The Greatest Minds in Retail Will Gather at the Retail Leadership Summit in 2024

• The Retail Leadership Summit 2024 (RLS 2024) was held on February 28 and 29, at the Hotel Westin Powai Lake, Mumbai
• The Retail Leadership Summit (RLS) is an annual congregation organized by the Retailers Association of India (RAI)

March 4, 2024, Mumbai: The Retailers Association of India (RAI) arranged the Retail Leadership Summit 2024 (RLS 2024), which was held at the Hotel Westin Powai Lake in Mumbai on February 28 and 29. The most intelligent people in retail come together for this yearly conference to discuss innovative approaches in the sector.

The Retailers Association of India (RAI) Chief Executive Officer, Kumar Rajagopalan, welcomed the audience to RLS 2024 and stated, “In 2023, the retail industry witnessed a tale of two halves: robust growth initially, followed by a plateau.” This illustrates how important it is to match consumer demands and market developments. Retailers are witnessing a revolutionary change as they integrate digital and physical interactions to create smooth customer journeys. Future success will depend on how well omnichannel initiatives are implemented and how well we comprehend how consumer preferences for trust and convenience are changing. The retail landscape will be significantly shaped going the future by embracing innovation and making quick adjustments in reaction to market changes.

“The retail industry in India is poised for significant growth in the coming year,” said Bijou Kurien, Chairman of the Retailers Association of India (RAI), setting the tone for the summit. Consumption will inevitably rise due to the Q3 FY’24 GDP growth of 8%+ and stable government and private sector investment. The advent of online commerce, in conjunction with the growth of offline retail due to increasingly tech-savvy and aspirational consumers, would signal a major shift in retail structure and channel strategy. Retailers and brands are preparing for rapid expansion, with tier 2 cities being their primary focus for increased market share.

The RAI-Boston Consulting Group report, “Unlocking the $2Tn retail opportunity by 2030: An activist agenda,” the RAI-Deloitte report, “Future of Retail: Profitable Growth through Technology and AI,” the RAI-KPMG report, “Achieving seamless commerce in India,” and the PWC report, “How India shops online: Consumer preferences in the metropolises and tier-1, 2, 3, and 4 cities,” were among the highlights of RLS 2024. In addition, the corresponding teams received congratulations and the RAI – Great Place To Work report on the Best Retail Workplaces 2024 was revealed.

Leading figures in the retail industry as well as those in the retail service provider sector attended the summit. Leading figures in the retail industry, such as Sagar Daryani, Co-Founder & CEO of Superdry, Lalit Agarwal of V-Mart Retail, and CEO of Bigbasket Hari Menon, of Wow! Momo Foods CaratLane’s Avnish Anand, Neeru’s Director Avnish Kumar, Spykar CEO Sanjay Vakharia, Apollo Pharmacy CEO P Jayakumar, Kaya Ltd CEO Rajiv Nair, Looks Salon CEO Samir Srivastav, Celio Future Fashion CEO Satyen Momaya, and Go Fashion (India) Ltd (Go Colors) CEO Gautam Saraogi are only a few of the numerous individuals mentioned.

Lalit Agarwal, Founder & MD, V-Mart Retail, spoke at the RLS 2024 panel discussion about designing retail experiences that genuinely connect with consumers, particularly those who are cost-conscious and want to feel fashionable and sophisticated within their means. He focused on creating an emotional connection with clients by using narrative and individualized care to make them feel important and understood. Lalit Agarwal is an advocate for creating strong brand relationships across all interactions, including advertising, and not just in the store. The objective of this strategy is to convert consumers into genuine brand advocates by utilizing word-of-mouth marketing. The secret is consistent storytelling and engagement, which guarantees client loyalty and natural expansion.

