Retail

Indian retail malls expect brighter prospects

09 Nov '20

2 min read

Pic: Capital Mall

The retail mall industry in India has been a hotspot and with the big-ticket mall culture growing, the size of the industry too has burgeoned. Stakeholders now expect the industry to grow bigger and better due to a positive outlook, rising incomes, favourable demographics and the entry of foreign players into the market.

"India is the world’s fifth-largest global destination in the retail space. The retail industry reached $950 billion in 2018 at a CAGR of 13 per cent and is expected to reach $1.1 trillion by 2020. The revenues of India’s offline retailers, also known as brick-and-mortar retailers, is expected to increase by ₹10,000-12,000 crore ($1.39-2.77 billion) in FY20; though this projection will change now due to covid-19," DLF Retail Malls executive director Pushpa Bector told Fibre2Fashion.

By 2022, retail is predicted to add more than 39 million square ft of space, said Faisal Khan, general manager of Mahagun Metro Mall in Delhi-NCR region. "India is the world’s fifth-largest global destination in the retail space. It is projected that by 2021, organised retail share will reach 18 per cent and e-commerce retail share will reach 7 per cent of the total retail market."

"As the pandemic has hit the economy hard, it’s too early to share an estimated rate of growth in the next five years, but it is certain that the market is expanding and retailers are going through different mediums to provide the best of product and services to consumers," said Select Citywalk executive director & CEO Yogeshwar Sharma.

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Fibre2Fashion News Desk (RKS)

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