Not to be left behind, domestic retailers were led by Bharti Retail, which had earlier announced an investment of up to $2.5 billion by 2015, and opened its stores under the brand name, Easy Day.
Growth in the unorganised retail sector is expected to take place at 10 per cent per annum, with sales rising from $309 billion in 2006-07 to $496 billion in 2011-12, ICRIER report said.
It said unorganised retailers in the vicinity of organised retailers experienced a decline in volumes and profit in the initial years, but the adverse impact on sales and profit weakened over time.
The report further said that the organized sector, which represented only four per cent of the retail trade in 2006-07, is likely to grow at 45-50 per cent per annum and attain a 16 per cent share of total retail business of $590 billion by 2011-12.
On the whole, the report said the total retail business in India will grow at 13 per cent annually from $323 billion in 2006-07 to $590 billion in 2011-12.
Image: Inorbit mall in Mumbai. | Photograph: Jewella C Miranda
Also read: '2009 will define India's retail biz'
| Live updates on money.rediff.com |
|
Advertisement
