RETAIL SECTOR

PRESENTED BY:ANNU DANGI (12MBA003)

MANTARAN BIMBRA (12MBA015)NOOPUR GUPTA (12MBA021)

RISHIKA SINGHAL (12MBA028)

A MAJOR CONTRIBUTION TO THE INDIAN ECONOMY

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CONTENTS

Introduction

Classification

Global Retail Outlook

Evolution Of Indian Retail

Growth Of Retail Industry

Trends And Challenges Observed

Global And Indian Retail Giants

FDI In Retail

Future Of Retail

SWOT Analysis

INTRODUCTION

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WHAT IS RETAIL?

Retailing can be defined as a set of business activities involved in selling goods and services to consumers for their personal, family or household use.

Barter System was known as the first form of retail. It is world’s largest private industry with annual sales over

$6600 billion. In commerce, a "retailer" buys goods or products in large

quantities from manufacturers or importers, either directly or through a wholesaler, and then sells smaller quantities to the end-user.

Retailers are at the end of the supply chain.

CLASSIFICATION

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SINGLE BRAND vs MULTI-BRAND

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ORGANIZED vs UNORGANIZED

8USA France Japan Malaysia Brazil Russia China India

85% 80%66%

55%

36% 33%20%

5%

15%20%

34%45%

64% 67%80%

95%

Comparative Penetration Of Organized Retail

Organized Unorganized

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RETAILERS

Department Store

Supermarkets

Warehouse Retailers

Specialty Stores

E-tailer

Convenience Retailer

Discount Retailer

Dollar Stores

GLOBAL RETAIL OUTLOOK

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The global retail industry is growing continuously, building on the rebound in growth that started in 2010.

Sales-weighted, currency-adjusted retail revenue rose 5.1% to US$ 4.271 trillion for the world’s Top 250 retailers in fiscal 2011, from previous year’s 5.3% growth.

More than 80 percent of the Top 250 (204 companies) posted an increase in retail revenue.

Declining sales were also experienced and the reason stated was restructuring activities and divestments of non-core assets rather than deterioration of the core business.

For the first time, the aggregate retail revenue of the Top 250 topped $4 trillion.

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The reasons for this continuous growth were burgeoning middle classes, youthful populations and sizable foreign direct investment.

On the other hand, Japanese retailers suffered a composite revenue decline in 2011.

The revenue dropped for many of these retailers due to the earthquake disaster and resulting impact on the country’s economic environment.

Japan’s share of Top 250 companies and revenue increased owing to the appreciation of yen relative to the U.S. dollar in 2011.

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INDIAN RETAIL INDUSTRY

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Indian retail market is the 5th largest market in the world by economic value.

Retailing is one of the pillars of the Indian economy and accounts for 22% of country’s GDP.

Also, employment in Indian retail industry occupies second place after agriculture and it contributes to 8% of the total employment.

The first few companies to come up with retail chains were in textile sector like Bombay Dyeing, S Kumar's, Raymond’s.

Latest research has rated India as the top destination for retailers for an attractive emerging retail market.

Indian retail is expected to grow 25 per cent annually. Modern retail in India could be worth US$ 175-200 billion by 2016.

EVOLUTION OF

INDIAN RETAIL

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MODERN SCENARIO

The emergence of hypermarkets and supermarkets. Continuous improvement in the supply chain management,

distribution channels, technology, backend operations, etc. that would lead to more of consolidation, mergers and acquisitions and huge investments.

Initially the retail industry in India was mostly unorganized, however with the change of taste and preferences of consumers, the industry is getting more popular these days and getting organized as well.

India shows US$ 330 billion retail market that is expected to grow 10% a year, with modern retailing just beginning.

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Purchasing power of Indian urban consumer is growing and branded merchandise in categories like Apparels, Cosmetics, Shoes, Watches, Beverages, Food and even Jewellery, are slowly becoming lifestyle products that are widely accepted by the urban Indian consumer.

Indian retailers need to diversify and introduce new formats, and they have to pay more attention to their brand building process. The emphasis here is on retail as a brand rather than retailers selling brands.

GROWTH OF RETAIL INDUSTRY

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The Indian retail industry is BOOMING. A number of large corporate houses like the Tata’s, Raheja’s,

Piramals’s, Ambani’s (Reliance) have already made their foray into this arena.

