Modern retail is set to breach the single-digit-mark and touch 10.2% in terms of overall size by 2015, according to a report on the retail industry. Titled India Retail Report, the study says that to achieve this size, modern trade will grow at nearly 30% per annum in the next few years.
The drivers for this growth, says the report, will be a spurt in private consumption, expansion of both large and small-format stores, movement of brands into retail with the opening of concept and franchise stores and foreign investment into retail.
Currently, total retail in India stands at Rs 28.50 lakh crore, which will touch Rs 47.80 lakh crore by 2015. Of this, modern trade will constitute Rs 4.87 lakh crore, which will be nearly a two-fold growth from the current Rs 2.23 lakh crore.
Formats that will be see a spurt will be supermarkets, discount stores and speciality stores, the study says.