The pandemic has reinstated need for organised retail spaces in Tier II and III markets
The pandemic has hit the Indian economy hard, the retail industry notwithstanding. Retail experts discuss how the industry's growth plans stand thwarted and how retailers are engaging in different mediums to provide the best of product and services to the consumers.
Retail is predicted to add more than 39 million square ft of space by 2022. Total consumption expenditure in retail is expected to reach nearly $3,600 billion by the end of 2020 from recorded $1,824 billion in 2017. It accounts for over 10 per cent of the country's gross domestic product (GDP) and around 8 per cent of the employment. 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. The pandemic has reinstated the need for organised retail spaces in Tier II and III markets as well, which might have a major impact on the traditional retail segment present there in majority.
Published on: 06/11/2020
DISCLAIMER: All views and opinions expressed in this column are solely of the interviewee, and they do not reflect in any way the opinion of Fibre2Fashion.com.