Retailing in Emerging Market

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STOrai profiles the top ten key insights from the Retail Leadership Summit held on Feb 5 and 6, 2014 at Mumbai. The event was attended by 850 retailers from India and other markets.

Highlights of the event included the release of 6 reports on Retail – the largest single Knowledge compilation on Retail in India, ever.

Delivering the inaugural Chairman’s Address, B S Nagesh, Chairman RAI, Founder, TRRAIN said: “In every major retail market globally, Retail features in the top 10 richest companies. Retail drives value. Indian retailers have used the last three years to correct past mistakes and aggressive over-expansion of the previous decade. In the future, one of the key value drivers will be Corporate Governance. Well-governed retailers will command a premium. There is no space for a “dukaandari” mindset, when it comes to Governance”.

Well-governed retailers will command a premium. There is no space for a “dukaandari” mindset, when it comes to Governance.

– B S Nagesh, Chairman RAI, Founder, TRRAIN

The keynote address was delivered by Sanjiv Mehta, CEO & Managing Director, Hindustan Unilever Limited. “E-tailing is to retail, what the steam engine was to horse-manure in Victorian England – it’s revolutionary, not evolutionary”, he said, adding that “There is enough market play for all channels – Traditional kiraanas, Large kiraanas, Modern trade and E-tail – to grow. Each faces different challenges. The kiraanas need to become experiential, e-tail needs to fix supply chain and modern trade needs to find “local” relevance”.

Build for Value, not Valuation.
– Kishore Biyani, Founder & Group CEO, Future Group

The Keynote panel discussion was on the theme of “Decoding market evolution”.

Kishore Biyani said “Previously our addressable market was 30 crore Indians. In the last 10 years, another 15 crore new voters have come in. This segment is young, democratic in its thinking, yet wants to “fit in”. They will buy organic. They will also buy frozen for convenience. The frozen french fry at home costs Rs 10 – at McDonalds it costs Rs 30 – they see value in both formats”.

“Value for the customer of today is CONTEXTUAL. That’s the single biggest change in the last decade of growth”, he said adding that retailers must  “Build for Value, not Valuation”.

E-tailing is to retail, what the steam engine was to horse-manure in Victorian England – it’s revolutionary, not evolutionary.

– Sanjiv Mehta,
CEO & Managing Director, Hindustan Unilever Limited.

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RAI
Retailers Association of India (RAI) is the unified voice of Indian retailers. RAI is a not for profit organization (registered under section 25 of Companies Act, 1956), works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India. RAI is the body that encourages, develops, facilitates and supports retailers to become modern and adopt best practices that will delight customers. RAI has a three charter aim of Retail Development, Facilitation and Propagation.