The Retailers Association of India (RAI) held a landmarkย โChennai Retail Summit 2024โ on 29th August 2024 at the renowned ITC Grand Chola in Chennai, drawingย together leading decision-makers and industry frontrunners from across the Indian retailย sector. This yearโs summit, centred on the theme โChanging World of Retailโ providedย an engaging platform for retail executives and service providers to explore emergingย trends, share insights, and refine strategies in an ever-evolving retail landscape.ย
The summit featured a stellar lineup of speakers, including Chockalingam S, Co-Founderย & Director of Opn Advertising Pvt. Ltd.; Balachandar R, Director of Junior Kuppanna; C Kย Kumaravel, Co-Founder & CMD of Naturals Salon; Saurabh Kumar, CEO – Retail atย Kaleesuwari Group; Gautam Saraogi, CEO of Go Fashion (India) Ltd. (Go Colors); andย Madhumitha Udaykumar, Co-Founder & COO of The Indus Valley. Each speaker broughtย a wealth of knowledge and experience, offering valuable insights into the challenges andย opportunities faced by the retail industry today.ย
Speaking about the Chennai Retail Summit, Kumar Rajagopalan โ Chief Executiveย Officer, Retailers Association of India (RAI), said, โChennai Retail Summit highlightsย the strength of Chennai as a market that was one of the earliest adopters of the chain storeย model in India. Retailers from the region โacross Tier 1 to Tier 3โhave successfullyย navigated the complexities of modern retail while staying true to their cultural roots. In anย industry marked by critical shifts such as time poverty and the growing demand forย hyperlocal solutions, the region’s ability to retain tradition while embracing modernisationย sets it apart. As consumers increasingly prioritise convenience and personalizedย experiences, retailers must pivot their strategies to meet these evolving needs. The ability toย adapt quickly and innovate in response to these changes is what will define success inย this dynamic market.โย
Sonali Lalvani, CEO, Toniq Retail Brands, said, โThe modern retail environmentย demands agility and an in-depth understanding of consumer behaviour. As retail shiftsย from traditional brick-and-mortar to omnichannel experiences, brands that prioritiseย seamless customer journeys and personalized interactions will thrive in thisย competitive market.”ย ย
Anand Bharadwaj, Co-Founder, Sweet Karam Coffee, said, โIn today’s retailย landscape, it’s not just about selling a product; it’s about creating a story that resonatesย with consumers along with the right value-added experiences. As we see a shift towardย local and authentic preferences, brands that can harness the power of tradition with aย contemporary twist and blend it with modern retail practices will find themselvesย leading the way.โ
C K Kumaravel, Co-Founder & CMD, Naturals Salon, said, โThe future of retail lies inย the ability to innovate using technology while staying true to your brandโs core values. Inย the beauty and wellness sector, this means continuously evolving our services to meet theย changing needs of our customers while maintaining the essence of what makes us unique.ย The key is to listen, adapt, and always put the customer first.โย
Madhumitha Udaykumar, Co-Founder & COO, The Indus Valley, said, “Indians areย more likely to choose a healthy product over an unhealthy one, with an increasingย preference for toxin-free and safe options. This shift accompanies a trend towardย premiumization. Thankfully, todayโs customers are very vocal about their needs. Forย retailers, this means a significant opportunity to expand their sales pie and increase grossย margins by introducing these new-age offerings driven by customer demand.”ย
The Chennai Retail Summit 2024 once again underscored RAIโs commitment toย supporting the growth and advancement of the retail sector, offering a vibrant forum forย industry leaders to collaborate, innovate, and drive the future of retail in India.ย
And the Winners of the India Retail Excellence Awards are: –
Categoryย | Winners |
Best Retailer of the Year APPAREL & LIFESTYLE – Ladiesย Ethnic Wearย | Opus Fashion Pvt. Ltd (Maybell) |
Best Retailer of the Yearย
APPAREL & LIFESTYLE – Kids Wearย |
Kings Young |
Best Retailer of the Year APPAREL & LIFESTYLE | Lucky Silks Retail Pvt. Ltd. |
Sundari Silks | |
Best Retailer of the Year BEAUTY & WELLNESS | Page3 Salon Pvt. Ltd. |
Vijaya Optical House | |
Best Retailer of the Year CONSUMER DURABLES & ITย (CDIT) | Innokaiz India Limited |
Priyadarshini Mobiles | |
Best Retailer of the Year D2Cย | Sweet Karam Coffee India Pvt. Ltd. |
Best Retailer of the Year FOOD & GENERAL RETAIL (Largeย Format)ย | Kanchi Super Market |
Best Retailer of the Year FOOD & GENERAL RETAIL (Smallย Format) | Bestmummy Sweet N Cakes |
Browntree Retail Pvt. Ltd | |
Best Retailer of the Yearย ย
FOOTWEAR |
Koblerr Footwear & Accessoriesย Pvt. Ltd. |
Best Retailer of the Year HOME DECOR / HOMEย IMPROVEMENTย | Woodpecker |
Best Retailer of the Year JEWELLERY – Goldย | Avr Swarnamahal Jewelry Ltd. |
Best Retailer of the Year JEWELLERY – Diamondย | Wondr Diamond |
About Chennai Retail Summit (CRS): Organised by the Retailers Association of India, ย the Chennai Retail Summit is considered one of the best platforms in the region for retail ย leaders and executives to engage in a lucid and focused dialogue about retail trends and ย issues with their industry friends and service providers in a vibrant environment.ย