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Non-metro major emerging cities of Jaipur, Kochi, Ludhiana, Indore, Nagpur and Udaipur are being perceived as the upcoming cities that retailers are considering with growing seriousness.
In a report compiled by real estate consultancy company Jones Lang LaSalle, these non-metro major cities are emerging as lucrative locations for retailers and brands. They are attracted by the increasing incomes and rising brand awareness among consumers there.
A substantial number of shopping malls are being planned or are already under development in these cities.
According to their research findings, sales in the modern retail stores in these cities are quite encouraging. This is expected to pave way for organised retail.
Pankaj Renjhen, Managing Director, Retail Services, Jones Lang LaSalle India, said the expansion is often a challenge in a curtailed economic environment.
Retailers who wait too long to expand into new territories or are content to stay where they are, are missing the growth wave and will eventually lose their market relevance.
"As such, all Indian and global retail brands operating in India have plans to expand into cities where economic momentum is picking up. In these cities, most local retailers have a footprint. But branded national and international brands have set their sights on these emerging markets," the report noted.
rishikumar.vundi@thehindu.co.in
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