697-3428-1-PB.pdf

Volume 2, Number 3, July - September 2013 ISSN (P):2279-0934, (O):2279-0942

International Journal of Retailing & Rural Business Perspectives Pezzottaite Journals. 478 | P a g e

IMPACT OF FOREIGN DIRECT INVESTMENT ON RETAIL SHOPS

Dr. Prasanna Kumar6

ABSTRACT

The main question being raised is whether the traditional mom and pop stores will survive and co-exist or leave the field for

major organized retail players. The answer could be a co-existence. The major advantage for the smaller players is the size,

complexity and diversity of our Indian Markets. If we look at the organized retail players, most of them have opened shop in

the Metros, Tier 1 and Tier 2 towns. Very rarely do we find organized players in the rural areas and we have more than 70%

of the population living in the rural areas. There is a multitude of reasons being floated around to prevent the liberalization Of

the FDI norms for Indian retail: Primary among these is the concern regarding the kirana stores as well other locally operated

Mom and Pop stores being adversely affected by the entry of global retail giants such as Wal-Mart, Carrefour and Tesco. As

these brands would come with advanced capabilities of scale and infrastructure in addition to having deep pockets, it is argued

that this would result in the loss of jobs for lakhs of people absorbed in the unorganized sector.

On the contrary, it would lead to the creation of millions of jobs as massive infrastructure capabilities would be needed to

cater to the changing lifestyle needs of the urban Indian who is keen on allocating the disposable income towards organized

retailing in addition to the local kirana stores. These stores would be able to retain their importance owing to their unique

characteristics of convenience, proximity and skills in retaining customers. In addition, these would be more prominent in the

Tier-II and Tier-III cities where the organized supermarkets would find it harder to establish themselves. FDI in multi-brand

retail is therefore a necessary step that needs to be taken to propel further growth in the sector. This would not only prove to

be fruitful for the economy as a whole but will also integrate the Indian retail sector with the global retail market. It is not a

question of how it will be done but when.

FDI investment In India has been the subject of active debate for a long time. Its introduction has been challenged and entry

has been opposed by many organizations. However, it benefit to the Indian context. The major driver for the development in

the retail sector is mainly due to consumers choice preference. Though there was a restriction in the direct investment, many foreign players are finding new ways to enter the market. Currently we have 51% Foreign Direct Investment (FDI) in the retail

trade of single brand products and to the extent of 100 per cent in Cash and Carry wholesale formats. However, lot of retailers

suffers from FDI and they are losing their customers and sales expansion from FDI. I was taken 100 samples to investigate the

data on impact of FDI on retail shops finally; the result was 69% of FDI impact on retail shops so H1 is accepted.

KEYWORDS

FDI, Retail, Investments, Franchise, GDP, Reserve Bank of India, Shops etc.

INTRODUCTION

The retail industry in India is the second largest employer with an estimated 35 million people engaged by the industry. There has

been opening of Indian economy to foreign organization for foreign direct investment through organized retail. The union

government has sanctioned 51% foreign direct investment in multi-brand like Wal-Mart, Carrefour, and Tesco up to 100% in

single brand retail like Gucci, Nokia and Reebok. This will make foreign goods and items of daily consumption available locally,

at a lower price, to Indian consumers. The new policy will allow multi-brand foreign retailers to set up shop only in cities with a

population of more than 10 lakhs as per the 2011 census. There are 53 such cities. This means that big retailers can move beyond

the metropolises to smaller cities. The final decision will however lies with the state governments. Foreign retailers will be

required to put up 50% of total FDI in back-end infrastructure excluding that on front-end expenditures. Expenditure on land cost

and rentals will not be counted for the purpose of back-end infrastructure. Big retailers will need to source at least 30% of

manufactured or processed products from small retailers. The government will go for surprise checks and if found irregularities

then the deed will be broken with a second of time. Homegrown retailers have not muscles and the reach to go for the big game

like Subiksha and Vishal Retail. They have expanded their retail chain but did not have the resources to manage the backend

across several cities. If we look rationally at the FDI in retail sector then it will be a win-win situation for all.

