India retail revolution on hold as slowdown hits

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NEW DELHI, March 1 (AFP): It was hailed as the "great Indian retail revolution," but a slowing economy and over- ambitious expansion have left many retailers struggling with what analysts now say were hyped expectations.

When India's economy was booming, large domestic and foreign companies raced to tap its growing middle class and introduce Western-style chain-store shopping.

The companies hoped to exploit what was seen as one of the last virgin retail frontiers, which is dominated by small shops, but the outlook for "Big Retail" has soured as the global downturn has deepened.

"There's belt-tightening. The country is going through a realignment of consumption patterns-we're not immune to the rest of the world," said Retailers' Association of India chief executive Kumar Rajagopalan.