Reliance Retail, Westside, Max all active retailers look at expansion as 2nd wave ebbs
29th July 2021, Mumbai:
Retailers across segments in India are on an expansion spree as the second wave of the Covid-19 pandemic subsides.
Reliance Retail for example planned to open about 1000 stores in the first quarter.
However, the second wave of the pandemic disrupted those plans and it launched only 123 stores.
But about 700 stores are fitout-ready and would be opened in the second quarter.
While some retailers are implementing plans that had to be stalled due to curbs, others are scouting for new locations to make the most of a drop in rentals due to the supply glut.
Since the pandemic significantly affected operations of shopping malls, retailers are increasingly preferring to set up stores in high street locations.
In line with this trend, major retailers closed 119 deals at prominent high-street markets in India from April 2020 to May 2021, according to property consultant Anarock.
Apparel retailers, and even large-format stores Westside and Max, which are typically anchor stores in malls, are eyeing high-street locations, Anarock said in a report.
In addition, retailers are showing a growing preference towards opening stores in smaller towns over metros.
Huge losses incurred over the past year have led to the closure of smaller stores and businesses, freeing up space in high street locations and shopping malls.
A drop in rentals and availability of retail space are driving store openings by major retailers.
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