South India is poised to see hectic expansions by retail brands in the coming years amid a surge in consumption in those states. Bengaluru-based tech-driven retail company Ace Turtle intends to double its offline retail store count in India from 100 to 200 stores by the end of 2024, with 35% of stores planned in South India. Multinational conglomerate Apparel Group is also planning to expand its retail presence in the region to solidify its market position. The natural grocery store chain The Organic World is about to launch 100 stores across the region by the end of 2025.
As per a survey by Retailers Association of India (RAI), retail sales witnessed a 4% increase in December 2023 compared to 2022, with the Southern region experiencing a significant 7% year-on-year increase while North, West and East signalling a growth of 3%, 3% and 2% respectively. The region is home to approximately 20% of India's total population. This translates to over 250 million people providing a massive consumer base, states Nitin Chhabra, Chief Executive Officer, Ace Turtle. When the per capita income in India has grown at a CAGR of 9.3% for the last 10 years (20132023), some southern states have managed faster income growth than the national average with Karnataka leading at a CAGR of 14.7%, followed closely by Telangana at 13.7%, as reported by the Centre for Monitoring Indian Economy (CMIE) and the Press Information Bureau.
Growth Factors
Retailers across diverse industries identify various factors for their expansion into South India. Malabar Gold & Diamonds attributes its growth to the rising demand for gold in South India.
Denne historien er fra April 2024-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra April 2024-utgaven av Images Retail.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Retail Sector Records Strongest Hi Leasing in 5 years: CBRE
Leasing in Bengaluru, Chennai, and Delhi-NCR accounted for 59% share during Jan-June 2024.
Lulu Mall Bengaluru Welcomes 5 New Brands
Lulu Mall, Bengaluru, operated by the multinational developer Lulu Group, has expanded its portfolio by welcoming five new retail brands, the company wrote on social media.
Gujarat gets its First IMAX at Palladium Ahmedabad
Mumbai-based PVR Cinemas opened a new theatre at Palladium Ahmedabad, a social media post by a company official.
Budget 2024-2025: What's in it for Retail?
An overview of all the retail ecosystem-related measures in the Budget 2024-2025 revealed by Finance Minister Nirmala Sitharaman in her 7th budget speech.
Identity As a Service (IDAAS) Simplified
An explainer on Identity and Access Management-As-A-Service (IDaaS) in the context of retail.
6 Ways in Which D2C Brands are Redefining Physical Stores
From quirky fixtures to restageable elements, D2C brands do it differently when they open brick-and-mortar stores
What Innovation Means for Different Leaders
A look at how representatives of different retail categories define innovation and how they approach and implement it in their businesses.
Elevating Experience Through Omnichannel Retail Strategies
Here's how retailers are blending online and offline to offer seamless and personalised customer experience.
How to Improve Customer Engagement with Generative AI
Ways in which retail businesses can embrace generative AI to create hyper-personalised, seamless conversations to secure a lasting competitive edge in the marketplace.
'Customers Do Not See Shoppers Stop.com as Just Another e-commerce Site'
Sreekanth Chetlur, Chief e-commerce Officer, Shoppers Stop speaks about the three-decadeold physical-first department store chain's e-commerce journey, goals and strategies
