Pantaloon Retail (India) Ltd, a Future Group venture, was awarded the ‘Emerging Market Retailer of the Year 2007’, at the inaugural World Retail Congress held at the Palau Nacional, Barcelona, Spain. The Congress attracted more than 1,000 leading retail figures from over 60 nations.
The ‘Emerging Market Retailer of the Year’ award recognises entrepreneurship, originality and adaptability in individual retailers from emerging markets. Among the finalists for the award were B&Q Asia from Hong Kong, Edgars Consolidated Stores from South Africa, Matahari from Indonesia and Shufersal from Israel. The award, sponsored by SAS, was voted for by a grand jury that included many of the world’s top retailers and senior industry experts.
Receiving the award, Kishore Biyani, Managing Director, Pantaloon Retail (India) Ltd, said, “This award is a reflection of the huge potential that the Indian consumption market offers. It is a moment of pride not just for Pantaloon Retail, but also for India. It would have been more appropriate if we had got the award after global retailers made their foray into India. We are in a no-competition scenario currently but we excel in what we do to delight our Indian consumers.”
The World Retail Awards, in association with Kurt Salmon Associates, marks the first time that the industry has come together to recognise excellence across formats, sectors and borders. The ‘Retailer of the Year’ went to Inditex, the owners of the Zara brand; Mall of the Emirates, Dubai was awarded ‘Retail Destination of the Year; the ‘Multi Market Retailer of the Year’ award went to IKEA; while Marks & Spencer was awarded the ‘Responsible Retailer of the Year’.
The ‘Emerging Market Retailer of the Year’ award is yet another international recognition Pantaloon Retail has received in the past 12 months. Earlier this year, the US-based National Retail Federation conferred the ‘International Retailer of the Year 2007’ award to Pantaloon Retail. It has also received the ‘Best of the Best Retailer’ at the Retail Asia Pacific Top 500 Awards that was held in Singapore in October 2006. Asiamoney recognised Pantaloon Retail as the ‘Best Managed Mid-Cap Company in India 2006’.