A major International property consultancy, JLL India, recently unveiled its latest study on the Indian retail real estate sector. This research report was released by the firm’s chairman and country head, Anuj Puri at the Retail Real Estate India 2016 CXO Meet & conference in Mumbai.
The report, entitled, ’Winds of Change, gives a clear Indian outlook on JLL’s recent global report, ‘Destination Retail 2016’which talks about the existence of 240 global retailers across 140 cities, and the pillars for growth as well as the opportunities and the hurdles for the companies around the world.
Mr. Anuj Puri believes that Indian resources are under-penetrated, but the situation is changing. He insists that the primary factors for a sound growth – supportive government policies, faster economic growth, enhanced flow of capital to the retail real estate and increasing affluence and
Even though India has proved itself to be the fastest growing major economy in the world with a GDP growth of 7.6% in 2015-2016, cities from other developing countries such as Philippines, Indonesia, Vietnam and Thailand have been ranked much above the Indian cities (New Delhi, 92 and Mumbai,109).
James Brown, the International Director- Retail and Research consulting, JLL, is also very optimistic about India’s future. He praised the central government’s aggressive reforms driven agenda. “Big-ticket reforms like the GST bill will definitely propel India into a higher growth trajectory going forward” he said. According to IMF forecast, India’s economy is already the fastest growing economy globally and is expected to follow a similar trend in the future as well. Such a dynamic growth environment will definitely bring the international retail clients to its doors.
Fascinatingly, Bangalore, Mumbai, Hyderabad, Pune and Delhi are listed in the top 10 cities having the highest Retail Sales growth forecast between 2015 & 2019 in the report. India has also taken the second spot in A.T. Kearney’s 2016 Global Retail Development Index.
With the liberalization of the FDI policy, there’s no doubt that India is attracting a number of global retailers. This is evident from the number of major international retailers who’ve entered the country in the recent times.
September 15, 2016