Indian retail, a nearly $900-billion market dominated by mom-and-pop stores
India's expanding retail landscape is changing fast, with global and domestic consumer and retail behemoths fighting tooth and nail to woo shoppers, as many choose large, clean supermarkets over crowded local stores and ordering online.
Data from Forrester Research shows India's retail market was worth an estimated $883 billion last year, of which grocery retail accounted for $608 billion. By 2024, the market is expected to grow to $1.3 trillion.
India - population 1.3 billion - has over the years become a sought-after retail destination with a growing base of young and affluent shoppers. The sector contributes 10% to India's gross domestic product and accounts for 8% of India's employment, according to Invest India, the country's investment promotion arm.
Mom-and-Pop stores & 'Kiranas'
India's mom-and-pop stores sell everything from clothes and footwear to groceries and electronics. Most of India's grocery retail happens at kiranas - small- and mid-sized mom-and-pop outlets which account for 75-78% of the consumer goods market, Ambit Capital estimates.
Store owners typically have a strong and regular customer base in their neighbourhood, with home delivery and taking orders on phone a common phenomenon.
Hundreds of household items are crammed inside wall-to-wall glass or wooden shelves, or in the open, at such stores. Many outlets are so small and cramped that customers don't set foot inside - products are handed over by store staff who stand behind a counter.
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