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Last fortnight, this column touched on the consumption boom that has, for some years now, accounted for a large part of India’s growth. In the euphoria that accompanies store openings, it is easy to lose sight of the high costs of modern retail. Globus expects to pay Rs350 crore for 74 new stores. Vishal Retail plans to spend twice as much, budgeting Rs700 crore for 70 stores. Are the returns...

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