Images Retail - October 2023

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Focus on Footwear Footwear has evolved from being a necessity to serving functional and aesthetic purposes. This change in perception towards the item is what is fuelling the growth of the category.
Today, most people in urban India own more than one pair of footwear—the average annual per capita footwear consumption in India is pegged at 1.9 pairs, which is way behind the global average of 3.2 pairs. Yet, India is ranked the world’s secondlargest consumer of footwear, based on the number of pairs purchased, trailing behind China which consumes an average of 3.3 pairs.
Although India’s annual footwear consumption is expected to reach 2-2.1 pairs by Financial Year (FY) 2024-25, it is still nowhere near the global average. This suggests that there is headroom for growth, especially for the organised segment, which is expected to grow at a CAGR of ~20-20% from FY22 to FY25 to reach a marketshare of 36%-40%. The next few years hold a lot of promise for the category, which is why we have chosen it as the theme, this issue.
Metro Brands Ltd., represents the category and its potential, perfectly. Having successfully transitioned from being a family-owned family-run business to a professional-run entity, the company boasts strong fundamentals and operational rigour. In the cover story, CEO Nissan Joseph shares the company’s strategies and visions for its next phase of evolution and growth.
Visionary Irfran Razack, Chairman of Prestige Group, adorns the cover of Shopping Centre News section. He speaks about his journey building successful centres and shares his vision for recreating the magic of malls again through new large-scale projects.