India’s retail sector has undergone a rapid
transformation over the past decade &
this process is expected to strengthen in coming years with the rise in population, per capita income
and urbanisation.
According to the provisional estimate by the Census of
India 2011, India’s total population has reached nearly 121
crore compared to the 103 crore recorded in the previous
census of 2001.
Tremendous Population Growth..!
This tremendous growth in population has led to an
unprecedented scale of urbanisation, with the share of urban
population increasing to 31 per cent in 2011 from 28 per cent in 2001.
According to the UN (United Nations), India has the
highest rate of change in its urban population of all the BRIC nations and
this figure is likely to remain above 2 per cent annually for the next 3
decades.
About 64 per cent of the Indian population is in the
working age group of 15 to 64 and 35 per cent is relatively young, aged 15 to 34.
As per IMF estimates, the per capita GDP (Gross
domestic Production) of India was Rs. 46,221 per annum at end- 2011, a figure
that is forecast to rise to Rs. 58,224
by end 2015.
With India’s growing per capita income and a rising
middle class, the retail sector has the potential to be the real growth engine
of India’s economy.
While demand for a superior shopping experience is
evident in the metropolitan cities, the Tier II & Tier III towns are also
rapidly acclimatising to the changing landscape of the Indian retail market.
Growing consumerism, changes in consumers’ tastes and preferences, and
heightened brand consciousness has been fast replacing traditional mom and pop
stores with organised
retail malls that house lifestyle and luxury brands
from national & international retailers.
As part of its retail transformation, India has seen
substantial increase in mall space in recent years. Over the past decade, such cities
as NCR - Delhi, Mumbai and Bangalore have shown prominent growth in retail
stock, while Hyderabad, Pune, Chennai, Kolkata and
many other Tier III towns are rapidly emerging as the
retail growth corridors of the next decade.
City Statistics
2011 Population (million)
City Name
Population (million)
Mumbai
20.5
Delhi - NCR
16.8
Bangalore
8.4
Chennai
6.4
Hyderabad
6.8
Pune
5.8
Kolkata
8.6
Monthly Per Capita Income (INR)
City
Name Per Capita Income (Rs.)
Mumbai
12,554
Delhi - NCR
11,762
Bangalore
8,357
Chennai
7,507
Hyderabad
6,057
Pune
10,598
Kolkata
6,433
For more details, contact,
Ashutosh Limaye
Head, Research and REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Jones Lang LaSalle Retail contacts in India
Shubhranshu Pani
shubhranshu.pani@ap.jll.com
+91 98205 19899
Pankaj Renjhen
pankaj.renjhen@ap.jll.com
+91 98992 18885
Authors
Subash Chandra Bhola
Assistant Vice President, Research and REIS
subash.bhola@ap.jll.com
+91 22 3985 2311
Karan Khetan
Senior Analyst, Research and REIS
karan.khetan@ap.jll.com
+91 22 3985 1313
Src : L Jones Lang LaSalle Asia Pacific
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