Tuesday, January 23, 2007

Retail will boom regardless of FDI restrictions

The Hindu Business Line reports that at Retail Summit 2007 in Bangalore, Vikas Garg, a senior consultant at Technopak Advisors Pvt Ltd, said that India's retail revolution is going on, no matter that if FDI happens or not. He added that FDI in retail would not lead to unemployment or closure of small shops, two of the most common fears regarding the issue. Customers are changing their shopping habits due to the significant advantages of shopping at organized retail stores, such as lower prices, higher and more controlled quality of products and standardized service. Vipul Parekh, vice-president of Merchanidising, added that customer are focuing on getting the lowest prices, for the biggest products in the quickest amount of time. At the 2 day summit, that has been organised by the MATS School of Buiness, several prominent industry experts, retailers and academic personae were present.

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