 "Photo: Spencer Retail website")
Size of modern retail in India in the top six retail markets is set to double and reach Rs 1,718 billion by 2019, says a research report.
According to the Knight Frank India and Retailers Association of India (RAI) third edition of 'Think India. Think Connected Retail' report, modern retail channel is projected to reach Rs 1,718 billion by 2019 in the top six retail markets of the country from Rs 871 billion at present.
"The potential for modern retail can be unlocked sooner by adopting omni-channel strategies, where brands would deploy offline and online stores to service the consumer in exactly the way he demands," it added.
Knight Frank India Chief Economist & Director of Research Samantak Das said: "Largely driven by online retailing, the penetration of modern retail will also witness a substantial increase, from the current 19 per cent to 24 per cent in the next three years. Modern retail in India is at the cusp of unlocking new frontiers."
The report tracks the evolution of India's modern retail market in the top six cities in India — Mumbai, NCR, Bengaluru, Chennai, Hyderabad and Pune — as companies explore the next frontier of omni-channel retail in a bid to survive and conquer one of the largest consumption markets in the world.
In India, retail sector is largely fragmented and dominated by traditional kirana stores.
The report also contains case studies on the marketing strategies of some of the leading brands like Shoppers Stop, Bestseller, H&M, Pepperfry, GAP and Woodland.
