A Project Report on

Retail Business Plan On General Store

Subject:- Seminar Paper - II { Law, Economics & Start UP }

Submitted By:- Submitted To:-

Rohit Kumar Ms (C.S) Pratiti Nayak

1582076 Assistant Professor (Law)-II

BB.A LL.B (B) KIIT SCHOOL OF LAW

ACKNOWLEDGEMENT

Every piece of hard work requires the combined efforts and talents of many people.
An Ambitious work of this kind, providing analytical review to the subject would
have remained a concept rather than the finished product without co-operation of
those who respondent to our request to contribute.

I am very much graceful to our respected Director Prof. Dr S.C Raina. Who has
enriched my knowledge and gave me a moral support to do this report. I am also
highly thankful to Assistant Professor. Pratiti Nayak for showing the right path and
encouraging me for the preparation of this report. I extremely thankful for her
involvement and interest and providing necessary guidance regarding concept clarity
of the project and support during all the stages of this project. I am very much
thankful to all those people who gave me their valuable time and related information
about the project.
Table of Content Page No

Executive Summary…………………………………………………5

Objectives & Mission………………………………………….…….6

Business Model….……………………………………………..…….7

Industry Analysis…………………………………………….….…...8

Challenges faced by this sector…………………………….….……10

Opportunity in India for retail Sector………………………….…….11

Analysis of Customers……………………………………………...13

Analysis of competition………………………………………….…15

SWOT Analysis………………………………………………….….17

Strategy………………………………………………………….…..19

Marketing Plan……………………………………………..………..20

Financial Feasibility………………………………………..……..…21

Sources of Finance……………………………………….………….23

Risk Structure…………………………..…………………..……….23

Legal Compliance…………………………………………..…….…25

Conclusion…………………………………………………………..28
PREFACE

A man without practical knowledge is just like a rough diamond. To shine like a real
diamond one must have practical exposure of what he has learnt. For the management
students, theoretical knowledge is just like lock without key, so practical knowledge is
of utmost importance.

It is quite true that world outside: your cosy home is many times quite different from
what you have perceived. Similarly it is possible that theoretical knowledge acquired
in the classroom may differ from the practical knowledge
As a Curriculum part of 10th Semester Course, I had completed my Project Report on
“RETAIL BUSINESS PLAN”. The main objective of this project is to give hands on
experience of creating a detailed Business plan & what are the things include while
making a business Plan.

It is my pleasure to present this project work. This Project has expanded my horizon
of knowledge in practical as well as theoretical, which is vital for management level
students. Only the basic understanding of the principles of management is not
sufficient but their application is also equally important.
Executive Summary:

The retail industry shows a constant positive demand especially for food and related
products. Compared to other business activities this kind of business has low risks
because of low required investments. New forms of cost cutting and store
optimization will help to set up a successful business. The return on this retail
business has a growth rate of about 3% to5% per year. A company that provides
additional service activities for the customers can be sure to have a high demand and a
strong competition advantage

India is the only one country having the highest shop density in the world, with 11
outlets per 1000 people (12 million retail shops for about 209 million households).
Rather we can see the democratic scenario in Indian Retail (because of low level of
centralization, low capital input and due to a good number of self organized retail).
Indian retail is dominated by a large number of small retailers consisting of the local
Kirana shops, owner-manned general stores, chemists, footwear shops, apparel shops,
paan and beedi shops, hand-cart hawkers, pavement vendors, etc. which together
make up the so-called “unorganized retail” or traditional retail.

With the help of new technology and new start-up mechanism we were going to open
a retail store which will be named as Kamlesh General Store. It will situated near
Ranchi School, Haria. A prominent place where large number of people live. The
population of the place is 67 lakh and there are only 289 Big Kirana Shop. So, We are
going to open a huge Kirana Shop which will deal with all the products.
Objectives:

“Kmalesh General Store” is a Kirana store, which will be located near Ranchi
School in Hatia, this area is known as the centre of city, which is convenient for all
the people.
 Obtain necessary funding.
 Become an established community destination with a customer satisfaction rate
of 90% by the end of the next financial year.
 Achieving Sales Turnover of Rs.4, 00,000 Per month in next year.
 Hiring 5 five new employees for the Store.
 Utilizing the Marketing budget of Rs.50, 000 for the promotion of the Store.

