According to Kearney Research, India’s retail industry is projected to grow 9% over 2019-2030, from US$ 779 billion in 2019 to US$ 1,407 billion by 2026 and more than US$ 1.8 trillion by 2030.
One of the key factors driving organised retail growth is the country’s changing demographics. India has a young population with increasing disposable income, and they are looking for new and innovative shopping experiences. Organised retail players leverage this trend by offering a wide range of products and services, personalised shopping experiences, and state-of-the-art facilities to attract customers.
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The growth of organised retail in the NCT of Delhi had commenced with the newly developing regions of NCR, mainly due to the abundant availability of land. However, it soon entered busy marketplaces like Karol Bagh, South Extension, Rohini and other areas where it began to attract a sizeable number of shoppers due to its nature. In the last few years, organised retail also established its presence with the redevelopment of the congested Chandni Chowk. The shoppers in that area began to throng such retail destinations, which, while keeping with the medieval spirit of the locality, offered modern shopping experiences.
The growth of organised retail has also led to the developing of new retail formats such as High Street, Mixed Use and SCOs, especially after the pandemic. They are designed to cater to the needs of modern shoppers. The development of these formats has renewed the demand for commercial real estate.
Organised retail will also provide access to new technologies and supply chain management systems that can help improve efficiency, reduce costs, and increase profitability. Organised retailers often conduct extensive market research to understand their customers better, which can provide shop owners with valuable information to help them tailor their offerings and marketing strategies to meet their customers’ needs better.
(By Jatin Goel, Director, Omaxe Ltd. Views are personal.)