‘Organised retail market to grow at US$ 260 bn by 2020’

Every industry aims at growth and expansion and the same applies to the shopping centre Industry. The 4th edition of The India Shopping Centre Forum (ISCF), the mega congregation of Shopping Centre Developers & Retailers, highlighted the key challenges faced by the sector and the way forward for retail industry especially shopping centres. Organised in the theme of ‘Shopping Centres Challenge: Need to cover more ground to lay the right foundation for the future of retail in India’ the event was scheduled on 13-14 May in Mumbai.
 
BS Nagesh, Vice Chairman of Shoppers Stop speaks on the status on the changing retailer-developer relationship while Raj Singh Gehlot, Chairman of Ambience Group of companies, highlighted the key elements in building successful malls in the future. Thomas Varghese, CEO, Aditya Birla Retail, & Chairman CII’s of National Committee on retail, and S Raghunandhan, Chairman SCAI & CEO, Prestige Retail Group touched upon the changing retailer-developer relationship and how both can create a win-win situation through a mutually beneficial partnership. The panel agreed that shopping centres are an integral part of economic growth. They symbolize the civilization and lifestyle development of the economy.
 
Varghese highlighting the positive development in the retail sector stated that the Indian organized retail market will grow from US$ 170 billion to US$ 260 billion by 2020 which will generate around 13 million jobs. He highlighted the importance of organized retail in driving economic growth as the industry has the ability to serve producers (farmers and manufacturers), employees, consumers and the government.

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