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'2009 will define India's retail biz'
September 10, 2007
Years ago, when I met then film producer Kishore Biyani (inset) for an interview about an upcoming production of his, it was only because of the persuasive powers of the public relations firm that was promoting the film. Then too, not many journalists were present.
Cut to the present. Kishore Biyani is no more an itinerant film producer. Touted as the king of Indian retail, Biyani has just finished a speech at the India Retail Forum. As I go up to request an interview, journalists are jostling for his quotes and sound bytes.
The change was evident even during his speech. Everyone in the audience were in rapt attention. Biyani, the CEO of the Future Group, was the most sought after person throughout the three-day event. He was like Moses spelling out the Ten Commandment to the other retail honchos.
In an interview with Chief Correspondent Syed Firdaus Ashraf, Biyani, the founder of the modern retail group Big Bazaar, has redefined the shopping for Indian consumers, gives his vision for the retail industry and his company's plans in the coming years.
Why did you say in your speech that 2009 will be the defining moment for Indian retailing industry?
All the new malls that are in the anvil will be ready by then. We will also have a retail policy in place and consumers too will be ready by then, so we are ready for interesting times. We will see lifestyle retails, high-end retail. Every retailer will be in the market. So, 2009 will be deciding factor for the retail market in India.
Will the bubble burst?
We have too many retail forums and too many malls have come up. The period to watch out for will be 2009 and it will be a testing time for retailers, I feel. We will all know by then what the real demand is and what the real supply is in the market. In the meantime, the challenge will be to find the right kind of people and trained people for the industry.
Photographs: Reuben V and Rediff Archives
Also read: Retail forum: Indian market has huge potential
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