Mission:

The most fundamental philosophy of General Store is the concern for people. The
Stores primary objective is to create a new and revolutionary distribution outlet that
will significantly reduce prices for its customers and provide greater services with an
equal level of quality. The Store seeks to be first to market with this daring new idea
so as to capture market share and create greater than average profits. Stores
philosophy of concern for people gives our General Store the drive to be a good
corporate citizen. Store believe that they have a responsibility to be a good neighbour
in maintaining their property in first-class condition and by making the appearance of
their plant, facilities, equipment, and grounds as attractive as possible, making them
an asset to the communities that support their store.
Business Model:

Summary:
General Store is going to be premier regional grocery retailer based in Ranchi City. It
is going to start business in upcoming month of June, 2020 and General Store will do
sales more than 130 private label and national brand products to more than 90
independently owned products in whole city of Ranchi. We will offer 140 different
brands of products and also we will going to deal with Milk based product also.

We will also deal with the Weather based product for example in summer we will
going to sell cold drinks, Ice-Cream, Kulfi etc. In Winter we will sell Nescafe
Products like hot chocolate, Tea, Coffee etc.

Location:
The store has located at the ideal store location for the operation. The store is located
at the Ranchi School, Hatia. The store is only selling the grocery products. The Store
is fulfilled all the customer need and at Prime location & Ample parking.
Hours of Operation:
Store hours will be 7 days a week from 08:00 A.M. until 09:00 P.M. Checks & all
the credit cards will be accepted. A food stamp policy along with other policies will
be in place.
Start-up Summary:
Start-up costs will be financed through a combination of owner investment, short-term
loans, and long-term borrowing. The start-up chart shows the distribution of
financing.
Online Presence: We will also sell the product within Ranchi Distrcit through our
online shopping website which is kamleshgeneralstore.com and provide paid
delivery which will not more than Rs 100. We have 4 big vehicles to transport the
goods to its customers.

About the Store Products:

The General Store will sell the same products as other convenience stores in the same
packaging sizes, quality, and quantity as other stores. This includes, Spices, Soft
drinks, Snacks, Tea, Coffee, Hair oil, Ghee, Pulses,Oil,Cheese,Paneer,Ketchup,Ready
to cook Products. & Sugar, Pulses, Spices, Butter, Oil, Cheese, Paneer, Ketchup,
Ready to cook products, Moong flour (green), Moong flour (white), Corn flour,
Cream of rice/ Rava idly flour, Laddu besan, Chapatti flour, Shoji fine, Rajagra flour,
Singoda flour, Maida flour, Bajra flour, Wheat flour, Jowar flour, Handwa flour etc.

Industry Analysis

Indian Retail: An Overview

Emerging markets such as India and China are the final frontier for retail taking the
focus away from saturated Western markets. Since 2001, 49 global retailers entered
90 new markets, but at the same time, 17 retailers left markets in 2005.

The Indian retail industry in valued at about $300 billion and is expected to grow to
$427 billion in 2010 and $637 billion in 2015. Only three percent of Indian retail is
organised. Retailers of multiple brands can operate through a franchise or a cash-and-
carry wholesale model.
Retail is India’s largest industry, accounting for over 10 percent of the country’s GDP
and around eight percent of employment. Retail in India is at the crossroads. It has
emerged as one of the most dynamic and fast paced industries with several players
entering the market. That said, the heavy initial investments required make break even
hard to achieve and many players have not tasted success to date. However, the future
is promising; the market is growing, government policies are becoming more
favourable and emerging technologies are facilitating operations.

Retailing in India is gradually inching its way to becoming the next boom industry.
The whole concept of shopping has altered in terms of format and consumer buying
behaviour, ushering in a revolution in shopping. Modern retail has entered India as
seen in sprawling shopping centres, multi-storeyed malls and huge complexes offer
shopping, entertainment and food all under one roof.

