{"id":2204,"date":"2012-04-06T10:58:00","date_gmt":"2012-04-06T10:58:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=2204"},"modified":"2022-11-07T10:03:12","modified_gmt":"2022-11-07T10:03:12","slug":"retail-still-in-the-cold","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/retail-still-in-the-cold\/","title":{"rendered":"Retail Still in the Cold"},"content":{"rendered":"\n

Janees Reghelini , Retail Today
\n Mumbai, April 2012<\/i><\/p>\n

Once again the Central Government doesn’t seem to have \n listened to retailers’ calls. Janees Reghelini analyses this year’s \n budget.<\/b><\/i><\/p>\n

\n Modern retail might be growing fast, but it is now starting to \n face considerably more obstacles than it did in its nascence. \n It is also having a much wider impact on India\u2019s economy. \n

\n \u201cTraditionally, retail has been known to be one of the \n largest employment generators in the world. For a country like \n India this is the biggest advantage. Policy changes by the government, \n for example, will open up strategic investment opportunities for \n global retailers. This, along with spurring employment creation, \n will have a significant positive impact on all stakeholders and \n will provide a necessary fillip to the growth of the Indian economy \n on the whole,\u201d says Rajendra Kalkar, senior centre director, \n High Street Phoenix.<\/p>\n

Having great expectation from the Union Budget 2012-13, retailers \n voiced a number of demands they feel would help. <\/p>\n

One of the most obvious demands was granting industry status, \n although it wasn\u2019t addressed once again.<\/p>\n

Contributing to over 10 per cent of the country\u2019s GDP, Indian \n retail is India\u2019s second largest employer after agriculture. \n With an increasing market demand, the sector is expected to grow \n at a pace of 25 to 30 per cent annually. Providing industry status \n would be the first basic step to reform the sector, politically. \n <\/p>\n

Kalkar feels retail would benefit from having a ministry for \n a number of reasons, not least because its role has changed profoundly \n over the last few years. \u201cToday, large-scale retailers are \n no longer perceived as mere sellers of products. A modern, advanced \n retailer must be able to innovate and enrich the value of its \n offering throughout its network, integrating more goods and services \n under an umbrella brand that increases distinctiveness and loyalty. \n In order to do so, it is necessary to have an entrepreneurial \n ability orientated
\n Retail still in the cold towards the evolution of demand, a socially-focused \n company mission, and also a legislative landscape that allows \n for this innovation process,\u201d he says <\/p>\n

\u201cThe present value of the Indian retail market is estimated \n by the India Retail Report to be around $500 billion. For consumption \n of this size, a ministry is entirely justified for us.\u201d<\/p>\n

CHALLENGES FACING INDIAN RETAIL INDUSTRY<\/b>
\n \u2022 Tax structure in India favors small retail business
\n \u2022 Lack of adequate infrastructure facilities
\n \u2022 High cost of real estate
\n \u2022 Dissimilarity in consumer groups
\n \u2022 Restrictions in FDI
\n \u2022 Shortage of retail study options
\n \u2022 Shortage of trained manpower
\n \u2022 Low retail management skillretail in India. <\/p>\n

The advantages of such a status include greater focus on retail \n development, fiscal incentives for the industry, an availability \n of organised financing and the establishment of integrated insurance \n norms. Currently, retail businesses are answerable to a number \n of authorities, from local municipalities to a hotchpotch of central \n ministries \u2014 Consumer Affairs, Commerce, Urban Development \n and Human Resource Development, to name a few. \u201cDue to the \n nature of the sector, while the accountability to many authorities \n <\/b>will remain, many of the larger retailers are lobbying \n to be taken under the wing of one ministry that can be a single \n source of cohesive policy and also champion the sector\u2019s \n cause, similar to other significant business sectors, such as \n the Ministry of Commerce Industry, Mining, Textiles and Telecommunications,\u201d \n says Devangshu Dutta, CEO of Third Eyesight.<\/b><\/p>\n

\u201cWe must provide retailers with the necessary incentive \n to improve their overall standards and practices by recognising \n retail as an industry. This also means encouraging large companies \n with large investments, so they will be able to bring new methods \n of working into the market much more quickly.\u201d<\/b><\/p>\n

