The ongoing retail boom is expected to translate into 8 million new jobs over five to six years. This is in addition to the 21 million jobs already sustained by retailers, including ‘mom & pop’ stores.

The situation could turn even better once retail gets industry status and big-time investments flow in –– either from multinational chains or home-grown corporates.

According a recent survey by PricewaterhouseCoopers, the Indian retail sector is a $210-billion pie which is witnessing a healthy pace of 5% per annum. Of this, organised retail now accounts for only 3% but is expected to expand its share to 10% by 2010.

In other words, organised retail would triple its share of the Indian market in the next five years and this explains why corporates are rushing into this segment.

“It is not correct to say growth in organised retail would drive neighbourhood shops out of business. Experience of various countries shows that both segments would continue to grow unless there is economic stagnation,” said Mr. Jacques-Etienne de T’Serclaes, partner at PwC specialising in global retail.

(Source: The Economic Times)