As many as 12 big retailers, including Future Group, Landmark, Shoppers Stop and Globus, met Commerce Minister Nirmala Sitharaman in New Delhi on Wednesday and pitched strongly against the Union government’s proposal to grant 100 per cent foreign direct investment (FDI) status to e-commerce and e-tailing companies.
“Rentals have always eroded the business profits of brick and mortar retailers,” says Sanchit Vir Gogia, CEO of Greyhound Knowledge Group. He adds that with FDI only in e-tailing they, the brick and mortar retailers, can use their stores more effectively in delivering goods through their own e-tail channels across cities and towns. “It saves so much real estate cost that can directly go in to shareholders income in the long run,” says Gogia.
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