The Indian retailing sector is at an inflexion point where the growth of organised retail
and growth in the consumption by Indians is going to adopt a higher growth
trajectory. The Indian population is witnessing a significant change in its
demographics. A large young working population with median age of 24 years,
families in urban areas, along with increasing working-women population and
emerging opportunities in the services sector are going to be the key growth drivers of
the organized retail sector.

Initially, this was about Indian corporate houses rolling out malls and supermarkets,
but with Wal-Mart coming into the Indian market, the era of the superstore is
dawning. Unlike the Kirana stores that served us for decades, this new breed of retail
chains is heavily dependent on IT.
Challenges faced by this sector:

The industry is facing a severe shortage of talented professionals, especially at the

middle-management level.

Most Indian retail players are under serious pressure to make their supply chains more
efficient in order to deliver the levels of quality and service that consumers are
demanding. Long inter-mediation chains would increase the costs by 15%.

Lack of adequate infrastructure with respect to roads, electricity, cold chains and ports
has further led to the impediment of a pan-India network of suppliers. Due to these
constraints, retail chains have to resort to multiple vendors for their requirements,
thereby, raising costs and prices.

The available talent pool does not back retail sector as the sector has only recently
emerged from its nascent phase. Further, retailing is yet to become a preferred career
option for most of India's educated class that has chosen sectors like IT, BPO and
financial services.

Even though the government is attempting to implement a uniform GST across the
states, the system is currently plagued with differential tax rates for various supply
leading to increased costs and complexities in establishing an effective distribution
network.

Stringent labour laws govern the number of hours worked and minimum wages to be
paid leading to limited flexibility of operations and employment of part-time
employees. Further, multiple clearances are required by the same company for
opening new outlets adding to the costs incurred and time taken to expand presence in
the country.

The retail sector does not have 'industry' status yet making it difficult for retailers to
raise finance from banks to fund their expansion plans. Government restrictions on
the FDI are leading to an absence of foreign players resulting into limited exposure to
best practices.

Non- availability of government land and zonal restrictions has made it difficult to
find a good real estate in terms of location and size. Also lack of clear ownership titles
and high stamp duty has resulted in disorganized nature of transactions

Opportunity in India for Retail sector:

According to the Investment Commission of India, the retail sector is expected to

grow almost three times its current levels to $660 bn by 2015. It is expected that India
will be among the top 5 retail markets then. The organized sector is expected to grow
to $100 bn and account for 12-15% of retail sales by 2015. It is estimated that the
home improvements and consumer durables category and the apparel and eating out
categories will grow at CAGR of 20% and 13% respectively over the next decade.

According to Subha Kalathur, analyst at Value notes, there is certainly a lucrative

opportunity for foreign players to enter the Indian terrain. Growth rates of the industry
both in the past and those expected for the next decade coupled with the changing
consumer trends such as increased use of credit cards, brand consciousness, and the
growth of population under the age of 35 are factors that encourage a foreign player to
establish outlets in India. The government policies towards FDI are the only hindering
factors that do not make this a fairy tale for foreign players. But many of them have
sought other ways to set shop in India.

While many like Wal-Mart, JCPenney, and GAP have been procuring from India for a
long time, those in the food business and apparel industry have also tried to work their
way around by setting up franchises and license agreements with local players
respectively. For retailers like Wal- Mart setting up a wholesale outlet like Sam's Club
is certainly the way out.

Segment analysis:

The structure of Indian retail is developing rapidly with shopping malls becoming
increasingly common in the large cities and development plans being projected at 150
new shopping malls by 2008. However, the traditional formats like hawkers, grocers
and tobacconist shops continue to co-exist with the modern formats of retailing.
Modern retailing has helped the companies to increase the consumption of their
products for example: Indian consumers would normally consume the rice sold at the
nearby Kirana
Analysis of Customers

In the past few years the whole concept of shopping has been altered in terms of
format and consumer buying behaviour. With the increasing urbanization, the Indian
consumer is emerging as more trend-conscious. There has also been a shift from price
considerations to designs and quality as there is a greater focus on looking and feeling
good (apparel as well as fitness). At the same time, the Indian consumer is not
beguiled by retail products which are high on price but commensurately low on value
or functionality. However, it can be said that the Indian consumer is a paradox, where
the discount shopper loyalty takes a backseat over price discounts.

