Retail Opportunity Across Metro Cities In India
India has some of the fastest growing metros in the world
, making it a preferred destination for leading retail giants from across the globe. As the organized retail industry in India undergoes an unprecedented growth trajectory, buoyed by the strong economy, many Tier II and Tier III are on an ascending curve, making great strides, parallel to the development in the retail segment. India has an interesting mix of maturing metros, metros on the growth lane and metros in the making, providing ample space to retailers, who want to test the waters of an ocean that the Indian retail industry has become.
Metros like Delhi and Mumbai are on the verge of maturation, almost at par with the leading metros in the world. With the highest number of households belonging to the most affluent segment of Indians living in these two metros, retailers of top-end luxury products are putting their money here. This segment contributes around 30 % of Indias total organized retail revenue. With an eye on this class,
luxury retail brands are gradually moving out from the cozy confines of five-star hotels to the streets as stand-alone outlets. Due to congestion and lack of space, small time retailers running mom-and-pop outlets in these residential suburbs are moving out, giving way to organized retail formats like the neighborhood supermarkets and hypermarkets.
Then, there are metros on the fast lane, trying to catch up with the maturing metros. A considerable number of the middle class population with high disposable incomes lives in these metros, making them an ideal destination that can accommodate and sustain different
retail verticals and formats. These cities are perfect testing grounds for retail companies planning to introduce new products or open innovative formats in the market.
And, last but not the least, there are metros-in-the-making, where retailers can benefit with the first mover advantage, to gain a foothold in the market. Most of these Tier II and Tier III cities, with its low rentals and proximity to farms for agricultural products, provide abundant opportunities for retailers dealing in food and grocery, consumer durables and apparels.
The Indian retail industry is as diverse as its regions, culture and people.
by: Mark Stepen
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