Mall developers are rapidly infusing new retail developments across the top seven cities.
There is a three-fold jump in mall supply this year – from 3.2 million sq ft in 2018 to almost 10 million sq ft this year with developers infusing new retail developments across the top seven cities, says a report.
Nearly $1.42 bn FDI has already been infused in the Indian markets between April 2000 to June 2018 - and global investments into Indian retail are all set to increase further.
The Indian retail sector is expected to reach $1,750 billion by 2026 due to changing demographics and increasing consumer expenditure, which is expected to rise to $3,600 billion by 2020, as per the report Customer Experience (CX): The Epicentre of Retailing by ANAROCK Property Consultants.
"With the new e-commerce policy in effect from early this month, online retail giants are re-aligning their business strategies and focussing to expand their offline presence. Brick-and-mortar (offline) retailers who were earlier under threat from e-commerce can now look forward to a more level playing field and tap into the rapidly growing Indian consumer market with renewed confidence and business prospects. The new e-commerce policy will bring parity between the online and offline retailers and address the concern of data colonization, as well. Even as online players may lose many of their competitive advantages - such as high price discounts on their private labels - brick-and-mortar stores will focus on offering superior customer experience to enhance customer loyalty," said Anuj Puri, Chairman, ANAROCK Property Consultants.
First Published on Feb 27, 2019 01:47 pm