IPA Newspack
  • Home
  • now
  • politics
  • business
  • markets

IPA /

Business

Business

Indian retail footfalls post 100% growth as pandemic ebbs

Even as the coronavirus pandemic ebbs, the Indian retail space is witnessing growing footfalls across retail and recreational spaces. The retail sector made a robust recovery in the second quarter of 2022, with transaction activity growing by more than 100 per cent on a quarterly basis. Overall, in H1 2022, it reported massive growth of more than 160 per cent y-o-y, according to a report by real estate consulting firm CBRE South Asia.

The report, titled ‘The Retail Perspective on Experience and its Impact on Real Estate’, said that while relevant and viable online retail may not suffice to satiate retail needs as outing, experience, and leisure are critical factors needed to balance the retail equation and will continue to draw in-store shoppers.

The CBRE report said the experience was a critical factor driving how retail spaces were designed even before the pandemic. However, following the pandemic, the productivity of retail spaces came into sharper focus, with ‘experience’ becoming more crucial due to its ability to increase customer engagement and not just sales. As a result, experiential retail is currently counterbalancing the prevalence of e-commerce and ensuring profitability by increasing the brand’s physical presence.

“This can be advantageous given the pent-up demand from customers who, following the two-year COVID-19-induced isolation, are now increasingly becoming active in the physical realm. These customers are now looking for engaging, immersive, and convenient experiences that give them a reason to visit stores rather than make purchases online,” the report said.

It added that across cities, brands are resizing and recalibrating their physical store strategies to diversify their portfolio and expand their footprint, with ‘experience’ fast becoming an important frontier to bridge the retailer-consumer gap.

“H1 2022 saw more than 500 per cent increase in project completions compared to a year ago. We expect these positive sentiments to sustain in the near term even as retailers explore innovative means to attract consumers and drive sales on both online and online fronts,” the report said.

Anshuman Magazine, chairman and CEO (India, South-East Asia, Middle East & Africa) of CBRE, said, “Physical retail locations must evolve into places where people want to go rather than have to go if they are to succeed in the future. While we have reasons to believe that retail business activity has already moved towards pre-pandemic levels, COVID-19 has modified consumer priorities. It is therefore imperative to deliberate on how real estate stakeholders can improve their spaces to enhance the experience quotient and subsequently value.”

Ram Chandnani, managing director (advisory & transactions services) of CBRE India, said that in the current scenario, it is imperative to figure out how players in the retail space can improve physical experiences.

“CBRE suggests a multi-pronged approach for doing exactly that – this consists of diversification of store formats and functions, leveraging data science to develop customized location strategies based on the catchment, repurposing existing stores, creating a personalised experience, and developing fruitful partnerships. Moving forward, embracing digitisation to amalgamate traditional retail will be imperative,” Chandnani added.

With inputs from News18

IPA Special

Opposition Can Follow A Five-Point Approach To Defeat BJP In 2024 Lok Sabha Polls

June 2, 2023
IPA Special

Bigger Muslim Support To The Congress In Karnataka Poll Is A Positive Signal For 2024

June 2, 2023
IPA Special

Kejriwal Gathering Opposition’s Support Against Centre’s Ordinance

June 2, 2023
IPA Special

Modi Govt Is Planning To Make Sedition Law Stricter Before 2024 Polls

June 2, 2023
IPA Special

‘Deglobalisation’ Talk By Experts Means Tendency Of Western Powers To Discriminate Against China

June 2, 2023
IPA Special

Bengal BJP Revamps Its Campaign Strategy Focusing On Both Left And TMC

June 2, 2023
Happening Now

Law Commission backs sedition law with tougher punishment

June 2, 2023
Politics

Rahul says BJP will be ‘decimated’ in assembly polls

June 2, 2023
Politics

Giriraj Singh calls Rahul Gandhi’s US tour ‘gaali yatra’

June 2, 2023
Politics

Cong to attend Patna meeting of opposition parties

June 2, 2023
Politics

Islam safe and secure in Bharat, vouches RSS chief

June 2, 2023
IPA Special

Installation Of Sengol At New Parliament Building Is A Part Of RSS Plan On Hindu Rashtra

June 1, 2023
IPA Special

Coming Caste Census Has To Focus On Many New Dynamics Of Indian Society

June 1, 2023
IPA Special

High Growth Rate Of GDP In 2022-23 Hides Many Concerns Over Its Nature

June 1, 2023
IPA Special

BJP Leadership At State, Centre Have Been Stoking Manipur Fire

June 1, 2023
IPA Special

Centre and The Ruling Party Have Lost All Propriety By Defending The Accused BJP MP

June 1, 2023
IPA Special

Brazil President Lula Pushes For Integration At South American Summit

June 1, 2023
IPA Special

The Bloody History Behind The British Possession Of The Koh-i-Noor

June 1, 2023
Politics

DMK to coordinate opposition unity efforts: Stalin

June 1, 2023
Politics

Modi blasts Cong for misleading poor, ‘guarantee habit’

June 1, 2023

An appeal

The legacy of IPA, founded by Nikhil Chakravartty, the doyen of journalism in India, to keep the flag of independent media flying high, is facing the threat of extinction due to the effect of the Covid pandemic. Only an emergency funding can avert such an eventuality. We appeal to all those who believe in the freedom of expression to contribute to this noble cause.
Click here to learn more

Share

Reply

  • 0
More on IPA

Byju’s seeks more time to recast $1.2 billion debt

January 10, 2023 5:34 pm | IPA Staff

Edtech startup Byju’s has sought more time from creditors to renegotiate an agreement governing a $1.2 billion loan that is in breach of covenants, according...

Business

Air India-Vistara merger on cards

September 14, 2022 10:53 am | IPA Staff

Air India and Vistara may merge soon as all possibilities are being discussed, Vinod Kanan, chief executive officer (CEO) of Vistara has said. Ever since Tata...

Business

Amex gets new India CEO after RBI ban on expansion lifted

September 13, 2022 9:30 am | IPA Staff

American Express Banking Corp (AEBC) has announced the appointment of Sanjay Khanna as the Chief Executive Officer (CEO) and Country Manager for India. The company...

Business

Rice prices jump 5% as Bangladesh cuts import duty

September 9, 2022 8:56 am | IPA Staff

The prices of rice in India in the past week have increased about 5 per cent as neighbouring Bangladesh has again cut import duty on...

Business

Byju’s seeks more time to recast $1.2 billion debt

in Business
Jan 10, 2023   ·  

Air India-Vistara merger on cards

in Business
Sep 14, 2022   ·  

Amex gets new India CEO after RBI ban on expansion lifted

in Business
Sep 13, 2022   ·  

Leave a Reply Cancel reply

You must be logged in to post a comment.

Follow us on
Up Next: Nitish Kumar wins majority test, BJP walks out
©2020 -2021 India Press Agency, All Rights Reserved.
Newspack by India Press Agency | Statement of Ownership | Contact Us
logo
  • Home
  • now
  • politics
  • business
  • markets