Kamlesh General Store (Name of the General Store ) is going to provide all the
products for all the people. They are not departing any segment .They have all the
types of products for all the customers. All the products satisfy needs & wants of the
customers. They personally take care of them. And they are also providing some
suggestion about the products to the customers. Today customers’ want hundred
percent returns of their hard earn money.

Consumer behaviours have changed over the years; this is shown by consumers today
purchasing a more healthy variety of products, as information today is known about
products that was not known many years ago. Factors such as these changes the way
we perceive and value products, as we now are more knowledgeable as well as
manufacturers having by law to print the ingredients and content of the products
ingredients on the back of most food products, allowing consumers to become more
educated. The typical consumer today watches what they eat; they are more aware and
exposed to factors that have brought about Changes in Consumer Behaviour.

Consumers today tend to purchase differently than they did 10 years ago. As we grow
older with every new generation, our values and perceptions change, which is
indicative of the way in which we purchase our goods and services. Consumers are
concerned about what they buy, from household goods to genetically.

Factors such as personal, psychological and social factors have a huge impact on
consumer behaviour. From the family unit, to the lifestyles we now adopt, comes
decisions influenced by our peers, experiences and knowledge. The ability to now
have information right at our finger tips provokes people to know exactly what they
are consuming and whether or not they are a health risk to them or their families.
While we as consumers can all access information on most of the products we buy,
we also have the government, manufacturers and consumer groups that promote the
health risk associated with products we consume. For example, an advertisement
campaign by the health department will promote the health risk associating with
smoking and a consumer group such as the ACA will publish in their magazine the
health hazard linked with gene modification.

The roles of the government and consumer groups are all widely linked and aim to
inform the public consumer about the safety of products.

Consumer Behaviour refers to the behaviour of consumers in deciding to buy or not to

buy or not buy or to use or not to use or to dispose of or not to dispose of the products
that satisfy their needs.

Analysis of competition

Today we are living in the twentieth century, & this the age of competition. Today we
find competition in each & every place. The business who wants to survive in this
competition, it has to provide best services & give best solution of the customers’
problems. Today in every sector nobody has Monopoly.

Retail sector is one of the fast growing sectors of India. Retail is providing equal
opportunities both for the customers & Marketers. Competition is needed & required
in the Retail sector. Competition gives idea to the Store Owner that where he is? &
where he wants to reach? Competition gives proper idea about the Current Market &
its situation.

Retail is the booming sector of India in the present times. Retail is one of India’s
largest industries, has presently emerged as one of the most dynamic and fast paced
industries with several players entering the market. Accounting for over 10 per cent
of the country’s GDP and around 8 per cent of the employment in the country. India is
among 10 largest retail markets in the world. The retail sector in India is worth USD
394 billion and is growing at the rate of 30% annually.
Today, Retail sector has a lots of opportunities & lots of ways of growing. But with
these opportunities Retail sector also have tough competition .To remain into the
market ,marketers has to understand many things .And in this competitive era
Marketers have only few choices .If they want to stay in the market .They have to
understand customers needs, wants & demand & providing solution or services for
them. If they are fail to do that they have to leave the market.

As a General Store (Kamlesh General Store) is going to face many challenges &
pressure of providing good services to the customers. Today many malls & high per
markets open in the India .so; they are giving tough competition to the general store.
If the Kamlesh General Store is failing to create good image in the mind of the
customer .They have to leave the market. The high per markets provide best facilities
& give best solution of customers query & requirements. If they have to do good
business, they have to follow certain things, which give them proper idea about their
current market position. To remain in the competition The General Store has to do
their SWOT Analysis. And also do analysis of their Internal Environment & External
Environment.
SWOT Analysis

Strengths:
 Demographic favour.
 Shopping convenience.
 Low labour cost of skilled ones.
 Capital requirement is low due to smaller scale of operations, resulting in low
rents and overheads.
 Storekeepers provide credit for monthly purchases especially for users who wish
to avoid credit cards.
 They may have good existing relations with the people residing around the area
of their store.
 Long operating hours and home delivery/ phone/ quick delivery even on small
items.
 Traditional stores are incumbents in prime residential areas and may already own
the premises in high-cost locations.

