New Delhi: It's an infant industry, but salaries are top dollar – 40 per cent up in the past two years and comparable to what well established industries like telecom, FMCG and auto pay.
Try this for size, KV Kamath, MD and CEO of the country's largest private sector bank makes over Rs 2 crore a year.
That's half of what a CEO or MD at any of the large homegrown retail chains such as maybe B S Nagesh of Shoppers' Stop or Raghu Pillai of Reliance Retail could take home.
Headhunters say retail bosses are now earning close to Rs 4 crore a year, not counting bonuses and ESOPs.
Toral Patel, Senior Director, Accord India explains, "Salaries are galloping at the moment and will continue that way for the next couple of years. Primarily because of the dearth of talent and the fact that for those who come from other industries, you need to level the salaries."
So eyeing a junior job? Don't despair. Salaries have doubled for marketing and other functional heads as well.
It's an attempt to attract talent not just from other industries, but also from other countries. And it seems to be working.
Andrew Levermore, CEO, Hypercity says, "India is the only place on earth at the moment, where you can take a clean chit of paper and build a mutli-billion retail business in a very short time. For a professional retailer, there's no more exciting place at the moment."
Raghu Pillai, President-Strategy, Reliance Retail adds, "In India, on the retail front, we're trying to achieve what most economies have taken 50 to 60 years to do. Going by the plans of many people, we are attempting to achieve significantly higher footage, in one tenth of the time. It has it's own risks and we will have to bring in expertise on the human resources front and treat that expense as an investment."
An investment that has retailers opening up the purse strings in the hope that consumers will do the same.
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