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Retail Summit focuses on sustainable growth
For a market as diverse and expansive as India, the priorities should not lie in building globally recognised brands, but those that have a recall value within our own borders, said Rakesh Biyani, Joint Managing Director, Future Retail Limited, who was here in Chennai to participate in an event.
Speaking at the Chennai Retail Summit 2019 organised by the Retailers Association of India (RAI), Biyani said, the city has a proud history of retail entrepreneurship as he quoted the likes of Sangeetha Mobiles, which has now expanded its reach to Varanasi and Saravana Stores, which he thinks should consider markets like Patna for its next wave of expansion. The confluence saw stalwarts from the local and national retail space occupying centrestage to offer their two cents on the state of the industry.
AD Padmasingh Isaac, Chairman & MD, Aachi Group of Companies, also laid emphasis on the region’s top draw factors including favourable climate and skilled manpower. Addressing the fraternity Kumar Rajagopalan, CEO, RAI, said, “The future belongs to businesses that are able to achieve sustainable growth. This involves achieving a balance between short-term and long-term growth. It requires retailers to balance customer centricity, good people practices, viable business models, technology adoption, societal and environmental impact and financial discipline. Disproportionate emphasis on any one could lead to the entire cookie to crumble.”
Industry leaders who participated in the conference include Kiran Reddy, Chairman, SPI Cinemas (SPI Group Private Ltd), I.S.A.K. Nazar, Chairman, Founder & CEO, Manna Food Products (Southern Health Foods Products Pvt Ltd), VR Muthu, Chairman, Idhayam Oil (VVV & Sons Edible Oils Limited).
RAI works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India. It is an advocate for retailing in India and works with all levels of government and stakeholders with the aim to support employment growth and career opportunities in retail, to promote and sustain retail investments in communities from coast-to-coast, and to enhance consumer choice and industry competitiveness.