India Retail Report

THINK INDIA.
THINK RETAIL.
2015
A DEFINITIVE VIEW ON INDIAS RETAIL MARKET
Think India. Think Retail.
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resent in India ll ed
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Fore ard
Chair an
anaging Direct r
Knight Frank India t Ltd
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Chie E ecuti e O cer

Retailers Ass ciati n India
A Note from Retailers Association of India
Indian retail is an incredible

assortment of formats. While on
one hand we have the local stores
offering credit and home delivery,
all to maintain personal
relationships with customers, on
the other, these are being well
complemented and, in some
cases, replaced by organised bigbox retail chains. And, nally, there
is the ourishing e-commerce
sector that wishes to outdo both
and transform the industry.
From personalized service to cash-on-delivery and

even installment payment systems, Indias retail
sector has denitely come of age.
Over the last decade, the concept of shopping
has also undergone a sea change in terms of
format and consumer buying behavior, ushering in
a revolution across the country. Modern retailing
has taken over the Indian retail market as is
observed in the form of bustling shopping centers,
multi-storied malls and the huge complexes that
offer shopping, entertainment and food under one
roof.
The Indian customer too, has evolved with time
and this has led to a sudden spurt in global brands
entering the market with their set of offerings. This
coupled with a rise in purchasing power has
brought branded merchandise across categories
like apparels, cosmetics, beverages, food and
even jewellery well within reach of the potential
customer. And its time retailers take note of the
change and capitalize on the opportunity to
introduce newer formats that pave way for better
products at the right price.
With an ever expanding domestic market and a
forecast growth rate of 15 percent a year, the
Indian retailing scene seems extremely attractive
for overseas investors who are looking to foray

into this segment and make huge returns on the
back of a large consumer base of over 600
billion customers. Today, several global names
are keen to enter the Indian retail market,
however its for the present government to
decide the route. Will FDI be the best one We
will have to wait and watch.
Taking into account such opportunities and
challenges, we are happy to share a
comprehensive commentary on the Indian Retail
Market through our rst ever yearly retail
analysis report - Think India. Think Retail.
The report will serve as an industry guide for
developers, retailers, nancial institutions,
consumers and everyone else tracking the
sector, to help them make informed choices.
Hope you nd the information relevant. I look
forward to hearing back for you.
Best Wishes,
Shishir Bai al
Chairman & Managing Director
Knight Frank India Pvt. Ltd.
shishir baijal in nightfran com
Retail Detail - A Ne
Understanding
Retail in India is at an interesting juncture. Space has

always been the nal frontier for brick and mortar retailers
and the struggle has been to get the right property at the
right time. Alternate channels of retailing including
e-commerce give retailers new possibilities.
The RAI Knight Frank Think India. Think Retail. report is
an industry rst. No other report has envisaged to do
what this report covers give an accurate idea of the total
retail spending and penetration of modern retail in 2014.
The report also delves deeper to understand categorywise and even area-wise details of retail reach.
It is heartening to learn that modern retail penetration in
the top seven cities of India stood at 19 per cent in 2014,
of which brick-and-mortar modern retail was at 17 per
cent and E-tail at 2 per cent. These gures are
encouraging signs of modernisation of retail in India.
This ambitious report has been possible, thanks to the
deep industry understanding and hard work by the team
at Knight Frank. We hope that the wealth of information in
the report will help people in the retail industry make wise
business decisions, going forward.
contents
Introduction
India Retail
Bengaluru
Chennai
Hyderabad
Kolkata
Mumbai Metropolitan
Region (MMR)
National Capital
Region (NCR)
Pune
Crystal-Gazing
Indias Retail
Potential
Images used within the report are for indicative purposes only.
Introduction
The Indian retail landscape is among the most complex
across the globe, but it offers immense potential for the
enterprising business person. From the age-old kiranas or
mom-and-pop stores, traditional retail in India gave way to
modern retail formats, which elevated customer experience
to new levels. Now, with several catalysts' at play, as listed in
our E-tail chapter, e-tailing or the sale of products across
media such as the Internet, telephone and television, has
emerged as an idea whose time has come.
Knight Frank presents this report in response to the

industry's expectations of an in-depth analysis of the
changing modern retail landscape in the country. Based on a
mammoth primary survey of more than 30,000 retail outlets,
this report captures the footprint of 23 retail product
categories across the top seven metropolitan centres,
namely Mumbai, Delhi, Bengaluru, Chennai, Hyderabad,
Pune and Kolkata.
Structure of retail market proling and analysis

presented in the report
India Level
Analysis
India level dynamics

Inter-city (7 cities) comparisons
Product category-wise (13 categories) comparisons
City Level
Analysis
City level dynamics

Inter-zone (5-8 zones) comparisons
Zone Level
Analysis
10
Dening modern retail has always been an ambiguous area.

For the purpose of our store-level eld survey of modern
retail outlets, all stores in a mall have been considered as
modern retail constituents. In the case of retail stores on
shopping streets, we have considered the stores to be part
of the modern retail arena on the basis of the following
characteristics:
The store provides a purchase invoice
The store is a recognised foreign/national brand, or has
air conditioning
Accordingly, all modern retail stores in malls and on major
shopping streets in the city have been surveyed on
parameters such as brand origin, product category and

store size/area. Our survey has captured all stores that are
occupied and operational. Vacant retail space in malls or
shopping streets has not been considered. The objective of
the study is to prole the dynamics of modern retail across
parameters such as product categories, brand origin, store
size and revenue in malls and shopping streets, and also to
provide an overview of the direction of modern retail and its
constituents, viz. brick and mortar modern retail and E-tail,
for the next ve years (20152019). As a result, retailers will
be the primary beneciaries of this seminal work.
Zone level dynamics

11
Retail product categories presented in the report

Pro uc c e or
o e
(re c c e ) e e
Pro uc c e or
cou r c e e
1
Apparel
Non-ethnic Menswear
Non-ethnic Womenswear
Non-ethnic nise Clothing
Ethnic wear
ids wear
A eld survey across the seven metropolitan centres was

carried out during the fourth quarter of 2014, wherein each
retail store in the malls and on major shopping streets was
proled based on the parameters mentioned above.
The penetration of modern retail in total retail, and the rising
inuence of e-tailing at the zone (retail catchment) level for
more than 40 zones have been studied. For this, we have
estimated the total retail spending in each zone, based on
the household consumer expenditure provided by Indicus
Analytics. Using an econometric model, we have projected
the household retail expenditure for the next ve years
(20152019) on the basis of change in variables such as
household income, price, population and propensity to
consume.
The size of the brick and mortar modern retail market has
been calculated by taking in to account the shop size (as
mapped through our survey) and average trading density
(ATD) of different product categories at city/zone level. ATDs
have been collected by interactions with brands and Knight
Frank retail broking team. These brick and mortar modern
retail market projections are based on the change in
variables such as urbanisation, household income, price,
population and propensity to consume. While the base
numbers for E-tail market size, growth rate and city share
have been taken from the data announced by the E-tail
industry and various other sources, our analysis of consumer
behaviour has been utilised to calculate the zone-level
penetration of E-tail.
Accessories
Accessories
Watches & Jewellery
Watches & Jewellery
Footwear
Footwear
Sportswear
Sportswear
List of terms used in the report:
Home & Lifestyle
10
Home & Lifestyle
Brand categorisation of retail stores
Personal Care
11
Eyewear
12
Salons & Spas
13
ther Personal Care
Foreign Retail store owned/operated by a foreign national, eg. McDonald's, KFC, Dominos
National Retail store present across India and owned/operated by an Indian national, eg. Caf Coffee Day, Haldiram's
Regional Retail store present in multiple cities in one of the regions in the country and owned/operated by an Indian national
Local Single retail store and owned/operated by an Indian national
photo studios, gyms, sports facilities,

medical stores, dry cleaners, tailors, etc.
14
Cosmetics
15
F&B Fine Dining
16
F&B Cafes
17
F&B SR
Brick and mortar modern retail

Physical store offering products in the modern retail format.
12
Food & Beverages
Books, Gifts & Music
18
10
Hyper/Supermarkets
19
Hyper/Supermarkets
11
Department Stores
20
Department stores
12
Electronics
21
Electronics
13
Entertainment
22
Family Entertainment Centres
23
Multiple es
Occupied modern retail space

Occupied or operational modern retail store.
Market sizing
a. Total retail spending modern retail spending + non-modern retail spending
b. Modern retail spending brick and mortar modern retail spending + E-tail spending
F&B QSR
QSR Food and beverage quick service restaurant
Shopping street
Connected stores with 40% or more retail and brand presence
13
INDIA ANALYSIS
Retail
Landscape
Chart 1
Total retail spending and penetration of modern retail

in 2014
Space in sq ft
Total retail
spending (` bn)
Top 7 cities
2%
17%
81%
3,586
79%
238
74%
899
86%
1,037
82%
319
90%
319
80%
225
76%
549
Pune
2%
19%
NCR
3%
23%
Mumbai
1%
12%
olkata
16%
2%
Hyderabad
Delhi-NCR
9%
1%
Chennai
18%
2%
Bengaluru
21%
Kolkata
2%
E-tail
Non-modern retail
Note: Brick and mortar modern retail + E-tail = Modern retail

Source: Knight Frank Research
Mumbai
Pune
Hyderabad
Bengaluru
14
Chennai
Currently, the total retail spending in the top seven cities

of India amounts to `3,586 bn (US 59.8 bn), with
Mumbai accounting for the lions share, at 29 per cent
This is followed by NCR and Bengaluru, at 25 per cent
and 15 per cent respectively
The modern retail penetration in the top seven cities of
India stood at 19 per cent in 2014, of which brick and
mortar modern retail was at 17 per cent and E-tail, at
2 per cent
NCR has the highest penetration of brick and mortar
modern retail, at 23 per cent, followed by 21 per cent in

Bengaluru. Mumbai has only a 12 per cent penetration of
brick and mortar modern retail
A whopping 90 per cent of the retail market in Hyderabad
is serviced by non-modern retail, compared to less than
75 per cent in NCR
Currently, NCR has the highest penetration of E-tail in
India, at 3 per cent The corresponding number for
Mumbai and Hyderabad is 1 per cent each
15
Chart 2
Chart 3
Projected total retail spending and penetration

of modern retail in 2019
Incremental requirement for brick and

mortar modern retail space
Space in sq ft
Space in mn sq ft
Total retail
spending (` bn)
Top 7 cities
13%
11%
76%
7,650
74%
545
67%
1,919
Pune
14%
12%
NCR
18%
15%
City
Mumbai
9%
8%
83%
2,243
Bengaluru
Kolkata
13%
12%
75%
5%
Chennai
13%
88%
11%
Bengaluru
18%
77%
14%
E-tail
69%
Brick and mortar

modern retail
requirement in
2019
Annual
Growth
Rate
(%)
Incremental
Average annual
space
incremental
requirement from requirement of
2014-2019
space
12.6
17.2
6.5%
4.6
0.9
Chennai
6.3
8.1
5.2%
1.8
0.4
Hyderabad
4.8
6.3
5.8%
1.6
0.3
Kolkata
5.6
6.9
4.5%
1.4
0.3
Mumbai
14.1
18.1
5.0%
3.6
0.7
NCR
21.5
28.5
5.8%
7.0
1.4
Pune
5.4
7.0
5.2%
1.5
0.3
Top 7 cities
70.3
92.1
5.6%
21.5
4.3
589
Hyderabad
7%
Occupied brick
and mortar retail
space in
2014
692
507
1,155
Non-modern retail