Weaknesses:

 Numerous licence, permits and registration Requirement.

 Inadequate human resources.
 Taxation hurdle like VAT, OCTROI etc.
 lack of quality assurance especially for goods sold loose
 Lack of ambience.

Opportunities:

 Potential for investment.

 Locational Advantage.
 Sectors with high growth potential.
 Fastest growing format.
 Rural retail.

Threats:
 A new competitor in your home market.
 Price wars with competitors.
 A competitor has a new, innovative product or service.
 Inflation.
 Poor inventory turns and stock availability Measures.
Strategy

Strategy is a very important part of the business plan. Building a new store or
undergoing expansion can be a tremendous challenge for retailer. Strategy helps the
Businessman in growth & development of their business. The strategy of Kamlesh
General Store exploits their advantages over the competition (location, convenience,
and high quality) with carefully- tracked milestones for growth. In the start-up phase
it is a central task of the marketing concept to establish a name Recognition and own
trade mark. Later on the strategy will primarily be targeted to gain new Customers
and create customer loyalty of repeat customers.

The Kamlesh General Stores competitive edge will be the lower prices they will
charge to their customers and the novel purchasing experience that will draw
shoppers. The most critical element of The Kamlesh General Store success will be its
marketing and advertising. In order to capture attention and sales The Kamlesh
General Store will use prominent signs at the store locations, billboards, media bites
on local news, and radio advertisements to capture customers. Many of the initial
customers will be drawn to the unique nature of the store and will then have the
opportunity to realize the cost savings of The Kamlesh General Store. They expect an
average 25%increase in sales from year to year. This may seem very high, but
considering the level of initial sales and the growth possibilities, management actually
considers this to be achievable.

Marketing Plan:

Marketing plans are vital to marketing success. They help to focus the mind of
companies and marketing teams on the process of marketing i.e. what is going to be
achieved and how we intend to do it. There are many approaches to marketing plans.
Marketing Teacher has focussed upon the key stages of the plan. It is contained under
the popular acronym AOSTC.

A – Analysis (Situation Analysis & Marketing Audit )

O - Objectives(Set the Marketing Objectives )
S - Strategies(Describe your target Market )
T - Tactics (Marketing’s Tactics )&
C - Controls(Marketing’s Controls)

Competitive Edge:
Kamlesh General Stores’ competitive edge will be the lower prices they will charge
their customers and the novel purchasing experience that will draw shoppers. In the
convenience store industry, low cost and availability are the two success criteria. They
plan to create these advantages in a new, high-tech environment that will retain
customers.
Marketing Strategy:
The most critical element of The Kamlesh General Stores success will be its
marketing and advertising. Convenience stores serve the entire purchasing population
of its geographical area but focuses on customers who need to purchase items outside
of normal working hours such as swing shift employees and quick shoppers looking
for snacks and related items.
In order to capture attention and sales Kamlesh General Store will use prominent
signs at the store locations, billboards, media bites on local news, and T.V
advertisements to capture customers. Many of the initial customers will be drawn to
the unique nature of the store and will then have the opportunity to realize the cost
savings of Kamlesh General Store. Since automated shopping is still in its infancy, the
firm expects to invest a great deal of its available cash and revenues in marketing
efforts.
Sales Strategy:
The Kamlesh General Store will be a stand-alone, with good facility; they have an
attractive storefront with their low prices and easy-to-use system. They believe that
this in itself is its own seller. One critical procedure to ensure top customer service
and reliability will be establishing a method for keeping enough inventories of all
their products. They will be using industry data on inventory for other convenience
store chains to assist people.

