Multinational retail investors eye Northeast market
New Delhi/Guwahati, Aug 4 (ANI): With peace and normalcy returning and insurgent groups talking with the Centre, multinational brands are now willing to invest in the northeast market.
Rini Ghose, 23, a student in Jorhat, bought herself a brand new digital Sony camera this summer from a market in Guwahati.
"With new shops and luxury malls coming up in Jorhat and Assam, the market is day by day expanding," said Ghose.
Kalam Ahmed, a shop owner in Guwahati, said several companies are doing business in Guwahati.
"Big companies are doing business in Guwahati, which is a very good thing. In the last ten years, I have seen the area develop a lot, it has completely transformed," said Ahmed.
Automobiles, consumer durable products or fast moving consumer goods, almost all big brand retailers have set up shops in this region or are in the process of doing so.
The Chief Operating Officer of LG, Yasho V Verma, said: "We have a branch in Guwahati and it is covering the entire northeast. We have many outsourced agencies and have big plans to venture into this region."
"LG has increased its distribution networks in northeast by 30 percent in 2010 and is planning to further increase it by another 12-15 percent in the coming year," added Verma.
The Tata Group launched Vivanta Taj in Guwahati last year. This 150-room luxury hotel will serve business and leisure travelers to the region.
Nandini Kalita, a CII official from Northeast, said: "This is the right time to invest in the North East. The region is no longer perceived to be geographically isolated with the advent of better communication facilities that are bound to improve further, service sector has already made inroads in the region and next to follow the suit will be the manufacturing."
A Swedish cosmetic major Oriflamme announced that its Northeast market has grown by 50 percent.
Another cosmetic major, Marykay, has also set up a distribution channel in Nagaland.
"Today, there are many national and international retail chains operating in the Northeast. These companies should look to outsource their business in the region to locals. This has been done to some extent and has successfully created new job opportunities," said Kalita.
Hina Nagarajan, Country Head for MaryKay Operations in India, said: "Our business in northeast has done well and we have got a good response." By Devesh Gupta(ANI)
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