Today the organized players have attacked almost every retail category, you name the category and the big players are already playing in that market.

The Indian retail industry has witnessed too many players in very short time, crowding several categories without looking at their core competencies, or having a well thought out branding strategy.

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The Shape of Indian Retail Market

2010(In Rs. Cr)

2012(In Rs. Cr)

Growth % Est. 2015(In Rs. Cr)

Est.Growth %

Total Retail 21,19,634 28,50,055 16.0 47,80,318 18.8

Modern Retail 1,38,961 2,23,572 26.8 4,87,423 29.7

Share% of Modern Retail

6.6 7.8 - 10.2 -

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Beauty & Personal Care3%

Fitness1%

Clothing & Apparel33%

Fashion Accessor-

ies1%

Footwear4%Jewellery

6%Eyewear

1%Timewear

2%

Food & Grocery

11%

Food Service

7%

Home & Interiors

5%

Leisure2%

Enter-tainment &

Gaming3%

Consumer Electronics

8%

Mobile & Telecom

11%

Pharmacy2%

Share of Different Retail Verticals in Modern Retail

25

26%

30%

27%

7%5% 5%

Predicted Mall Distribution Space in India

Tier II Cities

Delhi/NCR

Mumbai

Hyderabad

Pune

Bangalore

The retailing configuration in India is fast developing as shopping malls are increasingly becoming familiar in large cities. The government of states like Delhi and National Capital Region (NCR) are very upbeat about permitting the use of land for commercial development thus increasing the availability of land for retail space; thus making NCR render to 50% of the malls in India.

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The organized retail market is growing at 3.5% annually while growth of unorganized retail sector is pegged at 6%.

Several Indian and multinational companies are planning to invest US $ 25 billion in the next 5 years to bring about a rapid change.

The industry is valued at about US $ 350 billion according to management consulting firm Techno Park Advisors Pvt. Ltd.

According to the tenth report of AT Kearney, organized retail is expected to reach 20% by 2020.

The reasons stated for this forecasted growth are strong economic growth, population expansion, increasing disposable income and rapid emergence of organized retail infrastructure.

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Year % share of retail sector

2007 8%

2009 12%

2011 22%

Share of Retail Trade in Gross Domestic Product (G.D.P.)

Table I

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Share of Organized Retail Sector in Total Retail Trade

Year % share of Organized Retail Sector

Source

2005 3.5% A T Kearney

2008 5% MC - Kinsey & Company

2010 8% A T Kearney

2013 10% A T Kearney

Table II

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TRENDS OBSERVED

Emergence of organized retail: Real estate development in the country like construction of shopping malls has led to immense growth in the organized retail business since more space is being made available and building of infrastructure which is required by organized retail players.

Spending capacity of youth of India: In today’s times, youth constitute a large part of the total population and they are the highest spenders amongst all the age groups so this huge spending prove to be beneficial for the retailers the most.

Raising incomes and purchasing power: The per capita income in India has doubled between 2000-01 and 2009-10 resulting in improved purchasing power. People want to buy products of good quality since they can afford them now.

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Changing mindset of customers: The customer mind set is gradually shifting from low price to better convenience, high value and a better shopping experience. People now prefer to shop everything they require at one place rather than going places to places.

Easy customer credit: Emergence of concepts such as quick and easy loans, EMIs, loan through credit cards, has made purchasing possible for Indian consumers, for products such as consumer durables.

Higher brand consciousness: There is high brand consciousness among the youth; 60% of India‘s population is below the age of 30 leading to popularization of brands and products.

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Rural markets as a huge opportunity: Rural markets are emerging as a huge opportunity for retailers and this is reflected in the share of the rural market across most categories of consumption. Some of the examples are: ITC - e-Choupal HLL - Project Shakti Mahamaza

Online Shopping: IT is a tool that has been used by retailers ranging from Amazon.com to eBay to radically change buying behavior across the globe.

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CHALLENGES OBSERVED

International Standards: Even though India has well over 5 million retail outlets of different sizes and styles, it still has a long way to go before it can truly have a retail industry at par with International standards.

Inefficient supply chain management: Indian retailing is still dominated by the unorganized sector and there is still a lack of efficient supply chain management. India must concentrate on improving the supply chain management, which would bring down inventory cost, which can then be passed on to the consumer in the form of low pricing.