Foreign Direct Investment

Foreign Direct Investment (FDI) or foreign investment refers to the net inflows of investment to acquire a lasting management

interest (10 percent or more or voting stock) in an enterprise operating in an economy other than that of the investor. It is the sum

of equity capital of the long-term capital, and short-term capital as shown in the balance of parameters. It usually involves

participation in management joint venture, transfer technology, and expertise. There are two types of FDI: inward foreign direct

investment and outward foreign direct investment result in in a net FDI inflow (positive or negative) and stock of foreign direct

6Associate Professor, K.L.U. Business School, K. L. University, Andhra Pradesh, India, [email protected]



investment and outward foreign direct investment, which is the cumulative number for a given period. Direct investment excludes investment through purchase of shares.

FDI may be distinguished into:

Horizontal Foreign Investment (HFI): It refers to investment of a firm in a foreign country to produce the same products which

produce in its home country.

Horizontal FDI implies that FDI is undertaken in the same industry by the firm as it operates in at home. For example, Electrolux - a Swedish firm - the manufacturing of household appliances (such as washing machines, refrigerators,

dishwashers and so on) invested in Asia and Eastern Europe for producing similar household appliances is the case of

horizontal FDI.

HFI implies geographical/spatial diversification of the firm's product line.

It represents intra-enterprise product transfer in the process of integration in marketing.

Vertical Foreign Investment (VFI): It is meant for integration process in the production. There may be backward vertical

investment or forward vertical integration.

Backward Vertical Integration (B VI) implies that the firms directly invest in a foreign country to produce intermediate goods that are meant to be used as inputs in its domestic production process. In extractive investment in petroleum or

minerals usually there is BVI.

Forward Vertical Investment (FVI) implies that the firm invests in a foreign country in producing the final stage goods or assembly of the product to market it directly to the foreign buyers. FVI, thus, involves establishment of an assembly

plant or sales branch for exports.

FDI Policy in India

Foreign Investment in India is governed by the FDI policy announced by the Government of India and the provision of the

Foreign Exchange Management Act (FEMA) 1999. The Reserve Bank of India (RBI) in this regard has issued a notification,

which consists the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulations,

2000. This notification has been amended from time to time. The Ministry of Commerce and Industry, Government of India is the

nodal agency for monitoring and reviewing the FDI policy on continued basis and changes in sectoral policy / sectoral equity cap.

The FDI Policy is notified through Press Notes by the Secretariat for Industrial Assistance (SIA), Department of Industrial Policy

and Promotion (DIPP). The foreign investors are free to invest in India, except few sectors/activities, where prior approval from

the RBI or Foreign Investment Promotion Board (FIPB) would be required.

Scholarly Treatment of Object

Growth in Economy: Due to coming of foreign companies new infrastructure will be build, thus real estate sector will grow consequently banking sector, as money need to be required to build infrastructure would be provided by banks.

Job Opportunities: Estimates shows that this will create about 80 Lakh jobs. These career opportunities will be created mostly in retail, real estate. However, it will create positive impact on others sectors as well.

Benefits to Farmers: In most cases, in the retailing business, the intermediaries have dominated the interface between the manufacturers or producers and the consumers. Hence, the farmers and manufacturers lose their actual share of

profit margin as the intermediaries eat up the lions share. This issue can be resolved by FDI, as farmers might get contract farming where they will supply to a retailer based upon demand and will get good cash for that, they need not

to search For buyers.

Benefits to Consumers: Consumer will get variety of products at low prices compared to market rates, and will have more choice to get international brands at one at one place.

Cheaper Production Facilities: FDI will ensure better operations in production cycle and distribution. Due to economies of operation, production facilities will be available at a cheaper rate thereby resulting in availability of

variety products to the ultimate consumers at a reasonable and lesser price.

Availability of New Technology: FDI enables transfer of skills and technology from overseas and develops the infrastructure of the domestic country. Greater managerial talent inflow from other countries is made possible. Domestic

consumers will benefit getting great variety and quality products at all price points.



Long Term Cash Liquidity: FDI will provide necessary capital for setting up organized retail chain stores. It is a long-term investment because unlike equity capital, the physical capital invested in the domestic company is not easily

liquidated.

