Real estate concerns are one; the other thing to be mindful of is the affordability of the consumer. I think people simplify retail by saying India 1.1 billion people, China 1.3 billion people. That is just absolute headcount. That includes one week old children for God's sake.

A very favourite line of my entire career is that all retailing is local and local is not a country. Local is your catchment. It could be one building, it could be one kilometre. Following that, you use technology immediately for support.

The larger objective of SPM is very simply to get goods to the market cheaper than your competitors. Again, it is a study of processes, where are the bottlenecks, where can you maximise the throughput.

There are two typical supply chain structures: there is one called the agile and one called the lean. Agile is pull-based. Agile is more based on the consumer demand and replenishing according to that. Lean is based on stocking up so you minimise transportation cost and so on. But that may catch up with you if you got the wrong inventory. So, the old model was let's go lean, let's go lean, let's go lean. It is increasingly now going towards the agile. Of course, the perfect supply chain is a mix of the two. But this cannot be done without technology.