Impact of FDI on Multi Brand Retail
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1 International Journal of Management, MIT College of Management, Vol. 2, No. 1, January 2014, pp Impact of FDI on Multi Brand Retail Gaurav Kapoor 1 Vivek Mittal 2 ABSTRACT The Retail sector of India is vast, and has huge potential for growth and development, as the majority of its constituents are un-organized. The retail sector of India handles about $250 billion every year, and is expected by veteran economists to reach to $660 billion by the year The business in the organized retail sector of India, is to grow most and faster at the rate of 15-20% every year, and can reach the level of $100 billion by the year Here, it is noteworthy that the retail sector of India contributes about 15% to the national GDP, and employs a massive workforce of it, after the agriculture sector. India's growing economy with a rate of approximately 8% per year, makes its retail sector highly fertile and profitable to the foreign investors of all sectors of commerce and economy, of all over the world. Global Jurix, a full-fledged legal organization prominent worldwide, provides all-encompassing services and advice for most lucrative and secured FDI in Indian retail sector. The move of the government to allow FDI in the multiband retailing sector, will have multifaceted impact on almost all the aspect of economy and society that is employment, GDP, consumer purchase behavior, role of intermediaries, logistics, and micro retail sector. This paper analyses the impact of Multi Brand Retail sector on the unorganized retail sector. Keywords: Organised retail, sunrise sector, globalisation, foreign direct investment, strategic issues and prospects, farmers and agri-food sector. INTRODUCTION Retailing in India is one of the business enterprises of its economy and accounts for 14 to 15% of its GDP. The Indian retail marker is estimated to be US $ 450 billion and one of the top five retail markets in the world. India is one of the fastest growing retail markets in the world India s retailing industry is essentially owner manned small shops account for more than 90%. In 2010, larger format convenience stores and supermarkets accounted for about 4% of the industry, and these were present only in large urban centers. Until 2011, Indian central government denied Foreign Direct Investment (FDI) in multiband retail forbidding foreign groups from any ownership in supermarkets convenience stores or any retail outlets. Even single-brand retail was limited to 51% ownership and a bureaucratic process. In November 2011, India s central government announced retail reforms for both multibrand stores and single-brand stores. These market reforms paved the way for retail innovation and competition with multi-brancd retailers such as Wal-Mart, Carrefour and Tesco, as well single brand majors such as IKEA, Nike, and Apple. The statement flickers intense activism, both in opposition and in support of the reforms. In December 2011, under pressure from the opposition, Indian government placed the retail reforms on hold till it reaches a consensus. In January 2012, India approved reforms for single-brand stores welcoming anyone in the world to innovate in Indian retail market with 100% ownership, but imposed the requirement that the single brand retailer source 30% of its good from India. Indian government continues the hold on retail reforms for multi-brand stores. The Indian retail industry generally divided into organized and unorganized retailing: Organized retailing organized retailing refers to trading activities undertaken by licensed retailers those who have registered for sales tax, income tax tec. These include corporate backed hypermarkets and retail chains and also privately owned large retail businesses. Hence organized retail which now constitutes a small four per cent of total retail sector is growing at a much faster pace of 45-50% per annum and quadruples its share in total trade to trade to 16% by Unorganized retailing Unorganized retailing refers to the traditional forms of low-cost retailing, for example, local kirana shops, owner operated general stores, paan/beedi shops, convenience stress, hand cart and street vendors, etc. the unorganized retail sector is growing at about 10% per annum 1. Assistant Professor, Sri Siddhi Vinayak Group of Institutions, Bareilly, U.P. 2. Associate Professor, Bahara University, Shimla, H.P.