OVERVIEW OF RETAIL INDUSTRY

Understand the constituents of retail industry and types of retail outlets. A brief discussion on the etymology of the Retail word

followed by a discussion on challenges and need for today from a technology perspective.

Retailers are business firms engaged in offering goods and services directly to consumers. In mostbut not all cases, retail outlets are primarily concerned with selling merchandise. Typically, such businesses sell individual units or small groupings of

products to large numbers of customers. A minority of retailers, however, also garner income through rentals rather than outright

sales of goods (as in the case of enterprises that offer furniture or gardening tools for rent) or through a combination of products

and services (as in the case of a clothing store that might offer free alterations with the purchase of a suit).

Retail is the sale of goods and services from individuals or businesses to the end-user. Retailers are part of an integrated system

called the supply-chain. A retailer purchases goods or products in large quantities from manufacturers or directly through a

wholesaler, and then sells smaller quantities to the consumer for a profit. Retailing can be done either in fixed locations or online.

Retailing includes subordinated services, such as delivery. The term "retailer" is also applied where a service provider services the

needs of a large number of individuals, such as a public utility, like electric power.

Shopping generally refers to the act of buying products. Sometimes this is done to obtain necessities such as food and clothing;

sometimes it is done as a recreational activity. Recreational shopping often involves window-shopping (just looking, not buying)

and browsing and does not always result in a purchase.

Etymology

Retail comes from the Old French word tailer (compare modern French retailer), which means "to cut off, clip, pare, divide" in

terms of tailoring (1365). It was first recorded as a noun with the meaning of a "sale in small quantities" in 1433 (from the Middle

French retail, "piece cut off, shred, scrap, paring").

The Retail Industry

The United States retail sector features the largest number of large, lucrative retailers in the world. A 2012 Deloitte report

published in STORES magazine indicated that of the world's top 250 largest retailers by retail sales revenue in fiscal year 2010,

32% of those retailers were based in the United States, and those 32% accounted for 41% of the total retail sales revenue of the

top 250. The retail industry is a massive part of the overall U.S. economy. In 2005, for example, retail establishments accounted

for 18 percent of all nonfarm private sector jobs and had sales of $3.2 trillion. Moreover, a healthy population of smaller

enterprises characterizes many retail niches; indeed, the vast majority of retail employees in the United States work at

establishments with fewer than 20 employees.

Industry Dynamics

Retail trade is widely known as a very competitive area of commercial endeavor, and observers note that many fledgling retail

establishments do not survive for more than a few years. Indeed, competition for sales has become so great that consumers have

seen a marked blurring of product lines among retailers. Increasingly, retailers have taken to stocking a much greater variety of

goods than their basic industry classification would indicate (bookstores, for example, increasingly stock music products, while

food, liquor, office supplies, automotive supplies, and other wares can all be found in contemporary drug stores). This

development further complicates efforts to establish and maintain a healthy presence in the marketplace. However, for the small

business owner who launches a retail store on an adequate foundation of capital, business acumen, and attractive merchandise,

involvement in the trade can be rewarding on both financial and personal fulfillment levels.

Primary Retail Types

A marketplace is a location where goods and services are exchanged. The traditional market square is a city square where traders

set up stalls and buyers browse the merchandise. This kind of market is very old, and countless such markets are still in operation

around the whole world. Retail enterprises can be either independently owned or operated or part of a chain, a group of two or more stores whose activities are determined and coordinated by a single management group. A single company may own all

stores that are part of a chain, but in other cases, the individual stores may be franchises that are independently owned by a small

businessperson.

Many different types of retail establishments exist, and, as noted above, the overall industry has seen a significant blurring of the

boundaries that had long separated the wide range of companies operating under the retail umbrella. Nonetheless, retailing

establishments still generally fall into one of the following general categories:



Specialty Stores

These establishments typically concentrate their efforts on selling a single type or very limited range of merchandise.

Clothing stores, musical instrument stores, sewing shops, and party supply stores all fall within this category. A typical

specialty store gives attention to a particular category and provides high level of service to the customers. A pet store

that specializes in selling dog food would be regarded as a specialty store. However, branded stores also come under

this format. For example if a customer visits a Reebok or Gap store then they find just Reebok and Gap products in the

respective stores.