Rajesh Jain, MD & CEO, of Sports & Leisure Apparel (Lacoste India), emphasized the approach in the premium fashion segment, noting the significance of strategy differences across retail categories. He emphasized a uniform customer experience across online and offline channels without price differentiation outside of season-end sales. According to him, the goal of this approach is to develop consumer habits and preferences for online or in-store shopping channels. Customers comprehend the company’s value offer when prices and services are constant, which lowers their expectations for discounts and increases brand loyalty.

Furthermore, Darpan Mehta, Director Tax, APAC International Stores, Amazon (US and India) and Vivek Somareddy, VP, Emerging Markets, Seller Experience, and Global Trade, Amazon (US and India) made a presentation on “Unlocking Mechanisms and Working Capital for Business Expansion”.

Additionally, the second day of RLS 2024 featured a keynote speech by David Macadam, CEO of the Middle East Council of Shopping Centres (MECSC) and the International Council of Shopping Centres (ICSC). This was succeeded by a dynamic panel discussion titled ‘Mahasangram: Retail and Retail Real Estate,’ bringing together prominent figures from both retail real estate and retail industries for an engaging exchange of ideas.

Mall Developers participating in the discussion were Abhishek Bansal, Executive Director, of Pacific Group; Dalip Sehgal, CEO, of Nexus Malls; Muhammed Ali, CEO, of Forum Malls; Rajneesh Mahajan, CEO, of Inorbit Malls and Shibu Phillips, Director, Shopping Malls, Lulu group. On the brand’s side were Manish Kapoor, MD & CEO, Pepe Jeans; Rajesh Jain, MD & CEO, of Sports & Leisure Apparel Ltd; Sanjeev Rao, CEO, of Being Human Clothing; Sanjay Vakharia, CEO, of Spykar Lifestyles; and Tushar Dhingra, Co-founder & CEO, Dhishoom Cinemas.

In his keynote address at the summit before the Mahasangram Session, David Macadam, CEO, of the Middle East Council of Shopping Centres (MECSC), the International Council of Shopping Centres (ICSC), shared insights on the evolution of experiential retail and e-commerce. He discussed the challenges and opportunities within the retail industry, emphasizing the importance of adapting to consumer demands for experiential and sustainable shopping experiences. Macadam highlighted the significant role of AI and technology in retail, the impact of mixed-use developments, and strategies for business development. He advocated for embracing change, prioritizing customer experience, and leveraging strategic partnerships to navigate the retail landscape successfully.

Day 2 of RLS 2024 also had a dedicated D2C segment that saw the participation of leaders of top D2C brands namely, Dhiraj Agarwal, Founder, Campus Sutra; Sneh Jain, Managing Director, The Baker’s Dozen; Harsh Lal, Co-Founder, The Souled Store. A scintillating Fireside chat with Parul Gulati, Actor & Founder of Nish Hair (featured on Shark Tank India). This segment explored the unconventional strategies that have enabled these brands to achieve immense success in a short frame of time.

Parallelly to RLS 2024 was an extensive session of ‘Retail Store Design’ that saw the participation of top retailers and brands deliberating on topics such as ‘Future of Retail Design: Exploring Emerging Trends and Technologies’, ‘Balancing Design and Functionality in Retail Spaces’, a captivating Fireside Chat and a Masterclass on ‘The art of curating memorable and meaning customer journey’.

The advisory board of RLS 2024 includes Anujj Puri, ANAROCK, Ashwin Khasgiwala, Reliance Retail Limited; Avjit Mitra, Croma, Infiniti Retail; Hari Menon, BigBasket; Johnson Verghese, Fossil India; Nissan Joseph, Metro Brands; Rajneesh Mahajan, Inorbit Mall; Sagar Daryani, Wow! Momo Foods; Venkatesalu P, Trent.

The first day of RLS 2024 came to a close with the grand felicitation of the crème de la crème of the retail industry with India’s Retail Champions Award 2024 and the Retail Start-up Awards 2024, both evaluated by eminent personalities from the industry as the Jury.

Winners of India’s Retail Champions Awards 2024 were: