Retailing in India is gradually inching in its ways towards becoming the next boom Industry. The whole concept of shopping has altered in terms of consumer buying behavior. The organized retail sector is expected to grow stronger than GDP growth in next Five year. By 2020 the booming retail sector will grow more in India than USA. In U.S.A it is above 200 billion dollars. The share of modern retail is likely to grow form it current 5% to above 25% by 2020.
After metros and large cities, organized retail will penetrate to smaller cities & towns. By the end of 2015 there would be 800 malls coming up in India and out of this 40% would be in smaller cities.
All these are changing market dynamics because customer is more brand conscious, now in India. Right from a 5 year old child to a 60 year old man wants the best and the latest brand in the market and his preference is globally determined since the world has become a global village.
Due to above changing global business environment the challenge before all retailers today is getting quality & specialist manpower.
Now it is necessary that a student in addition to bookish knowledge in MBA should have authentic retail domain knowledge. We advice students to do MBA with retail specialization to boost their career in retail Industry. U.P. Technical University through it affiliated colleges in Uttar Pradesh is offering retail specialization in MBA , large number of students those who prefer MBA (Retail) are joining Hierank Business School , Noida Delhi NCR.
By Prof. Rajesh Sahay
Chairman, Hierank Business School, Noida