16
The total retail spending in the top seven cities of India is

projected to more than double, from `3,586 bn (US$ 59.8
bn) in 2014 to `7,650 bn (US$ 127.5 bn) in 2019. The
share of modern retail is estimated to increase from 19
per cent to 24 per cent during that period
While the share of E-tail is expected to jump by more
than ve times, from 2 per cent in 2014 to 11 per cent in
2019, the share of brick and mortar modern retail is
expected to fall from 17 per cent to 13 per cent during
the same period
E-tail market spending in Indias top seven cities is likely
to grow more than 10 times, from `72 bn (US$ 1.2 bn) in
2014 to `839 bn (US$ 14bn) in 2019, resulting in an
annual growth rate of 64 per cent
While E-tail will gain primarily at the expense of brick and

mortar modern retail, it will attract consumers from nonmodern retail too. Non-modern retails share in the total
retail spending is estimated to fall from 81 per cent in
2014 to 76 per cent by 2019
While NCR will continue to lead in terms of E-tail
penetration at 15 per cent in 2019, it will be closely
followed by Bengaluru, at 14 per cent
E-tail penetration in cities like Pune, Chennai and Kolkata
will be higher than Mumbai by 2019
Hyderabad will continue to be dominated by non-modern
retail, with an 88 per cent share by 2019
Considering the impact of E-tail, the requirement for brick

and mortar modern retail is projected to increase from
70.3 mn sq ft in 2014 to 92.1 mn sq ft in 2019, resulting
in a moderate annual growth rate of 5.6 per cent
The top seven cities of India will require an incremental
modern retail space of 4.3 mn sq ft per annum during
2015-2019
NCR will require the maximum amount of incremental

space, at 1.4 mn sq ft per annum during 2015-2019. This
will be followed by Bengaluru, at 0.9 mn sq ft per annum
While Bengaluru is expected to witness the highest
growth rate in space requirement, at 6.5 per cent per
annum from 2014-2019, Kolkata will witness the slowest
growth, at 4.5 per cent per annum
17
Chart 6
Chart 4
Chart 5
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
3,000
1500
Split of occupied modern retail space

into malls and shopping streets
100%
80%
60%
55%
70%
60%
41%
43%
52%
60%
2,500
TOP 7
CITIES
1200
40%
2,000
1,500
40%
45%
30%
40%
59%
57%
48%
Bengaluru
Chennai
Hyderabad
Kolkata
Mumbai
NCR
Pune
20%
900
500
0%
600
Bengaluru
Chennai
Hyderabad
Kolkata
Mumbai
NCR
Pune
Top 7 cities
Malls
Shopping streets
Mumbai has the highest proportion of

mall space in India, as 59 per cent of the
total modern retail space in the city is
represented by malls. This is followed by
NCR and Pune
The share of mall space is the lowest in
Hyderabad, as more than 70 per cent of
the total modern retail space is present in
the various shopping streets of the city
The modern retail space in Pune is
represented fairly by malls and shopping
streets, at 48 per cent and 52 per cent
respectively. This is very similar to the
mix observed at the top seven cities level
300
Chart 7
18
14 22 13
Accessories
Sportswear
Footwear
Electronics
Personal Care
NCR ranks rst in terms of mall space per capita in

India, at 536 sq ft per 1,000 population. This is
followed by Bengaluru and Pune in second and third
place respectively
Hyderabad is ranked last when it comes to per
capita mall space penetration in India, with just 193
sq ft per 1,000 population
In the high income group, Pune ranks rst in mall
space per 1,000 population for households earning
more than `300,000 per annum. NCR comes
second, followed by Chennai in the third place
Mumbai fares poorly in terms of mall space
penetration per capita, at just 350 sq ft per 1,000
population. This is much lower than the average
penetration in the top seven cities
Watches & Jewellery
Hyper/Supermarkets
Bengaluru has the highest per capita penetration of

modern retail in India, at 1,323 sq ft per 1,000 population.
This is followed by Pune and Chennai, at 1,002 and 1,001
sq ft per 1,000 population respectively
Kolkata has the lowest penetration of modern retail in
India, at 569 sq ft per 1,000 population. However, Mumbai
ranks the lowest, at 1,047 sq ft when the population for
households earning more than `300,000 per annum is
considered. This implies that among the high income
group, Mumbai residents are the least serviced in terms of
modern retail space compared to the rest of India
Despite having the maximum occupied modern retail
space in India, the NCR market ranks fourth among the
top seven cities in the country, at 933 sq ft per 1,000
population
Mumbai, Kolkata and Hyderabad rank lower than the
average of the top seven cities in terms of per capita
modern retail space
Home & Lifestyle
Entertainment
Source: Knight Frank Research, Indicus Analytics

Food & Beverages
Mall space per 1,000 population for households

earning > `300,000
Apparel
Mall space per 1,000 population

Modern retail space per 1,000 population
Modern retail space per 1,000 population for households
earning > `300,000
Product category split of occupied modern

retail space in the top seven cities
Department Stores
Bengaluru
Chennai
Hyderabad
Kolkata
Mumbai
NCR
Pune
Top 7 cities
Apparel is the largest product category in India, with a

share of 22 per cent in the occupied modern retail space
of the top seven cities. This is followed by the department
stores and food & beverages categories, at 14 per cent
and 13 per cent respectively

The top three categories represent around half of the total
occupied modern retail space in these seven cities
19
Chart 10
Chart 8
Electronics
Personal
Care
Books,
Gifts & Music
Watches &
Jewellery
7
Footwear
16 22
10 10
Accessories
Sportswear
Footwear
Personal Care
Electronics
Watches & Jewellery
Hyper/
Supermarkets
Home & Lifestyle
10
Entertainment
Entertainment
Home &
Lifestyle
22
Apparel
14
Apparel
Hyper/Supermarkets
The apparel category accounts for more than one-fth

of the total occupied modern retail share in Bengaluru.
This is followed by food & beverages at 14 per cent
The accessories category represents just 1 per cent of
the total share in Bengaluru
The top four categories- department stores, apparel,
food & beverages and home & lifestyle, together
account for more than half of the total modern retail
share in Bengaluru
Food &
Beverages
12
Food & Beverages
Department Stores

retail space in Hyderabad
Department Stores
Product category split of

occupied modern retail space
in Bengaluru
Sportswear
Accessories
The electronics category, which accounts for just 9 per

cent of the total modern retail space in Hyderabad, is the
highest compared to all the other top cities of India
The share of accessories is less than 1 per cent in

Hyderabad, indicating its negligible presence in the
modern retail segment of the city
Chart 9
15 19 11 13
11
Accessories
Chart 11
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

retail space in Chennai

occupied modern retail
space in olkata
Compared to the rest of the cities, the share of the home

& lifestyle category, at 6 per cent, is the lowest in
Chennai. Kolkata and Pune have the highest share in this
category, at 12 per cent each
The watches & jewellery category has one of the highest

shares, at 11 per cent in Chennai. This is the same share
as contributed by the food & beverages category in the
city
More than 12 per cent of the modern retail space in

Kolkata is represented by the watches & jewellery
category. This is the highest for this category
compared to the rest of the top cities
Compared to the rest of the cities, the share of the
hyper/ supermarkets category, at 4 per cent, is the
lowest in Kolkata. Pune has the highest share, at 11
per cent
20
Department Stores
Food &
Beverages
Entertainment
Home &
Lifestyle
8
12
Electronics
Personal
Care
Books,
Gifts & Music
Apparel
Hyper/
Supermarkets
Watches &
Jewellery
12
7
Footwear
25
Sportswear
Accessories
21
Chart 12
Chart 14
15 14 14 13 12 11
In Mumbai, the food & beverages and entertainment

categories account for 15 per cent each in the total
modern retail share. None of the other cities have such a
large share for these two categories in India
The top four product categories together contribute to

more than 60 per cent of the total share of modern retail
in the city
Accessories
Sportswear
Footwear
Personal Care
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Product category split of occupied

modern retail space in Pune
Watches & Jewellery
14 18 15 15
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

modern retail space in Mumbai
Pune has a good mix of all the major product categories,

which are distributed evenly
The department stores category represents the maximum

share in the city, at 15 per cent. This is followed by food
& beverages and apparels, at 14 per cent each
Chart 15
Chart 13
Brand-wise split of occupied modern retail

store space
15 27 14
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

modern retail space in NCR
Top 7 cities
Bengaluru
Mumbai
NCR
Foreign
The apparel category has the largest share among all

the product categories in NCR. At 27 per cent, this is
also the highest compared to all the other cities
Compared to the rest of the cities, the share of the

entertainment category, at 4 per cent, is the lowest in
NCR
29%
22%
40%
42%
6%
11%
34%
50%
22%
18%
9%
46%
35%
20%
18%
36%
30%
18%
Regional
10%
23%
18%
National
41%
10%
Local
22
31%
13%
11%
39%
32%
18%
Hyderabad
Kolkata
32%
17%
Chennai
Pune
18%
In total modern retail space, NCR has the largest share of

foreign brand stores, at 20 per cent. The lowest share of
foreign brand stores is in Kolkata
The maximum share of local brand stores is in Chennai,
followed by Hyderabad. In Mumbai, the share of these
stores is only 6 per cent. However, regional brand stores
have a strong presence in Mumbai, at 46 per cent
Kolkata has the maximum share of national brand stores,

at 42 per cent. This is followed by NCR, with a distant 35
per cent share
Around half of the total modern retail stores in Pune are
regional brand stores. However, in Chennai, only 29 per
cent is represented by such stores
23
Chart 16
Brand-wise split of occupied modern

retail store space in malls
Chart 18
Top 7 cities
26%
Bengaluru
24%
Hyderabad
8%
62%
28%
Chennai
21%
Mumbai
22%
40%
11%
Pune
Regional
National
5%
58%
10%
60%
11%
4%
Brand-wise split of occupied modern retail store space

in each product category
7%
11%
4%
42%
22%
6%
21%
58%
29%
NCR
14%
8%
33%
Kolkata
Foreign
52%
87%
6%
10%
8%
26%
10%
are represented by regional and local brands, foreign and

national brand stores account for 68 per cent
The share of national brand stores in Pune and Bengaluru
is at 64 per cent and 62 per cent respectively, which is
signicantly high compared to its share in other cities
25%
32%
19%
7%
13%
Chennai
9%
Hyderabad
12%
Kolkata
Mumbai
NCR
21%
8%
35%
National
Regional
11%
57%
13%
35%
Local
24
Kolkatas shopping streets have the highest proportion of

local brand stores, amounting to 63 per cent in the
modern retail space. In contrast, Hyderabads shopping
streets have just 31 per cent in local brand stores
Foreign brand stores on the shopping streets of the top
seven cities of India account for only an 11 per cent
29%
1%
44%
8%
45%
National
Regional
46%
7%
share. More than 60 per cent of the stores are

represented by regional and local brands in these cities
Chennai has a strong presence of regional brand stores
on shopping streets, with a 31 per cent share
represented by such stores
26%
Local
Foreign
22%
11%
11%
31%
50%
37%
15%
Foreign
63%
10%
23%
10%
14%
16%
63%
20%
39%
24%
28%
12%
Pune
31%
22%
13%
25%
49%
32%
8%
43%
49%
11%
27%
31%
16%
38%
18%
Bengaluru
8%
64%
11%
5%
58%
29%
22%
Brand-wise split of occupied modern retail

store space in shopping streets
9%
7%
25%
14%
1%
1%
52%
74%
Chart 17
26%
11%
12%
12%
Local
11%
50%
18%
64%
In malls, Hyderabad has the highest share of foreign

brand stores. Moreover, the combined share of foreign
and national brand stores in the city is more than 90 per
cent
While only one-third of the total stores in Chennais malls
Top 7 cities
18%
15%
25%
Among the various product categories, the share of

foreign brand stores is highest in the sportswear
category, at a whopping 87 per cent. The footwear
category, which comes in second place, has only a 32
per cent share of foreign brand stores
The watches & jewellery category is dominated by local
brand stores in India, with just 7 per cent of the total
modern retail space represented by foreign brand
stores
National brand stores represent around three-fourth, of

the modern retail space in the hyper/ supermarkets
category. Regional and local brand stores have a
miniscule 14 per cent share in this category across India
A signicant 58 per cent of the home & lifestyle stores in
India are represented by local brand stores, with foreign
brand stores accounting for only a 10 per cent share
More than 50 per cent of all the modern retail stores in
the apparel category across the top seven cities of India
are regional and local brand stores
25
Chart 19
Country of origin of foreign brands in India
12
35
5
Japan
8
Italy
USA
8
France
5
Germany
S itzerland
Chart 20
22
Size-wise
split of
occupied
modern
retail stores
in malls
Space in sq ft
100%
9%
8%
7%
2%
7%
6%
8%
19%
10%
10%
11%
9%
4%
4%
11%
9%
14%
18%
22%
27%
16%
30%
60%
26%
Others
40%
35%
40%
2%
4%
9%
80%
31%
6%
10%
Brands from more than 33 foreign countries are sold through modern
retail outlets in India. However, the top seven countries contribute
towards a majority of the share in this, at 78 per cent
USA contributes a massive 35 per cent of all foreign brands present in
India. This is followed by the United Kingdom, at 12 per cent
While Italian and French brands account for an 8 per cent share each,
Japanese, Swiss and German brands represent 5 per cent each
75%
38%
57%
61%
45%
20%
33%
27%
27%
10%
0%
Top 7 cities Bengaluru
0 500
500 1000
Chennai Hyderabad
1000 2000
Kolkata
2000 3000
Mumbai
NCR
Pune
>3000
Malls in Hyderabad have the largest proportion of shops below the size of
500 sq ft compared to rest of the seven cities in India. This is followed by
Pune and Chennai
Only 10 per cent of the total stores in NCRs malls are below the size of
500 sq ft, which is the lowest among all the cities. However, when it
comes to shop sizes above 3,000 sq ft, NCR ranks rst among all the
cities, with a 11 per cent share
Despite space constraints and high rentals, malls in Mumbai have more
than 50 per cent of their stores above the size of 500 sq ft
26
27
Chart 22
Size-wise split of occupied modern

retail stores across product categories
Chart 21
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
100%
4%
3%
5%
7%
14%
80%
18%
7%
4%
5%
3%
3%
5%
3%
4%
9%
10%
12%
5%
5%
6%
8%
14%
16%
3% 4%
10%
2% 6%
12%
2% 3%
31%
60%
43%
13%
38%
7%
30%
14%
25%
15%
7%
19%
2% 5%
36%
15%
31%
36%
10%
20%
42%
24%
41%
58%
62%
54%
56%
11%
12%
8%
6%
11%
29%
47%
73%
4% 4%
0%
Chennai Hyderabad
Kolkata
Mumbai
NCR
3%
1000 2000
2000 3000
34%
8%
5%
2%
46%
16%
7%
37%
40%
31%
59%
>3000
>3000
12%
11%
Pune
3% 5%
500 1000
11%
36%
34%
0 500
8%
54%
44%
Top 7 cities Bengaluru
7%
39%
5%
46%
50%
22%
40%
20%
24%
32%
25%
37%
Space in sq ft
58%
25%
21%
28%
25%
A conspicuous 77 per cent of all the stores in the shopping streets

of Indias top seven cities are below the size of 1,000 sq ft Only 4
per cent of the stores on shopping streets are above the size of
3,000 sq ft compared to 9 per cent in malls
Chennais shopping streets have the highest share of stores above
3,000 sq ft
While Hyderabads shopping streets have the maximum share of
stores below 500 sq ft, Bengaluru and NCR have the lowest share
among the top cities
2000 3000
1000 2000
500 1000
0 500
A massive 90 per cent of all the stores in Indias

accessories category are below the size of 500 sq ft
This stands at 82 per cent in the watches & jewellery
category
Only 35 per cent of all the stores in the food &
beverages category are above the size of 1,000 sq ft
For the sportswear category, this stands at 33 per cent
While only 7 per cent of the total department stores are

below the size of 1,000 sq ft, more than 67 per cent of
the stores in the home & lifestyle category are below
this size
28
29
ENGALURU
BENGALURU CITY ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
5,000
3000
4,000
3500
3,000
2,000
Bengaluru city map
2000
1,000
0
Bengaluru West
South
ORR
North
East
Central
1500
1000
500

