GRA chief sees bright future for Pakistan’s retail sector

Says only handicap is absence of professionals trained in human resource development

LAHORE: It’s no secret that Pakistan’s retail sector has jumped manifold in the last few years. Be it the textile, auto or food sectors, nearly all have grown massively in the last few years.

What’s more is that this development does not seem to slow down and rapid advancement can be expected in the coming few years, signified by the emergence of various brands and large shopping malls.



Leading global retail gurus are now predicting a bright future for the commercial landscape in Pakistan and are ready to share their expertise which may transform the entire retail eco-system of the country.

Prakash Menon, founder and executive director of Dubai based Global Retail Academy (GRA), has expressed his confidence for the country’s recent strides in the retail sector and says the country is a hotbed for producing notable leaders in the future.

He, however, said that this is the time for the country's leading retail groups to upgrade by learning that true retail management is not limited to customers service only.

"Retailing is an art and a science, but, unfortunately, retailers in this part of the world are not aware of true retailing techniques that the first world has adopted,” Menon said in an interview with The  Express Tribune.

"About 94% of the retail failures globally are due to the fact that leaders do not properly know the retail science in which human resource is a key element," he added.

Pakistan's retail size has been estimated at around $152 billion in 2014, which is just below half of Pakistan's total Gross Domestic Product.

Unfortunately, Pakistan does not have the required professionals who completely understand the techniques of true retailing, said Menon.

However, he added that Pakistan's corporate bosses are ready to learn what they don't know and it is a positive sign. "Retailing entails several aspects starting from sourcing to retail buying, transportation, warehouses or composite warehouse, inventory management, store operations,” he said.

“Once the country learns the real retailing process, it can help boost the economy.”

Talking about e-commerce, Menon said that this is the most important tool the world is benefiting from these days. However, according to Menon, Pakistan's retail sector might be a success story within its boundaries but it could be very hard for local brands to make their recognition among top global brands.

"How can a company gain success in e-commerce at a global level when they don't even know the basics of retailing, how can you assure to cross the borders and that too with success when your foundation or basics are not strong?” he asked.



This is the main reason why many brands fail to survive within two years of their existence as they fail to understand inventory management and cannot handle the rising demand.

He, however, said that this is just a matter of time, GRA can introduce Pakistan's retail sector to the global world as it is as best as the global networking platform. "My aim is to produce retail gurus from this part of the world who are capable of exporting trained HR to the rest of the world,” Menon added.

The Writer is a staff correspondent

 

Published in The Express Tribune, April 10^th, 2017.

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