Rapid urbanization, increasing purchasing power and thus changing lifestyle of Indian consumers to drive India modern retail space
According to TechSci Research report, “India Modern Retail Space Market By Category, By Occupancy Type, By Size, Competition, Forecast & Opportunities, 2014-2024”, India modern retail space market is projected to grow at a CAGR of around 7% during 2019-2024, owing to shifting preferences of young and urban population towards modern retail stores that offer a variety of products in an organized format. Moreover, growing trend of dual household income has significantly increased purchasing power of consumers across the country. This has led to a rising trend of shopping from multi-branded stores and exclusive brand outlets, which is further fueling the growth of modern retail sector in India.
In terms of occupancy type, India modern retail space market has been divided into malls and shopping streets. Though shopping streets dominated the market with a share of about 54% in 2018, malls are expected to exhibit a promising growth during the forecast period owing to growing inclination towards western preferences coupled with growing brand consciousness which is pushing the demand for brand outlets, especially in tier-I cities. Some of the leading cities in terms of space occupied by modern retail in the country are Delhi-NCR, Mumbai, Pune, Kolkata, Chennai, Bengaluru, Pune, Hyderabad and Ahmedabad.
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India modern retail space has been majorly categorized into eleven types, viz., Departmental Stores, Apparel, Food & Beverages, Entertainment, Home & Lifestyle, Hyper/Supermarkets, Electronics, Watches & Jewelry, Personal Care, Footwear & Sportswear and Others. Apparel retail dominates India modern retail space market and is expected to maintain its position during the forecast period as well. Dominance of apparel retail can be attributed to rising consciousness about physical appearance due to growing corporate culture and increasing urbanization in the country.
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“Modern retail stores provide convenience of shopping by offering a variety of products under one roof and assurance of quality. With changing consumer preferences and lifestyles getting hectic due to rising corporate culture and trend of dual household income, India modern retail space market is anticipated to register a strong growth in the coming years. Moreover, increasing presence of foreign brands in the country and growing awareness about international products coupled with rising preference for eating out at cafes and restaurants would further fuel growth in India modern retail space market.” said Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
“India Modern Retail Space Market By Category, By Occupancy Type, By Size, Competition, Forecast & Opportunities, 2014-2024” has evaluated the future growth potential of Indian modern retail space market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India modern retail space market.
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