FDI IN MULTI-BRAND RETAILING: A CASE OF RETAILERS PERCEPTION IN TIRUCHIRAPPALLI CITY, TAMILNADU

Transcription

1 FDI IN MULTI-BRAND RETAILING: A CASE OF RETAILERS PERCEPTION IN TIRUCHIRAPPALLI CITY, TAMILNADU *G.Shanmugapriya **Dr.S.Kamaraju *Ph.D Research scholar (Commerce), Research and Development Centre, Bharathiar University, Coimbatore. **Principal & Research Advisor, Bharthidasan University Constituent College of Arts & Science, Nannilam, Thiruvarur District, TamilNadu, India. Abstract FDI in retail remained a hot topic in November 2011 in India. At that time the Government made a proposal to allow 51% of FDI in Multi-brand retailing and raise the bar to 100% in single brand retailing. Many industry experts voiced in support and many against, almost all union of the unorganized retailers across the country went against it and gave a stiff resistance which ultimately led to the rollback of FDI decision in Multi-brand retailing. Indian retail sector is in the nascent stage, even though India has become an attractive place or target for foreign players due to one of the largest consumer markets in the world. The modern style of consumer s buying behaviour, organized retail has become more famous in big cities. Until now, FDI in retail trading was prohibited except for FDI in Single brand retail trading which could be undertaken through the government route up to 100%. Now at the present scenario Government of India announced reforms to attract FDI in retail industry, government approved 49% in Insurance under automatic route, 100% in E-Commerce retail and 100% in Food processing industry in Multi-brand retail. This research paper analyzes the perception of retailers about foreign direct investment (FDI) in Multi-Brand retail in Tiruchirappalli through questionnaire and interpreted by SPSS software. Keywords: Foreign Direct Investment, Retailers, Organized retail, Unorganized retail, Multi-Brand Retailing. INTRODUCTION Indian retail industry is the sunrise sector in the economy and it is identified as most attractive global destination for investments. India is acknowledged as the biggest retail industry in the world next to china. The sector is the largest source of employment after agriculture. The foreign direct investment plays an important role in the development process of a country s economy. With liberalization, India allows foreign direct investment in the retail sector. The Indian retail industry is dominated by the unorganized retailers and the global retailer giant like Wal-Mart, Carre four, and Tesco. FDI retail remained a hot topic in 2011, in November Government made a proposal to allow 51% FDI in Multi-brand retailing and raise the bar to 100% in Single Brand Retailing. But in the year of 2015, the opposition party had opposed to allow multi-brand retail in FDI. In March 2016 Budget, the current government favours 100% FDI in multi-brand processed food retail. With this condition the present study focuses the perception of Retailers on FDI in Multi-brand retailing industry in India a special reference to Tiruchirappalli, Tamilnadu. Concept of Retail in India Retail is the sale of goods and services from individuals or business to the end user. Retailers are part of an integrated system called the supply chain, wherein, a retailer purchases goods or products in large quantities from manufacturers or directly through a wholesaler, and then sells smaller quantities to the consumer for a profit. Retailing can be done in either fixed locations like stores or 31

