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As India’s retail industry aggressively expands itself, great demand for real estate is being created. Further, with the online medium of retail gaining more and more acceptance, there is a tremendous growth opportunity for retail companies, both domestic and international. Favorable demographics, increasing urbanization, nuclear families, rising affluence amid consumers, growing preference for branded products and higher aspirations are other factors which will drive retail consumption in India. Both organized and unorganized retail are bound not only to coexist but also achieve rapid and sustained growth in the coming years. The paper includes trends in retail industry in India, factors driving growth in Indian retail industry, share of organized and unorganized retail market, top priorities for retailers ,retail in School and Colleges, key players in Indian retail sector, financial assistance and regulatory norms, problems and challenges and future prospects of retail sector in India recent trends, and opportunities and challenges. This paper concludes with the likely impact of the entry of global players into the Indian retailing industry. It also highlights the challenges faced by the industry in near future