28 November 2023, Mumbai
Life in my small town isn't so small anymore. Gone are the days of dusty shelves and limited options; A tale of two Indian perspectives
This dynamic dance promises vibrant marketplaces, thriving communities, and a future where every consumer, regardless of zip code, gets to have their say. The story is still unfolding, but one thing is clear: it's going to be a thrilling ride.
Thrilling retail dance: Big & small compete, vibrant chance
Fueling Aspirational Spending Spree Indian consumers are buzzing with optimism, defying global economic anxieties and driving a surge in spending, particularly on premium and aspirational products.
India's retail market is poised for significant expansion, with malls set to benefit from rising consumer spending and the popularity of omni-channel retailing.
ICRA predicts trading values to surge by up to 4-5% in FY 2024, while rental incomes are expected to grow by 8–10%.
The rise of omni-channel retailing is driving footfalls to malls, leading to higher occupancy rates and an overall revitalization of the retail sector.
With India's retail space market expected to reach a value of $2 trillion by 2032, the future outlook for malls remains positive.