The organised retail sales volume in eight Indian cities of NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune, Kolkata and Ahmedabad is estimated to grow at an annual rate of 17 per cent to top US $ 136 billion by the end of fiscal year 2028 from US $ 52 billion in fiscal year 2022.
Notably, Indian malls are estimated to grow at a compound annual growth rate (CAGR) of 29 per cent in the FY ’22 to FY ’28 period, reaching US $ 39 billion by FY ’28.
Retail sales in Indian malls across these cities grew at a CAGR of approximately 3 per cent to reach US $ 8 billion in FY ’22, while in FY ’23, the potential consumption is estimated to surpass the pre-COVID-19 levels to reach US $11 billion.
As per the report, the east and north regions witnessed a strong recovery in consumption reaching new heights by crossing pre-pandemic levels in March 2022.
Consequently, categories such as apparels and accessories have witnessed maximum upsurge.
The share of apparels has increased to 29 per cent in malls from 26 per cent. Accessories such as books, watches, jewellery, eyewear and others witnessed a prominent increase from 8 per cent in pre-Covid to 12 per cent in space take-up in malls.
Beauty, footwear and entertainment as categories also registered a marginal growth during the same period.
