*Assistant Professor, Training & Placement Officer, Department of Training & Placement, Ferozepur College of Engineering & Technology (FCET), Ferozepur, Punjab, India.
**Assistant Professor, Training & Placement Officer, Department of Training & Placement, Global Institutes, Amritsar, Punjab, India.
Retailing is one of the pillars of the economy in India and accounts for 13% of GDP. The Retail Industry in India has come forth as one of the most dynamic and fast paced industries with several players entering the market. But all of them have not yet tasted success because of the heavy initial investments that are required to break even with other companies and compete with them. The India Retail Industry is gradually inching its way towards becoming the next boom industry. The retail industry is divided into organized and unorganized sectors. Over 14 million outlets operate in the country and only 4% of them being larger than 500 sq ft (46 m2) in size. Organized retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. Unorganized retailing, on the other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc. Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs. Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty. Retailers today face many challenges, including increasing competitive pressures, thin margins, high occupancy costs and unpredictable supply base that come in the way of their attaining operational efficiency and profitability Faulty mall management along with inappropriate tenant mix would lead to poor mall traffic and closure of individual stores in malls. Professional third party mall management service providers are hence likely to come to the fore. They not only understand these business challenges, but also have the ability to help retailers effectively deal with them. Main emphasis in this paper has been made on analyzing the concept; opportunities and challenges faced by retail industry in India in this competitive world of globalization. In this paper, to conduct this study, Research Methodology used, is based on primary as well as secondary data. Surveys have been conducted personally or with the help of research associates through specially framed questionnaires and interviews with retail managers. Additionally, some support personnel (retail sales men) have been considered. Theoretical frame work has been developed from the literature, data collected from the multiple sources of evidence in addition to books, news papers, journals, websites and other professional magazines. Originality of this research paper lies in the real work done by conducting interviews and surveys in the real market done with the research personnel through specially framed questionnaires and interviews. In this paper we have mainly discussed challenges faced by the retail industry in India and the future of retail industry in India.
