he opening shots of a war that will be waged over the coming years have been fired. And while there will be intermittent action followed by peace parleys, make no mistake: it is war.

On one side are ranged the FMCG behemoths of the type best exemplified by Hindustan Lever (HLL). On the other are the emerging retail chains, best symbolised by Pantaloon which already has 99 stores as part of its various chains. And yes, as in most wars, they are fighting for territory, though this one is airconditioned and comes in narrow slats. The issue: what retail margins FMCG (fast moving consumer goods) marketers should pay to get their goods on to the shelves of modern-format stores.... more