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Lack of Retail space: Most of the retail outlets in India have outlets that are less than 500 square feet in area. This is very small by International Standards.

Cultural Diversity: India's huge size and socio economic and cultural diversity means there is no established model or consumption pattern throughout the country. Meeting needs of different people of different cultures is the biggest challenge.

Real estate issues: The enormous growth of the retail industry has created a huge demand for real estate. With over 1,000 hypermarkets and 3,000 supermarkets projected to come up, India will need additional retail space of 700,000,000 sq ft (65,000,000 m2) as compared to today.

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Human resource problems: Trained manpower shortage is a challenge facing the organized retail sector in India. The Indian retailers have difficulty in finding trained person and also have to pay more in order to retain them. This again brings down the Indian retailers profit levels.

Frauds in Retail: It is one of the primary challenges the companies would have to face. Frauds, including vendor frauds, thefts, shoplifting and inaccuracy in supervision and administration are the challenges that are difficult to handle. This is so even after the use of security techniques, such as CCTVs and POS systems.

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Challenges with Infrastructure and Logistics: The lack of proper infrastructure and distribution channels in the country results in inefficient processes. This results in huge losses. Infrastructure does not have a strong base in India. Urbanization and globalization are compelling companies to develop infrastructure facilities. Lack of transportation, including railway systems, airport capacities and power supply need to be dealt with. Warehouse facilities and timely distribution are other areas of challenge. To fully utilize India's potential in retail sector, these major obstacles have to be removed.

Government Policies: Various govt. policies hinder the growth of the retail industry. The policies are:

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Uniform Value added tax: Even though the Government is attempting to implement a uniform value-added tax across states, the system is currently plagued with differential tax rates for various states leading to increased costs and complexities in establishing an effective distribution network.

Restrictive Labor Laws: Stringent labor laws govern the number of working hours and minimum wages to be paid leading to limited flexibility of operations and employment of part-time employees.

Clearances required: Multiple clearances are required by the same company for opening new outlets adding to the costs incurred and time taken in expansion in the country.

Non-availability of Government land: Non-availability of Government land and zonal restrictions has made it difficult to find a good real estate in terms of location and size.

Lack of clear ownership titles and high Stamp duty has resulted in disorganized nature of transactions.

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TOP GLOBAL RETAIL GIANTS

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WALMART

Walmart is an American multinational retailer corporation that runs chains of large discount department stores and warehouse stores.

The company is the world's third largest public corporation, according to the Fortune Global 500 list in 2012.

It is also the biggest private employer in the world with over two million employees, and is the largest retailer in the world.

Its operations in the United Kingdom, South America and China are highly successful, whereas ventures in Germany and South Korea were unsuccessful.

Wal-Mart remains a family-owned business, as the company is controlled by the Walton family who own a 48% stake in Wal-Mart.

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WALMART IN INDIA

Bharti Wal-Mart Private Limited is a joint venture between Bharti Enterprises and Wal-Mart.

The joint venture is establishing wholesale cash-and-carry stores and back-end supply chain management operations in line with Government of India guidelines.

Under the agreement, Bharti and Wal-Mart hold 50:50 stakes in Bharti Wal-Mart Private Limited.

The first Wholesale Cash-and-carry facility named "Best Price Modern Wholesale" opened in Amritsar in May 2009 and subsequently in Zirakpur, Jalandhar, Bhopal, etc.

Bharti Wal-Mart strives to improve the quality of life for employees, customers and communities through this joint venture.

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CARREFOUR

It is an international hypermarket chain headquartered in Boulogne Billancourt, France, in Greater Paris.

It is one of the largest hypermarket chains in the world (the second largest retail group in the world in terms of revenue and third largest in profit after Wal-Mart and Tesco).

Carrefour mainly operates in Europe, Argentina, Brazil, China, Columbia, Dominican Republic, United Arab Emirates and Saudi Arabia, but also has shops in North Africa and other parts of Asia, with most stores being of smaller size than hypermarket or even supermarket.

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CARREFOUR IN INDIA

Carrefour operates cash and carry stores in India under the name "Carrefour Wholesale Cash&Carry". Carrefour currently operates 3 cash and carry stores in India, they are in Delhi, Jaipur and Meerut.

