible entrance coupled with import liberalizations and entry of modern retailers is also being seen as a threat to the large percentage of family oriented and local retailers in India.
The common man in India is showing signs of consumerism and has been introduced to a completely new shopping experience, to the extent that even those consumers who live in the rural areas are slowly getting a chance to enjoy the fruits of systematic retailing initiatives. The traditional markets in cities like Delhi, Bangalore, Mumbai and Kolkata are slowly giving way to the sophisticated and state-of-the-art shopping malls & plush department stores that provide a great shopping experience to the Indian customer.
The Retail industry in other developed and developing countries such as the US, Asia, Latin America is much more organized as compared to India. However, India’s Retail Industry is on an upward swing with some of the world’s biggest chains entering India such as Walmart and the next few years promises record breaking developments for this Industry.
Careers in the Retail Industry
With the unprecedented growth of the Retail Sector all over the world, it comes as no surprise that a career in Retailing has become increasingly attractive.
Individuals who are confident, energetic and communicative can look forward to a satisfying career in the Retail sector. Your ability to interact well with people can prove to be a great plus.
The Retail industry offers exciting career opportunities in each of its departments like FMCG, Consumer Durables, and Clothing etc. Middle and senior level professionals can find satisfying career options in departments such as Procurement, Merchandising, Management, Product Development etc.
Jobs in the Retail sector offer a plethora of opportunities for growth and expansion to professionals in the middle and senior level positions. Besides other educational qualifications, candidates can enjoy a competitive advantage over their counterparts by pursuing a course in Retail Management.
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