Modern retail space per 1,000 population for
households earning > `300,000
Bengaluru
West
South
ORR
North
East
Central

Mall space per 1,000 population for households earning > `300,000
32
The Bengaluru retail market is characterised by a fair

distribution of modern retail, largely impacted by the
rising income level of the consumers
The city, on an average, has 1,323 sq ft of modern
retail space catering to the needs per 1,000 population,
while around 2,455 sq ft is available per 1,000
population for households earning over `300,000
This gure is signicantly conspicuous in Central and
East Bengaluru, where the quantum of modern retail
space available per 1,000 persons is higher than the
other regions of the city
The eastern zone surpassed the other markets and
scored the highest availability of per capita retail space
in the city owing to the presence of a number of largeformat malls there
In contrast, Central Bengaluru, which follows East
Bengaluru, has a larger concentration of shopping
streets, thereby augmenting the per capita modern
retail space in the region
The average mall space availability per 1,000

persons in Bengaluru stands at 524 sq ft, while it is
higher at 972 sq ft for households earning over
`300,000
Not surprisingly, East Bengaluru remains the region
with the highest amount of per capita mall space
availability. The presence of a number of malls
catering to the retail needs of the population, largely
belonging to the IT sector, has taken the per capita
mall space to a whopping 2,944 sq ft for households
with an income of more than `300,000
On the other hand, the mall space availability of
North Bengaluru per 1,000 persons is minimal owing
to the dearth of malls in this region. However, several
projects are in the pipeline and the gure is
expected to improve in the near future
Interestingly, despite the limited presence of mall
projects, ORR has a higher mall space per 1,000
population than Central Bengaluru. This can be
attributed to the lower population level in the ORR
region, as compared to the central part of the city
33
Bengaluru City Analysis
Chart 3
Chart 5
Split of occupied modern retail space into malls and

shopping streets

in East Bengaluru
Bengaluru has a clearly demarcated shopping

street domination, with its share of modern retail
space skewed at 60 per cent. This implies the
adaptability of the traditional markets of the city
that recognised the demand for modern retail and
attuned themselves
However, East and West Bengaluru saw a reverse
trend, with mall space of around 60 per cent
leading the way in modern retail space
Like its eastern counterpart, West Bengaluru, too,
enjoys the presence of several large-format malls,
thus increasing its share over shopping streets
The ratio of shopping streets is the highest in North
Bengaluru, with only one operational mall in the
region, closely followed by Central and South
Bengaluru. These regions, though substantiated
with malls, have numerous shopping streets
adjacent to heavily-populated residential areas
100%
73%
39%
94%
59%
71%
94%
40%
80%
60%
BENGALURU
CITY
SPLIT
40%
27%
20%
61%
41%
29%
60%
6%
0%
Central
Malls
East
North
ORR
South
West
Shopping streets
East Bengaluru has a profusion of department stores,

located mainly in malls, and accounts for 20 per cent
of the total modern retail space in this region
These again point towards a shift in lifestyle as
perceived by retailers and mall developers regarding
modern consumers who prefer to shop at department
stores, as they are a one-stop shopping solution for
apparel, footwear and other accessories
The region has a plethora of food & beverages joints,
adding upto 18 per cent of the retail space, patronised
largely by IT industry-employees at food courts
Department Stores
Food &
Beverages
18
Home &
Lifestyle
Hyper/
Supermarkets
16
4
11
Watches &
Jewellery
Books,
Gifts & Music
Apparel
Entertainment
Electronics
Personal
Care
20
Footwear
Sportswear
Accessories
Chart 4
36 10
10
10
Chart 6
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores
Product category split of occupied modern retail space

in Central Bengaluru

space in West Bengaluru
34
As is evident from the chart, apparel has the highest

penetration in the modern retail space of Central
Bengaluru
Its share of 36 per cent is followed by food &
beverages, watches & jewellery, and home & lifestyle, at
10 per cent each
This depicts the changing behaviour of the consumers,

as their spending is today more inclined towards
lifestyle products and services
Modern retail space in West Bengaluru that saw a ratio

of 60 40, with malls surpassing shopping streets, is a
prominent market for apparel in both the retail formats
It is followed by department stores as the second
product category with maximum presence, thus
underlining the dominance of malls
Home & lifestyle stores are a distant third, with a 9 per
cent share of the total modern retail space in the
region
Department Stores
Food &
Beverages
Home &
Lifestyle
Electronics
Personal
Care
Books,
Gifts & Music
19
Apparel
Entertainment
Hyper/
Supermarkets
Watches &
Jewellery
8
Footwear
23
Sportswear
Accessories
35
22 18
10
10
13
10 16
15 20 17
Apparel comprises the bulk of modern retail space in

North Bengaluru, accounting for 22 per cent of the total
pie
Similar to the other regions, food & beverages is also a
major part of the retail markets in North Bengaluru and
makes up for 18 per cent, making its share of modern
retail the second highest in this zone
Personal care, consisting mainly of salons and tness

centres, features third in line, thus highlighting its
prominence towards an increasing lifestyle statement of
staying t and attractive
Much of the modern retail space along Outer Ring Road

(ORR) is still at a developing stage and largely comprises
furniture shops, housing both national and regional
brands. Thus, home & lifestyle accounts for 20 per cent
of the total pie
Central
11 10 10
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
10 19 16
ORR
The region also has a number of hyper/supermarkets

owing to the availability of contiguous space, and this
takes up 17 per cent of the modern retail space, followed
by apparel at 16 per cent
17%
Like most other markets, it is led by apparel and food &

beverages, and they account for 19 per cent and 16 per
cent of the total modern retail space respectively
29%
5%
47%
21%
19%
31%
15%
39%
18%
Regional
7%
51%
44%
7%
National
49%
13%
24%
26%
Local
6%
53%
13%
West
Foreign
33%
22%
South
South Bengaluru consists of some of the most

preferred residential locations in the city, though the
retail markets in the far-ung areas are not much
developed
12%
East
North
Department Stores
Accessories

in South Bengaluru
36
Chart 10
Chart 8
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment

in uter Ring Road RR
Food & Beverages

retail space in North Bengaluru
Apparel
Chart 9
Department Stores
Chart 7
Bengaluru has emerged as a sought-after retail market in

recent years, with several foreign and national brands
setting up their stores in the city. Today, the city houses
large-format retail malls, targeting both the luxury
segment and value shoppers, while providing for modern
retail space in shopping streets as well
An analysis of retail brands across markets shows that
the majority of the foreign brands are located in East and
West Bengaluru, mainly in the malls
The least share of foreign brands is observed in the ORR
markets, which can be attributed to the relatively
underdeveloped retail state of the region
National brands have strengthened their presence across

all zones, particularly in the East, while regional brands
have yet to gain condence
Local brands continue to dominate the Central and North
markets
While Central Bengaluru has malls promoting luxury
brands, it also has numerous shopping streets with
modern retail space that caters to local brands
On the other hand, North Bengaluru houses more local
brands on its shopping streets in the absence of largeformat malls
37
Chart 13
Chart 11
Top foreign, national and regional brands
Brand-wise split of modern retail store space in malls
FOREIGN BRANDS
20%
Central
26%
East
47%
2%
2%
Accessorize
6%
0%
Van Heusen
West
52%
19%
61%
31%
National
Regional
Fastrack
Hidesign
Addons
United Colors
of Benetton
Levis
Raymonds
Planet Fashion
7%
3%
5%
Hamleys
Landmark
Beanstalk
Oxford
book store
Archies
Lifestyle
Westside
Reliance
Trends
Shoppers
Stop
Pantaloons
Samsung
Reliance
Digital
Croma
E Zone
Univercell
Cinepolis
INOX
PVR
Cinemas
Amoeba
Cinemax
Local
Da Milano
39%
27%
22%
NATIONAL/REGIONAL BRANDS
8%
3%
71%
South
Foreign
3%
65%
12%
North
ORR
70%
CATEGORIES
The malls in West Bengaluru accounted for a relatively

high share of foreign brands, due to the presence of
malls such as Orion Mall and Mantri Square that have a
host of luxury brands targeting high-end customers
Central Bengaluru, too, has a fair share of foreign brands
that can be attributed to the presence of the high-end
mall 1, MG Road. However, the other malls in this region
are dominated primarily by national brands

ORR has a minimal presence of foreign and local brands
owing to the fact that the few mid-size malls that are
operational in the region cater mostly to national brands
Chart 12
Brand-wise split of occupied modern retail store space in

shopping streets
KFC
McDonalds
Pizza Hut
Hush Puppies
Bata
Central
10%
ORR
11%
16%
Foreign
7%
National
Regional
14%
Liberty
Metro Shoes
38%
23%
13%
51%
26%
11%
52%
33%
26%
Reliance
Footprint
65%
34%
13%
South
West
7%
15%
East
North
19%
Caf Coffee Day
Dominos
13%
9%
Home Centre
Home
Town
Asian
Paints
Kurl On
Reliance
Living
Spar
Big
Bazaar
HyperCITY
Star Bazaar
D Mart
38%
59%
Local
Gold's Gym
Snap tness
Health
& Glow
Lakme Salon
Naturals salon
38
Although the share of foreign brands is less in the citys

shopping streets, South Bengaluru, followed closely by
East Bengaluru, has emerged as the most preferred
region for foreign retailers to set up their stores
High streets, such as Indiranagar in the east and
Jayanagar 4th Block in the south, are responsible for the
large share of foreign brands in their respective zones
Not surprisingly, the Central zone has the highest share
of local brands owing to the presence of traditional
markets in the region that have adapted to modern retail
South Bengaluru has emerged as the region with a

relatively good mix of foreign, national, regional and local
brands
On the other hand, the West Bengaluru zone, which
boasted of a large share of foreign brands in its malls,
has a minimum share of the same on its shopping
streets. Instead, the proliferation of local brands stood at
a considerable 59 per cent
Nike
Puma
Reebok
Joyalukkas
Woodland
Wild Craft
Titan
Reliance
Jewels
Tanishq
Helios
39
Chart 13
Size-wise
split of
occupied
modern
retail stores
in malls
Space in sq ft
Chart 14
100%
7%
14%
6%
2%
7%
11%
6%
7%
7%
32%
10%
80%
7%
13%
18%
22%
28%
7%
60%
50%
Size-wise
split of
occupied
modern
retail stores in
shopping streets
Space in sq ft
7%
1%
4%
100%
6%
2%
6%
18%
15%
13%
7%
8%
10%
11%
1%
3%
15%
80%
21%
29%
27%
43%
60%
45%
35%
30%
40%
44%
38%
31%
44%
32%
40%
27%
20%
42%
39%
34%
30%
18%
36%
16%
20%
34%
27%
25%
30%
0%
28%
Central
East
North
ORR
South
West
14%
0%
Central
East
North
ORR
South
West
0 500
0 500
500 1000
1000 2000
2000 3000
>3000
Central and West Bengaluru have a relatively good mix of shop sizes
in malls, while 84 per cent of the shops in the north are skewed
towards the lower size range of less than 1,000 sq ft owing to the
location prole of the malls there
On the other hand, ORR has the highest share of shops with
average sizes larger than 3,000 sq ft, primarily due to the presence
of hyper/supermarkets in the malls that generally require largeformat stores
40
500 1000
1000 2000
2000 3000
>3000
Owing to the presence of a number of heavily-populated traditional

markets, Central and West Bengaluru have a larger percentage
share of shops with average sizes less than 1,000 sq ft - to the tune
of 82 per cent and 81 per cent respectively
South Bengaluru can be considered as the region with a
comparatively better mix of shop sizes in its shopping streets
It also has the highest share of shops with sizes greater than an
average of 3,000 sq ft, as the retail markets there have numerous
electronic stores and ne dining options
ORR has the second highest share of shops with sizes greater than
3,000 sq ft due to the presence of home & lifestyle stores, primarily
furniture shops, in the region
41
Chart 15
Size-wise split of modern retail stores across product

categories
1%
1% 6%
50%
2% 5%
47%
Chart 17
Total retail spending and

penetration of modern
retail in 2014
Projected total retail

spending and penetration
Total retail
spending (` bn)
43%
18%
Chart 16
Bengaluru
Bengaluru
21%
28%
2%
77%
5%
9%
34%
49%
58%
13%
8%
1%
6%
12%
35%
29%
41%
23%
25%
89%
187
2%
77%
4%
63%
13%
3% 5%
19%
30%
17%
34%
48%
84%
9%
23%
37%
26%
2% 5%
31%
22%
45%
55%
8%
2%3%
40%
9%
25%
8%
2000 3000
1000 2000
500 1000
42
44
197
80%
33%
26%
41%
128
42%
43%
46
37%
20%
87
E-tail
Non-modern retail
E-tail
Non-modern retail