Department Stores

These establishments are comprised of a series of departments, each of which specializes in selling a particular grouping

of products. Under this compartmentalized arrangement, consumers go to one area of the store to purchase tableware

and another area to acquire bedding, for example. These typically are very large stores offering a huge assortment of

"soft" and "hard goods; often bear a resemblance to a collection of specialty stores. A retailer of such store carries

variety of categories and has broad assortment at average price. They offer considerable customer service.

Supermarkets

This is a self-service store consisting mainly of grocery and limited products on nonfood items. The supermarkets can

be anywhere between 20,000 and 40,000 square feet (3,700 m2), example: SPAR supermarket. These retail

establishments, which were primarily involved in providing food to consumers, have increasingly ventured into other

product areas in recent years. They account for the vast majority of total food-store sales in America.

Discount Stores

Tend to offer a wide array of products and services, but they compete mainly on price. They offer extensive assortment

of merchandise at affordable and cut-rate prices. Normally retailers sell less fashion-oriented brands. These retail outlets

offer consumers a trade-off: lower prices (typically on a broad range of products) in exchange for lower levels of

service. Indeed, many discount stores operate under a basic self-service philosophy.

Mail-Order Businesses and other Non-store Retailing Establishments

The customer can shop and order through internet or mail or other mediums and the merchandise are dropped at the

customer's doorstep. Here the retailers use drop-shipping technique. They accept the payment for the product but the

customer receives the product directly from the manufacturer or a wholesaler. This format is ideal for customers who do

not want to travel to retail stores and are interested in home shopping. However, it is important for the customer to be

wary about defective products and non-secure credit card transaction. Example: Amazon, Pennyful and eBay. Non-

Store sales have become an increasingly ubiquitous part of the American retail landscape; indeed, some retail

establishments subsist entirely on mail / internet order, forsaking traditional stores entirely, while other companies

maintain operations on both levels. This category includes sales made to end consumers through telemarketing, vending

machines, the Internet, and other non-store avenues. Electronic retail has been growing at a significantly higher rate

than retail trade as a whole.

Current Challenges

Consumers today have changed the way they interact with businesses. Prime among them is the means by which they purchase

products, services or offerings. The consumer has adapted to multiple channels and moves easily across channels to search for

products, decide on the best product through discussions with peers, search for the best prices and promotions, finalize a

store/web-store and finally make a purchase. Retailers need to understand this need to service the customers through various

channels, while presenting an integrated view of the business. In the world of retail where product differentiation is minimal and

consumers tend to be price sensitive, there is a need to provide differentiation by creating a consistent experience when consumers

move across channels and create incremental mind share through personalized experience. A proper framework is needed to

understand all the facets of operations and technology, which need to be deployed to deliver on the expectations.

REVIEW OF LITERATURE

Multi-brand FDI to hit kirana shops: Metro Boss By Dipti Jain, Sources: The Economic Times

Not just small traders and kirana stores are worried over loss of business if foreign direct investment (FDI) in multi-brand retail is

allowed. Even international chains such as German retailer Metro Cash & Carry believe that the reform move may affect local

businesses.



While the influx of international retail giants will bring in investments in back-end and supply chain management, the Indian arm

of Metro Cash & Carry said this will decrease the importance of small traders in the country as consumers would shift to large

format stores from the local kirana shops.

Consumers will shift to large format stores, so the relevance of small traders will decrease. Because of substantial increase in disposable income due to a growing economy, the focus has today shifted from small to large format stores, said Rajeev Bakshi, managing director, Metro Cash & Carry, India.

The statement by the German company comes as a surprise especially after international chains have been waiting for the opening

of FDI in the sector as they reason it would benefit smaller players by way of technological enhancements as well as creation of

new jobs, besides giving them an opportunity to tap into the growing retail market in India.

The government and other retailers have argued that the entry will help local outfits get more efficient and innovative and check

wastage as nearly 40 per cent of the farm produce is lost due to poor storage and distribution facilities in the country. Several

global giants such as Wal-Mart and Carrefour are waiting for the government to finally permit FDI in the multi-brand segment, an

area that Metro does not intend to enter immediately.

