India’s leading retailers have come together to launch an association — Retailers Association of India (RAI) — with a vision to develop, facilitate and propagate practices and processes that will grow the Indian retail industry reports Hindu Business Line.
The agenda of this body will be to have a strong charter and code of conduct for its members with a strict self- regulatory mechanism. The three main aims of this body would be development, facilitation and propagation.
RAI”s founder members comprise Pantaloon India, Shoppers’ Stop, Trent, Globus, Piramyd, RPG Retail, Vivek’s and Subhiksha. The CEOs of these retailers have pledged to make RAI the leading voice of retailers across the country and a model association which will benefit society and the common man. It will organise activities such as conferences, seminars, training programmes, interaction with Governmental and legislative decision makers to achieve its goals.
At a press conference, Mr Gibson G. Vedamani, CEO, RAI, said, “RAI aims at being the voice of Indian retailers. Through its various efforts, it will aim at uplifting the standards of overall retailing in the country so as to offer the Indian customer a more enriching experience. It will be our endeavour to become a model association where retail companies will be joining hands and building a collective voice.”
According to RAI, the retail industry in India stands at $200 billion (approximately over Rs 9,20,000 crore). The organised retail industry is highly fragmented and has just 2 per cent share of the total retail industry. India is unique in this sector as it has the highest per capita density of retail outlets with 12 million retailers.