As part of the global retail development index India has now replaced China from no. 1 retail destination in 2017, say industry experts. Held on 19-20 Sept 2017 at Mumbai, India, India Retail Forum 2017 is Exhibition and Conference for Retail Business in India. It provides an excellent platform for business to business contacts and help producers, manufacturers, importers & exporters to network with international traders and wholesalers.
This year, it is 14th edition of IRF. More than 175 distinguished speakers from around the world, approximately 100 exhibitors of innovative products and services for the retail sector were part of Indian Retail Forum 2017.
On the concluding day of the two-day India Retail Forum 2017, AT Kearney partner Subhendu Roy said, “India has replaced China this year as the top retail destination as part of the study on global retail development index.”
For this change in position, Mr. Roy attributed four factors including increased consumer spending, beyond essentials, rising mobile and internet penetration, favourable foreign investment climate and bold action on cashless transaction and GST, Roy explained. “This has triggered the entry of global brands into India with transparency and ease,” he added.
According to India Retail Report 2017, over the past 12-15 months, 100 per cent cash and carry operations are gaining significance in India with Thailands Siam Makro being the latest entrant in this space following Metro, Walmart and Booker.
In addition to the bigger retailer and brands, the mid-size brands from across the world are also looking to cash on the relaxed retail policy in India.
Food as well as retail Brands such as Korres, Migato, Evisu, Wallstreet English, Pasta Mania, Lush Addiction, Melting Pot, Yogurt Lab and Monnalisa and many others from across the world, are expected to invest about USD 300-500 million cumulatively to open roughly 2,500-3,000 stores, the study said.
With increasing global participation in Indian retail, the sector will further evolve and become more organised and competitive in providing better assortment to the consumer.