Fifth episode briefing you about the best retail growth quarter in Indian retail post the pandemic, one of the largest shopping mall launch in India and retail expansion spree in store space.
Hello and welcome to This Week in Indian Retail - a podcast dedicated to the major events, news and stories that impacted the Indian retail industry in the last week.
We are now available on major podcast apps including Spotify, Amazon Music, Apple Podcasts, Audible and Google Podcasts.
This is July 17th 2022 and I’m your host Prateek Malik from New Delhi.
Let’s get started!
Summary of Week 28 of 2022 :
Major retailers marked the best quarter since Covid Since the last quarter has been the first restriction-free quarter since Covid, majority of the listed retailers are expected to post double digit sales growth figures. Across Apr-May already a 23% growth rate has been observed with over 15% pricing hike vs the last year. Speaking with major news agencies, certain groups disclosed their numbers. Last quarter sales were up by 120% for DLF, 207% for Titan, 121% for Phoenix, 94% for D-Mart and many more around the similar bar. Most groups and consultants mention that the savings accumulated over the past 2 years helped boost the sales for most of the premium brands.
Lucknow witnessed the launch of the largest shopping mall in the region The Golf City region of Lucknow came alive with cheers and music when the UP state PM Yogi Adityanath inaugurated the largest shopping mall of the region - the LuLu Mall along with LuLu group chairman Yusuffali MA. This is one of Lulu’s largest locations ever spread across 22 lakh sq ft and providing employment to roughly 5,000 people. It hosts 15 fine dine restaurants and cafes along and a huge food court that presents 25 food brands in a 1600 people seating space. There is a dedicated wedding and occasion shopping arena including multiple premium apparel, jewelry and watch brands. To help with the parking, there is a 11 storey facility spread over 7 lakh sq ft that can easily host 3,000 vehicles. For family entertainment, there is an indoor family entertainment zone called Funtura along with an 11 screen PVR superplex where movie buffs can have the widest choice possible. For reference, this mall is even larger than DLF Mall of India Noida and Phoenix Market City Mumbai. Hopefully it will help attract the right consumer mix to the Lucknow city.
Retail expansions continue across the country with stronger offline presence milestones Bluestone jewellery opens its 100th retail store, Khadims its 206th store, Tanishq its 361st store, Croma with their new Gurgaon outlet and even new brands like Fizzy Goblet footwear, DaMensch menswear and Superkicks with their exclusive sneakers experience center in Delhi. Majority of the brands are expanding across both company operated and franchise operated formats with stronger presence in both Tier 1 and Tier 2 zones. This expansion spree is a result of the new investments infused internally and the great revenue collections done across the e-commerce channels.
That’s a quick wrap for this week.
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See you in the next one.
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