Historical Indian retail market consisted of weekly markets, village fairs and melas and the 19th century gave birth to the retail outlets which took the form of convenience stores, Mom and Pop stores/ kirana stores. This helped the consumers on to stick to a particular store for their day to day requirements and also avail the credit purchasing facility. And in the 1980’s people have seen the new formats like supermarket, departmental stores and discount stores entering into the Indian retail space. In less than a decade hypermarkets have gained all the applause of the retail market and stood above all the other formats by bringing in the concept of “one stop shopping.” This stood as an opening door for the new generation of the retail industry. And very soon the malls became the trend setters in the new millennium.
This has coined the term of ‘shoppertainment’(shopping and entertainment) which can be attributed to the changing life styles of the people.
EVOLUTION OF THE INDIAN RETAIL MARKET
The above given diagram is the pictorial representation which depicts the evolution of the Indian retail market formats based on their category and value proposition. And a brief description above formats based on some of the parameters like their offerings, space occupied etc. is also given below for better understanding.
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