61%
0 500
11% 9%
>3000
51%
2%
26%
41%
22%
Central
6%

3%
27%
60
Central
44%
329
70%
East
5%
52%
23%
93
East
40%
5%
12%
North
14% 2%
27%
18%
22
North
4%
371
85%
ORR
33%
10%
8% 7%
141
ORR
13%
1,155
68%
South
South
21%
6%
14%
West
10% 1%
20%
18%
549
West
3%
Total retail
spending (` bn)
Watches & jewellery, the product category with higher

average trading density (ATD), has been observed to be
housed mainly in shops with lower size ranges. A
whopping 61 per cent of these stores have sizes less
than 500 sq ft
On the other hand, department stores, which require
large formats to showcase their product ranges, have
the highest share of shop sizes that are greater than
3,000 sq ft
Interestingly, sportswear, which consists mostly of

foreign brands, has a considerable share of shops with
sizes in the range of 1,000-2,000 sq ft - to the tune of
40 per cent
Accessories have been observed to operate in small
size shops as well. Around 93 per cent of the shops in
this product category belong to a size range of less
than 1,000 sq ft
Currently, the total retail spending in Bengaluru amounts to

`549 bn, with West Bengaluru accounting for a lions share
of 34 per cent. This is in line with the population of this
zone, which stands at 35 per cent
The share of modern retail in Bengaluru stood at 23 per
cent in 2014, of which brick and mortar is at 21 per cent
and E-tail, at 2 per cent
Central Bengaluru has the highest share of modern retail,
followed by the eastern zone. The presence of a large
number of shopping streets in Central Bengaluru and
several large-format malls in East Bengaluru seem to have
tilted the balance towards modern retail in these two zones
Signicantly, although non-modern retail accounts for more
than 85 per cent of the retail markets in West and North
Bengaluru, compared to less than 55 per cent in East and
Central Bengaluru, their retail spending is relatively higher
The total retail spending in Bengaluru is projected to

increase from `549 bn in 2014 to `1,155 bn in 2019.
The share of modern retail is estimated to increase from 23
While the share of E-tail is expected to jump seven times,
from 2 per cent in 2014 to 14 per cent in 2019, the share of
brick and mortar modern retail is expected to fall from 21
per cent to 18 per cent during the same period in Bengaluru
Central Bengaluru is expected to witness the maximum gain
in terms of modern retail share during the next ve years. On
the other hand, North Bengaluru will continue to be
dominated by non-modern retail over the next ve years
43
BENGALURU ZONE ANALYSIS
Central Bengaluru
Zone Analysis
Chart 1
Per capita occupied modern retail space in Central

Bengaluru
Space in sq ft
116
Non-ethnic Menswear
74
151
Non-ethnic Unisex clothing
563
Ethnic wear
Sportswear
Central Bengaluru map
48
20
Kids wear
Department Stores
162
F&B QSR
120
F&B Fine Dining
103
F&B Cafes
27
Eyewear
10
Cosmetics
23
Salons & Spas
20
Other Personal Care
18
17
Multiplexes
221
Hyper/Supermarkets
47
Home & Lifestyle
249
82
Electronics
31
Accessories
Watches & Jewellery
258
73
100
Footwear
0
Total modern retail space per 1,000 population
100
200
300
400
500
600
Share of mall space
44
Central Bengaluru has the highest availability of per capita modern retail space in ethnic wear due to the large number of
apparel stores located on its numerous shopping streets, although its share is minimal on the mall space front
Conversely, modern retail space for product categories such as department stores, hyper/supermarkets, multiplexes and
family entertainment centres is predominantly mall-centric, with minimal availability on shopping streets
Modern retail space for the footwear, watches & jewellery, and home & lifestyle categories has a larger availability per 1,000
persons on the shopping streets, while on the food & beverages front, malls have more space for the ne dining segment
45
Central Bengaluru zone Analysis
Chart 2
Share of foreign and national brand stores

in the overall modern retail space
Chart 3
Chart 4
Household income split in

Central Bengaluru
Projected retail spending in

Central Bengaluru
Share in Percentage
Retail spending
in 2019 (` bn)
100
87
90
80
24%
70
19
15
27
22
0
Ethnic wear
Sportswear
35
13
87
39
F&B Fine Dining
Eyewear
44
20
69
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
50
92
100
33
28
Note: Balance percentage in all the product categories

denotes the share of regional and local brand stores
Share of national brands
37
32
30
11%
20
10
0
2014
< `300,000
Total retail spend
> `1,000,000
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
41
50
40
15%
10
Share of foreign brands
46
50%
29
18
60
21
23
The highest percentage share of foreign

brands in the modern retail space of
Central Bengaluru is seen in the
sportswear segment, with 95 per cent of
the total pie consisting of brands like
Nike, Adidas, Puma and others
Other segments where foreign brands
scored over national brands are the
non-ethnic apparel categories with
brands like Levis, Van Heusen and
United Colors of Benetton as well as
quick service restaurants (QSR) like
McDonald's, KFC and Pizza Hut
dominating the region, with multiple
outlets, both in malls and on shopping
streets
On the other hand, national brands are
more prominent in product categories
like accessories, eyewear and
department stores, besides having a
comprehensible presence in categories
like multiplexes and FECs
85
30
Watches & Jewellery
Footwear
16
Other Personal Care
52
11
Salons & Spas
Accessories
18
45
Cosmetics
Electronics
23
Department Stores
F&B Cafes
12
5
95
Kids wear
F&B QSR
39
` bn
36
Non-ethnic Menswear
Central Bengaluru has been a select, yet traditional

bastion of the high-income group (HIG), with a large
chunk of the population belonging to other income
segments spread out across the region
While 24 per cent of the regions households had
incomes on the upper side of `1,000,000, a sizeable
share of 50 per cent of the households earned a sum
that was below `300,000
This explains the rather large concentration of local
brands, primarily in ethnic wear, in the shopping streets,
and also the reason behind the high per capita
availability of modern retail space per 1,000 persons for
households earning over `300,000
E-tail
The total retail spending in Central Bengaluru is projected

to increase from `46 bn in 2014 to `87 bn in 2019,
resulting in an annual growth rate of 14 per cent
While the share of E-tail in total retail is estimated to
increase from 6 per cent in 2014 to 37 per cent in 2019,
the share of brick and mortar modern retail is estimated
to fall from 52 per cent to 43 per cent during the same
period
However, the share of modern retail, which includes both
E-tail and brick and mortar, is expected to increase
substantially from 58 per cent in 2014 to 80 per cent in
2019. This implies that around three-fourths of the total
retail spending in Central Bengaluru will be towards
modern retail by 2019
47
Central Bengaluru zone Analysis
Future trends
in Central Bengaluru
East Bengaluru
Zone Analysis
East Bengaluru map
Central Bengaluru is expected

to witness a considerable
growth of the E-tail segment
over the next ve years, thus
infringing on the brick and
mortar modern retail segment.
This will result in a lower
requirement for brick and
mortar incremental space in this
zone.
48
Shopping streets will continue

to lead in terms of brick and
mortar modern retail owing to
the diversity observed in
household incomes.
Presently, the region has a low

penetration of personal carerelated product categories like
cosmetics, eyewear, and salons
and spas, and we foresee good
potential for them over the next
ve years.
49
East Bengaluru Zone Analysis
Chart 1
Per capita occupied modern retail space in East

Bengaluru
Chart 2
Share of foreign and national brand stores in

the overall modern retail space
Space in sq ft
Share in Percentage
115
Non-ethnic Menswear
54
109
130
Ethnic wear
Sportswear
66
38
Kids wear
Department Stores
549
F&B QSR
F&B Fine Dining
36
Eyewear
24
Ethnic wear
Cosmetics
28
Sportswear
Salons & Spas
63
76
Other Personal Care

51
Multiplexes
299
Home & Lifestyle
48
71
100
200
300
400
500
600
Department Stores
16
Owing to the profusion of large-format malls in the region, East Bengaluru has a plausible greater share of mall space
availability per 1,000 persons in most of the product categories
This supports the nding wherein this zone had scored the highest availability of per capita retail space in the city in terms of
malls
However, the per capita retail space available in ne dining options and home & lifestyle stores is considerably more on the
shopping streets than in the malls
54
81
34
8
5
35
36
38
10
56
35
55
47
0
32
28
95
Multiplexes
100
Hyper/Supermarkets
17
Home & Lifestyle
Share of mall space
16
Other Personal Care
65
Kids wear
Salons & Spas
Footwear
31
Cosmetics
37
61
68
Eyewear
160
F&B Cafes
224
Electronics
Watches & Jewellery
33
F&B Fine Dining
Hyper/Supermarkets
Accessories
37
56
F&B QSR
66
60
46
179
F&B Cafes
35
Non-ethnic Menswear
280
77
7
Accessories
14
Watches & Jewellery
15

Footwear
35
26
Electronics
36
53
Similar to the Central zone, the eastern

region, too, observed the dominance of
foreign brands in sportswear and nonethnic womens wear and unisex
apparel, while national brands led the
way in most other categories,
particularly in multiplexes and FECs
Footwear and F&B QSR outlets with
foreign origins edged ahead of the
national ones, primarily owing to the
dearth of a substantial presence of
these product categories on shopping
streets
Another perceptible nding regarding
the share of national and foreign brands
in the eastern zone is on the
accessories front. National brands,
comprising names such as Hidesign
and Da Milano, accounted for 75 per
cent of the total share of the
accessories space
47
75
55
29
41

50
51
East Bengaluru Zone Analysis
Chart 3
Chart 4
Household income split

in East Bengaluru
Projected retail spending

in East Bengaluru
Retail spending
in 2019 (` bn)
Future trends
in East Bengaluru
140
128
120
30%
100
80
` bn
46%
60
42
40
15%
33
20
9%
2014
< `300,000
Total retail spend
> `1,000,000
52
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Till a few decades back, most parts of East Bengaluru

were considered to be outskirts of the city. Presently, it
is one of the prime IT hubs of the city, with a sizeable
population of households, viz. 30 per cent, earning over
`1,000,000
This explains the hectic development of large-format
malls in the region, thereby increasing its per capita
modern retail space availability
On the other hand, 46 per cent of the households have
incomes less than `300,000, which gives rise to the
question of whether there is a potential scenario of
oversupply in mall space in the region
E-tail
The total retail spending in East Bengaluru is expected to

grow at a higher rate of 16 per cent per annum as
compared to Central Bengalurus 14 per cent growth per
annum. East Bengalurus total retail spending will rise from
`60 bn in 2014 to `128 bn in 2019
While the share of E-tail is estimated to grow more than ve
times, from 5 per cent in 2014 to 26 per cent in 2019, the
share of brick and mortar modern retail is expected to fall
from 40 per cent to 33 per cent during the same period
Nonetheless, the share of modern retail is expected to rise
from 45 per cent in 2014 to 59 per cent in 2019 on the back
of the burgeoning E-tail segment. This will result in the
E-tail segment eating into brick and mortars share over the
next ve years
East Bengaluru has

ample brick and mortar
modern retail space in
terms of malls, and
additional mall space
supply could result in an
oversupply situation,
impacting the vacancy
levels of the mall space
here.
Consequently, rental
values in the brick and
mortar space could
come under immense
pressure in the
forthcoming years.
On the other hand, the

expected drop in the
share of non-modern
retail, from 55 per cent
to 41 per cent, bodes
well for the modern
retail sector and implies
the entry of more
brands and retail market
players in the zone.
The present low

penetration observed in
product categories like
accessories, kids wear
and F&B cafes creates
great potential for these
categories to increase
their presence in East
Bengaluru in the next
ve years.
53
North Bengaluru
Zone Analysis
Chart 1
Per capita occupied modern retail space in

