Success mantras in retail business

    Success mantras in retail business

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    The topic of discussion in the noon session of Food Forum India 2010 at Renaissance Hotel & Convention Centre, Powai, Mumbai, was ‘Retail Recipes for Success’.

    An open question, why has anybody not thought of branding the fresh fruits, led the panelists to opine that there is a lack of infrastructure and India is still in its nascent stage in terms of logistics when compared with the rest of the world. “Fruits and vegetables are mass market and perishable products produced by farmers across the country and there is no efficient system of reaching the product to the end consumer”, stated ,VP, Food and Agri, .

    Commenting on the success of ‘’, , president, Food Bazaar, asserted, “Retention of staff and simplification of the store format are other key factors apart from the concept itself, behind the huge success of this ‘Bazaar’.”

    The session focussed on the most pivotal key to success in the retail industry, ‘Location, Location and Location’. All the panelists unanimously agreed that location is the key factor behind success of any business.

    The panelists also agreed that trade-off in customer’s mind is one of the biggest factors in determining the store format. “If a customer wants to buy fresh fruits worth Rs,100-200, they might not visit a mall or hypermarket but would resort to a nearby shop. However, if they want to buy an electronic item, the customer would venture into every possible place in the town.”

    The panelists unanimously also agreed that with dual incomes in households and changing trends, the average spend of the consumer has increased.

    — Pragya Gupta