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Abstract
Retailing is currently the booming sector of the Indian economy. Retail sector is expected to grow tremendously in next few decades, attracting huge attention from all quarters of the economy-entrepreneurs, business heads, investors as well as real estate owners and builders. Retail sector is expected to create huge employment as it will expand across the country at a massive scale. The reason for this expansion of retail is evidently related to the liberalization and opening up of the Indian economy which had immense effects on the consumer demand, tastes and preferences as well as the buying capacities of the Indian's over the past few years. Slowly and steadily retail has witnessed considerable growth while a new form of organized retail sector has emerged within the retail industry. In the growing market, retail marketing has become one of the major emerging trends in the entire economical cycle. It is the retail market only which provides the consumer a basic platform to encounter with goods and a shop keeper for the first time. Retail market consists of a fixed location like boutique, store, departmental store etc, here in these location consumers meets the shop keeper and purchase goods in return of certain value. Maintaining a certain profit margin, these shop keepers sell goods to their consumers. The basic motive of these shopkeepers is to satisfy the consumers and fulfill their needs and demands.
Keywords : departmental stores, traditional retailing, higher prices
Introduction
Organized retail sector refers to the sectors undertaken by licensed retailers, that is, those who are registered for sales tax, income tax, etc. These include the corporate retail formats of the exclusive brand outlets, hypermarkets, supermarkets, departmental stores and shopping malls. Organised retail in India is a decade or so old phenomenon. During the last ten or twelve years it has progressed well. At the same time, it is facing many problems, challenges, difficulties some are general and others are India specific. The recent years have witnessed rapid transformation and vigorous profits in Indian retail stores across various categories. This can be contemplated as a result of the changing attitude of Indian consumers and their overwhelming acceptance to modern retail formats. Asian markets witness a shift in trend from traditional retailing to organized...