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Lower consumer spending, high real-estate cost and lack of quality real-estate development prompted Indian retailers to revamp their current operations by closing stores at unprofitable locations, renegotiate rentals with developers, curb spending and reposition themselves to ride through the tough times. All this has resulted in altered relationships between real-estate developers and retailers. Currently, the Indian retail industry is experiencing a steep learning curve. The industry is witnessing expansion, consolidation, acquisition; and retailers are restructuring and re-planning toward robust & efficient business models for long-term sustainability. The market is taking a 'U' turn from being a landlord/ developer driven market to being retailer driven. The current turbulence has been a reality check for retailers to take stock of their strategy and operations and leaves the industry in a stronger position to take advantage of the rebound.
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