South India is poised to see hectic expansions by retail brands in the coming years amid a surge in consumption in those states. Bengaluru-based tech-driven retail company Ace Turtle intends to double its offline retail store count in India from 100 to 200 stores by the end of 2024, with 35% of stores planned in South India. Multinational conglomerate Apparel Group is also planning to expand its retail presence in the region to solidify its market position. The natural grocery store chain The Organic World is about to launch 100 stores across the region by the end of 2025.
As per a survey by Retailers Association of India (RAI), retail sales witnessed a 4% increase in December 2023 compared to 2022, with the Southern region experiencing a significant 7% year-on-year increase while North, West and East signalling a growth of 3%, 3% and 2% respectively. The region is home to approximately 20% of India's total population. This translates to over 250 million people providing a massive consumer base, states Nitin Chhabra, Chief Executive Officer, Ace Turtle. When the per capita income in India has grown at a CAGR of 9.3% for the last 10 years (20132023), some southern states have managed faster income growth than the national average with Karnataka leading at a CAGR of 14.7%, followed closely by Telangana at 13.7%, as reported by the Centre for Monitoring Indian Economy (CMIE) and the Press Information Bureau.
Growth Factors
Retailers across diverse industries identify various factors for their expansion into South India. Malabar Gold & Diamonds attributes its growth to the rising demand for gold in South India.
この記事は Images Retail の April 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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この記事は Images Retail の April 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
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