“We operate in a new world order, wherein collaboration with stakeholders is key to profitable business and growth hereon. Areas like marketing spends, real estate, recruitment and training, sourcing, back-end and advocacy offer tremendous scope for cooperation. Ideally, we should look at collaboration on common processes that provide no competitive advantage. This alone would enable shaving off 5-8 per cent of costs,” addressed Biyani.
He further added that, if retail as a sector is to be given a boost, there has to be a shift in the way it is viewed. “Retail needs to be seen as a necessity rather than a luxury; hence it needs to be given an industry status.”