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The retail sector in India is witnessing a huge revamping exercise as traditional markets make way for new formats such as departmental stores, hypermarkets, supermarkets and specialty stores. Western-style malls have begun appearing in metros and second-rung cities alike introducing the Indian consumer to a shopping experience like never before.

Rated the fifth most attractive emerging retail market, India is being seen as a potential goldmine. It has been ranked 2nd in a Global Retail Development Index of 30 developing countries drawn up by A T Kearney. The list was developed as a response to requests from retail chains facing saturated demand in most western markets.

India's vast middle class and its almost untapped retail industry are key attractions for global retail giants wanting to enter newer markets. A.T. Kearney has estimated India's total retail market at $202.6 billion, which is expected to grow at a compounded 30 per cent over the next five years.

In the next couple of years, India will see at least two Indian retail businesses attaining the magic figure of Rs 1,000 crore ($218 million) in sales. Several others are expected to attain a critical mass as growth in the industry picks up momentum.

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