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

BJY Has Improved Rahul’s Image To The Congress Supporters But That Is Not Enough

February 4, 2023
IPA Special

China Reopening Changing Market Dynamics Impacting Importers

February 4, 2023
IPA Special

Union Budget 2023-24: Kerala Again Cold Shouldered

February 4, 2023
IPA Special

2023-24 Budget Keeps Key Issues Of Indian Workers Unaddressed

February 4, 2023
IPA Special

Modi Baiter Trinamool Spokesperson Saket Gokhale Is In ED Net

February 4, 2023
IPA Special

Israelis And Palestinians Do What They Do Best, But For Wrong Reasons

February 4, 2023
IPA Special

‘Let It Be Morning,’ A Stunningly Powerful Almost All-Palestinian Israeli Film

February 4, 2023
Happening Now

RBI says banking sector stable amid Adani stocks rout

February 4, 2023
Politics

Cong opposes private member’s bill against worship places law

February 4, 2023
Politics

Cong blasts ‘arm-chair liberals’ for criticising yatra

February 4, 2023
Politics

No plan for remote voting machines, clarifies govt

February 4, 2023
Politics

Chidambaram attacks govt’s anti-minority policy

February 4, 2023
IPA Special

BJP May Lose Power In Two Out Of Three North Eastern States After Assembly Polls

February 3, 2023
IPA Special

Modi 2’s Last Full Budget Ignores Indian Economy’s Basic Problem

February 3, 2023
IPA Special

Enforcement Directorate Is An Ally Of Modi Govt Against Opposition Parties

February 3, 2023
IPA Special

Deceptions In Plenty In The Union Budget 2023-24

February 3, 2023
IPA Special

Nirmala Has Brought Some Form Of Fiscal Stability In 2023-24 Budget

February 3, 2023
IPA Special

Will Rahul’s Bharat Jodo Yatra Gains Translate Into Electoral Impact?

February 3, 2023
IPA Special

Budgetary Allocations Insufficient In View Of India’s Digital Outreach

February 3, 2023
IPA Special

Israel Government Is Threatening To Turn Iran Into Another Ukraine

February 3, 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   ·  
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
logo
  • Home
  • now
  • politics
  • business
  • markets