CHALLENGES, TRENDS AND THE ROAD AHEAD FOR THE RETAIL INDUSTRY

Indian Retail Industry has the fifth largest place in the world. It comprising organized and unorganized sectors, Indian retail industry has one of the fastest growing industries in India. Indian Retail Industry is growing from US$330 billion in 2007 to US$640 billion by 2015. The retail sector is one of the fastest growing sectors in India, having the world's second largest place in consumer market. Retailing has the major business activities in India and leading sources of employment generation in India. Due to excessive change in the behavior, taste and preferences of the consumer, and the growing economy, earning ability, less time and fast track life makes the emerging challenge in the retail sector of India. Indian retail sector mainly divided into two parts unorganized and organized retail. Organizes retail has limited market share in comparison of unorganized retail sector. Recently Indian Government allowed FDI in single brand retailing and multi brand retail, which comprises challenges for retail industry. The purpose of this paper is to find out the growth and challenges in Indian retail industry and major problems for Indian retailers and as well as for the foreign retailers. This paper shows the detailed information about the growth and challenges of retail industry in India.. Due to changing in the scenario of world’s economy retail sector attracts the thought of scholars to make some hard work relating to study of growth and challenges. Since hard work has been made in this paper to highlights the present status, growth, opportunities and problems of retail sector in India. The paper includes growth of retail sector in India, strategies, strength and opportunities of retail stores, retail format in India, recent trends, and opportunities and challenges. This paper concludes with the likely impact of the entry of global players into the Indian retailing industry. It also highlights the challenges faced by the industry in near future.