2 International Journal of Management, MIT College of Management, Vol. 2, No. 1, January 2014, pp with sales rising from US$309 billion in to US$ 496 billion in Growth India Retail Total vs. Organized CAGR (%) Indian Retail (Rs. Billion) Food & Grocery 7,028 7,064 7,418 8, Beverages Clothing & Footwear ,036 1, Furniture, Furnishing, Appliances and Services Non-instruction Healthcare Sport Goods, Entertainment Equipment & Books ,022 1, Personal Card Jewelry, Watches etc Total Retail 10,591 11,308 12,033 14, Organized Retail (Rs. Billion) Food & Grocery Beverges Clothing & Footwear Furniture, Furnishing, Appliances and Services Non-instruction Healthcare Sport Goods, Entertainment Equipment & Books Personal Card Jewelry, Watches etc Total Retail Share of Organized Retail in Total Retail (%) 1.3 Major Indian Retailers: REI Agro Ltd. Retail 6 TEN and 6 TEN Kirana Strores Future Groups Formats Big Bazaar, Food Bazaar, Pantaloons, Central, Fashion Station, Brand Factory, Depot, ali, E-Zone etc. Fabindia Textiles, Home Furnishing, Handloom Apparel Jewellery. RP-Sanjiv Goenka Group Retail Formats Spencer s Hyper, Spencer s daily, Music World, Au Bon Pain (International bakery cafeteria), Beverly Hills Polo Club. The Tata Group- Formats Westside, Star India Bazaar, Steel Junction, Landmark, Titan Industries with World of Titans Showrooms, Tanishq Outlets, Croma. Reliance Retail- Formats Reliance MART, Reliance SUPER, Reliance FRESH, Reliance Footprint, Reliance Living, Reliance Digital, Reliance Jewellery, Reliance Trends, Reliance Autozone, i. K. Raheja Corp Group- Shoppers Stop, Crossword, Hyper City, Formats Lifestyle Aditya Birla Group Gitanjali Inorbit Mall. International-Lifestyle, Home Centre, Max Fun City and Internation Franchise brance s. More Outlets. Nakshatra Gili Asmi, D damas, Gitanjali Jewels, Giantti, Gitanjali Gifts etc. Nmart Retails with 131 operating stores till now and total 287 stores in India and 1 to open in Dubai shortly and many more in Process Globally (Zambia, Bangladesh, Sri Lanka etc). (Expected to be 500 by the end of 2012) Government Policies India has liberalized its single brand retail industry to permit 100% foreign investment, with regulatory issues and legal structures pertinent to establish operations in this new dynamic market. India s retail industry is estimated to be worth approximately US$ billion and is still growing, expected to reach US $ billion in As part of the economic liberalization process set in place by the Industrial Policy of 1991, the Indian government has opened the retail sector to FDI slowly through a series of steps: 1995 World Trade Organization s general agreement on trade in services, which include both wholesale and retiling services, came into effect FDI in cash and carry (wholesale) with 100% rights allowed under the government approval routes FDI in cash and carry (wholesale) brought under the automatic route. Upto 51% investment in a single-brand retail outlet permitted % FDI in single-brand retail permitted % FDI in Multi Brand Retail. FDI in multi-band retail : The government of India has also not clearly defined the term multi-brand retail FDI in multi-brand retail generally refers to selling multiple brands under one roof. Currently, this sector is limited to a maximum of 49% foreign equity participation. On July 2010, the Department of Industrial Policy and Promotion (DIPP) and the Ministry of Commerce circulated a discussion paper on allowing FDI in multi-brand retail. The committee of Secretaries, led by Cabinet Secretary, recommended opening the retail sector of FDI with a 51% cap on FDI, minimum investment of US $ 100 million and a mandatory 50% capital reinvestment into backend operations. The long-awaited scheme has been sent to the Cabinet for approval. Recently Govt. approved the FDI in Multi Brand Retail, though it is skeptical that how long it will go, or whether multinational Retail chain will invest in India or not. As opposition is opposing it and leading opposition party that BJP had already announced that in case they come to power then they will revert the decision. In this situation at least by the next election no International Brand will think of investing in India. Benefits of FDI in Multi-brand Retail Soaring inflation is one the driving motives behind this move toward multi-brand retail. Allowing international retailers such as Wal-Mart and Carrefour, which have already set up wholesale operations in the country, to set up multi-brand retails stores will assist in keeping food and commodity prices under control. Moreover, industry experts feel allowing FDI will cut waste, as big players will build backend infrastructure. FDI in multi-brand retail would also help narrow the current account deficit. Additional benefits include moving away from an industry focus on intermediaries and job creation.
