As the socio-economic structure in India has changed in the last couple of decades, so has the field of retailing. Changing lifestyles, paucity of time, and an increase in disposable incomes have resulted in the growth of the retail sector and also created a need for new types of retail formats.

India was ranked first among 30 emerging markets in A. T. Kearney's Global Retail Development Index for two consecutive years, 2005 and 2006. The retail market in India is estimated to have grown at an average rate of over ten percent between 2000 and 2005. The country had an underserved retail market worth $330 billion in 2005. It is estimated that retail sales in India will increase to over $500 billion in 2008.

However, even as of 2005, the sector was still dominated by unorganized retailers. In 2005, there were 12 million unorganized retailers who accounted for almost 97 percent of the retailing industry. There is, thus, a huge potential for the growth of organized retailing in India.

Due to this, India has also become an attractive retail investment destination for many multinational companies. The once unorganized sector is now being transformed into an organized sector as new companies, both Indian and international, enter the arena. These include Indian business groups such as the Tatas, the Reliance Group, the Future Group (formerly known as Pantaloon), and the RPG Group, and international retailing giants such as Wal-Mart and Metro.

However, there are also some major challenges that may slow down the growth of organized retailing in India. These include high real estate costs, infrastructure problems, and poor supply chain systems.

In spite of the problems, high volume malls, shopping outlets, supermarkets, and hypermarkets have mushroomed around the country. These new formats require the application of modern management techniques if they are to be run efficiently and effectively.

Manufacturers and retailers now have to be better at knowing their customers and responding to their needs and wants. Retail success in today's competitive environment is all about getting the right product to the right place at the right time, at the lowest cost possible. This requires retail managers to be adept at planning, merchandising, pricing, and promotion.

The Master of Retail Management Program introduces students to the opportunities and challenges in this dynamic and growing sector.