2 market, door-to-door delivery or online. The term 'Retailer' is also applicable, where a service provider services the needs of a large number of individuals, such as the public. Retailing is an important social institution. It is the final stage of any economic activity which can be described as a set of business activities which adds value to the products and services sold to the consumers for their family or personal use. The attitudinal shift of the Indian consumer in terms of Choice Preference, Value for Money and the emergence of organized retail formats have transformed the face of retailing in India. In an attempt to understand the scope of the term retail, various definitions of the term have been examined. Retailing has been approached and studied from number of angles and has been defined in various ways. According to Philip Kotler, Retailing includes all the activities involved in selling goods or services directly to the final consumers for personal, non-business use. A retailer or retail store is any business enterprise whose sale volume comes primarily from retailing. Any organization that sells to final consumers whether it is a manufacturer, wholesaler or retailer is engaged in retailing. It does not matter how the goods or services are sold (by person, mail, telephone, vending machine or internet) or where they are sold (in a store, on the street or in the consumer's home). The North American Industry Classification System (NAICS) specifies that, the retail trade sector comprises establishments primarily engaged in retailing merchandise, generally without transformation, and rendering services incidental to the sale of merchandise. The High Court of Delhi in 2004 defined the term retail as a sale for final consumption in contrast to a sale for further sale or processing (i.e. wholesale).the actual term 'retailing' is thought to be derived from the old French word 'retailer', which means 'a piece' or 'to cut up'. It means that procuring the products from the supplier or manufacturer in large quantities and then breaking them into the pieces and selling goods and services to individual consumers in smaller and more manageable quantities, not for resale, but for the use of their personal consumption. Retailers occupy an important position in the distribution channel. Even though the retailers are at the far end of the chain they are still considered as 'middlemen' or 'intermediaries'. They are characterized as intermediaries who are receiving the goods from wholesalers and passing it to the customer. This is accomplished by storing the goods at convenient location and making it available to the customer at the right time. The success of the channel of distribution depends on availability of the right product, in the right quantity, at the right time, at the right price and procurement of the product from the right source. Customer is a focal point for all marketing channel decisions. The objective of retailer is to make the sales operation as effective as possible, by making the appropriate display of stock. It is necessary to understand that in the complex world of trade, retail would include not only goods but also services, which may be provided to the end consumer. In an age where the customer is the king and markets are focusing on customer delight, retail may be redefined as the first point of customer contact. A retailer is a person, agent, agency, company, or organization which is instrumental in reaching the goods, merchandise, or services to the ultimate consumer. RETAIL FORMATS IN INDIA Hyper Markets/ Super Markets: large self servicing outlets offering products from a variety of categories. Examples like Spencer s, Big Bazaar. Mom-and pop Stores: they are family owned business catering to small sections; they are individually handled retail outlets and have a personal touch. Departmental Stores: are general retail merchandisers offering quality products and services. Examples like Ebony, Shopper s Stop, Westside. Convenience Stores: are located in residential areas with slightly higher prices goods due to the convenience offered. Examples like in& Out, Safal, 6ten. Shopping Malls: the biggest form of retail in India, malls offers customers a mix of all types of products and services including entertainment and food under a single roof. E-trailers: are retailers providing online buying and selling of products and services. Discount Stores: these are factory outlets that give discount on the MRP. Examples like Subhiksha, Koutons, Nike, and Levis. Vending: it is a relatively new entry in the retail sector. Here beverages, snacks and other small items can be bought via vending machines. Category Killers: small specialty stores that offers a variety of categories. They are known as category killers as they focus on specific categories, such as electronics and sporting goods. This is also known as Multi Brand Outlets or MBO s. Specialty Stores: are retail stores dealing in specific categories and provide deep assortment. Mumbai s Crossword Book Store and RPG s Music World is a couple of examples. (Sunita Sikri, Ms. Dipu Wadhwa). FDI ROLE IN INDIAN RETAIL SECTOR: FDI plays a vital role in retail sector; it helps to expand the market, Reduces the operation cost Superior Supply chain management these merits helps the consumers and suppliers. Government of India denied FDI in all the sectors excluding single brand retail to 51% 32

