The regulations for the retail sector need to be relooked as some of the rules are outdated, Future Group founder and chief executive Kishore Biyani said today.
Biyani said that some laws are as old as British era and as the world is changing, there is a need to look at those regulations.
"...The amount of regulation which we face across the country... Probably every regulation of the country applies to us and in that sense somebody has to look at the regulations in terms of working hours, opening up of the stores," he said here at the CII Partnership Summit.
Biyani also said that the company wants to open stores in Andhra Pradesh.
"Since we have heard that the retail policy is coming up (in the state), we have plans store in every city in Andhra Pradesh. There are seven cities where we are ready to open stores in next 6 to 8 months," he added.
The state government today announced a Retail Trade Policy allowing the retail enterprises greater flexibility in terms of open hours, involving part time employees among other things.
He said that this policy will fix be benchmark for the industry to do business.
When asked about the e-commerce retail trading in India and its impact on brick and mortar shops, Biyani said purchase decision by a customer is mainly based on either product or the brand.
"Whether it impacts our business, may be when they give discounts it does impact some categories," he said adding "I believe in the long term , may be 4 years, 5 years down the line, both business (would) converge".
