Malls to Witness Growth in India Modern Retail Space Market through 2024
Rapid
urbanization, increasing purchasing power and thus changing lifestyle of Indian
consumers to drive India modern retail space
According to TechSci Research
report, “India Modern Retail Space Market By Category, By Occupancy
Type, By Size, Competition, Forecast & Opportunities, 2014-2024”, India modern retail space market is projected to grow at a
CAGR of around 7% during 2019-2024, owing to shifting preferences of young and
urban population towards modern retail stores that offer a variety of products
in an organized format. Moreover, growing trend of dual household income has
significantly increased purchasing power of consumers across the country. This
has led to a rising trend of shopping from multi-branded stores and exclusive
brand outlets, which is further fueling the growth of modern retail sector in
India.
In terms of occupancy type, India
modern retail space market has been divided into malls and shopping streets. Though
shopping streets dominated the market with a share of about 54% in 2018, malls
are expected to exhibit a promising growth during the forecast period owing to
growing inclination towards western preferences coupled with growing brand
consciousness which is pushing the demand for brand outlets, especially in
tier-I cities. Some of the leading cities in terms of space occupied by modern
retail in the country are Delhi-NCR, Mumbai, Pune, Kolkata, Chennai, Bengaluru,
Pune, Hyderabad and Ahmedabad.
Browse market data Tables and Figures spread through Pages and an
in-depth TOC on "India
Modern Retail Space Market "
https://www.techsciresearch.com/report/india-modern-retail-space-market/4248.html
India modern
retail space has been majorly categorized into eleven types, viz., Departmental
Stores, Apparel, Food & Beverages, Entertainment, Home & Lifestyle,
Hyper/Supermarkets, Electronics, Watches & Jewelry, Personal Care, Footwear
& Sportswear and Others. Apparel retail dominates India modern retail space
market and is expected to maintain its position during the forecast period as
well. Dominance of apparel retail can be attributed to rising consciousness
about physical appearance due to growing corporate culture and increasing
urbanization in the country.
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“Modern retail stores provide
convenience of shopping by offering a variety of products under one roof and
assurance of quality. With changing consumer preferences and lifestyles getting
hectic due to rising corporate culture and trend of dual household income, India
modern retail space market is anticipated to register a strong growth in the
coming years. Moreover, increasing presence of foreign brands in the country and
growing awareness about international products coupled with rising preference for
eating out at cafes and restaurants would further fuel growth in India modern
retail space market.” said Mr. Karan Chechi Research Director with TechSci
Research, a research based global management consulting firm.
“India Modern Retail
Space Market By Category, By Occupancy Type, By Size, Competition, Forecast
& Opportunities, 2014-2024” has evaluated the future growth
potential of Indian modern retail space market and provides statistics and
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in India modern retail space market.
About
TechSci Research
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700 global clients with more than 600 premium market research studies, TechSci
Research is serving clients across 11 different industrial verticals. TechSci Research
specializes in research-based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking global and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
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