3 of ownership and bureaucratic process. India s hesitation on implementing FDI was withdrawn by Prime minister of India during November 2011, India agreed retail reforms for Multi and single brand stores, which paved the way for retail modernization and competition with multi brand retailers as well as single brand retailers. The announcement triggered intense activism, ruling party supported and others opposed it, because of the pressure situation government placed the reform on hold. The retail industry is mainly divided into the following two categories. 1) Organized 2) Unorganized Retailing Organized retailing refers to trading activities undertaken by the licensed retailers, those who are registered for sales tax, income tax, etc. These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses. Unorganized retailing / traditional formats of low cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors, etc. 92% of Indian retail sector belongs to unorganized retailers. The organized retail holds 8% of market. Current Scenario: Government allows 49% FDI in Insurance under Automatic route: Seeking to attract more foreign investment, the government has relaxed FDI norms for the insurance sector by permitting overseas companies to buy 49% stake in domestic insurers without prior approval. Currently up to 26% FDI is permitted through the automatic approval route. For FDI up to 49% the approval of the Foreign Investment Promotion Board is required. The Foreign investment proposals up to 49% of the total paid up equity of the Indian insurance company shall be allowed on the automatic route subject to verification by the Insurance Regulatory and Development Authority of India said a Government notification. There are 52 insurance companies operating in India, of which 24 are in the Life insurance business and 28 in general insurance. 100% FDI in E-Commerce retail: The government on allowed 100% FDI through the automatic route in the market-place model of E-Commerce retailing, bringing in long overdue clarity on FDI policy for the sector as well as definition of marketplace format. As per the guidelines issued by the Department of Industrial Policy and Promotion (DIPP) on FDI in E-Commerce, FDI has not been permitted in inventory-based model. At present, 100% FDI is permitted in B2B (business to business) transaction under the automatic route. The market place model has been defined as providing an information technology platform by an e-commerce entity on a digital and electronic network to act as a facilitator between buyer and seller. These guidelines are expected to bring in more FDI into the sector that attracted maximum inflow of such investment in 2015, AkashGupt, Partner and Leader Regulatory at PwC said. DIPP said that the E-Commerce market place may provide support services to sellers in warehousing, and logistics, order fulfillment, call centre, payment collection and other services. However, such entities will not exercise ownership over the inventory. Such an ownership over the inventory will render the business into inventory based model it said in a press note. As per the norms, an E-Commerce firm will not be permitted to sell more than 25% of total sales from one vendor or its group companies. E-Commerce entities providing market place will not be directly or indirectly influence the sale price of goods or services and shall maintain level playing field, it added. This may require some of the existing players to alter their structures. The capital of 25% on sales by a vendor on market place will ensure a broad basing of vendors for a trust market place. This may require some of the operators to go back to the drawing board to ensure compliance, - Mr.Gupt. It is expected to grow 1.3 trillion dollars by 2020, unorganized retailers accounted for 92percent and Organized account for 8 percent of the market during the year 2015, it is expected there will be 24% of growth in organized by 2020, un organized retailers reduced to 76%.(Source: Press Note) FDI in Multi-Brand Retail Trade (MBRT) FDI in Multi-brand retail generally refers to selling multiple brands under one roof. In 2012 the government has allowed 51% FDI multi-brand retail in India. The global hypermarket and supermarket chain such as Wal-Mart, Carrefour and Tesco are already operating in some form or other, now they can open stores with their own brand names. The proposed pre conditions for allowing 51% FDI (on Dt ) in multi-brand retail were stipulated as follows. a) Minimum investment of $100 million. b) 50% of the investment is to be in backend infrastructure development. c) 30% of all raw materials have to be procured from India s small and medium industries. d) Permission to set up malls only in cities with a minimum population of 10 lakh. e) Government has the first right to procure material from the farmers. f) Products should be sold under the same brand internationally. g) Foreign investors should be the owner of the brand. Source: COUNTRIES SEEK FDI FOR: Domestic capital is inadequate for purpose of economic growth; 33

4 Foreign capital is usually essential, at least as a temporary measure, during the period when the capital market is in the process of development; Foreign capital usually brings it with other scarce productive factors like technical knowhow, business expertise and knowledge. MAJOR BENEFITS OF FDI: Improves forex position of the country; Employment generation and increase in production; Help in capital formation by bringing fresh capital; Helps in transfer of new technologies, management skills, intellectual property Increases competition within the local market and this brings higher efficiencies Helps in increasing exports; Increases tax revenues DISADVANTAGES OF FDI: Domestic companies fear that they may lose their ownership to overseas company Small enterprises fear that they may not be able to compete with world class large companies and may ultimately is edged out of business; Large giants of the world try to monopolize and take over the highly profitable sectors; Such foreign companies invest more in machinery and intellectual property than in wages of the local people; Government has less control over the functioning of such companies as they usually work as wholly owned subsidiary of an overseas company; Literature Review: According to (Bajaj, Tuli, Srivastava, 2007) in general retail in organized sector, the pressing need now is to focus on what drives loyalty programmes, what customers actually prefer, and what the future is likely to bring. Most retailers accept that they need to build relations and have adequate knowledge about customers, and that should be centrally recorded so that it is available to employees when they need it. Today s dynamic business environment provides ample alternatives to customer to shop at every stage from kirana store retail format to the retail store format, so much so that they may buy from one store today and shift to another tomorrow. Not that they think that the earlier store was bad, but it is the luxury of variety which customers enjoy. Anusha Chari and T.C.A. MadhavRaghavan (March 2011) In their paper argued that the potential benefits from allowing large retailers to enter the Indian retail market may outweigh the costs. A number of concerns have been raised about opening up the retail sector to FDI in India. The first concern is the potential impact of large foreign firms on employment in the retail sector. A second related concern raised in the DIPP s report is that opening up FDI would lead to unfair competition and ultimately result in large-scale exit of incumbent domestic retailers, especially the small family-owned business, Arun K.R.Singh and P.K. Agarwal (2012), has explained the relationship of Foreign Direct Investments with the Indian Retail Sector. He suggested that the indian government must take decision to contain this revolution & safeguard the health of the Indian retail sector to stabilize themselves against competition from the giant players of the global economy in the present condition of slowing growth, inflexible inflation and extended fiscal deficit in the country. Kulkarni Keertietal (2012), has reviewed the issues and implications of foreign direct investment (FDI) inflows into the Indian retail sector. He pointed out that allowing FDI in multi brand retail can bring improvement in Supply Chain and technology, Manpower and Skill Development, Tourism Development, Up-gradation in Agriculture, growth in efficient Small and Medium Scale Industries, growth in market size and benefits viz., greater GDP, tax income. Dr. Gaurav Bisaria (2012The future of foreign retail players is also uncertain like that of Indian retail players. The government which acts better than the one which does not. Apprehensions were raised on many such occasions in the past on virtually every measures of liberalization of Indian economy but most of the apprehensions proved wrong while many 34

