Date:22/01/2007 URL: http://www.thehindubusinessline.com/2007/01/22/stories/2007012203651500.htm

Back `FDI in retail will not lead to unemployment'

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Bangalore Jan. 21 Setting the tone for the `Retail Summit 2007' in Bangalore on Friday, Mr Vikas Garg, Senior Consultant, Technopak Advisors Pvt Ltd, said: "The retail revolution is on us, and regardless of FDI the revolution will happen."

Speakers at the two-day summit, organised by MATS School of Business, included industry experts, retail practitioners and academicians.

FDI in retail will not lead to unemployment and closure of small shops, he said. Consumers would benefit and there would be reduction in monthly shopping bills, he added. Commenting on the changing Indian customer profile, Mr Vipul Parekh, Vice-President, Merchandising, Indiaplaza.in (formerly Fabmall.com), said that shoppers are now moving to the `est' model where they want the cheapest, biggest and the quickest products/services.