Prior to September 2012, the FDI policy in India did not allow foreign companies to open multi-brand retail stores in the country. However, 100% FDI in cash-and-carry was permitted in 1997. As a result most global retailers, including Carrefour, opted for this option of cash-and-carry to establish their presence in India.

This opening is in line with the group's strategy to be present in major emerging markets that offer significant expansion and medium- and long-term growth opportunities.

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IKEA

IKEA is a privately held, international home products company that designs and sells ready-to assemble furniture such as beds, chairs, desks, appliances and home accessories.

The company is the world's largest furniture retailer. Founded in Sweden in 1943.

The first IKÉA store was opened in Älmhult, Smaland in 1953, while the first stores outside Sweden were opened in Norway (1963) and Denmark (1969).

The stores spread to other parts of the world like Europe, Japan, Australia, Hong Kong, Canada and Singapore, France & Spain, Belgium, the United States, the United Kingdom and Italy.

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IKEA IN INDIA

Swedish furniture home accessories IKEA is planning to enter India with a Euros 1.5 billion (around Rs 10,500 crores) investment in a single-brand retail venture. In the first phase it plans to set up 25 stores with an investment of Euros 600 million (around Rs 4,200 crores).

The company has already sought government permission to set up a 100% Indian venture and has also promised to increase its sourcing from the country. In these stores companies are permitted to stock goods from one brand only.

The entry also comes with the stipulation that at least 30% of the products have to be sourced from Indian micro, small and medium enterprises.

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TOP INDIAN RETAIL GIANTS

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PANTALOONS

Pantaloons is a part of the Future Group and is one of the biggest retailers in India.

This group operates in multiple retail formats like Big Bazaar, a hypermarket; Food Bazaar, a supermarket; Pantaloons, a chain of fashion outlets; other fashion outlets, HomeTown stores; Planet Sports, a sportswear specialty chain; and E Zone, an electronics store.

Headquartered in Mumbai and has over 1,000 stores across 95 cities in India.

The company operates around 120 Big Bazaar stores and 170 Food Bazaar stores, among other formats, in over 70 cities across the country.

It has around 16 million square feet of retail space.

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RELIANCE RETAIL

Reliance Retail Limited (RRL), a subsidiary of RIL, was founded in 2006 and based in Mumbai, it is the second largest retailer in India.

Its retail outlets offer foods, groceries, apparel and footwear, lifestyle and home improvement products, electronic goods, and farm implements and inputs. The company’s outlets also provide vegetables, fruits, and flowers.

During the year 2011, RRL opened 51 new stores pan India, taking the total to 100 stores across key markets in the country.

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SUBSIDIARIES & DIVISION UNDER RELIANCE RETAIL ARE:

Reliance Fresh - Retail Outlets of fruits, Vegetables & Groceries Reliance Digital - Consumer Electronics retail Store Reliance Jewels - Jewellery Reliance TimeOut - Lifestyle store of books, music, movies,

toys, etc. Reliance Trends - Apparel and Clothing.

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TRENT

Trent headquartered in Mumbai started in 1998 is the retail arm of the Tata group.

Area of business: Westside: This chain offers clothes, footwear and accessories for

men, women and children, along with furnishings, artefacts and a range of home accessories.

Star Bazaar: This hypermarket chain offers a wide choice of products, including staple foods, beverages, health and beauty products, vegetables, fruits, dairy and non-vegetarian products.

Fashion Yatra: The stores bring quality fashion at low prices to value conscious customers in towns across India.

Landmark: A leader in the books and music category, this chain has a range of over 100,000 titles in books and music, and also stocks movies, toys, gift items and stationery.

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SHOPPERS STOP

An Indian department store chain promoted by the K Raheja Corp Group.

Started in the year 1991, has more than 53 stores across the country.

Main area of business- Apparel and Accessories. Retails products of domestic and international brands such as

Louis Philippe, Pepe, Arrow, Gini & Jony, Carbon. It also retails merchandise under its own labels, such as STOP,

Kashish, LIFE and Vettorio Fratini, Elliza Donatein, Acropolis etc.

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Launched its e-store with delivery across major cities in India in 2008. The website retails all the products available at Shoppers Stop stores, including apparel, cosmetics and accessories.

With an immense amount of expertise and credibility, Shoppers Stop has become the highest benchmark for the Indian retail industry.