5 others come true. It is better to act and watch than not to act at all. Kamaladevi Baskaran (2012,) said, retailers entering the Indian market need to ensure that they have considered the opportunity along with the challenges to maximize their returns. Retailers will need to bank on the local knowledge brought in by their partners/employees/ service providers to be able to reduce the lead time required by them to set-up operations and get a foothold in the Indian market. Catering to people in 35 states and union territories is equivalent to catering to people in 35 countries, leading to complexities in merchandis/inventory management. NEED FOR THE STUDY This study was conducted to understand the level of understanding of the local unorganized and organized retailers with respect to FDI, more particularly towards multi-brand FDI, its affects, and to gauge their perception towards Government s decision. This study will help to identify opinion of the retailers in Trichy city. OBJECTIVES OF THE STUDY 1. To study the awareness level towards FDI among the retailers 2. To analyze the respondent s knowledge towards the Multi-Brand FDI, its effects. 3. To analyze perception of the Retailers towards the FDI in Multi-brand Retailing HYPOTHESES OF THE STUDY Following are the hypotheses of the study: There is significant association between the gender of the retailers and their knowledge towards the FDI. There is significant association between the gender of the retailers and their source of awareness towards the FDI. Chi square test has been applied to test the hypotheses. RESEARCH METHODOLOGY The survey was carried on a limited scale and the geographical area of the study is Tiruchirappalli city, Tamil Nadu. Before undertaking the survey wholly, a pilot study was undertaken among 20 consumers to know the scope and possibilities or the survey. On the basis of experiences gained from such pilot study, the objectives were framed. Both primary and secondary data were used for this study. Primary data was collected through questionnaires and secondary data were collected through journals, reports, articles and websites. SAMPLING DESIGN Convenient sampling method was adopted for administering the questionnaire to measure the perceptions of 100 retailers in various age groups was collected from Tiruchirappalli city. ANALYSIS OF DATA A questionnaire was used for collecting the data from 100 samples of retailers and the data so collected were analyzed. Apart from the percentage, chi-square test has been applied to test the hypotheses of the study. For, this SPSS-16 software was utilized. ANALYSIS AND INTERPRETATION The detailed analysis of the data collected is as follows: Table No:1 Gender of the Retailers Gender No. of Respondents Percentage of respondents Male Female Source: Primary data From the above table it is inferred that majority of the respondents 70% are males and they are followed by 30 % female respondents. So, it is clear that the males are in larger number than the females. 35

6 Table No:2 Age Group of the Respondents Age Group of the Respondents No. of Respondents Percentage of respondents Below Above Source: Primary data From the above table it is inferred that 42% of the respondents, belonging to the age group of 30-40, and they are followed by 25% (under the age group of 40-50), 18% (above 50) and 15% (under the age group of below 30). Table No: 3 Educational Qualification Education No. of Respondents Percentage of respondents Uneducated HSC Graduate Post Graduate Professional 9 9 Source: Primary data The above table shows that the majority of the respondents 35% are graduates. They are followed by 27% ( post graduates), 15% (Uneducated), 14% (HSC) and 9% (professionals). Table No.4 Annual turnover of the respondents Annual Turnover (in Rs.) No.Of Respondents Percentage of Respondents Below 2 Lakhs to 5 Lakhs to 10 Lakhs Above 10 Lakhs Sourc : Primary data As per the above table, majority respondents 37 % have annual turnover of Rs.5-10 lakhs. The maximum turnover of Above Rs.10 lakhs is possible to 26 % of the respondents. 20% respondents have secured minimum turnover of below Rs.2 lakhs and 17% of the respondents secured annual turnover of 2 to 5 lakhs. So, it is seen that the respondents spread all over the categories of annual turnover. Table No.5 Knowledge about FDI Opinion No.Of Respondents Percentage of Respondents Yes No In respect of the knowledge about the FDI, majority respondents (89%) have it. Rest of the respondents do not possess it. So, it is clear that ignorant respondents are also existing in the field. Table No.6 Knowledge towards FDI in Single/ Multi-brand Retail Opinion No.Of Respondents Percentage of Respondents Yes No

