By Accommodation Times News Service
Mumbai is followed by NCR and Bengaluru with Rs 77,900 crore and Rs 48,600 crore potentials, respectively
Mumbai Metropolitan Metro has the highest potential for modern retail in the country at Rs 1.05 lakh crore, followed by Delhi-National Capital Region, which has total potential of Rs 77,900crore, according to Knight Frank & Retailers Association of India’s ‘Think India. Think Retail. 2016’ report.
Bengaluru is third in the list, with potential of Rs 48,600crore.
As part of the city-level analysis, the report has identified zone level supply-demand gap for apparel, F&B, entertainment and grocery across India’s top markets.
It says the penetration of modern retail is set to increase from the current 13.5% to 50% by 2036 in Mumbai, from 26% to 50% by 2028 in NCR and from 24% to 50% in 2026 in Bengaluru.
While the market potential of daily needs supermarkets and hypermarkets is pegged at Rs 58,800 crore in Mumbai and Rs 51,200 crore in NCR, it stands at Rs 24,300 crore in Bengaluru.
The report says that modern retail penetration in India is extremely low at 19% compared to US, Singapore and China, where the figures are 84%, 71% and 63% respectively.
According to the report, 69% of the total retail spending comes from Mumbai Metropolitan Region, NCR and Bengaluru out of the top seven cities in the country.