Financial Feasibility

Financial Planning is a road map to realise and achieve financial goals in life. The
process of financial planning involves identifying the financial goals in life, based on
the person’s financial position and risk profile charting out a feasible plan to a
achieve those goals. Financial Planning includes identifying goals, making the plan,
allocating resources and regular review.
As their Sales Forecast made clear, profits will initially be low. They expect to sustain
small losses in the few months for the first year, until their newly clientele is fully
established. The sales increase more. They have planned for this seasonal variance,
and the funding .They are requesting will help to maintain a positive cash balance
throughout the first two years, until they become fully profitable.

The Kamlesh General Stores starts with their budgeting program that sets sales goals,
establishes payroll budgets, and creates criteria for gross margin, shrink, expenses,
and profit. Exception reporting directs operations in the right direction, saving time,
and measuring results. They will manage and grow their store with a full range of
financial services that include two years financial planning, Store valuations, estate
planning, buying/selling of store, and financing assistance. It will save their valuable
time and money plus the headaches and worry often associated with complex money
matters. From the store .They will have a complete portfolio of financial, accounting,
and payroll services, including comparative operating statements, bank
reconciliations, sales tax returns, payroll tax returns, periodic and operational review,
cash flows, break-even analyses, financial projections, wages, taxes, deductions,
check printing,
and deposit advice. It is these kinds of thorough information and accurate record
keeping that allow The Kamlesh general store to make sound business decisions for
the future.
Following steps are involved in creating their financial plan:
 Determine their financial goals.
 Determine their desires.
 Determine how much money is required to fund each goal and desire.
 Determine their current position. It includes determining your annual expenses,
annual savings and available resources.
 Determine annual expenses.
 Determine annual savings.
 Determine available resources.
 Determine up to which extent their goals and desires can be achieved through
available resources.
If available resources are insufficient, then they have to adopt following
strategies:
 Increase their financial resources through investment planning.
 Reduce their tax liabilities through Tax planning.
 Cut down their monthly expenditure.
 Make their goals and desires more realistic.
 Periodically monitor their financial plan.

Sources of Finance:

The Start up funding of Kamlesh General Store will be of Rs. 45, 00,000 in which
Rs. 20, 00,000 for the stock & other expences.And remaining was being in the bank.
For cash on hand is Rs.25, 00,000. Also the investment if made by the Kamlesh is Rs
30,00,00 and other 15 Lakh will be loan amount which will be taken from Punjab
National Bank @ 4% under Pradhan Mantri Mudra Yojna Scheme.

Risk Structure:-

Inventory damage
Natural disasters and weather events can affect both physical stores and e-commerce
businesses that store goods in warehouses. Not only do natural disasters damage
physical structures, but they frequently cause power outages, resulting in product
losses for grocery stores or other retail outlets that sell perishables.

Part of any retail risk management strategy should involve purchasing commercial
property insurance and customizing it to your business’s specific needs. General retail
insurance policies may also cover inventory damages.

Theft of physical items

Shoplifters and other criminals remain a major headache for traditional retail store
operators.
One way retailers can thwart thieves is to install physical security systems, which can
include video-monitoring equipment, sensor-based product tags and labels, locked
display cases for items that can be easily stolen, and alerts that sound when customers
enter or leave the store. Even seemingly outdated anti-theft methods – such as posting
signs warning that shoplifters will be prosecuted – can deter some would-be thieves.

Forced closure
Your shop's overhead likely means you depend on a steady source of income. When a
fire, vandalism, or a disaster like the coronavirus causes an unplanned closure, the
loss of income can be devastating.
While it may be tempting to cancel your business insurance during closure due to the
corona virus, it could cause more damage in the long run. Canceling your policy
leaves you open to risk at a time when your shop could be even more vulnerable to
theft, vandalism, and other potential losses.

Without insurance, you could face additional headaches such as getting permits
reinstated or defaulting on business loans on equipment or your storefront. Plus,
stopping and then restarting insurance can cause your premiums to increase.
Data breaches and digital theft
As more people shop online, e-commerce crimes are on the rise. In a 2017 report,
credit bureau Experian found that online shopping fraud rose by 30% from the
previous year. E-commerce businesses lost a collective $7 billion to fraud in 2016,
and that number is projected to more than quadruple by 2020, according to a
TransUnion blog post.