In recent weeks, the government has pitched for opening up multi-brand retail and even cited the backing it has received from

several states.

The government allowed 100 per cent FDI in single brand retail last year. However, the permission for 51 per cent FDI in multi-

brand retail had to be put on hold after widespread protests by Congressmen as well as UPA allies, including Trinamool Congress.

While the impact on small traders would affect Metros business in the country, the company is betting on a growing business from hotels, restaurants and caterers (Horeca) for continued growth. This will indirectly impact our business, but then the other business takes off. People are eating out much more than before. Therefore, our Horeca business will go up. The net effect on us

is balanced, Mr. Bakshi said.

However, Mr. Bakshi added that it is not just foreign retail majors; even large cash-rich domestic players have the capacity to

exploit the market. Despite discussions that modern stores and wholesale chains would make the local channels irrelevant, Mr.

Bakshi said with the demand pattern shifting, these models are becoming irrelevant themselves. Metro Cash & Carry entered

India in 2003 and currently has 11 wholesale distribution centers.

The company has already invested close to Rs 1,000 crores and plans to open six to eight stores annually, each entailing an

investment of around Rs 60 crores. The company recently opened its store in Delhi and Jaipur and is planning two more stores in

Chandigarh and Indore.

FDI in multi-brand retail bound to affect small traders, says C. Rangarajan

C.R. Sukumar, ET Bureau Sep 21, 2012, 04.09PM IST

Tags: PMEAC Chairman Dr C. Rangarajan,

Amidst concerns of the opposition parties over the adverse impact of foreign direct investment into multi-brand retail, Chairman

of the Prime Minister's Economic Advisory Council (PMEAC) Dr. C. Rangarajan said it would affect the small traders, who need

to become part of the modern retail change story.

Addressing an international seminar on 'Organized Retailing vis-a-vis Farm Economy of India' in Hyderabad on Friday, he,

however, said the fear that FDI in multi-brand retail "could result in large scale replacement of small retailers is misplaced."

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According to him, "The existence of large retail chains even in advanced countries has not wiped out the small shopkeepers or

what are called 'Mom and Pop' stores. They retain a personal touch which is absent in large retail outlets. Also, their proximity to

where people live is a great advantage."

Rangarajan viewed that an overwhelming percentage of food and grocery being sold in India was through traditional retail outlets

such as kirana stores, street hawkers and wet market stall operators. "Once the share of overall modern retail in food reaches about

25-30%, it is bound to affect the kirana traders first and then the small and marginal traders."

To address the adverse affects, he advised the small traders to take part in the modern retail change story and be assimilated into

organized retail, upgrade through infusion of capital and better training and organize themselves under their banner through

franchises.



Rangarajan, who has been for years advocating FDI into retail sector, said the aim of the modern organized retail was to offer

better prices to both consumers and producers and reduce the gap between the two. Saying that modern retailers were able to offer

better prices to consumers and producers owing to economies of scale in procurement, handling and logistics, he has advised the

farmers to form into groups for better bargaining with the modern retailers.

"Direct marketing of produce to modern organized retail networks also helps the farmer in getting a better price than through

mandis. Regular supply agreements with groups of farmers and modern retail outlets will help farmers have an assured minimum

income besides cutting down on wastage, transportation costs and providing fresh supply of food items to consumers," the

PMEAC chairman said.

Citing high vegetable prices in 2010-11 that shot up by 60-70% owing to deficiencies in the current archaic marketing

arrangements, he said FDI flows into backend infrastructure such as cold storages and warehouses could help softening of prices

and thereby help contain inflation.

Rangarajan said the Agriculture Produce Marketing Committee (APMC) Act was amended aimed at providing more competitive

choices to the farmers and to encourage private investment. Now "there is a strong case for removing perishables from the

purview of APMC regulations as the nature of the commodity requires speedy transaction in order to minimize wastage."

Clarity on quantity of foreign investments into multi-brand retail sector is expected in a few months, he said, expressing inability

to hazard a guess on how much it could address the current account deficit, which stood at 4.2% of the gross domestic product

(GDP) last year. "The total capital flows that are required to cover the current account deficit are around $70 billion and therefore

one form of capital inflow cannot really make a big dent on financing the current account deficit," he said.

