School for retail professionals launched in Lahore

Former CEO, over 200 CAP members will teach students front-end retail management

LAHORE:

Stakeholders in the organised retail sector in the country have launched a Retail Business School (RBS) in Lahore to empower excellence in retail management and bridge the gap of retail professionals in this critical sector of the economy.

While not the first business school meant for the retail sector, RBS is an initiative spearheaded by a former Chief Executive Officer of a leading brand. Supported by the Chainstore Association of Pakistan (CAP), the school is located in a private shopping mall in Lahore and is not affiliated with any business school. Over 200 CAP members will teach and groom students for front-end retail management.

Punjab caretaker minister for Transport, Mines & Minerals, and Livestock Dairy Development, Ibrahim Hasan Murad, at the groundbreaking ceremony on Friday, highlighted the challenges retail professionals face in today’s dynamic and competitive environment. He lauded the initiative, underscoring its dedication to fostering professional development within the retail sector. Murad added that the school would be instrumental in capitalising on emerging trends like technology integration and the impact of evolving consumer behaviours through educational strategies in the retail sector.

While Pakistan’s retail sector was expanding at a double-digit growth rate a couple of years ago, recent inflation hikes and export bans have affected this significant sector of the economy. Official statistics indicate that the overall retail sector contributes 18% to the country’s GDP, with a size of approximately Rs3.6 trillion. It contributes 31% to the services sector, which, in turn, makes up 58% of the total economy.

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CAP Chairman Rana Tariq addressed the future of retail education during his speech, aiming to equip industry professionals with valuable insights to navigate and capitalise on the shifting dynamics of retail education in Pakistan. He stressed the need to train front-end staff in physical retail outlets for a better understanding of modern retail business techniques and consumer behaviour. Tariq mentioned that the CAP members would teach staff, management, and students on product display and other necessary aspects to further transform this industry in Pakistan.

Regarding the future of the organised retail sector, Tariq noted that the sector is currently growing at a single-digit rate, between 4-6%, compared to 12-14% a couple of years ago. He said that the growth depends on how the government treats this tax-paying sector in the future, considering the economic squeeze and reduced buying power of the people.

Published in The Express Tribune, January 13^th, 2024.

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