3 International Journal of Management, MIT College of Management, Vol. 2, No. 1, January 2014, pp Moving away from intermediary-only. Job creation. No threat to Kiranas (mom and pop strores). Several constituencies are passively impacted by Framers/producers Consumers Government Unorganised trade Inefficiencies in India s food supply chain Modern trade improves the quality of life Increased tax inflows for the government Kiranas as major part of India s retail sector Several layers of intermediaries High Wastage level (24-40%) Lower than fair market value paid to farmers High final prices for consumers Agents controlling prices Farmers benefits from Wastage is reduced Income flow for farmers is stabilized. The quality of fruits, produce, dairy, poultry etc. is improved Farmers are integrated into Greater choice More competitive prices Better quality of food products for players to transfer best practices to local farmers Lifestyle parity where Indian products are similar to those available overseas Consumers benefit from In democracy, fundamental tenet of progressive policy change is that the main beneficiary must be the consumer As economies evolve, government should provide for inclusive growth and minimal displacement Organized and unorganized trade that is different in structure, size and in terms of taxes paid to the exchequer The challenge of revenue collection from the unorganized retail sector Tax-compliant players who are large taxpayers The government benefits from. State VAT revenues increase as grows and develops. Modern trade helps develop related sectors (supply chain, logistics, cold chain etc). companies in these sectors contribute to the exchequer in terms of indirect taxes. India s large retail sector that accommodates bot organized and unorganise trade Unorganized trade benefit from modern trade. Kiranas can source food and non-food items, essential for operations, from cash and carry providers benefitting from bulk discount. Kiranas can become franchise partners for players neighborhood format. Impact of FDI in Retail on Indian Retail Perhaps it is the most debatable issue in the present context in India. As shown following table, FDI in Retail will have multi dimensional impact on the cross section of society. Undoubtly it will increase the employment, increase the economic conditions of farmers, local craftsman, etc. consumer will get the more choice and better products at more economical price. Most importantly it will increase the exports exponentially. The only argument which is given against it is that will have negative impact on the unorganized retail stores. Unorganized retail is the second largest employer of India after the farming. Basically issue is not that what will be the impact of FDI in retail on the unorganized retail, rather the issue is what is the impact of organized retail chain on the unorganized retail outlets. As impact will be the same be it multinational or national but FDI will increase the intensity of the same. I have done a very small study on impact of FDI in retail on the unorganized sector in Gaziabad and Noida. The study is done of the impact on two sectors that is Kirana and vendors. s In 2008 there were 7 outlets which were selling the vegetables in the Air-conditioned showroom, out of which three were of the same company, by 2012 have 3 have stopped selling the vegetables and few new outlets were opened that is of Easyday and Bigbazar. I have surveyed the 50 vegetables vendors at nearby vegetable markets of Organized vendors. Only three questions were asked that is in last 6 years sales have been increased or decreased, revenue has been increased or decreased, income has been increased or decreased, as these vendors were not in position to tell the impact in terms of percentage increase or in terms of actual figures. They usually used the words thodi bhadi hai bahut badi hai etc. Total 50 vendors of different vegetables market were surveyed. Table below explains the impact. Table 1: Showing impact on sale (Volume) Out of 50, the business of 43 vendors have been increased, and only 3 were saying that there business have been decreased. These figures should be analyzed in view of the fact that in last 6 years competition among vendors have been increased. Size of the Mandi have been increased. The member of the union of the one vegetable mandi told the researcher that in 2006 there were 43 vendors in this mandi and today the number is 61 thus the size of mandi have been increased by 50% and only 6% (3) vendors have seen the reduction in business.
