Innovation and change in global retailing - An in-depth study

The latter half of the 20th century in the world has seen a retail revolution witnessing a fast changing retail landscape where new supermarkets and other retail formats are coming up. Wal-Mart is now the world largest corporation and the largest food retailer. Similarly, the French based Carrefour is the second largest retailer operating hypermarkets in 35 countries. The Environment has become dynamic and the retail stores are becoming more than just places to buy products. Retailing has become a part of our every day's life and is often taken for granted. The consumer's of today are not interested to shop from small shops or neighborhood stores so called “Dukandars” rather are interested to pick up places for purchase, which are multichannel. The retail revolution and the fast changing retail landscape is not only seen in the world but India is also geared up to experience the entry of global retailers. In India the retailing revolution is coming in food, apparels, entertainment and many more items and the change which can be seen in terms of opportunity in the area of retail business where Mom and pop outlets are going to fade and pay a ways for the organized retailers like- ITC, Reliance, TATA, Raheja's etc. who are entering into the retail sector with their big expansion plans and ready to provide everything to everyone. As per the conservative estimate it is estimated that by the year 2010 the investment in retail industry will be over Rs. 20, 000 crore generating an additional 700 million of quality space from the existing level and generating a retail sale to the tune of Rs. 60, 000 crores (India Retail Report, 2007). The article is an attempt to compare the world retailing with the retail revolution, innovation and change taking place in India with regards to the major players, retail share, factors which have brought the change, the various formats used, technology and the new developments taking place in the retail industry.