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OBJECTIVES OF STUDY

To understand the concept of FDI,

Identify the roles and responsibilities of government to permitted FDI in India,

To evaluate the difference between the single brand and multi brand in India,

To determine the nature of FDI impact on small kirana shops retailers,

To offer the suggestions for the smooth operations of FDI.

RESEARCH METHODOLOGY

Primary Data: Sample Size: 100; Sampling Technique: Random Sampling; Population: Finite; Data Collection Instrument:

Observation, Interview and Questionnaire; Demographic: 100% retail shops owners. The sample profile was all the sections of

society. Geographic Location: Vijayawada city.

HYPOTHESIS OF STUDY

H0 (Null hypothesis): FDI not impact on retail shops.

H1 (Alternative hypothesis): FDI impact on retail shops.

Finally, the result has been FDI impact on retail shops the result calculating under the range of the respondents and frequency

table and percentage analysis. So h1 is accepted.

RESULTS AND ANALYSIS

Table-1

0-4 = NO 10%

5=NETURAL 21%

6-10=YES 69%

Sources: Priamry Data

The above table depicts that the data has been divided into three categories and indicate the codes to the retailers, these three

categories are 10% retailers say no and 21% retailers under into neutral and 69% retailers said yes, therefore the impact on FDI is high.



FINDINGS OF STUDY

Need is to attracts good FDI to improve economic growth and providing job opportunities and adopting technology from other countries.

India gives desired returns from FDI and makes ways for more FDI. Medium and small retailers shutdown from the FDI, and most of the retailers suffering from FDI. They are trying to alternative strategy for their business. Like gumastha jobs, and courier wala. They want to change infrastructure of the shops facing competitiveness in the market. They are losing customers from FDI because of FDI offers best price of the product to the customers. They except subsidies from the government. Peoples that are more qualified are preferred organized stores. In organized sector, parking facility is available so peoples are agreeing organized is preferable. Quality of products is available in both the sectors. In organized sector more num of respondents are visit according to proper planning. In unorganized sector, their visit is unplanned one. In organized sector, different verity of products is under one roof.

SUGGESTIONS

To attract the new customers, organized retailers needs to offer low price and available more brands. Customer considers quality as their first preference, so the outlet should give more stress on it; resulting organized as

well as unorganized retail should always improve services and update their technology.

Organized retail outlet should try new dealers who have the potential, so they can target more market. Organized outlet should improve its after sales service because its hits badly to the companys market share. More

detailed customized services should be provided.

To attract the new customers, organized retailers needs to offer low price and available more brands.

CONCLUSION

Many policy makers and academics contend that FDI can have important positive effects on the Indian country economic growth.

In addition to direct capital financing, FDI can be a source of valuable technology and knowhow while fostering linkages with

local firms, which can help jumpstart an economy. Based on these arguments, industrialized and developing countries have

lowered their trade barriers and offered incentives to encourage foreign direct investment in their economies. In fact, the empirical

results obtained in this paper seem to reflect that idea. Analyzing the data from the questionnaire and given result to this research,

so most of the retailers suffering from FDI they are thinking like they want to change infrastructure of the shop and some retailers

searching for alternative business for their life but FDI is needed to India but it is impact on retail shops.

REFERENCES

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3. Mukherjee, A., Satija, D., Goyala, M. T., Mantrala, M. K., & Zou, S. (2011). Impact of the retail fdi policy on Indian consumers and the way forward (ICRIER Policy Series No. 5).

4. Patibandla, M. (2012). Foreign Direct Investment in Indias retail Sector: Some Issues (Working Paper No. 366). Indian Institute of Management Bangalore.

5. Sarma, E. A. S. (2005). Need for caution in retail FDI. Economic and Political Weekly, 40(46), 47954798.

6. Jain, Dipti. (2012). Multi-brand FDI to hit kirana shops: Metro boss. The Economic Times.

7. Ravi. (2012, September 20). FDI in Indian Retail: The big benefits will come tomorrow. Not Today in India.

8. Sukumar, C. R. (2012, September 21). FDI in multi-brand retail bound to affect small traders. Economic Times Bureau.

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