North Bengaluru
Space in sq ft
32
Non-ethnic Menswear
20
32
93
Ethnic wear
North Bengaluru map
Sportswear
14
Kids wear
13
Department Stores
28
F&B QSR
140
F&B Fine Dining
10
F&B Cafes
10
Eyewear
13
9
Cosmetics
Salons & Spas
47
Other Personal Care
45
Multiplexes
Hyper/Supermarkets
57
Home & Lifestyle
89
Electronics
89
9
Accessories
Watches & Jewellery
38
38
36
Footwear
0
30
60
90
120
150
Share of mall space
54
North Bengaluru is characterised primarily by shopping streets and hence, the per capita mall space share in the total
modern retail space availability is minimal to the extent of being nil in most of the product categories
The F&B QSR segment leads the market, with the highest modern retail space availability of 140 sq ft per 1,000 persons, out
of which the mall space share is only 7 sq ft
However, despite the markets being relatively undeveloped in North Bengaluru, the total modern retail space availability per
1,000 persons is better than its western counterpart due to its lower household count
55
North Bengaluru Zone Analysis
Chart 2

Chart 3
Chart 4

in North Bengaluru

in North Bengaluru
Share in Percentage
Retail spending
in 2019 (` bn)
197
200
180
160
25%
140
67
0 7
47
0
Ethnic wear
Sportswear 92
Kids wear
12
32
1
18
0
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
75
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
100
80
14%
60
40
10%
17
20
22
2014
34
< `300,000
> `1,000,000
Total retail spend
16
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
31
28
32
28
29
0
24
Watches & Jewellery
22
0
13
79
Accessories
Footwear
120
51%
E-tail
16
24
Electronics
99
4
F&B Fine Dining
Other Personal Care
10
8
Department Stores
F&B QSR
10
The share of foreign brands in North

Bengaluru modern retail, quite plausibly,
is marginal in most cases
Barring product categories like
sportswear, non-ethnic unisex apparel
and the F&B QSR segment, where the
share exceeds that of national brands,
foreign brands do not have much of a
presence in this region
Signicantly, national-level department
store brands like Megamart and
Reliance Trends account for 99 per cent
of the total modern retail space in this
category, thereby lling in for the malls
in the region
` bn
20
Non-ethnic Menswear
14
32

Despite the lack of substantial modern retail space,

North Bengaluru has a signicant number of
households earning over `1,000,000 - to the tune of 25
per cent
This relatively high percentage share can be attributed
partly to the advent of the IT industry in the region
Meanwhile, 51 per cent of the households have
incomes less than `300,000, which explains the
presence of shopping streets and limited mall projects,
although a few additional malls are expected to be
operational in the near future
The total retail spending in North Bengaluru is projected

resulting in an average annual growth rate of 16 per
cent
Although the share of modern retail in the region is
expected to increase to 20 per cent from 15 per cent by
the end of 2019, non-modern retail will continue to
dominate the retail market in this zone over the next ve
years
The E-tail segment will witness a relatively moderate
rise in the region, from 2 per cent in 2014 to 9 per cent
by 2019, largely at the cost of brick and mortar modern
retail, which is estimated to fall from 14 per cent in 2014
to 11 per cent by 2019
56
57
North Bengaluru Zone Analysis
Future trends
in North Bengaluru
South Bengaluru
Zone Analysis
South Bengaluru map
North Bengaluru is expected to

be dominated by non-modern
retail in the coming years,
accounting for 80 per cent of
the total retail in the region.
Thus, due to the dearth of brick
and mortar modern retail, any
new supply of mall space will
be absorbed easily.
58
Fine dining options are currently

limited in the region, while
product categories like nonethnic womens wear and
hyper/supermarkets are
dominated by regional and local
brand stores. Thus, the
potential for foreign and
national retailers is high in these
product categories in North
Bengaluru.
The absence of substantial mall

space, restraining product
categories such as FECs and
multiplexes that are generally
housed in malls, offers the
opportunity for mall developers
and retailers to exploit these
categories in the forthcoming
years.
59
South Bengaluru Zone Analysis
Chart 1

South Bengaluru
Chart 2

Space in sq ft
Share in Percentage
57
Non-ethnic Menswear
30
54
105
Ethnic wear
Sportswear
24
13
Kids wear
Department Stores
140
F&B QSR
Non-ethnic Menswear
162
F&B Fine Dining
16
Eyewear
Sportswear
10
Cosmetics
Salons & Spas
41
Other Personal Care

Multiplexes
51
Home & Lifestyle
146
Cosmetics
57
Other Personal Care
51
26
11
0
Multiplexes
50
100
150
200
Hyper/Supermarkets
Electronics
South Bengaluru is one of the most preferred destinations of the city, owing to its developed social infrastructure
In this zone, the Food & Beverages QSR segment has the highest modern retail space penetration of 162 sq ft per 1,000
persons, out of which 38 sq ft is mall space
Another important observation is the similar level of high per capita retail space availability in department stores,
hyper/supermarkets, Home & Lifestyle and electronics
The trend observed in these product categories depicts the increasing cosmopolitan character of the region, although their
share in mall space is lesser due to the medium-size formats of most malls
45
0
35
South Bengaluru has a high share of

shopping streets owing to its longstanding residential markets, thus
implying a higher share of national
brands
While foreign brands are dominant in
sportswear, non-ethnic unisex apparel,
Food & Beverages QSR segments and
other personal care categories, it has a
fair share in cosmetics and footwear
stores and minimal presence in
categories such as accessories,
kidswear and ne dining options
Other product categories, where both
foreign and national brands have a
relatively uniform mix, are multiplexes
and electronics stores
34
20
98
52
48
12
40
5
27
29
28
Watches & Jewellery

Footwear
36
33
Accessories
50
Home & Lifestyle
Share of mall space
17
10
40
81
Salons & Spas
Watches & Jewellery
75
16
Eyewear
11
F&B Cafes
142
Electronics
27
12
F&B Fine Dining

139
88
F&B QSR
Hyper/Supermarkets
Footwear
Department Stores
16
Accessories
35
Kids wear
26
48
46
Ethnic wear
12
72
8
41
F&B Cafes
22
0
23
70
35
35
48

60
61
South Bengaluru Zone Analysis
Chart 3
Chart 4

in South Bengaluru

in South Bengaluru
Retail spending
in 2019 (` bn)
360
Future trends
in South Bengaluru
329
320
27%
280
48%
` bn
240
200
160
120
15%
80
58
10%
41
40
2014
< `300,000
Total retail spend
> `1,000,000
2017
2018
2019
South Bengaluru, being one of the most favoured

residential markets of the city, has a large concentration
of households earning over `1,000,000 - to the tune of
27 per cent
It has a number of major IT ofce projects, thereby
accounting for a sizeable part of the high-income
households
On the modern retail space front, the region has several
malls and a predominant share of shopping streets
catering to the needs of 48 per cent of the households
that have incomes less than `300,000
E-tail
62
2016
`300,001 `500,000
`500,001 `1,000,000
2015
The total retail spending in South Bengaluru is projected to

increase from `141 bn in 2014 to `329 bn in 2019, resulting
in an annual growth rate of 18 per cent - the highest rate of
growth among all the regions in the city
While the share of E-tail in total retail is just 2 per cent
presently, it is estimated to increase to a signicant 12 per
cent in 2019, thus impacting the share of brick and mortar
modern retail, which is estimated to fall from 21 per cent to
18 per cent during the same period
E-tail and brick and mortar, is expected to increase from 24
per cent in 2014 to 30 per cent in 2019
Despite considerable growth in the share of E-tail in South
Bengaluru, non-modern retail will continue to dominate 70
per cent of the total retail spending in this zone
The South Bengaluru retail

market is a varied mix of malls
and shopping streets, with nonmodern retail being the
overriding factor. Nevertheless,
the estimated high growth rate
of modern retail portends good
potential for retailers in the next
ve years.
Signicantly, the region has a

relatively lower penetration of
product categories such as
sportswear, footwear, and
watches & jewellery, as
compared to the other
categories, which could be
exploited by modern retailers in
the coming years.
Besides, with the southern part

of the city gradually extending
outwards, there exists enough
scope for developers and
retailers to set up their
establishments and projects in
order to cater to the needs of
residents in the developing
residential locations.
63
West Bengaluru
Zone Analysis
Chart 1

West Bengaluru
Space in sq ft
26
Non-ethnic Menswear
16
29
90
Ethnic wear
Sportswear
West Bengaluru map
14
3
Kids wear
Department Stores
133
F&B QSR
43
F&B Fine Dining
10
4
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
6
8
Other Personal Care

15
Multiplexes
38
Hyper/Supermarkets
53
Home & Lifestyle
66
54
Electronics
8
Accessories
Watches & Jewellery
38
22
Footwear
27
0
30
60
90
120
150
Share of mall space
64
West Bengaluru is another long-standing, established region of the city, with a large population and numerous shopping
streets
The region has witnessed the development of several large-format malls recently, thus bringing a balanced overview to the
per capita modern retail space penetration of both shopping streets and mall space
Department stores have a perceptible lead of mall space availability of 125 sq ft modern retail space per 1,000 persons,
while ethnic wear accounts for a modern retail space penetration of 72 sq ft per 1,000 persons in the shopping streets
65
West Bengaluru Zone Analysis
Chart 2

Chart 3
Chart 4

in West Bengaluru

in West Bengaluru
Share in Percentage
Retail spending
in 2019 (` bn)
400
371
360
320
22%
280
20
18
73
23
30
40
Ethnic wear
Sportswear
84
16
13
Kids wear
Department Stores
F&B QSR
30
17
56
12
19
35
36
Other Personal Care
Multiplexes
Electronics
52
Home & Lifestyle
14%
160
120
80
11%
40
26 31
2014
< `300,000
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
94
100
36
38
34
200
> `1,000,000
Total retail spend
66
21
65
33
36
34
53%
E-tail
45
Watches & Jewellery
Footwear
240
36
27
Accessories
54
Salons & Spas
Hyper/Supermarket
63
Eyewear
Cosmetics
60
37
F&B Fine Dining

F&B Cafes
19
Like the eastern zone, West Bengaluru

has a large share of mall space,
surpassing the volume of shopping
streets
Foreign brands are marked in
sportswear, with an 84 per cent share of
the total market for this product
category
Foreign brands have also fair presence
in non-ethnic unisex clothing and
department stores, primarily located in
malls, as well as in the product category
of electronics
Meanwhile, the share of national brands
leads considerably in terms of nonethnic menswear, hyper/supermarkets
and accessories
` bn
Non-ethnic Menswear
45

West Bengaluru has a residential as well as an industrial

presence, thereby attracting people from all income
strata
It has a lower concentration of households earning over
`1,000,000 - to the tune of 22 per cent-compared to
the other zones of the city
Although the region witnessed the development of
large-format malls in recent years shopping streets
account fairly for the needs of 53 per cent of the
households that have incomes less than `300,000
The total retail spending in West Bengaluru is projected

resulting in an annual growth rate of 15 per cent
With non-modern retail continuing to lead the retail
market, primarily owing to the presence of numerous
traditional markets, the share of modern retail in West
Bengaluru will increase from the current 11 per cent to
16 per cent by the end of 2019
Meanwhile, the share of the E-tail segment is projected
to undergo a substantial rise, from a mere 1 per cent in
2014 to 7 per cent by 2019, which will, in turn, affect
the regions brick and mortar modern retail, causing it
to fall from 10 per cent in 2014 to 8 per cent by 2019
66
67
West Bengaluru Zone Analysis
Future trends
in West Bengaluru
Outer Ring Road (ORR)

Bengaluru Zone Analysis
ut Ring Road RR Bengaluru map
Presently, modern retail space in

West Bengaluru consists of a larger
share of mall space, while its
shopping streets comprise more nonmodern retail, the domination of
which is expected to continue in the
coming years. Considerable new
supply of mall space could prove to
be a deterrent, as it may impact the
rental values and vacancy levels of
the operational malls.
68
Shopping streets are incumbent for

households in West Bengaluru, as the
region houses a population with
diverse income segments. However,
the development of modern retail
space in the shopping streets could
help shift consumers from nonmodern retail towards modern retail,
as 89 per cent of the existing retail
demand is still catered to by nonmodern retail space.
Currently, product categories like

ethnic wear, and watches & jewellery
are dominated by regional and local
brand stores in this zone. These
product categories offer good
potential for foreign and national
retailers to cast their presence in the
West Bengaluru market.
69
Outer Ring Road (ORR) Bengaluru Zone Analysis
Chart 1

Outer Ring Road (ORR)
Chart 2

Space in sq ft
Share in Percentage
35
Non-ethnic Menswear
20
156
69
Ethnic wear
Sportswear
34
Kids wear
32
Department Stores
183
F&B QSR
109
F&B Fine Dining
44
Cosmetics 2
Sportswear
9
19
Other Personal Care