Dutta firmly believes that, if given due attention and supported \n by a planning and policy infrastructure, organised retail could \n become an unexpected source of widespread economic benefit.<\/b> \n <\/p>\n

Indian retailers were expecting much more by way of GST from \n the Union Budget 2012; they had hoped to see definite plans for \n the roll-out of a formal GST regime. But no significant announcements \n were made on the FDI and GST fronts, although it was announced \n that efforts were underway to arrive at a consensus on FDI in \n multi-brand retail. <\/p>\n

Guruduth Prabhu of the Shopping Centres Association of India \n (SCAI) has been particularly vocal about the contents of the Budget: \n \u201cIt was insignificant from a shopping centre point of view. \n The industry\u2019s much awaited FDI in multi-brand retail was \n not even considered as the government is yet to arrive at a consensus.\u201d \n <\/p>\n

So what will it take to convince the government to open up FDI \n in multi-brand retail? There is a dire need to find a catalyst \n to speed up this process. Can agencies like SCAI play a role to \n make this happen?<\/p>\n

\u201cAs a body, SCAI has been attempting to meet with ministers \n and convince them of the advantages of retail, but it is a process \n that is so time consuming. As an association, we will be attempting \n to motivate relevant ministries and educating them about organised \n retail, and particularly retail real estate, as a future driver \n in terms of employment opportunities and the growth of economy,\u201d \n Prabhu says.<\/p>\n

Shopping centres are an important asset class for investors and \n developers who believe in returns over a long-term investment. \n Presently real estate itself is trying to motivate the government \n for recognition. \u201cWe are also approaching the government \n for separate status for the retail real estate industry as we \n believe that this sector will be one of the major drivers of economy. \n Secondly, the sector feels that shopping centres should be considered \n as part of urban infrastructure. Opening up of FDI will have a \n positive impact by opening up a number of avenues for both retail \n and real estate. We urgently need a catalyst, and any directives \n by the Government to assist with the inflow of international retailers \n and brands into India would be welcome,\u201d Prabhu says<\/p>\n

Agreeing with Prabhu, Dutta also believes that we must view \n retail as part of urban and social infrastructure, and it needs \n adequate planning, support and guidance for growth, rather than \n being treated as a \u201ctrading activity\u201d, an afterthought \n in the urban planning of the last few decades. \u201cIt should \n also not be overly consolidated. A healthy mix is needed between \n the large and the small, between local, regional, national and \n international,\u201d he insists, adding that opening up FDI will \n help bring more international brands into the country to fill \n the ample retail space that India has on offer and plug the gap \n made by a shortage of Indian-grown brands.<\/b><\/p>\n

The budget might have fully exempted branded silver jewellery \n from excise duty but it has still imposed a four-per cent import \n duty on gold bars and ore, and 10 per cent on platinum and coloured \n gems.<\/p>\n

\u201cThis has led to a setback in the jewellery industry and \n the jewellers association has planned a three-day nationwide bandh \n to protest against new excise, customs duty and consumer tax on \n gold imports,\u201d says Subhash Verma, CEO of Aerens Gold Souk \n Group. \u201cAlso, the downside of this increase in custom duty \n is that it will lead to the trafficking of gold through illegal \n channels and will reduce demand among consumers, who will have \n to pay more.\u201d<\/p>\n

It is important to consider both the positive and the negative \n aspects of the impact of FDI, says Ian Douglas Watt, director \n of Pioneer Property Zone. \u201cRegrettably, most of the discussion \n revolves around the perceived negative aspects, rather than the \n opportunities that exist for both local and foreign retailers \n by embracing it as a positive contribution toward India becoming \n a major player in the retail space internationally.\u201d<\/p>\n

Comparing retail to the Indian cricket team, Watt says that to \n be considered one of the best in the world, it is important to \n look at developing strengths overseas. The cricket team cannot \n only play under a protected umbrella locally where wickets are \n prepared to suit their strength and nullify the strength of the \n competing teams. They need to master all conditions, and that \n is also the case for retail.<\/p>\n