Shoppers Stop's sister stores are Crossword Bookstores, Home Stop, Brio, DesiCafé, HyperCity, M.A.C., Arcelia, MotherCare, Nuance Group, Timezone.

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BUSINESS STRATEGIES

COMPANY BUSINESS STRATEGY

PANTALOONS RETAIL LTD.

The company follows a multi-format strategy that captures almost the entire consumption basket of Indian customer.

TRENT LTD. Focuses on youth with major brands of apparel and jewellery,Focuses on social marketing that helps Trent to get in the minds of mass.

SHOPPERS STOP Shoppers Stop’s strategy has always been to target “higher income group” consumers. Although it has been quite a smaller group in India but they target the entire share of the consumer’s wallet.

RELIANCE RETAIL Sells the products on EDLP basis at prices15-20 percent lower than market prices, focused largely on local brands instead of national brands or private labels.

ANNUAL SALES IN CRORES

2011 20120

2000

4000

6000

8000

10000

12000

Reliance RetailPantaloonsShoppers StopTrent

NET PROFIT IN CRORES

2011 20120

50

100

150

200

250

300

PantaloonsShoppers StopTrent

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FDI IN RETAIL

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WHAT IS FDI? An investment made by a company or entity based in one country, into a

company or entity based in another country.

Foreign direct investments differ substantially from indirect investments such as portfolio flows, wherein overseas institutions invest in equities listed on a nation's stock exchange.

Entities making direct investments typically have a significant degree of influence and control over the company into which the investment is made.

Foreign direct investment has many forms. It includes mergers and acquisitions, building new facilities, reinvesting profits earned from overseas operations and intra-company loans.

Foreign Investment in India is governed by the FDI policy announced by the Government of India and the provision of the Foreign Exchange Management Act (FEMA) 1999.

The Ministry of Commerce and Industry, Government of India is the nodal agency for motoring and reviewing the FDI policy on continued basis.

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HISTORY OF FDI IN RETAIL IN INDIA

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CHANGES IN FDI POLICY FOR RETAIL SECTOR IN INDIA

The government (led by Dr. Manmohan Singh) announced following

prospective reforms in Indian Retail Sector on September 14, 2012 :

India will allow FDI of up to 51% in ―multi-brand sector.

Single brand retailers such as Apple and IKEA, can own 100% of

their Indian stores, up from previous cap of 51%.

The retailers (both single and multi-brand) will have to source at least

30% of their goods from small and medium sized Indian suppliers.

All retail stores can open up their operations in population having

over 1 million. Out of approximately 7935 towns and cities in India,

55 suffice such criteria.

Multi-brand retailers must bring minimum investment of US$ 100

million.

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Half of this must be invested in back-end infrastructure facilities such as cold chains, refrigeration, transportation, packaging etc. to reduce post-harvest losses and provide remunerative prices to farmers. Expenditure on land cost and rentals, if any, would not be counted towards back-end infrastructure.

Government of India to have the first right to procurement of agricultural products.

The opening of retail competition (policy) will be within parameters of state laws and regulations. The decision to permit setting up of retail outlets has been left to the state governments.

Retail trading in any form, by means of e-commerce, would not be permissible for companies with FDI engaged in the activity of multi-brand retailing.

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WHY FDI IN RETAIL?

40% of the food produced in the country gets wasted. This is while a third of

the country’s population cannot afford two square meals a day. Investments

in the retail supply chain and storage could certainly help in finding a

solution for preserving critical food produce. Global retailers have the

necessary know how and expertise to build that infrastructure.

In food retailing, better supply chain and technical knowhow would ensure

that the transit of produce from farm to shop floors is smooth. Foreign retail

majors will ensure effective supply-chain efficiencies. That will also create

an opportunity for the local players in retail to learn from them.

Policy mandates a minimum investment of $100 million with at least half the

amount to be invested in back-end infrastructure, including cold chains,

refrigeration, transportation, packing, sorting and processing. This is

expected to considerably reduce post-harvest losses. This will control food

inflation.

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For the established and multi format retailers, FDI will mean ready availability of equity funds without taking the risk of excess leverage. The funds will help in executing their expansion plans and thereby offer better revenue visibility.

General consumers are the biggest gainers as they will receive world class services at competitive price & better quality products.