Family Entertainment Centres 0
291
Hyper/Supermarkets
320
Home & Lifestyle
382
133
Electronics
Accessories 2
Watches & Jewellery
27
Footwear
21
0
100
200
300
400
100
Outer Ring Road (ORR) is a relatively new market with modern retail space in the form of limited malls and underdeveloped
shopping streets
The region has provisions for large retail space, though it does not have substantial mall space, thus accounting for a number
of furniture shops along its shopping streets, taking up the per capita modern retail penetration of the home & lifestyle
category to 382 sq ft for every 1,000 persons
Conversely, mall space accounts for 208 sq ft out of 320 sq ft per 1,000 persons in the hyper/supermarket segment
Department Stores
4
26
0
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
45
96
23
100
50
Despite limited modern retail space in

the region, ORR has a relatively better
mall-to-shopping street space ratio
among all the zones, national brands
being more prominent
Modern retail space in the sportswear
segment is largely accounted for by
foreign brands, while national brands
lead markedly in the multiplex,
department store and F&B cafe
segments
Another signicant observation is that
the share of local brands dominates
several of the product categories, such
as accessories and cosmetics, implying
the absence of both national and foreign
brands
55
100
27
3 11
33
12
Accessories
Watches & Jewellery
Footwear
F&B Fine Dining
11
0
Electronics
68
0
Home & Lifestyle
Share of mall space
70
23
Kids wear
F&B QSR
Multiplexes
Ethnic wear
Salons & Spas
Eyewear
23
F&B Cafes
Non-ethnic Menswear
38
12
33
0
23

70
71
Outer Ring Road (ORR) Bengaluru Zone Analysis
Chart 3
Chart 4

in RR

in RR
Future trends
in ORR
Retail spending
in 2019 (` bn)
50
44
40
29%
` bn
30
48%
20
14%
12
10
10
9%
2014
< `300,000
> `1,000,000
Total retail spend
2017
2018
2019
Lately, the ORR zone has developed into a preferred

employment hub, with IT projects dominating the ofce
market. This has led to a considerable inux of
residents in the area
Presently, it has a signicant chunk of households
earning over `1,000,000 - to the tune of 29 per cent,
which can be attributed primarily to IT employees
On the other hand, the region has 48 per cent of its
households with incomes less than `300,000, which
may call for more developed shopping streets and
value malls
E-tail
72
2016
`300,001 `500,000
`500,001 `1,000,000
2015
The total retail spending in the ORR retail market is

projected to increase from `22 bn in 2014 to `44 bn in
2019, resulting in an annual growth rate of 15 per cent
Signicantly, given the relatively undeveloped status of
the ORR modern retail market in several product
categories, the share of E-tail is fairly high at 4 per cent,
and it is estimated to increase to 22 per cent in 2019
The growth of E-tail will lead to an infringement of the
share of brick and mortar modern retail, thus reducing
its share from 33 per cent in 2014 to 27 per cent by
2019. However, the share of modern retail is expected
to rise from 37 per cent in 2014 to 49 per cent during
the same period
Despite the phenomenal growth in the share of E-tail in
ORR and the subsequent weakening of brick and
mortar modern retail, non-modern retail will comprise
51 per cent of the total retail spending in this zone by
2019
The continued lead of nonmodern retail in the retail

landscape of ORR will provide
ample opportunities for mall
space development, as there is
comparatively limited modern
retail space in this zone.
Foreign brand stores are

missing from most of the
product categories, which will
provide opportunities for foreign
retailers to increase their
presence in this zone in the
forthcoming years.
Moreover, most of the product

categories are grossly under
supplied in the brick and mortar
modern retail space - this could
also be exploited by modern
retailers in the coming years.
73
C ENNAI
CHENNAI CITY ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
2,000
5,000
4,000
1,500
3,000
2,000
Chennai city map
1,000
1,000
Chennai
West
North
Extened
South
Central
South
Central
500
0
Chennai
West
North
Extened
South
Central
South
Central

Mall space per 1,000 population for
76
Chennai city ranks third in terms of modern retail space

per 1,000 population across India. The inter-city
comparison reveals that the modern retail space per
1,000 population of Pune is at par with Chennai. Mumbai
city, one of the prominent retail markets of India, has only
three-fths of Chennai's modern retail space and lags
behind it in per capita modern retail space
The Central and Central-South zones in Chennai city are
market leaders in terms of modern retail space per 1,000
population. On this parameter, these zones put together
are twice the size of Mumbai's prominent retail zone
(BandraVile Parle)
In the ranking of modern retail space per 1,000
population across 42 zones in India's top seven cities,
the Extended South, West and North Chennai retail
zones rank abysmally low in the 23rd, 26th and 39th
position respectively implying that they are relatively
less developed modern retail zones
The Central and Central-South zones of Chennai rank
much ahead of India's high-ying retail zones like South
Delhi (2,409 sq ft) and BandraVile Parle (1,664 sq ft) in
terms of modern retail space per 1,000 population for
households earning more than `300,000
With 447 sq ft of mall space per 1,000 population,

Chennai ranks ahead of the MMR, which ranks fth in
India with 350 sq ft of mall space per 1,000 of its
population. NCR leads the pack with 536 sq ft per
1,000 population, while Hyderabad, with 193 sq ft, has
the lowest mall space per 1,000 people
The Central, Extended South and Central-South zones
in Chennai city are market leaders in terms of mall
space per 1,000 population. The absence of shopping
streets in Extended South Chennai made it feature in
the top three zones of Chennai on this parameter. On a
pan-India basis, Gurgaon, East Pune and East
Bengaluru lead in this parameter
The North zone has the lowest penetration of malls,
primarily due to its not-so-afuent demography
Similarly, for households earning more than `300,000,
mall space per 1,000 population is the highest in the
Extended South Chennai zone, on account of the
availability of large land parcels, which in turn lead to
the development of larger malls in this zone. This is
followed by the Central Chennai zone, with 1,634 sq ft
of mall space per 1,000 population for households
earning more than `300,000
77
Chennai City Analysis
Chart 3
Chart 5

shopping streets

in Central-South Chennai
100%
66%
0%
57%
63%
28%
80%
60%
CHENNAI
SPLIT
40%
34%
20%
43%
100%
37%
72%
0%
Central
Malls
Central
South
Extened
South
North
West
Shopping streets
The split of modern retail space in Chennai

between malls and shopping streets is skewed
towards shopping streets (55%)
Only the Extended South (100%) and West
zones (72%) have mall spaces above the city
average of 45 per cent
Modern retail space in the Central, CentralSouth and North zones is a mix of malls and
shopping streets, although it is skewed towards
shopping streets
Being one of the oldest retail markets, the
Central and Central-South zones have many
shopping streets. The dominance of shopping
streets in these zones can easily be observed
from the chart beside
The share of apparel, food & beverage, department stores and

entertainment together accounts for 57 per cent of the modern
retail space in this zone. The few malls in the zone is
commensurate with a large number of shopping streets which
helped the zone in maintaining a healthy mix of product
categories
The share of books, gifts & music and footwear is the highest in
this zone compared to other zones of the city, albeit their share
being less than 5 per cent. The sportswear and accessories
categories account for little over 1 per cent of the total share in
the zone
Department Stores
Food &
Beverages
15
Home &
Lifestyle
17
12
Hyper/
Supermarkets
Watches &
Jewellery
Books,
Gifts & Music
Apparel
Entertainment
Electronics
Personal
Care
13
Footwear
Sportswear
Accessories
Chart 4
16
21 11
6 18
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Central Chennai
78
Apparel, watches & jewellery and department stores are

the three biggest product categories in Central
Chennai, accounting for 55 per cent of the total modern
retail space in this zone. Shopping streets like
Nungambkkam and T. Nagar, which are occupied
predominantly by apparel retailers, contribute
extensively towards this
Out of the 13 product categories, six have modern retail
spaces less than 5 per cent in the zone. Product

in E tended South Chennai
Chart 6
categories like entertainment and personal care have a

4 per cent share each, while footwear and books, gifts
& music account for a miniscule 2 and 3 per cent share
respectively. The share of sportswear and accessories
is just 1 per cent within this zone
A zone with one of the highest number of malls and
shopping streets, Central Chennai represents all the
product categories fairly
The Extended-South Chennai zone is heavily skewed

towards entertainment. At 71 per cent, the share of this
category is the highest compared to other zones in the city.
The presence of multiple malls in the zone seems to have
attracted a large number of multiplexes and family
entertainment centres here
Apart from food & beverages, and entertainment, the other
product categories are nearly absent in this zone. The zone
is located on the outskirts of the Chennai city limits and is
primarily an ofce destination. This, coupled with the dearth
of developed residential zones, could be some of the
reasons why other retailers have not explored this zone
Department Stores
Food &
Beverages
Home &
Lifestyle
Electronics
Personal
Care
Books,
Gifts & Music
18
Apparel
Entertainment
Hyper/
Supermarkets
Watches &
Jewellery
2
Footwear
71
Sportswear
Accessories
79
Chart 7
Chart 9
24 20
18
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in North Chennai

Central
17%
25%
26%
32%
Central-South
19%
38%
13%
31%
Extened South
7% 4% 5%
84%
North
4%
14%
37%
45%
West
26%
Foreign
45%
National
Regional
17%
11%
While West Chennai has the maximum

share of foreign brand stores as
compared to other zones of the city,
Extended South Chennai has the
highest share of local brand stores
Central and Central-South Chennai have
a relatively better representation of
foreign, national, regional and local
brand stores compared to the other
zones of the city
Local

Department stores dominate among all the product

categories in North Chennai, with a share of 24 per
cent. This is followed by apparel and entertainment,
with a modern retail space share of 20 per cent and
18 per cent respectively
Chart 10
The presence of a considerable number of malls and

shopping streets in this zone leads to a fair
representation of the rest of the product categories
Central
31%
38%
7% 4% 5%
16 20
28
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel

in West Chennai
Department Stores
49%
6%
10%
Extened South
Chart 8
3%
16%
in this product category. The presence of large-format

stores like Auchan and other local and regional brands
has skewed this number towards the
hyper/supermarkets category
21%
59%
West
30%
Foreign
52%
National
Regional
15%
2%
Local

Chart 11

shopping streets
Central
18%
35%
37%
Central-South
8%
At 28 per cent, entertainment has the largest share of

space in this zone, followed by apparel and department
stores
Hyper/supermarkets account for a 9 per cent share in
this zone, which is the highest compared to other zones
84%
North
10%
While malls in Central-South and West

Chennai have a greater presence of
national brands, Central Chennai is fairly
dominated by foreign and national brand
stores
Malls in Central Chennai have a relatively
better representation of all brand
categories foreign, national, regional and
local. On the other hand, malls in the
Extended South and North Chennai zones
are dominated by local brand stores
21%
Central-South
34%
10%
29%
17%
46%
North
4%
13%
46%
37%
West
15%
29%
21%
The share of foreign brands in almost all

the zones of Chennai's shopping streets
is much lower compared to their share
in the malls of the respective zones
The share of local brands is the highest
in Central-South Chennai, while North
Chennai has the lowest share of foreign
brand stores
35%
Note: Extended South is not represented in the chart above, as there are no major shopping streets in the zone
Foreign
National
Regional
Local
80
81
Chart 12