\u201cGiven the size of the Indian population and their aspirations, \n it needs to be recognised that the Indian retailer has to plan \n to be a major player in world markets in the future. Right now, \n because the retail industry has not had the opportunities to become \n globally competitive, it is at a disadvantage as it really does \n not have a full understanding of the standards of the other players,\u201d \n he says.<\/p>\n

The sheer force of weight once this happens will mean that Indian \n companies will have the potential to become significant players \n internationally, even if this might not be immediately obvious \n as there is just so much to do to meet local needs. Every international \n retailer that enters the Indian market creates an employment opportunity \n for local Indians and the demand for their goods will only be \n as much as the Indian consumer sees as the need.<\/p>\n

It is important to note that by preventing international players \n from having a presence in India will only compel them to establish \n a rather stronger online presence to meet Indian demands. This \n will eventually place them at an advantage as they will have established \n a presence and developed a customer base without even having entered \n the country.<\/p>\n

\u201cThey scrape off the cream with very little cost whereas \n if they were to establish a physical presence, they would have \n to do so with local conditions influencing how they operate,\u201d \n adds Watt.<\/p>\n

Kalkar says: \u201cReforming the corporate tax system is an international \n innovation we should look at. Retailers pay the highest effective \n tax rate of any industry. Simplifying the tax code will ease the \n industry\u2019s tax burden so retailers can grow.\u201d<\/p>\n

He continues to address the supply chain as another huge challenge. \n \u201cThe government must support efforts to streamline the transportation \n of goods from manufacturer to retailer to customer. The industry \n opposes regulatory proposals that lengthen the supply chain, raise \n transportation costs, or undermine the rapid delivery of affordable \n products.\u201d<\/p>\n

On the government\u2019s part, harmonisation of taxes and \n tarriffs across the country is another area that needs immediate \n attention, says Dutta. \u201cWe might be one nation, but we are \n not yet one economically integrated zone. This leads to fragmentation \n of manufacturing and distribution, inefficiencies and additional \n supply chain costs that are entirely avoidable.\u201d<\/b><\/p>\n

By the next general election in 2014, retailers hope that the \n scenario would have improved significantly.<\/p>\n

Payal Chopra, director of PS Srijan Group, spells out his perfect-world \n scenario for 2014: \u201cThe ministry will understand the importance \n of the retail industry and the advantages of a regulated sector \n in retail. Retailers and retail developers will have a healthy \n understanding and will work together in bringing an organised \n set-up to India. Small- and medium-sized players will receive \n assistance from a ministry so that their presence is not eliminated; \n and big chains will also receive incentives so investment can \n flow.\u201d<\/p>\n

Recently, Tier- II and III cities have become major drivers for \n the progress of retail. \u201cIt is for sure that these cities \n offer major potential for more retail giants by 2014, not least \n with their low lease rentals compared to the metro cities; they \n also require lower overhead costs and offer greater availability \n of manpower at much lower cost,\u201d states L.V.S Rajasekhar, \n CEO of LEPL. \u201cOne can only hope that by the next general \n elections, Indian retail will be a stronger entity by itself and \n work towards ensuring that all their current demands are met by \n then.\u201d
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Janees Reghelini , Retail Today Mumbai, April 2012 Once again the Central Government doesn’t seem to have listened to retailers’ calls. Janees Reghelini analyses this year’s budget. Modern retail might be growing fast, but it is now starting to face considerably more obstacles than it did in its nascence. It is also having a much […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-2204","post","type-post","status-publish","format-standard","hentry","category-press-quotes"],"yoast_head":"\nRetail Still in the Cold - Third Eyesight<\/title>\n<meta name=\"robots\" content=\"index,follow\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myechoproject.com\/TES\/retail-still-in-the-cold\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Retail Still in the Cold - Third Eyesight\" \/>\n<meta property=\"og:description\" content=\"Janees Reghelini , Retail Today Mumbai, April 2012 Once again the Central Government doesn’t seem to have listened to retailers’ calls. Janees Reghelini analyses this year’s budget. Modern retail might be growing fast, but it is now starting to face considerably more obstacles than it did in its nascence. 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Janees Reghelini analyses this year’s budget. Modern retail might be growing fast, but it is now starting to face considerably more obstacles than it did in its nascence. 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