E-commerce businesses and traditional stores can manage retail risks and prevent data
breaches by replacing outdated PoS equipment and hiring a cybersecurity specialist to
audit their systems and software. Cyber liability insurance protects your retail
business and covers damages in the event of a data breach.

Brand and Customer Loyalty Risk

Retail is often brand conscious, with customers searching out the best prices for
specific brands. That consciousness extends to your store’s brand image as well.
Repeat customers are so important to a small store’s success that if you fail to build a
loyal customer base, you might be forced to close your doors.
Measures
Nurture personal connections with customers. Reach out to customers when a
particular product you know they like comes in. Offer loyalty and referral programs
so your long-term customers can help you reel in new customers. Stock unique items
to set your store apart from big box competitors whose inventory may be more
mainstream.
Advertise. There are a lot of ways to advertise your store depending on your
customer demographics, location and budget. Choose from direct mail, print ads,
radio, TV, online and social media. Point-of-Purchase (POP) in-store advertising,
such as counter cards, window displays, pennants and banners, digital signage and
other displays can help bring in new customers and influence buying behavior once
they’re handling the merchandise.

Legal Compliance

Compliance is one of the most intimidating parts of international retail. Around the
world, retailers are coming under increased regulatory pressure from both
governments and consumers. The more regions your business operates in, the more
difficult it is to comply with all of the different regulations. That’s especially true if
your business involves potentially hazardous products like food, electronics or
products intended for children.

The exact steps to retail compliance will vary depending on what your organisation
sells and where you’re selling it. That said, this checklist provides a generalised set of
best practices that can help your retail organisation stay in compliance wherever you
do business.

Audit
The first step to ensuring compliance is to audit your existing procedures. Audits
reveal your organisation’s strengths and weaknesses and provide a starting point for
improvements.
Being audited is rarely if ever, anyone’s idea of a good time. However, periodic
compliance audits allow your team to catch small problems before they turn into
costly disasters.

Breach
Does your business store consumer data? Then it’s essential that you keep it secure.
Data breaches are all too common, and the consequences include devastating fines
and loss of consumer trust.
Since breaches can happen even under the best circumstances, you’ll also need a
breach response plan to communicate with affected customers. If you market your
products in another area, that breach response plan will probably need to include
language support for consumers in their languages.

Certification.
Third-party certifications encourage accountability and improve credibility. They
verify that you and your vendors are following best practices and meeting the
standards necessary to keep consumers safe.

To bring your products to market, you may need to obtain some type of third-party
certification, along with documentation in the appropriate languages. Dairy products,
for instance, require a health certificate to be sold in the EU.

Certifications can also help you avoid compliance-related issues with your vendors.
For example, at K International, we believe that security and trust are paramount,
especially as we often deal with sensitive or classified information.

But we don’t just expect you to trust us – we are certified for information security
management standard ISO/IEC 27001, and we hold ISO 9001:2015 accreditation for
our quality control standards and FSSAI standards products.

GDPR and Licensing

If you are retail business then you have to take licence from the appropriate authority
of and after certification of the terms and condition from the department the retail
business will start. The documents will include the shop place, electricity bill, water
connection, etc.
Conclusion

Over the last few years, retail has become one of the fastest growing sectors in the
Indian economy. The organized retail however is at a very nascent stage though
attempts are being made to increase its proportion to 15-25%by the year 2011bringing
in a huge opportunity for prospective players. The sector is the largest source of
employment after agriculture, and has started to penetration into rural India generating
more than 10% of India’s GDP.

Modern retailing has entered India in form of sprawling malls and huge complexes
offering shopping, entertainment, leisure to the consumer as the retailers experiment
with a variety of formats, from discount stores to supermarkets to hypermarkets to
specialty chains. However, kiranas still continue to score over modern formats
primarily due to the convenience factor.

It is true that India is moving towards to become developed country. Retail sector play
a very crucial role in it. With the help of the report we know about the retail sector in
India & how to make a business plan for a firm& what are the planning & Strategies
required for making their effective. It opens our horizon about business planning. This
is a very good experience of my to making a report of KAMLESH GENERAL
STORE.