FOREIGN BRANDS
CATEGORIES
Durable
Bag
Fastrack
Claire's
Levi's
RMKV
Hamleys
Lifestyle
Odyssey
Saravana
Stores
Calonge
Kay the
fashion bay
Raymond
Nalli Silk
Landmark
Max
Hidesign
Olympic
Cards
Archies
Saravana
Selvarathnam
Westside
Chart 13
Size-wise
split of
occupied
modern
retail stores
in malls
0 500
100%
5%
1%
6%
500 1000
6%
1%
6%
33%
2000 3000
>3000
8%
18%
0%
80%
1000 2000
2%
3%
8%
21%
26%
17%
7%
18%
60%
Space in sq ft
Samsung
Vasanth & Co
Reliance
Digital
Univercell
Croma
16%
31%
40%
Palazzo
IMAX
Fun City
Luxe IMAX
79%
66%
Escape
multiplex
IMAX
55%
20%
Caf Coffee Day
Dominos
KFC
Sarvana Bhavan
39%
27%
Pizza Corner
0%
Bata
Khadims
Woodpecker
Furniture
Saravana
Stores
Samsonite
Home Centre
Reliance
Footprint
Metro
Shoes
Central
Mochi
Pothys
Star Bazaar
Spencer
Plaza
Health &
Glow
Woodland
Nike
Adidas
Joyalukkas
Puma
Naturals
Apollo
Pharmacy
Extened
South
North
West
@ Home
Big Bazaar
Auchan
Central
South
GKB
Opticals
Konica
Photo
The presence of smaller shops in the Central and Central South zones
is understandably high due to steep rentals. However, the same logic
cannot be used for the North zone, where modern retail is still not well
established like the Central and Central South zones
The proportion of more than 2,000 sq ft-shops is higher for the West
and Extended South Chennai zones. This is primarily due to the
availability of large tracts of land and the anticipated ambitious growth
projection for these zones, which attract mall developers
Reebok
GRT
Jewellers
Tanishq
Pothys
Jewels
Saravana
Stores
82
83
Chart 15

categories
Chart 14
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
0%
0%
0%
100%
9%
5%
3%
5%
5%
1%
3%
3%
11%
10%
26%
5% 3%
7%
74%
12%
1%
47%
34%
15%
49%
27%
15%
78%
80%
4%
11%
7% 0%
19%
4% 2%
27%
55%
53%
27%
Space in sq ft
28%
38%
31%
60%
10%
3%
3%
4%
40%
3%
7%
3%
19%
16%
31%
11%
13%
44%
24%
7%
16%
58%
15%
33%
37%
56%
46%
20%
24%
45%
39%
0%
1% 6%
0%
6%
0%
Central
0 500
500 1000
Central-South
1000 2000
2000 3000
North
West
10%
>3000
>3000
33%
24%
44%
11%
1000 2000
16%
69%
12%
4%
19%
22%
500 1000
38%
53%
0 500
Note: Extended South is not represented in the chart above

as there are no major shopping streets in the zone
2000 3000
7%
A massive 83 per cent of the stores in North and West Chennai's

shopping streets are less than 1,000 sq ft in size, while the
corresponding numbers for Central and Central-South Chennai are
67 and 77 per cent respectively
Additionally, only 7 per cent of the total stores are above 3,000 sq ft
in size. Relatively lower rentals and ample availability of space on
shopping streets seem to have induced retailers to be liberal
towards occupying larger spaces
Among other product categories, accessories (74%),

personal care (69%), footwear (58%), electronics (55%),
and watches & jewellery (53%) have the majority of
their shop sizes in the range of 0500 sq ft
Inherently, department stores, entertainment and
hyper/supermarkets are large retail format stores
hence, the majority of these stores in malls are greater
than 3,000 sq ft in size
Shop sizes ranging between 5001,000 sq ft are
occupied mainly by sportswear (44%) apparel (34%),
home & lifestyle (33%) and food & beverages (31%)
category stores in malls
A closer look at the charts above reveals that shop

sizes ranging between 2,000 and 3,000 sq ft in malls
are not favoured much by retailers. None of the product
categories can boost of having a considerable share in
this range of shop sizes
Based on the chart above, due to its smaller shelf size,
the accessories category is not present in shops larger
than 1,000 sq ft since none of the department stores
are smaller than 1,000 sq ft
84
85

Chart 16
Chart 17

retail in 2014

Total retail spending

in 2014 (` bn)
Chennai
18%
2%
Central
13% 11%
4%
58%
31%
12% 1%
65%
4% 0%
10
96%
79
60%
18%
65
9% 6%
85%
24
North
3% 2%
95%
172
West
88%
E-tail
53
8% 6%
Non-modern retail
Note: Brick and mortar modern retail + E-tail = modern retail
Total retail spending in 2014 for Chennai amounts to

`225 bn in this, the share of modern retail stands at 20
per cent of which, the split between brick and mortar
and E-tail is 18 per cent and 2 per cent respectively
The North Chennai zone accounts for 40 per cent of the
city's population, translating into the highest share
(35%) of the total retail spending
The presence of a large number of malls in the Central
and Central-South Chennai zones contributed towards
the highest share of modern retail in these zones
More than 85 per cent of the retail market in North,
Extended South and West Chennai is serviced by nonmodern retail compared to less than 60 per cent in
Central Chennai
86%
E-tail
123
Non-modern retail
86
123
E tended South
87%
West
11% 1%
22%
28
North
50%
Central Chennai map
Central South
4%
E tended South
23%
27%
55
Central South
507
76%
Central
38%
Total retail spending

in 2019 (` bn)
Chennai
225
80%
Central Chennai
Zone Analysis
The total retail spending in Chennai is projected to

increase from `225 bn in 2014 to `507 bn in 2019,
implying an annual growth rate of 18 per cent
Moreover, the share of modern retail is estimated to
increase from 20 per cent to 24 per cent during the
same period
E-tail is expected to jump in excess of ve times from
2 per cent in 2014 to 11 per cent in 2019, while the
share of brick and mortar modern retail is expected to
fall from 18 per cent to 13 per cent during the same
period
Central Chennai is expected to witness the maximum
gain in terms of modern retail share during the next
ve years. On the other extreme, North and West
Chennai will continue to be dominated by non-modern
retail over the next ve years
87
Central Chennai Zone Analysis
Chart 1
Per capita occupied modern retail space in Central Chennai

Space in sq ft
Chart 2

95
Non-ethnic Menswear
Non-ethnic Womenwear
32
171
178
Ethnic wear
Sportswear
Share in Percentage
28
14
Kids wear
Department Stores
377
F&B QSR
134
F&B Fine Dining
95
17
F&B Cafes
Eyewear
22
15
Cosmetics
Salons & Spas
18
31
Other Personal Care

Hyper/Supermarkets
143
Home & Lifestyle
183
131
Electronics
Watches & Jewellery
409
74
50
88
23
9
0
100
150
200
250
300
350
400
450
Share of mall space
13
Department Stores
18
61
25
17
F&B Fine Dining
F&B Cafes
0
36
19
0
13
Hyper/Supermarkets
0
41
100
58
6
26
Accessories
15
Watches & Jewellery
10
32
45
23
0
Footwear
The sportswear category is dominated

by foreign retailers, while multiplexes are
led by national retailers. To the other
extreme is the family entertainment
category, which is led by neither
national nor foreign retailers
Non-ethnic menswear under apparel is
occupied predominantly by foreign
retailers. Central Chennai boasts of
numerous local ethnic wear designers.
This can be emphasised further by the
lower presence of national and foreign
brands in this category. Similarly, nonethnic women's wear is dominated by
local and regional retailers
63
Multiplexes
74
Electronics
17
27
Salons & Spas
Home & Lifestyle
32
Other Personal Care
Central Chennai is one of the most established retail markets of Chennai, and houses the most premium residential micromarket in the city. Premium retailers, including boutique designers, are present predominantly across the markets of
Nugambakkam, T. Nagar and Alwarpet. Hence, it can easily be term as the 'fashion hub of Chennai city'
Department stores under the apparel category have the highest modern retail space of 377 sq ft per 1,000 population. This is
second only to the watches and jewellery category, which has 409 sq ft per 1,000 population
Ethnic wear and non-ethnic unisex clothing under the apparel category rank next, after department stores. The presence of
premium boutique designers in this market leads to higher per capita space for this category. These product categories are
present more on the major shopping streets of Central Chennai as against malls. Our assertion can be emphasised further by
the low share of mall space for these categories
In the food & beverage (F&B) category, quick service restaurants (QSR) occupy the largest modern retail space in terms of
square feet per 1,000 population. Of the total QSR space, only 48 per cent are in the malls, implying, once again, that the
shopping streets of central Chennai are well established
Multiplexes and family entertainment centres are entirely mall phenomena. None of these are present on the shopping streets
Of the total cosmetics retail space in Central Chennai, almost 70 per cent has occupied space in malls
Watch & jewellery shops have the largest per capita modern retail space in this zone. However, they are found in abundance
on the shopping streets as compared to the malls
In contrast, the accessories, and books, and gifts & music product categories are present mostly in the malls, aiming mainly
at the urban populace
23
10
Kids wear
Cosmetics
Eyewear
53
Footwear
19
F&B QSR
19
64
Sportswear 80
30
Accessories
22
Ethnic wear
66
Multiplexes
Non-ethnic Menswear
21
41
13
25
29

89
Central Chennai Zone Analysis
Chart 3
Chart 4

in Central Chennai

in Central Chennai
Retail spending
in 2019 (` bn)
Future trends
in Central Chennai
140
122
120
24%
100
` bn
80
54%
60
13%
40
33
9%
28
20
2014
< `300,000
`500,001 `1,000,000
> `1,000,000
90
2015
2016
2017
2018
2019
`300,001 `500,000
Total retail spend
E-tail
The total retail spending in Central Chennai is projected to increase to `122 bn in 2019 from `55 bn in 2014, resulting in an
annual growth rate of 17 per cent
With the advent of e-commerce, the share of E-tail in the total retail segment is estimated to increase from 4 per cent in 2014
to 23 per cent in 2019. This increase in E-tail will eat into the share of brick and mortar modern retail, which is estimated to
fall from 38 per cent in 2014 to 27 per cent in 2019
With the decline in the share of brick and mortar and the unavailability of large land tracts,
we expect no major malls to come up in this zone. However, with the multi-fold rise in total
retail spending, the demand for brick and mortar space would be the highest from nonmodern retailers.
91

Chart 1
Central-South Chennai
Zone Analysis

Central-South Chennai
Space in sq ft
78
Non-ethnic Menswear
18
Central-South Chennai map
133
60
Ethnic wear
Sportswear
23
12
Kids wear
Department Stores
233
F&B QSR
151
F&B Fine Dining
95
12
F&B Cafes
Eyewear
22
17
Cosmetics
Salons & Spas
27
54
Other Personal Care

66
Multiplexes
144
Hyper/Supermarkets
122
Home & Lifestyle
105
145
Electronics
19
Accessories
Watches & Jewellery
103
67
59
Footwear
0
20
40
60
80
100
120
140
160
180
200
20
240
Share of mall space
92
The per capita penetration of product categories that require large-format stores, such as department stores, multiplexes,
hyper/supermarkets and family entertainment centres, is very high in Central-South Chennai. This zone has three malls, and
since the preference for locating within a mall is very strong within these product categories, it is reected here with a high
per capita penetration
While categories like accessories, sportswear and cosmetics are present only within malls, ne dining, home & lifestyle and
other personal care are highly skewed towards shopping streets
F&B cafes have a very low presence in this zone, as only 12 sq ft per 1,000 population is available for this product category
93
Central-South Chennai Zone Analysis
Chart 2
Chart 3
Chart 4



Share in Percentage
Retail spending
in 2019 (` bn)
70
65
60
23%
50
23
16
11
0
Ethnic wear
Sportswear
87
26
Department Stores
34
44
F&B QSR
53
28
12
F&B Fine Dining
27
Eyewear
13%
30
20
10%
15
12
10
2014
< `300,000
42
Salons & Spas
68
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
34
Other Personal Care
40
25
37
Cosmetics
54%
40
40
F&B Cafes
> `1,000,000
25
Total retail spend
E-tail
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
Electronics
Accessories
11
11
100
41
33
The total retail spending in Central-South Chennai is projected to increase to `65 bn in 2019 from `28 bn in 2014, resulting in
an annual growth rate of 19 per cent
While the share of E-tail in the total retail is estimated to increase from 4 per cent in 2014 to 18 per cent in 2019, this will lead
to a decrease in the share of brick and mortar modern retail, falling from 31 per cent to 22 per cent during the same period
53
27
0
41
63
29
17
Watches & Jewellery
Footwear
Kids wear
52
The combined share of national and

foreign brand shops is 60 per cent and
above in 10 categories out of the total
23, indicating a preference for regional
and local brand shops among shoppers
Books, gifts & music, and other
personal care are dominated primarily
by regional and local brand shops, as
the share of national and foreign brand
shops is less than 30 per cent
The multiplexes category is dominated
by national retailers like INOX and IMAX
` bn
31
73
16
Non-ethnic Menswear
28
35

94
95
Central-South Chennai Zone Analysis
Future trends
E tended South
Chennai Zone Analysis
E tended South Chennai map
As on date, this zone has only three signicant malls. Going forward with a 70 per cent
increase in brick and mortar retail over next ve years, we can expect more malls to come up
in this zone, though the rate of growth in mall space will be relatively slower compared to nonmodern retail space.
96
97
Extended South Chennai Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in Extended

South Chennai

Share in Percentage
Space in sq ft
Non-ethnic Menswear
24
Ethnic wear
Sportswear
Kids wear
Non-ethnic Menswear
Department Stores
Ethnic wear
Sportswear
F&B QSR
101
F&B Fine Dining
33
14
F&B Cafes
Eyewear
Kids wear
Cosmetics
Department Stores
Salons & Spas
12
F&B QSR
Other Personal Care

