Hyderabad: The Indian retail industry which witnessed disruption during the pandemic-induced periodic lockdowns is witnessing a massive turnaround. Tier 2 and 3 cities are driving the next phase of growth for India’s retail sector.
According to a report by World Bank, Retail India is expected to contribute 10% to the GDP and 8% to employment by 2023.
During the COVID-19 pandemic, there was a mass perception that a major chunk of shopping could move online. However, the current growth in retail leasing has proved that there is space for both online and offline formats to co-exist and grow at the same time.
Over the past decade, the shift in consumption patterns in smaller towns has resulted in higher purchasing power on discretionary items in these markets.
Unify Facility Management is increasingly using the data from the trends to acquire further traction in the retail vertical while also meeting the ever-changing customer expectations. Commenting on the same, Saurabh Agarwal, M.D., Unify said, “Retailers and mall developers are now looking to leverage the buying power of the increasing populace in tier-II cities as these cities are poised to be the new growth vectors in the coming years. We at Unify are bullish about the growth of retail throughout the country and have wrought ourselves accordingly.”
India has emerged as the world’s fifth-largest global destination in the retail space and is expected to reach a whopping US$ 2 trillion in value by 2032, according to a recent analysis by the Boston Consulting Group. It is one of the top sectors for Unify.