The Indian retail industry is currently ranked 4th in the world and contributed 10 per cent to India's GDP and 8 per cent to the overall employment generation in the country. The market size was USD 0.79 trillion in 2019 and is estimated to reach USD 1.75 trillion by 2026, with a CAGR of 9 per cent-11 per cent. However, approximately 88 per cent of the market is in the unorganized segment, while organized and e-commerce accounts for the remaining share.
"There is a huge demand for organised retail in India, currently at 17-18 per cent. Going forward this share is bound to increase owing to shoppers and businesses increasingly preferring cleaner and more hygienic shopping spaces. In this category, commercial redevelopments at the center of a thriving market are fast catching up which not just gives a safe. new-age and organized shopping experience but also maintains the essence and aesthetics of that location. Retail with a 2-3 year delivery timeline has better prospects. Omaxe Chowk in Chandni Chowk is one such example where Omaxe in PPP with North DMC, is developing parking for 2100 plus cars, retail shops, and a food court with modern architecture, amenities and tourism touchpoints to enable shoppers to maximise their stay," said Mohit Goel, CEO, Omaxe Ltd.
With the re-opening of the mall in June after the lockdown, retail categories such as food and grocery, consumer durables and furniture have shown an encouraging response, according to an RAI survey. It also foresees food and grocery to recover faster as compared to other segments of retail.
The leveraging of technology in ensuring contactless and safe shopping experience to customers has become a priority for retailers and mall owners amid the transmission risk of the pandemic.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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