Retail Industry
In the present world most of the developed
economies are using the Retail Industry as their vital growth instrument.
At present, among all the industries of U.S.A the Retail Industry holds
the second place in terms of Employment Generation. Retail Industry
has brought in phenomenal changes in the whole process of production,
distribution and consumption of Consumer Goods all over the world.
In fact, the strength of the Retail Industry lies in its ability to
generate large volume of employment.
Not only U.S but also the other developed countries like U.K, Canada,
France, Germany are experiencing tremendous growth in their Retail Sectors.
This boom in the Global Retail Industry was in many ways accelerated
by the Liberalization of Retail Sector.
Observing this global upward
trend of Retail Industry, now the developing countries like India are
also planning to tap the enormous potential of the retail sector.
Wal-Mart, the world's largest Retailer has been invited to India. Other
popular Brands like Pantaloons, Big Bazar, Archies are rapidly increasing
their market share in the retail sector. According to a survey, within
5 years, the Indian Retail Industry is expected to generate 10 to 15
million jobs by direct and indirect effects.
This huge employment generation
can be possible because of the fact that being dependent on the the
Retail Sector shares a lot of Forward and Backward Linkages.
Emergence of a strong Retail Sector can contribute immensely to the
economic development of any country. With a dominant retail sector,
the farmers and other suppliers can sell their produce directly to the
major retail companies and can ensure stable profit.
On the other hand, to ensure
steady supply of goods, the Retail Companies can inject cash into the
production system. This whole process can result into a more efficient
production and distribution system for the economy as a whole.
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