According to the industry experts, the fresh report comes that India India has replaced China as the numero uno retail destination in 2017 as part of the global retail development index.
“India has replaced China this year as the top retail destination as part of the study on global retail development index,” AT Kearney partner Subhendu Roy said on the concluding day of the two-day India Retail Forum 2017.
The change in the ranking was due to the outcome of four factors which included increase consumer spending, beyond essentials, rising mobile and internet penetration, favorable foreign investment climate and bold action on cashless transaction and GST, Roy explained.
According to India Retail Report 2017, over the past 12-15 months, 100 percent cash and carry operations are gaining significance in India with Thailand’s Siam Makro being the latest entrant in this space following Metro, Walmart, and Booker.
Moreover, the Swedish-furniture maker Ikea plans to open its lone distribution center or warehouse in the country in Pune by end 2017 and its first store in Hyderabad by early 2018 with overall plans to invest USD 1.56 billion to set up 25 stores in India.
The study also concludes that food as well as other retail brands like Korres, Migato, Evisu, Wallstreet English, Pasta Mania, Lush Addiction, Melting Pot, Yogurt Lab and Monnalisa and many others from across the world, are expected to invest about USD 300-500 million cumulatively to open roughly 2,500-3,000 stores.
On increasing global participation in Indian retail, now the sector will more evolve and also become organized and competitive in providing better assortment to the consumer.
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