4 International Journal of Management, MIT College of Management, Vol. 2, No. 1, January 2014, pp Table 2: Showing the Impact on Revenue Revenue of all the vendors have been increased it is perhaps because of inflation that the revenue of even those vendors who have witnessed the reduction have increased. Table 3: Showing the impact on Income In case income 41 vendors said there income have been increased and only 04 were of the opinion that here income have been decreased. Again it is because of increase in competition among them. If outlets are increasing in organized and unorganized sector then the consumers and their paying capacity is also increasing. Impact on Kirana It is the most crucial issue as if we talk about the adverse impact of the organized retail, than it is the Kirana which will be effected most. The nature of unorganized Kirana is very complex. There are private stand alone Kirana store as big as a organized retail store and on the other hand as small as a small Cigarette/Pan Shop. Researcher has found that besides the Wholesale Karan market there were one or two big kirana store in each locality which stocks the branded and unbranded Pulses, Rice, Spices, flour, etc., packaged food, Cosmetic, Toiletry, some time even OTC drugs. I have named it unorganized Discount as they give 5% to 7% discount on branded packaged food, cosmetic, toiletry etc. Other type of Kirana are on small format they don t stock so much of variety but they also keep everything that is food and not food item, but they don t give that much discount, they can be called as Convenience. These convenience stores are located near the consumers and are usually opened for long hours and also keep daily consumable items like Bread, Eggs, Milk. Consumer usually purchase in small units from Convenience store and purchase the monthly requirement from Discount store. I have surveyed the 10 Discount store in the those areas which were supposed to get most affected from organized and retail and 30 convenience store from the same locality. To avoid the complexity I have asked again simple questions that in last six years business increased or not, Revenue increase or not, income increased or not, and impact on the type of product sold. Table 4: Impact on the Sale of Discount Table: Showing the impact on Sales (Volume) (from 2006 to 2012) Discount Above table clearly shows that though these big discount stores are directly in competition with the organized sector even then there sales have been increased. This shows that there customer based have been increased. Table 5: Showing the Impact on Revenue (from 2006 to 2012) Discount Again we have the same result. In the discussion with outlet owner it is revealed that consumer have shifted the purchase of certain items to the organized retail outlet specifically the perfumes, packaged food and confectionary and there are sales of the same has been decreased in last six years but contribution of these items is very less in their total revenue. Table 6: Impact on the Sale of Convenience Table: Showing the impact on Sales (Volume) (from 2006 to 2012) Convenience The above table clearly mentions that convenience store are struggling as only 12 out of 30 stores are witnessing the growth on the other hand 13 are losing their business which is alarming but as their concern geographical area is very limited thus these stores are losing their business to other conveyance store to the discount store though little share may go to organized sector. Table 7: Showing the impact on Revenue (from 2006 to 2012) Convenience Table 7 restate the fact of revealed in the Table 6 as 14 outlet have seen the increase in revenue it might be because of inflation that even two retail outlet who have witnessed the reduction in sales have seen increment in revenue. CONCLUSION There are n number of reason because of which FDI in retail should be advocated because of these reasons only our Government has allowed it but because of only one so called reason that because of it our nearby store will close down it is opposed by many social and political leaders. Already Indian biggies (list is given above) are operating in the same format and not even a single shop has been closed down because of it. Erstwhile too because of competition among the members of unorganized retail outlet we have seen the increase and decrease in the sale on one or other but now competition have become more severe. If in case we accept that it will swallow the job (source of employment/self - employment) of 5 person then on the other hand it will create the job for 20 people. I wish to conclude with the one question that the vendor of vegetable in a vegetable market earning Rs per month will wish that his son should continue with the same business or he should become a floor manager at a mall?
5 International Journal of Management, MIT College of Management, Vol. 2, No. 1, January 2014, pp REFERENCES Globalization and Employment Conditions Study by Drusilla K. Brown, April Kearney s, 2012, Global Retail Development Index (GRDI). ICRIER, 2008, Impact of Organized Retailing on the Unorganized Sector by Mathew Joseph, Nirupama Soundarajan, Manisha Gupta and Sanghamitra Sahu, Indian Council for Research on International Economic Relations. New Delhi, May Reardon, Thomas & Ashok Gulati, The Rise of Supermarkets and their Development Implications: International Experience Relevant for India. IFPRI Discussion Paper 00752, IFPRI, New Delhi Office. Gulati, Ashok, 2007, Organized Retail must be Competitive and Inclusive, The Economic Times, September, 28, Gulati, Ashok and Kanupriya Gupta, 2008, Organized Retail and Food Price Inflation Opening the Black Box, Business Line, 24 th May, Various Edition of ET and Business Standard.
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