MYSORE: Retailing is the world’s largest private sector contributing to eight per cent of the GDP and it employs one sixth of the labour force world-wide, said One Stop Milano proprietor Veena Jain on Sunday.
Speaking at the valedictory ceremony of Naissance 2012, a three-day national level management event for Post Graduate diploma and MBA students at SDM Institute for Management Development.
In India, the retail sector contributes to 14 per cent of the GDP, and is the second largest sector next to agriculture, she added.
Explaining that the word retail is derived from a French word which means ‘to cut off a piece’, she said the sector includes all the activities involved in selling the products and services to the ultimate consumers. A retailer is the last person in the channel of distribution, she added.
Referring to the 4 Ps: product, place, promotion and price, she said the retail market has come to light as an organised sector and presently it exists in various formats like super markets and speciality stores, and so on.
SPI’s Global Head of Human Resources, Arun Nayar, said the well being of the society at large is the real prosperity.
Indians should inculcate leadership qualities.