Prestigious Economic Times Retail Awards 2010 on 22nd October in Mumbai

Focus on Innovation to select best Retailers in India. End Quote

(1888PressRelease) October 20, 2010 - Mumbai - The ET RETAIL AWARDS will be held on 22nd October, 2010 in Mumbai. The ET Retail Awards focuses more on innovations rather than formats. The short listed participants are evaluated on the basis of the innovations they have undertaken in their work. This will allow smaller and newer retailers to stand a chance to gain recognition through awards. Wherever there's a success story, the awards and accolades follow. For Indian retail, it is time to recognise success stories which have driven the changed paradigm, and this has driven the ET Retail Awards. The Economic Times with the support of Retailers Association of India (RAI) presents the first edition of the ET Retail Awards 2010.

"We believe that retail is amongst the most important segments of the economy. Modern retail is changing the face of urban India. It is helping drive consumerism, creating demand for producers and suppliers. It is perhaps the largest job creator today. With this property, we will celebrate the leading innovators and performers of the retail sector" says Sujoy Ghosh, Director-Response, The Times of India Group.

Nominees who have been most innovative across major aspects of retailing will be considered for special awards based on a methodology involving the total scores across the various categories as follows:- Marketing Idea of the Year, Enriching Customer experience, Excellence in Rural Marketing, Innovative Franchisee Model, Excellence in E-retailing, Innovative eco friendly practices, Innovative business concept of the year, Retail Launch of the year, Excellent employee Practices, Excellence in operations, Most admired Large Format retailer of the year, Most admired Lifestyle retailer of the year, Most Innovative retailer of the year, Retail Personality of the year,

A high profile jury consisting of leading corporate captains elected the final winner. The final jury panel consisted of:

* Mr. Sanjeev Aga, CEO, Idea Cellular
* Mr. Sam Ghosh, CEO, Reliance Capital
* Mr. Amitabh Chaudhry, MD & CEO, HDFC Standard Life Insurance
* Mr. Saroj Datta, Executive Director, Jet Airways
* Mr. Ajay Srinivasan, CEO, Aditya Birla Financial Services
* Mr. Neeraj Swaroop, CEO, Standard Chartered Bank
* Mr. Partho Das Gupta, Executive Director, Aurora Comms

The Economic Times Retail Awards 2010 is a property supported by RAI (Retailers Association of India). It is being presented in association with Fly Kingfisher which is widely acclaimed as India's most premium private airline and has won an impressive line-up of prestigious international awards from Aviation Experts.

Process

Applications received were evaluated by a set of jury members which comprised of people having significant knowledge of the retail sector and those who have contributed significantly towards the sector's growth over the years. There were two jury rounds where the screening jury evaluated every single application form in each category on the basis of certain set parameters to shortlist the top three nominees.

The screening jury panel consisted of:
* Mr. Sanjay Tripathy, Executive Vice President and Head Marketing, HDFC Standard Life Insurance,
* Mr. Arun Malhotra, Svp Sales & Channel Mktg, Mahindra & Mahindra
* Mr. KK Rathi, Director, Future Generali Group
* Mr. Guy Godet, General Manager, JW Marriott Group of Hotels
* Mr. Sunil Nayak, CEO - On-site Service Solutions, Sodexo

The top three nominees in each of the categories were further evaluated by an eminent jury panel. The final jury comprised of leaders from various industries like banking, telecom, mutual funds etc all catering to end consumers. The nominees presented the case study to the final jury which was followed by a meticulous Q&A session to determine the winner for each of the defined award category. The final award ceremony is on the 22nd of October in Mumbai.

The event partners to the awards are Ecoreco which focuses on the e-waste recycling business in an organised manner. Ernst and Young Private Limited are the process advisors and validators for the Awards.

The India Retail Sector: With rising consumer demand and greater disposable income, the US$ 400 billion Indian retail sector is clocking an annual growth rate of 30 per cent and ranked as the most attractive emerging market for investment. The organised retail sector, which currently accounts for around 5 per cent of the Indian retail market, is all set to witness maximum number of large format malls and branded retail stores in South India, followed by North, West and the East in the next two years. Tier II cities like Noida, Amritsar, Kochi and Gurgaon, are emerging as the favoured destinations for the retail sector with their huge growth potential.

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