Kovai poised to become a retail hub

If the Global Retail Development Index (GRDI) rates India as number one country for opportunities in retail growth, down South, cities like Coimbatore are witnessing a flurry of activities in this sector.

Quite impressed by the kind of growth that is happening in Coimbatore, Gibson G Vedamani, CEO of Retailers Association of India, Mumbai, who was in the city recently, predicted that Coimbatore was poised to become a retail hub, next to Chennai in the next three years.

He did not forget to recall that Sri Krishna Sweets had branched out from Coimbatore several decades ago. Big names in textile business like the Chennai Silks are also here.

With more shopping malls and multiplexes coming up in the city, K Srinivasan, Assistant Professor, Jansons School of Business, said that high-end shopping was catching up in the textile city.

“We now have Krishna Collections on DB Road, Vibe on Race Course Road, Adlabs of Reliance group is coming up, besides many multiplexes, helped by the emerging consumerism. The cosmopolitan psyche is getting rooted here,” he added.

He also noted how book-retailing was also coming up in a big way with Odyssey already having opened one outlet and likely to open another, while Crossword and Landmark were set to open shops. The current growth is supplemented by the upbeat trend in other sectors like realty sector, and of course, Information Technology (IT).

“The relaxation of Foreign Direct Investment (FDI) norms in realty sector has facilitated a flow of investment, thereby providing retailers a good space,” remarked Gibson.

If modern retail industry has given customers a good shopping experience and thrown open plenty of employment opportunities, the buoyant economy, as its contribution, has increased the purchasing power of the people.

Chairman of the Confederation of Indian Industries (CII), Coimbatore Zone, Jayakumar Ramdass, also echoed the same sentiment. “The purchasing power of the people has gone up manifold and the retail sector is poised for a big growth in Coimbatore.”

Besides the customers here, retail outlets in Coimbatore are witnessing regular shoppers from neighbouring States like Karnataka and Kerala.

P D Francis, Manager of Alukkas, said its Coimbatore branch is doing well, with more customers opting for high-end products.

However, Jayakumar Ramadass stated that there remained a lot of scope for Coimbatore to grow in several other areas of the retail sector like household materials. “The rural economy is much bigger,” he opined.