In a bid to promote organised retailing in India and help small players scale up as organised retailers, Southern India Chamber of Commerce & Industry (SICCI) is holding the first ever retail summit in Tamil Nadu, titled ‘Emerging Retail Paradigm’. The two-day summit began in Chennai on September 5.
The summit will cover few important topics such as merchandising, store operations, shopper marketing and insights and building store brands (private label). The summit will enable managers across categories, retailers and students to understand and learn about the retailers business; educate them about opportunities and ways to improve effectiveness and efficiencies across the value chain. The summit would also serve as a platform for various stakeholders to highlight the progress and issues in the retail sector, an official communiqué stated.
At a press meet, M Balasubramanian, President, SICCI, said, “The retail industry is at a very critical juncture and we at SICCI believe this is the right time to address the needs of retail industry. From this year onwards, this retail summit will be an annual platform for industry players to held promote organised retailing, and I am sure in the long run, the summit will play the role of a catalyst to bring about a paradigm shift in the retail sector.”
“The future of retailing in India needs to be organised as it is a business with a potential to empower people with big opportunities. The retail industry is estimated to grow from the $330 billion in 2007 to $427 billion by 2010, and organised retail, which currently accounts for 4 per cent of the total market, is likely to increase its share to 22 per cent by 2010,” Balasubramanian added.
M Bhaskar Bhat, MD, Titan Industries, was the chief guest and inaugural speaker on the opening day of the summit, while Pradipta K Mohaptatra, CEO, RPG Group of Companies, will deliver the valedictory address on September 6.