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17 Indian retailers among Asian toppers
By agencies
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Tuesday, 25 October 2005, 19:30 IST
SINGAPORE: The Indian retail industry has finally come of age with seventeen Indian players finding a mention in the 'Top 500 Retail Asia-Pacific Rankings 2005' report published by Retail Asia magazine
Indian retailers including Pantaloon, RPG Group, Shoppers' Stop, Subhiksha, Bata and Lifetsyle are the retailers listed in the ranking dominated by Japanese, Australian and Chinese retailers.
Though Japanese and Australian players continue to rule the roost in the retailing industry, the Indian industry is the `new China' in terms of economic opportunity, says the report.
The Indian retailing industry, estimated to be worth $286 billion contributes to 10 percent of the country's GDP and 6 percent of employment.
The Indian economy grew 8 percent last year and consumer spending grew by 11 percent in the 10 years, said Stephen Goh, Executive Chairman, Retail Asia.
The report says that though Japan dominates in terms of overall sales and per capita retail sales, the retail markets in both India and China are strengthening, thanks to higher and sustained growth over the past few years.