The real estate industry will benefit immensely due to increase in demand. Developers were finding it difficult to find buyer for their unutilized space but now they will be able to fill their vacant space in their shopping malls. Banking sector will also grow consequently with the real estate sector growth as money is needed.

Huge investments in the retail sector will see gainful employment opportunities in agro-processing, sorting, marketing, logistics management and front-end retail. At least 10 million jobs will be created in the next three years in the retail sector.

Sourcing of a minimum of 30% from Indian micro and small industry is mandatory. This will provide the scales to encourage domestic value addition and manufacturing, thereby creating a multiplier effect for employment, technology upgradation and income generation.

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WHY NOT FDI IN RETAIL?

Govt. does not have any clear stands on the FDI in Retail. They have not done any survey and cost benefit analysis of this issue.

The inability of the smaller players to fetch better prices from large vendors and operate on thin margins could lead to their extinction.

Move might lead to large-scale job losses. International experience shows supermarkets invariably displace small retailers. Small retail has virtually been wiped out in developed countries like the US and in Europe.

It is also argued that the global retailers will initially reduce prices drastically with a view to oust local competition. Once they have successfully established their operations, they would raise back the prices.

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Majority of the Indian small-scale industries or manufacturers will be forced to shut down and Indian manufacturing jobs will be lost as MNC retail brand in order to compete would prefer to source 2/3rd of their products cheaper from outside the country such as China.

Predatory pricing could strangulate the domestic retailers. It has been seen MNCs retailers uses there big size to kill competitors.

Argument that only foreign players can create the supply chain for farm produce is not entirely true. International retail players have no role in building roads or generating power. They are only required to create storage facilities and cold chains. This could be done by governments in India.

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FUTURE OF RETAIL

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India has been ranked as the third most attractive nation for retail investment among 30 emerging markets by the US-based global management consulting firm.

The industry is expected to grow at a rate of 12% per annum for the next 5 years.

According to Associated Chambers of Commerce and Industry of India (ASSOCHAM), the retail sector will create 50,000 jobs in next few years.

Discount Implementation of FDI Volume Game Luxury Retailing Rural Retailing

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The sector is expected to see an investment of over $30 billion within next 5 years and putting modern retail in the country to $175-200 billion, according to Techno park estimates.

A good talent pool, unlimited opportunities, huge markets and availability of quality raw material at cheaper cost is expected to make India overtake the world best retail economies by 2042.

Plans of various Retail players: V Mart Retail Ltd, a medium-sized hypermarket format retail

chain, is set to open 40 outlets over the next three years, starting with 13 stores in 2011, in Tier-II and Tier-III cities.

 

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Reliance Retail has opened 150 stores and double the number of stores will be opened across the country in all formats within five years. 

Future Value Retail, a Future Group venture, will take its hypermarket chain Big Bazaar to smaller cities of Andhra Pradesh, with an investment of around US$ 1.54 million to US$ 4.41 million depending on the size and format.

Titan: Leading watchmaker Titan Industries Limited plans to invest about US$ 21.83 million for opening 50 premiums watch outlets Helios in next five years to attain a sales target of US$ 87.31 million.

Marks and Spencer: British high street retailer, Marks and Spencer (M&S) plans to significantly increase its retail presence in India, targeting 50 stores in the next three years.

SWOT ANALYSIS

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STRENGTHS

Rising Disposable Income

Increased number of people in earner category

Urbanization

Increased employment opportunities

Benefits of larger organized retail segments are several

Plastic card revolution

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WEAKNESSES

Policy related issues

Taxation hurdles

Under Developed supply chains

Lack of adequate utilities

Small size outlets

Property price hike – retail companies has to pay rents – less profit

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OPPORTUNITIES

Global retail giants take India as a key market

Cheap and easy availability of skilled and unskilled labour

Opportunities in kids and teens retailing segment

Rural retailing is new area of growth for some of the retailers ITC launched “Chaupal Saga”

“Hariyali Bazaar” by DCM group

Godrej group launched the concept of ‘agri-store’ named “Adhaar”

Locational Advantage

E- retailing

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THREATS

Big Player entering the market

People preferring multi brands over single brands

Availability of credits at other retail (unorganized) outlets

Heavy initial investment is required

Emergence of hyper and super markets trying to provide customers with- value, variety and volume

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Thank You !!