7 In the case of knowledge towards FDI in Single/ Multi brand Retail, 64% of the respondents are aware of the single/ Multibrand retailing and they are followed by 36% of the respondents Table No: 7 Reaction towards government decision on MBRT Opinion No. Of Respondents Percentage of Respondents Against it Can t Say Neutral Yes, it will benefit us In respect of the reaction towards government decision on MBRT, 32% of the respondents (majority) have hope that it will yield benefit to them; 30% of the respondents are against the FDI in Multi brand; 21% of the respondents do not take any stand in this regard and they are neutral. 17% of the respondents cannot say anything in this issue. Table No: 8 Source of Awareness Source No. Of Respondents Percentage of Respondents Through Family Members Through Business Men Through news media Other Source As far as concerned with the source of awareness, 39% of the respondents form the majority and they get information on FDI from television and newspapers, 27% get from other business men/ union leaders, 19% get it from their family members and 15% of the respondents get it from the other sources. So, it is clear that the news media provide adequate awareness to them in this regard. Table No: 9 Impact of the MBRT Source No. Of Respondents Percentage of Respondents No idea Loss to home trade Exploitation on consumers Increase of Competition 5 5 In the case of impact of the MBRT on the existing retail trade, majority respondents (51%) point out that the loss to home trade and it will lead to closure of shops. 29% respondents have mentioned that there will be exploitation on consumers by the foreign retail firms. 15% respondents do not have any idea in this regard and 5% respondents have the opinion of increase of competition. Table No. 10 Opinion regarding FDI in MBRT will Create employment opportunities Opinion No.Of Respondents Percentage of Respondents Yes No Can t say Source : Primary Data In the case of employment opportunities, majority respondents (61%) have given the opinion that it will create the employment opportunities. In view of 27% respondents, no such opportunities and 12% respondents are not in a position to give opinion towards this. 37

8 Table No. 11 Immediate Effect of FDI in Multi-Brand Retail Perception No.Of Respondents Percentage Of Respondents Big and Small Retailer will Benefit Big will grow and smaller will down Nothing will happen Don t know Immediate Effect of FDI in Multi-Brand Retail, 42% respondents indicate that the big and small retailer will be benefitted. According to 23% respondents, nothing will happen due to this. 20% respondents do not know this and 15% retailers have the opinion that the big will grow and smaller will down. Test of hypotheses Null Hypothesis: There is no significant association between the gender of the retailers and their knowledge towards the FDI. Table No.12 Gender of the Retailers * Knowledge towards the FDI Gender Knowledge towards the FDI Total Yes No Male Female Total Source: Primary data Table No.13 Chi Square Test Result Table Degrees of Level of Calculated value Result Value freedom significance % Calculated value <Table value Null hypothesis accepted Source: Statistical calculations From the above table, is clear that the calculated value is lesser that the table value. So, the null hypothesis is accepted. Therefore, there is no significant association between the gender of the retailers and their knowledge towards the FDI. Null Hypothesis: There is no significant association between the gender of the retailers and their source of awareness towards the FDI. Table No.14 Gender of the Retailers * Source of Awareness towards the FDI Gender Source of Awareness towards the FDI Total Family Members Business Men News media Others Male Female Total Source: Primary data 38

