Various studies reveal that only 4% of family businesses survive beyond the 3rd generation. India is home to the third-largest number of family businesses globally with 111 publicly-traded family-run companies valued at USD 839 billion. It is therefore important for them to professionalise and adopt technology. Taking Family Businesses in retail as the centre point of discussions, the Retailers Association of India organised the ‘Family Business Edition’ of the most-awaited Chennai Retail Summit 2022 (CRS 2022).
Speaking about the theme of the Chennai Retail Summit 2022 (CRS 2022), Mr. Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said: “Some of the world’s largest and most successful companies are family businesses. They are a huge driving force of the global economy. In India, family businesses constitute a significant chunk of the economy, contributing over 70% to the GDP. They are also one of the biggest creators of employment. Some of the family businesses in India are over a century old and still standing strong. South India itself is home to a large number of them.”
Adding to this, Mr. Suhail Sattar, MD, Hasbro Clothing and Chennai Chapter Chairman of Retailers Association of India, said: “Ninety per cent of retail businesses in South India are either family-run or promoter-run. The last decade has seen a huge shift in retail with corporates and MNC brands coming in which is changing the level-playing field. In view of this intensifying competition, family-managed businesses need to professionalise to survive and grow. The Chennai Retail Summit 2022 was themed around family businesses to help family-run businesses to scale and succeed”.
Through stimulating discussions and sessions by retailers, retail leaders, and experts, this edition covered different areas such as succession planning, diversification, digital adoption, and family governance versus corporate governance that are critical to successfully running and growing family business in a constantly-evolving digital-first world.
Captivating the audience were insightful special addresses by Suparna Mitra, Chief Executive Officer, Watches and Wearables Division, Titan Co. Ltd.; M. Mahadevan, MD, Advantage Foods, and B & M Hot Breads; and K.S. Kamalakannan, Chairman and Managing Director, House of Naga, respectively.
The Summit had discussions on relevant topics such as Retail Secrets: How to build a Sustainable, Relevant Family Business; The 4D Effect: Using Design, Digital, Data and Delivery to Grow; Making it Big: Professionalising and Expanding Promoter-Managed Businesses; and ABC of D2C: Roadmap to Going Direct to Consumer; in addition to presentations on various solutions that enhance retail by partners.
Speaking at these panels were some stalwarts in the Retail Industry like Balakrishnan GP G, Super Saravana Stores; Gautam Saraogi, Go Colors; Sunil Sanklecha, Founder, Nuts n Spices; Jeyasree Ravi, Founder, Palam Silks; Murugan S, Manna (Southern Health Foods Pvt. Ltd.); Pattabhi Rama Rao, Gourmet Popcornica; Senthil Natarajan, Kovai Pazhamudir Nilayam; Vaideeswaran N, Emerald Jewel Industry India; Agnes Raja G, Audaz Brands Retail India; Balaji Sadagopan, Chai Kings; Blessing A Manikandan, TONI&GUY; Faizal Ahamed CM, SUXUS Menswear; Pratik Shah, Specsmakers Opticians; Sujatha Kartic, Donracks; Suraj Shantakumar, Kirtilal Kalidas Jewellers; Kavin Venkatesh, Maybell India; Narendra Pasuparthy, Nandu’s; Nishanth Chandran, TenderCuts (GFM Retail); Dr Sanjoy Das, Fipola Retail; Siddharth Dungarwal, Founder, Snitch; Vishal Khandelwal, Wakefit.co; among others.
A crowd-puller at the event was the interesting debate ‘Who will win?’ between two generations represented by fathers-son duos running some of the leading family businesses such as Naturals Salon, Maybell India, Kovai Pazhamudir Nilayam and Viveks. Moderated by Balachandar R, Director, Junior Kuppanna the session conducted in Tamil was a smashing hit and resonated with the audience.
The Chennai Retail Summit 2022 (CRS 2022) concluded with a gala felicitation ceremony of the Indian Retail Excellence Awards 2022 that recognised the stars of retail who have shone brightly despite all odds.
Over the years, ‘Chennai Retail Summit’ (CRS) has come to be known as the premier platform for retailers with business interests in South India to gain knowledge and network with peers, potential partners and industry leaders.
About Retailers Association of India:
Retailers Association of India (RAI) is the unified voice of Indian retailers. RAI works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India. It is a strong advocate for retailing in India and works with all levels of government and stakeholders to support employment growth and career opportunities in retail, to promote and sustain retail investments in communities from coast to coast, and to enhance consumer choice and industry competitiveness.