That India is now under going a retail revolution is a known fact. Whenever Reliance Retail, Airtel/Walmart and other smaller retail outfits face opposition to their rollout, they rubbish their opposition claiming the success of Walmart and other retailers. Opposing them means being "UNINDIAN" similar to how Open Source is "UNAMERICAN".
Take a look at this article : Walmart Gives Up: No Stores For New York City
Retail Poster Boy Walmart itself is stopped from entering New York and other major cities by the Unions in New York. If Walmart could be stopped in US, can they stopped similarly in India?
In Chennai, already small vendors/retails have started protesting the entry of Reliance into the retail business. It would be quickly spreading to other cities as well. Can these minnows stop the retail juggernaut like what the Nandigram folks did to land acquisition?
However, at this moment, I think odds are in favour of Retail Giants as the consumer public are all crazy over the supermalls.