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The retail potential and talent galore explored in a new platform
News By Suman Munshi
Kolkata, 28th April 2023:
Retail market in India has been sustainably growing for years, the reason being the unorganized sector moving towards being organized to a great extent.
The focus of Indian consumers is rapidly shifting towards buying right, and the inclination towards a healthy lifestyle is also contributing to the growth of the retail sector.
The retail market of Eastern India is a diverse and growing sector. The region encompasses the states of West Bengal, Odisha, Bihar, Jharkhand, and the seven northeastern states. The retail market in this region is driven by a large population base, rising consumer income, and increasing urbanization.
The retail market in Eastern India is dominated by traditional brick-and-mortar stores, including small independent shops and large department stores. However, there has been a significant shift towards modern retail formats such as malls, hypermarkets, and supermarkets. This shift has been driven by changing consumer preferences and increasing competition.
The food and grocery sector is the largest segment of the retail market in Eastern India, accounting for over 60% of the total retail sales. Other major segments include apparel and accessories, electronics and appliances, and personal care products.
One of the unique features of the retail market in Eastern India is the presence of street markets and bazaars. These markets offer a wide range of goods at affordable prices and are popular among the local population.
The retail market in Eastern India faces a few challenges such as inadequate infrastructure, limited supply chain capabilities, and regulatory hurdles. However, the market is expected to grow at a healthy rate in the coming years, driven by rising consumer demand, government initiatives, and the increasing adoption of digital technologies.
The retail market in Eastern India is a significant contributor to the overall retail market in India. According to a report by Technopak, the size of the organized retail market in Eastern India was estimated to be around USD 15 billion in 2019. The report also projected that the market would grow at a compound annual growth rate (CAGR) of around 20% between 2019 and 2024.
However, it is important to note that the majority of the retail market in Eastern India is still unorganized, and a significant portion of the retail transactions take place through traditional formats such as mom-and-pop stores, street markets, and bazaars. The size of the unorganized retail market is difficult to estimate, but it is believed to be several times larger than the organized retail market.
Overall, the retail market in Eastern India is expected to continue to grow rapidly in the coming years, driven by increasing consumer demand, rising income levels, and the adoption of digital technologies.
So as Kolkata is not far behind to this trend. Kolkata is the most happening city, an entrance of East & North East India, with many retail stories of achievements to encourage and motivate others.
The retail environment is dynamic today as it has ever been and a healthy growth has been noticed in obtaining or purchasing goods or services. On this positive note senior retail expert Ms. Piyali Roy Oberoi envisioned a common platform for retail players.
There was an open forum highlighting ‘High growth potential and vast market size along with talent galore of East India’s Retail Market’ witnessed the unveiling of eastindiaretail.com a news portal specially crafted for the Retail industry of Eastern India in presence of noted retail establishments of our country like Mr Karan Goenka COO, Citi Style- RG’s Fashion Pvt Ltd; Mr Murali Krishnan Co-founder & CMO-Wow! Momo Foods; Mr Man Mohan Bagree Vice President-South City Ltd; Mr Ranodeep Saha Co-founder Rare Planet; Ms Sara Sethia Director-Success Menswear; Mr Rajib Mukherjee Vice President & Territory Head-Max Fashion India; Mr Abhijit Das Senior Director-East India Knight Frank, Ms. Piyali Roy Oberoi and other dignitaries.
While addressing the media Ms. Piyali Roy Oberoi, 22 years experienced in this industry stated ‘the portal provides comprehensive commentary on the east India retail ecosystem by highlighting the success stories, thought leaders and recent trends.
It also provides a business networking hub which enables the upcoming players with consulting and implementation of services.’
Let’s look forward with an optimistic note on eastindiaretail.com, an interesting platform which aims to bring Collaborative Growth for the Retail Ecosystem through Knowledge Sharing, Expert led Panels & Workshops.
