Chennal , August 17 , 2022. Various studies reveal that only 4 % of family businesses survive beyond the 3rd generation . India is home to the third – largest number of family businesses globally with 111 publicly – traded family – run companies valued at USD 839 billion . It is therefore important for them to professionalise and adopt technology . Taking Family Businesses in retail as the centre point of discussions , the Retailers Association of India organised the ‘ Family Business Edition ‘ of the most – awaited Chennai Retail Summit 2022 ( CRS 2022 )
Speaking about the theme of the Chennai Retail Summit 2022 ( CRS 2022 ) , Kumar Rajagopalan , CEO , Retailers Association of India ( RAI ) , said , ” Some of the world’s largest and most successful companies are family businesses . They re a huge driving force of the global economy . In India , family businesses constitute a significant chunk of the economy , contributing over 70 % to the GDP. They are also one of the biggest creators of employment . Some of the family businesses in India are over a century old and still standing strong . South India itself is home to a large number of them”
Adding to this , Suhail Sattar, MD, Hasbro Clothing and Chennal Chapter Chairman of Retailers Association of India , said , ” Ninety per cent of retail businesses in South India are either family – run or promoter – run . The last decade has seen a huge shift in retail with corporates and MNC brands coming in which is changing the level – playing field . In view of this intensifying competition , family – managed businesses need to professionalise to survive and grow . The Chennai Retail Summit 2022 was themed around family businesses to help family – run businesses to scale and succeed “
Through stimulating discussions and sessions by retailers , retail leaders , and experts , this edition covered different areas such as succession planning , diversification digital adoption, and family governance versus corporate governance that are critical to successfully running and growing family business in a constantly – evolving digital – first world .
Captivating the audience were insightful special addresses by Suparna Mitra , Chief Executive Officer , Watches and Wearables Division , Titan Co. Ltd .; M. Mahadevan , MD Advantage Foods and B & M Hot Breads ; and K.S. Kamalakannan , Chairman and Managing Director , House of Naga , respectively .
The Summit had discussions on relevant topics such as Retail Secrets : How to build a Sustainable , Relevant Family Business ;The 4D Effect : Using Design , Digital , Data and Delivery to Grow ;Making it Big : Professionalising and Expanding Promoter Managed Businesses ;and ABC of D2C : Roadmap to Going Direct to Consumer ;in addition to presentations on various solutions that enhance retail by partners.
Speaking at these panels were some stalwarts in the Retail Industry like Balakrishnan GP G , Super Saravana Stores Gautam Saraogi , Go Colors ;Sunil Sanklecha Founder , Nuts n Spices ;Jeyasree Ravi , Founder , Palam Silks ;Murugan S , Manna
( Southern Health Foods Pvt . Ltd. ) ;Pattabhi Rama Rao, Gourmet Popcornica ;Senthil Natarajan , Kovai Pazhamudir Nilayam Vaideeswaran N , Emerald Jewel Industry India ;Agnes Raja G , Audaz Brands Retail India ;Balaji Sadagopan , Chai Kings ;Blessing A Manikandan , TONI & GUY ;Faizal Ahamed CM , SUXUS Menswear ;Pratik Shah , Specsmakers Opticians ;Sujatha Kartic , Donracks ;Suraj Shantakumar , Kirtilal Kalidas Jewellers ;Kavin Venkatesh , Maybell India ;Narendra Pasuparthy , Nandu’s Nishanth Chandran , TenderCuts GFM Retail Dr Sanjoy Das , Fipola Retail ;Siddharth Dungarwal , Founder , Snitch ;Vishal Khandelwal , Wakefit.co ;among others .