Innovation key to transform retail biz: RAI

CHENNAI: The city, known for being one of the earliest adopters of the chain store model, has evolved in the retail business landscape, observed an industry veteran.

Kumar Rajagopalan, CEO, Retailers Association of India (RAI), speaking at the 'Chennai Retail Summit' here on Wednesday, said, “the summit highlights the strength of Chennai as a market that was one of the earliest adopters of the chain store model in India. Retailers from the region —across tier 1 to tier 3—have successfully navigated the complexities of modern retail while staying true to their cultural roots."

Noting that the industry had been marked by critical shifts such as time, poverty and the growing demand for hyperlocal solutions, he said the region's ability to retain tradition while embracing modernisation sets it apart.

"As consumers increasingly prioritise convenience and personalised experiences, retailers must pivot their strategies to meet these evolving needs. The ability to adapt quickly and innovate in response to these changes is what will define success in this dynamic market," he sought to point out.

The RAI organised Chennai Retail Summit 2024 saw the participation of leading decision-makers and industry frontrunners from across the domestic retail sector.

This year’s theme 'Changing World of Retail' provided a platform for retail executives and service providers to explore emerging trends, share insights, and refine strategies in an ever-evolving retail landscape.

Speakers who took part, included Chockalingam S, co-founder director, Opn Advertising, Balachandar R, director, Junior Kuppanna, CK Kumaravel, co-founder-CMD, Naturals Salon, Saurabh Kumar, CEO - retail, Kaleesuwari Group, Gautam Saraogi, CEO, Go Fashion (India), (Go Colors) and Madhumitha Udaykumar, co-founder-COO, The Indus Valley.