In February, the momentum of retail store expansion surged by 23 per cent to over 76 establishments, inclusive of shop-in-shops. As per data compiled by IndiaRetailing Insights, a retail intelligence unit, this spike marks the highest growth in the last three months, following December's 48 new stores and January's 62.
North India continued to dominate, outpacing other regions with 24 new stores, while the South and West regions trailed closely with 23 each. The East maintained a modest count of 1-5 new stores, albeit with a burgeoning retail scene in the North East.
Geographically, Bengaluru led with nearly 12 new stores, followed by Mumbai with nine, Delhi with eight, and Pune and Hyderabad with seven each. Brands such as Wow! Momo, Lenskart, and H&M expanded their footprint, alongside newer entrants like Honasa Consumer and Plaka by Chef Ajay Chopra.
Noteworthy expansions include Intune by Shoppers Stop adding five new stores, while Good Flippin’ Burgers and Gargi by P N Gadgil & Sons opened three each. International expansion saw Lenskart opening outlets in the Middle East, while Malabar Gold & Diamonds ventured into Australia, and Moti Mahal expanded into Europe.
Additionally, global brands made their foray into the Indian market, with Fenty Beauty by Rihanna partnering with Nykaa and French brand Kiabi collaborating with Myntra. Dockers also made a comeback to India's casual wear market.
Key industry developments included Reliance Retail's move to acquire Kiko Milano's Indian beauty business and Ikea's decision to close its Mumbai RCity Store. On the infrastructure front, Bharti Realty and Benoy announced plans for a large business district near Delhi's airport and Gurugram's first luxury mall, respectively.
In Q3, FY2024, around 150 new stores were opened by leading retailers and these numbers are expected to increase in this quarter with already 138 new stores opened in January and February.
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