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'Indian retail market has tremendous growth potential'

business Updated: Jan 29, 2009 19:41 IST
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The Indian retail market has a tremendous growth potential and has not been affected by the on-going global recession, a leading retailer said.

"The Indian retail sector holds an immense potential and has not been affected by the ongoing global recession. Several international brands are entering the market and this will help expand the market further," Future Group Director Rakesh Biyani told PTI in Mumbai.

Presently, window-shoppers were fewer in number as compared to the past. However, the serious shoppers still continued to flock to malls and other retail stores, he said.

While there was a perception that footfalls at malls and other big retail outlets had declined recently, Biyani said that "footfalls depend a lot on factors such as what best a retailer offers to his customers during times when he or she is not willing to spend much."

On his group's expansion plans slowing down, Biyani said that this was due to some of the malls not coming up on time. "Our expansion plans have been affected by this," he said.

"Today, we are open to setting up stand-alone stores or in either malls or high streets. We have a team that focuses on market opportunities and it is currently working on our plans," Biyani said.

Earlier, speaking at a session of the India Fashion Forum being held here, he said that retail players should first attempt to create awareness in the market and then aspire for other things.