Innovative Retail formats in India

Innovation and creativity is the order of the day. Business houses, especially in the retail industry, have to be on their toes, keeping their eyes and ears open for any slight development in the market, to be in the reckoning. As competition hots up in different domains and verticals of the organized retail game, with the entry of leading international brands and many Indian retail giants consolidating and expanding with a vengeance, the Indian retail market is definitely not for the fainthearted. Retail companies have to start looking for innovative formats that can make them distinctive and unique - a cut above the rest.

One of the latest retail formats making a grand entry in this game of guts and guile is ‘Wedding Malls’. An unheard of entity in the advanced global retail markets like the United States and Europe; it has become a big hit in India. These wedding malls stock a whole list of items and products that goes into any big fat Indian wedding, ranging from jewellery to apparels. Retailers are astutely combining the best of the global retail trends with the local flavors, keeping in mind the needs and preferences of the target consumers. Such customization and blending of ideas to come up with innovative formats is not only a welcome change, but a necessary requirement to be a step ahead of competitors in this rather crowded market.

Then there are ‘Khadi Plazas’, a successful retail project rolled out by the Khadi and Village Industries Commission, under the government of India. These swish and ritzy outlets showcase the exquisite designs and patterns of the traditional handloom and handicraft products, manufactured in the Indian villages, in a trendy and chic package to catch the attention of the young Indians with changing lifestyles and attitudes.

Another addition to the list of extraordinary retail formats is the ‘Village Malls’. These malls are the archetype of shopping malls that dot the urban landscape, providing multiple services and outlets in a single location. Village malls are an extension of the fair price shops that have been revamped to cater to the larger needs of the local population. Many states have introduced this retail format spearheaded by the Gujarat government, where it has been successfully running for the last two three years.

In fact, only innovation can save the day; and players in the organized India retail sector have to start thinking out-of-the-box to initiate inimitable retail formats that can take them forward in the game.