RAI’s CHENNAI RETAIL SUMMIT 2024 DRIVES STRATEGIC INNOVATION IN TRANSFORMING RETAIL LANDSCAPE

The Retailers Association of India (RAI) held a landmark  ‘Chennai Retail Summit 2024’ on 29th August 2024 at the renowned ITC Grand Chola in Chennai, drawing  together leading decision-makers and industry frontrunners from across the Indian retail  sector. This year’s summit, centred on the theme “Changing World of Retail” provided  an engaging platform for retail executives and service providers to explore emerging  trends, share insights, and refine strategies in an ever-evolving retail landscape. 

The summit featured a stellar lineup of speakers, including Chockalingam S, Co-Founder  & Director of Opn Advertising Pvt. Ltd.; Balachandar R, Director of Junior Kuppanna; C K  Kumaravel, Co-Founder & CMD of Naturals Salon; Saurabh Kumar, CEO – Retail at  Kaleesuwari Group; Gautam Saraogi, CEO of Go Fashion (India) Ltd. (Go Colors); and  Madhumitha Udaykumar, Co-Founder & COO of The Indus Valley. Each speaker brought  a wealth of knowledge and experience, offering valuable insights into the challenges and  opportunities faced by the retail industry today. 

Speaking about the Chennai Retail Summit, Kumar Rajagopalan – Chief Executive  Officer, Retailers Association of India (RAI), said, “Chennai Retail 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. In an  industry marked by critical shifts such as time poverty and the growing demand for  hyperlocal solutions, the region’s ability to retain tradition while embracing modernisation  sets it apart. As consumers increasingly prioritise convenience and personalized  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.” 

Sonali Lalvani, CEO, Toniq Retail Brands, said, “The modern retail environment  demands agility and an in-depth understanding of consumer behaviour. As retail shifts  from traditional brick-and-mortar to omnichannel experiences, brands that prioritise  seamless customer journeys and personalized interactions will thrive in this  competitive market.”  

Anand Bharadwaj, Co-Founder, Sweet Karam Coffee, said, “In today’s retail  landscape, it’s not just about selling a product; it’s about creating a story that resonates  with consumers along with the right value-added experiences. As we see a shift toward  local and authentic preferences, brands that can harness the power of tradition with a  contemporary twist and blend it with modern retail practices will find themselves  leading the way.”

C K Kumaravel, Co-Founder & CMD, Naturals Salon, said, “The future of retail lies in  the ability to innovate using technology while staying true to your brand’s core values. In  the beauty and wellness sector, this means continuously evolving our services to meet the  changing needs of our customers while maintaining the essence of what makes us unique.  The key is to listen, adapt, and always put the customer first.” 

Madhumitha Udaykumar, Co-Founder & COO, The Indus Valley, said, “Indians are  more likely to choose a healthy product over an unhealthy one, with an increasing  preference for toxin-free and safe options. This shift accompanies a trend toward  premiumization. Thankfully, today’s customers are very vocal about their needs. For  retailers, this means a significant opportunity to expand their sales pie and increase gross  margins by introducing these new-age offerings driven by customer demand.” 

The Chennai Retail Summit 2024 once again underscored RAI’s commitment to  supporting the growth and advancement of the retail sector, offering a vibrant forum for  industry leaders to collaborate, innovate, and drive the future of retail in India. 

And the Winners of the India Retail Excellence Awards are: –

About Chennai Retail Summit (CRS): Organised by the Retailers Association of India,  the Chennai Retail Summit is considered one of the best platforms in the region for retail  leaders and executives to engage in a lucid and focused dialogue about retail trends and  issues with their industry friends and service providers in a vibrant environment.