This hope got further boost by a report of the economic think-tank Indian Council of Research in International Economic Relations (ICRIER), which had been commissioned by the Ministry of Commerce to conduct a study on the future of retail in India.
The ICRIER findings said that the neighbourhood stores would not fall prey to organised retailers, and forecast rapid as well as massive expansion in the Indian retail space, saying the market size would touch $590 billion by 2011-12.
"Both unorganised and organised retail not only can co-exist but also grow substantially in size," the ICRIER report summed up.
Despite an economic downturn setting in towards the second-half of the year, international brands like Giorgio Armani and Roseby's joined the Indian retail bandwagon, while some like Marks & Spencer firmed up new ties with Reliance
Retail.
Also read: Consumer confidence: Asia's top 10 nations
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