Tier II & III cities are considered the future growth engines of the country. Various factors work in its favour including the saturation of metros due to limited space availability, rising rental values and improper infrastructure facilities. Concurrently, multiple infra upgrades in smaller cities and towns coupled with technological enhancements are creating awareness about various brands, products, markets, etc.
What more, present-day customer in tier 2 and 3 cities is demanding, more aware, has higher disposable income and is a globe-trotter, which necessitates a revolutionary change in the retail segment to cater to such consumer-type. This change showcases a strong momentum and potential in the overall market size of tier 2 and 3 cities which are pegged to reach nearly USD 80 bn by 2026. In fact, it can be clearly said that Tier II and III cities will be the major contributors in the growth of organized retail in the country, currently growing at a CAGR of 20-25%.
New Mall Supply – Prominent Cities
This story is from the March 2020 edition of Images Retail.
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This story is from the March 2020 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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