A Conceptual Study of Booming Retail Sector- Opportunities and Challenges in Indian Scenario

India is one of the fastest growing retail markets in the worldand emerging as one of the largest sector in the economy. It comprise of both organised and unorganised retail sectors. The Indian retail market is estimated to the worth of US$ 600 billion by considering the economic value hence it has become one of the top five retail markets in the world comprising 35% of GDP. The organized or modern retailing with 6% share stands at $26 billion and projected to reach US$ 1.3 trillion by 2018 at the compounded annual growth rate of 40%. This sector is in transition phase along with "shift" or "change" as factors for its success and sustainability. Retail marketing also provides immense significant opportunities to retailers and brands across the country because of change in the consumer behaviour, rising Job opportunities, income and consumer awareness. And growing middle class is one of the contributing factors of retail sector. Hence this paper explores on changing trends in retail formats, challenges faced by the organised and unorganised sector and future opportunities of retail industry.