9 Table No.15 Chi Square Test Result Table Degrees of Level of Calculated value Result Value freedom significance % Calculated value <Table value Null hypothesis accepted Source: Statistical calculations From the above table, is clear that the calculated value is lesser that the table value. So, the null hypothesis is accepted. Therefore, there is no significant association between the gender of the retailers and their source of awareness towards the FDI. Findings of the research Majority of the respondents 70% are males and they are followed by 30 % female respondents. So, it is clear that the males are in larger number than the females. It is found out that 42% of the respondents, belonging to the age group of 30-40, and they are followed by 25% (under the age group of 40-50), 18% (above 50) and 15% (under the age group of below 30). The majority of the respondents (35%) are graduates. They are followed by post graduates (27%), Uneducated (15%), HSC (14%) and professionals (9%). Most of the respondents (37 %) have annual turnover of Rs.5-10 lakhs. The maximum turnover of Above Rs.10 lakhs is possible to 26 % of the respondents. 20% respondents have secured minimum turnover of below Rs.2 lakhs and 17% of the respondents secured annual turnover of 2 to5 lakhs. So, it is seen that the respondents spread all over the categories of annual turnover. In respect of the knowledge about the FDI, majority respondents (89%) have it. Rest of the respondents (11%) do not possess it. So, it is clear that ignorant respondents are also exiting in the field. In the case of knowledge towards FDI in Single/ Multi-brand Retail, 64% of the respondents are aware of the single/ Multibrand retailing and they are followed by 36% of the respondents In respect of the reaction towards government decision on MBRT, 32% of the respondents (majority) have hope that it will yield benefit to them; 30% of the respondents are against the FDI in Multi -brand; 21% of the respondents do not take any stand in this regard and they are neutral and 17% of the respondents cannot say anything in this issue. As far as concerned with the source of awareness, 39% of the respondents form the majority and they get information on FDI from television and newspapers, 27% get from other business men/ union leaders, 19% get it from their family members and 15% of the respondents get it from the other sources. So, it is clear that the news media provide adequate awareness to them in this regard. In the case of impact of the MBRT on the existing retail trade, majority respondents (51%) point out that the loss to home trade and it will lead to closure of shops. 29% respondents have mentioned that there will be exploitation on consumers by the foreign retail firms. 5% respondents have the opinion of increase of competition and 15% respondents do not have any idea in this regard. In the case of employment opportunities, majority respondents (61%) have given the opinion that it will create the employment opportunities. In view of 27% respondents, no such opportunities and 12% respondents are not in a position to give opinion towards this. Immediate Effect of FDI in Multi-Brand Retail, 42% respondents indicate that the big and small retailer will be benefitted. According to 23% respondents, nothing will happen due to this. 20% respondents do not know this and 15% retailers have the opinion that the big will grow and smaller will down.. The chi square test proves that there is no significant association between the gender of the retailers and their knowledge towards the FDI. The chi square test proves that there is no significant association between the gender of the retailers and their source of awareness towards the FDI. CONCLUSION The present paper has analyzed the perception of the retailers towards the FDI in Multi Brand Retailing in Tiruchirapalli,Tamilnadu. It discloses the resistance towards the entry of the FDI in this sector. It is not possible to cope up with the effect of the entry of the FDI on the part of Indian retailers especially the small retail firms. Even the retailers have accepted the employment generation due to the FDI, the retailers have also felt a threatening to their survival in the market. So, the paper concludes that the FDI in the Multi Brand Retailing will lead to a great adverse effect in Indian retail sector. So the government should frame a FDI policy without affecting the small retailers. However government should have an appropriate regulatory regime to safeguard against the anti-competitive practices such as voracious pricing. The Government should provide support of legal framework to safeguard the interest of farmers and consumers and small retatilers. 39

10 REFERENCES 1. Aron Ravi, FDI in Indian Retail :The Big Benefit Will Come Tomorrow, Not Today, Dated 20 September 2012, upenn.edu/india/article.cfm?articleid DIPP Discussion Paper on FDI in Retail in India Divya George, (June 2012) Potential Threats of Oniomania due to the Entrance of FDI in Retail Sector. Research Lines 1, Print Dated August Gupta SP, Statistical Methods, Sultan Chand & Sons, New Delhi, Kearney A.T., The 2013 Global Retail Development Index: Global Retailers : Cautiously Aggressively or Aggressively Cautious (2013). Viewed on 10th July 2014, 5. Khan &Ahamed, (2011), Foreign Direct Investment in India: Challenges and Opportunities in Multi-brand Retail Sector, International Journal Of Research In Commerce And Management, 2(1), pp Barry Berman Joel &R Evans, Retailing Management-A Strategic Approach, Pearson Education, Sinha, P.K and Uniyal D.P, Managing Retail, 2/e, Oxford University Press, Deepak Joshi, (2012), Fdi In Multibrand Retailing In India: Perception Of The Unorganised Retailers In Business Capital Of Uttarakhand, International Journal Of Research In Commerce & Management, Volume No. 3 (7), Pp