What is Retail?
Retailing in India is one of the pillars of its economy and accounts for about 22 percent of its GDP. The Indian retail market is estimated to be over US$ 500 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world, with 1.2+ billion people. A PWC report states that modern retailing has a 5% market share in India with about $27 billion in sales, and is growing at 15 to 20% per year. There are many modern retail format and mall companies in India. Hence, if you are wondering for the business ideas for shops retail spaces; get in touch with the experienced consultants at sparkleminds.
Business Ideas For Shops Retail Spaces:
Existing Indian retail firms such as Spencer’s, Foodworld Supermarkets Ltd, Nilgiri’s and ShopRite support retail reform and consider international competition as a blessing in disguise. They expect a flurry of joint ventures with global majors for expansion capital and the opportunity to gain expertise in supply chain management. Spencer’s Retail with 200 stores in India, and with the retail of fresh vegetables and fruits accounting for 55 percent of its business claims retail reform to be a win-win situation, as they already procure the farm products directly from the growers the involvement of middlemen or traders. Foodworld, which operates over 60 stores, plans to ramp up its presence to more than 200 locations. It has already tied up with Hong Kong-based Dairy Farm International.
With the relaxation in international investments in Indian retail, India’s Foodworld expects its global relationship will only get stronger. Competition and investment in retail will provide more benefits to consumers through lower prices. There is huge availability and significant improvement in supply chain logistics
After You Start Your Retail Business:
When you want to start a retail business, coming up with a great product that customers will want to buy is only half the battle. The other part of the equation is finding a way to get your products in front of customers. Therefore, if you’ve got a few hundred thousand dollars lying around; a traditional commercial storefront may be out of the question.
The good news is you already won the battle, you have a commercial storefront/ retail space. Also, we have the business ideas/ opportunities lined up for you on www.franchisebazar.com. Whether you want a scaled-down retail space or choose to sell online only. There are plenty of affordable business opportunities in every industry you can think of, waiting out there for you.
Call us today to learn business-friendly ways to start the retail business of your passion in your existing property space.