CIRCA 2047. TEXTILE mill entrepreneur Riddhima Singh, 36, walks through the marble atrium of a downtown luxury mall. Surrounded by global luxury stores such as Dior and Gucci, she shops for herself and her family before making her way to designer Indian brands. The mall has all the glitz and glamour of a luxury mall in present-day Delhi or Mumbai. The only difference: it’s located in Ludhiana.
“As the economy strengthens and consumer purchasing power increases, cities like Jaipur and Ludhiana will emerge as key markets for luxury brands. We foresee the rise of more luxury destinations similar to Emporio, which may expand into Tier II cities if economic conditions are favourable,” says Pushpa Bector, Senior Executive Director and Business Head at DLF Retail. According to her, these cities have enormous potential for luxury retail due to their increasing affluence and sophisticated consumer base. DLF Retail currently operates two luxury malls, Emporio and Chanakya, in New Delhi. “The expansion into Tier II markets will not only democratise luxury but also create new avenues for growth, ensuring that luxury brands are well-positioned to cater to an increasingly diverse Indian consumer base,” Bector says.
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Denne historien er fra September 15, 2024-utgaven av Business Today India.
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