Modern retail in India which amounts to Rs 87,100 crore at present, in the top six retail markets of the country, is expected to touch Rs 171,800 crore by 2019. The size of modern retail is expected to witness a substantial rise, from the current 19% to 24% in the next three years in the top six retail markets of the country, driven largely by omni-channel retailing, according to a retail report.
NCR has the highest share of modern retail at 26%, followed by Bengaluru 25% and Pune 21%. With a share of only 14% going forward, Mumbai holds the maximum potential for the growth of modern retail, according to a report by Knight Frank and Retail Association of India, “Think Connected Retail”. Samantak Das, chief economist and director of research, Knight Frank India, said, “Largely driven by online retailing, the penetration of modern retail will witness a substantial increase, from the current 19% to 24% in the next three years.”
Brands like H&M have chosen to concentrate on only a multi-format approach, the report said.