New Delhi: With the retail opportunity in India pegged at $300 billion, of which just 2.5 per cent is modern retail, it's hardly surprising that many are expanding or eyeing the Indian market.
"We're going to do beauty parlours in malls. We're going to do health clinics and pharmacies in malls. We're going to do gyms. We believe all this will sit well in the malls," says Future Group CEO Kishore Biyani.
AS Watson Group MD (India) Krish Iyer adds, "We believe that is an important market for us. At the same time, we need to really understand and watch the government policy on FDI and then firm up our plans."
While the Government may dither on allowing Foreign Direct Investment into the country, in the next five years, corporate India will pump $22 billion into the retail sector.
Industry watcher Technopak predicts the size of modern retail trade will be $60 billion to $75 billion by 2010.
"The momentum that is being built up in India is unprecedented. What has been done in the US, Britain, Germany and France in 20, 30 or even 40 years, India will see in 10 years," said Technopak Chairman Arvind Singhal.
One thing's for sure, it will be boom time for consumers.
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