347
Multiplexes
226
Hyper/Supermarkets
14
Home & Lifestyle
5
18
Electronics
Accessories
Watches & Jewellery
9
-
Footwear
0
50
100
150
200
250
300
350
Share of mall space
Note: Footwear, watches & jewellery, accessories, cosmetics, eyewear, department stores, kidswear, sportswear,
ethnic wear, non-ethnic unisex clothing and non-ethnic menswear have a negligible presence in this zone
98
As many as 11 product categories like footwear, accessories, department stores and sportswear, among others, are missing
entirely from Extended-South Chennai, despite there being six malls in this zone
The per capita penetration of the home and lifestyle, books, gifts and music, salon and spas, and other personal care
categories is also signicantly low in this zone
The presence of a large number of QSRs on Old Mahabalipuram (OMR) Road has resulted in a relatively higher per capita
penetration of the F&B QSR category here
Multiplexes and family entertainment centres have a relatively higher per capita presence in Extended-South Chennai
45
12
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
Electronics
50
Accessories
Watches & Jewellery
Footwear
The F&B cafe and other personal care

categories are dominated primarily by
national brand stores in Extended-South
Chennai
The books, gifts & music category is
dominated by regional retailers in this
zone, while electronics is owned equally
by foreign, regional and local brand
stores
As many as 10 product categories are
absent in this zone, clearly implying low
modern retail penetration
100
25
100
33
Note 1: Balance percentage in all the product categories
Note 2: Footwear, watches & jewellery, accessories,
cosmetics, eyewear, department stores, kids wear,
sportswear, ethnic wear, non-ethnic unisex clothing
and non-ethnic menswear have a negligible presence
in this zone
99
E tended South Chennai Zone Analysis
Chart 3
Chart 4
Household income split in

E tended South Chennai

in E tended South Chennai
Retail spending
in 2019 (` bn)
30
Future trends in
E tended South Chennai
24
25
23%
54%
` bn
20
15
13%
10
10%
5
2
2
0
2014
< `300,000
> `1,000,000
100
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The Extended South zone is one of the growth corridors of Chennai, and its population is set to explode in the ensuing ve
years. Based on this premise, we expect total retail spending to increase from `10 bn in 2014 to `24 bn in 2019, thereby
registering the highest annual growth rate of 20 per cent among other zones
Though the share of E-tail in the total retail segment is estimated to increase six-fold over the next ve years, its actual
expenditure is quite miniscule at `2 bn by the end of 2019
Modern retail (including brick and mortar and Etail) will account for only 15 per cent of the total
retail in 2019, implying the dominance of nonmodern retailers in this zone.
As on date, mall vacancies in this zone are the

highest in the city. Going forward with the increase
in brick and mortar modern retail demand, we
expect mall vacancies to fall.
101
North Chennai
Zone Analysis
Chart 1

North Chennai
Space in sq ft
Non-ethnic Menswear
3
North Chennai map
14
17
Ethnic wear
Sportswear 1
Kids wear
Department Stores
49
F&B QSR
12
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics 0 1
Salons & Spas
5
2
Other Personal Care

10
Multiplexes
26
Hyper/Supermarkets
12
Home & Lifestyle
4
12
Electronics
1
Accessories
Watches & Jewellery
18
3
5
Footwear
0
10
20
30
40
50
Share of mall space
Note: Sportswear as a category has a negligible presence in this zone

102
The penetration of department stores is the highest in North Chennai, compared to the other apparel subcategories.
Saravana Stores in Purasawalkam High Road alone has resulted in such a skewed number in the department stores category
The sportswear category is absent in this zone. This is similar to the Extended-South Chennai zone, where it is non-existent
Since there are only three major malls in this zone, the share of malls in most of the categories is negligible
103
North Chennai Zone Analysis
Chart 2
Chart 3
Chart 4


in North Chennai

in North Chennai
Share in Percentage
Retail spending
in 2019 (` bn)
200
180
172
15%
160
140
0
11
56
Ethnic wear
0 2
Sportswear
Kids wear
Department Stores
F&B QSR
15
0
100
10%
80
65%
60
40
20
4
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
0
14
0
Watches & Jewellery
0
6
2014
2015
2016
2017
2018
2019
24
< `300,000
70
`300,001 `500,000
`500,001 `1,000,000
15
> `1,000,000
Total retail spend
E-tail
64
66
6
7
Accessories
65
0
Footwear
120
40
35
Eyewear
Electronics
32
F&B Fine Dining

F&B Cafes
24
10%
Apart from electronics, F&B cafes and

F&B QSR, all the categories have a
miniscule presence of foreign brands in
North Chennai
A signicant 65 per cent and above of
the stores in cosmetics, F&B cafes and
hyper/ supermarkets are foreign brands
the number stands at zero for nonethnic women's wear, multiplexes and
family entertainment centres, since they
are highly skewed towards regional and
local brands in this zone
` bn
Non-ethnic Menswear
29
19
13
Being the largest populated zone, the total retail expenditure is the highest in this zone. We expect total retail spending to
increase from `79 bn in 2014 to `172 bn in 2019, registering a 17 per cent annual growth rate
As on date, E-tail has not caught the fancy of the people in this zone. However, we expect the E-tail share to increase from
less than 1 per cent in 2014 to 3 per cent in 2019

Note 2: Sportswear as a category has a negligible
presence in this zone
9
104
105
North Chennai Zone Analysis
Future trends
in North Chennai
West Chennai
Zone Analysis
West Chennai map
Similar to the Extended South Chennai Zone,

modern retail (including brick and mortar and
E-tail) will account for only 5 per cent of the total
retail in 2019, implying the dominance of nonmodern retailers in this zone.
106
As on date, there are only three malls in this zone,

which is relatively less compared to the other
zones of the city. We expect this trend to remain
intact going forward, as non-modern retail will
continue its dominance.
107
West Chennai Zone Analysis
Chart 1
Chart 2

West Chennai

Share in Percentage
Space in sq ft
24
Non-ethnic Menswear
4
21
82
Ethnic wear
Sportswear
Kids wear
Department Stores
F&B QSR
33
F&B Fine Dining
Cosmetics
Department Stores
Salons & Spas
Multiplexes
185
Hyper/Supermarkets
62
45
24
Eyewear
Hyper/Supermarkets
16
Footwear
100
150
200
Share of mall space
Note: Family entertainment centres and cosmetics have a negligible presence in this zone
Electronics
108
Except for multiplexes, department stores, ethnic wear and hyper/supermarkets, all the product categories have a very poor
penetration in this zone
The presence of brands like IMAX and INOX in Vadapalani has helped this zone report a highest per capita space for
multiplexes
Within apparel, department stores have the highest penetration. This is similar to North Chennai, as the demographics of
these zones are very similar
79
25
48
0
0
73
0
74
100
0
8
30
Accessories
0
0
0
38
50
36
Watches & Jewellery
Footwear
13
12
Home & Lifestyle

50
74
21
Multiplexes
Foreign brands are missing from most of

the product categories in West Chennai
completely by foreign brands, followed
by department stores, with a 71 per
cent share. Similarly, non-ethnic
women's wear is dominated entirely by
regional and local brands
The majority of the stores in the eyewear
and F&B ne dining categories are
either local or regional brands, with a
miniscule presence of national brands
0 4
F&B Cafes
Watches & Jewellery

18
43
Other Personal Care
29
Salons & Spas
Electronics
76
71
Cosmetics
10
Accessories
F&B Fine Dining
Home & Lifestyle
F&B QSR
9
Other Personal Care

19
Kids wear
19
Sportswear 100
Eyewear
38
Ethnic wear
20
F&B Cafes
0 0
107
63
14
Non-ethnic Menswear
45
35
50

29
109
West Chennai Zone Analysis
Chart 3
Chart 4

in West Chennai

in West Chennai
Retail spending
in 2019 (` bn)
140
Future trends
in West Chennai
123
120
19%
100
` bn
80
14%
58%
60
40
9%
20
10
8
2014
< `300,000
> `1,000,000
110
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
Similar to the Extended South and North Chennai zones, non-modern retail dominates this
zone and it will continue to do so in 2019. Total modern retail (including brick and mortar and
E-tail) will increase slightly, from 12 per cent in 2014 to 15 per cent in 2019.
The West Chennai zone has the third lowest modern retail penetration (brick and mortar and E-tail combined). Going forward,
we expect this trend to continue in West Chennai despite the increase in total retail spending from `53 bn in 2014 to `123 bn
in 2019
The share of E-tail is expected to increase from 1 per cent in 2014 to 6 per cent in 2019, thereby eating into the modern retail
share, which will decrease from 11 per cent in 2014 to 8 per cent by 2019
111
HYDERABAD CITY ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
3,000
1,600
2,500
1,400
2,000
Hyderabad city map
1,200
1,500
1,000
1,000
500
800
0
Hyderabad
East
North
West
West
Central
600
400
200
0
Hyderabad

for households earning > `300,000
114
Hyderabad ranks fth among the cities of Mumbai,

NCR, Bengaluru, Pune, Chennai, Kolkata and
Hyderabad in terms of retail space per 1,000
population
Hyderabad West, the highest ranked among the retail
zones in Hyderabad, is currently ranked 14th among 42
retail zones contained in these cities in terms of
modern retail space per 1,000 population in India
The bulk of the modern retail space is being built in the
West and North West zones, as the residential core of
the city continues to shift in this direction
The West zone has the maximum retail space per
1,000 population, but locations in the North West zone
have the highest proportion of modern retail space per
1,000 population for households with earnings over
`300,000
Extended
West
West
Central

Mall space per 1,000 population for households
earning > `300,000
East
In line with the per capita distribution of overall modern

retail, the West and North West zones also have the
most mall space per 1,000 population in Hyderabad
Moreover, locations like HITEC City and KPHB in the
West and North West zones account for more than
two-thirds of the mall space in Hyderabad
115
Hyderabad City Analysis
Chart 3
Chart 5

shopping streets

space in East Hyderabad
100%
80%
48%
63%
60%
86%
98%
40%
37%
20%
52%
14%
0%
2%
Central
Malls
HYDERABAD
CITY SPLIT
West
North
West
East
Practically all the major malls in Hyderabad

are located in the West and North West zones.
This is depicted clearly in the chart
Even though the Central zone consists of the
oldest and most dense markets of
Hyderabad, very few of the shops in these
markets can be encompassed in the gamut of
modern retail. Paucity of land and the relative
abundance of fast-evolving locations in the
West zone have resulted in very little mall
development in this zone
The East zone still has a long way to go in
terms of mall development
With the lowest modern retail penetration among all the zones
in Hyderabad, the East zone is ranked 38th among the 42 zones
in terms of modern retail space per 1,000 population
Apparel stores claim the largest share in this zone, while
electronic stores take up 13 per cent of the area under modern
retail - the highest among all the zones
Food &
Beverages
Home &
Lifestyle
Personal
Care
12
Apparel
Books,
Gifts & Music
Hyper/
Supermarkets
Watches &
Jewellery
13
30
Entertainment
10
Electronics
Shopping streets
Department Stores
Footwear
Sportswear
Accessories
Chart 4
14 25
10
14
Chart 6
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Central Hyderabad
Apparel, watches and jewellery, and department stores

are the dominant product categories in the Central zone
Watches and jewellery stores have the highest share in

space in West Hyderabad
Major progress in the ofce and residential markets during

the previous decade in west Hyderabad nurtured the growth
of modern retail formats in terms of major mall development
and the maturing of already established upmarket high
streets of Jubilee Hills and Banjara Hills
This zone has evolved over the years and has a healthy
distribution of all product categories
Department Stores
Food &
Beverages
16
Home &
Lifestyle
15
Electronics
Personal
Care
this zone, since it has the highest concentration of

people in households earning more than `300,000
Books,
Gifts & Music
116
13
Apparel
Entertainment
Hyper/
Supermarkets
6
Footwear
17
10
Watches &
Jewellery
Sportswear
Accessories
117
Central
37%
Accessories
Sportswear
Personal Care
Watches & Jewellery
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Apparel
Footwear
Electronics

in North West Hyderabad
Food & Beverages
Chart 9
Department Stores
Chart 7
18
West
64%
24%
5% 7%
North West
40%
53%
5%2%
East
8%
23 20
2% 4%
57%
8%
79%
5%
1
Foreign
National
Regional
Local
National brands dominate the space

occupied in malls followed by foreign
brands in all zones except the east zone
where the share of regional brands
equals that of foreign brands
Share of foreign brands is exceptionally
low in the east zone because of the lack
of mall development that foreign brands
tend to be biased toward, however the
share of national brands in this zone far
eclipses that in other zones
modern retail outlets in this zone, the highest for any

three product categories across zones
The North West zone is an extension of the West zone

and has been a hub of retail development activity over
the past ve years
Departmental stores, apparel and hyper/supermarkets
categories make up 62% of the area occupied by
Chart 10

shopping streets
Central
15%
28%
20%
31%
18%
37%
East
Chart 8
14%
37%
North West
6%
Central
39%
34%
21%
East
18%
32%
18%
32%
9%
37%
31%
West
17%
44%
13%
Foreign
26%
North West
National
Regional
23%
The share of brand categories is much

better dispersed in the case of shopping
streets compared to malls
Local and regional brands play a much
bigger role in shopping streets due to
the comparatively lower average rentals
than malls. They make up over half the
area taken up by modern retail
establishments in all zones
Local

24%
46%
19%
11%
East
9%
38%
West and North West zones of Hyderabad have a

comparatively larger presence of foreign and national
brands
Brand categories are more uniformly dispersed across
the Central and East zones
National brands have the largest presence across all
zones
Foreign
National
Regional
31%
22%
The share of regional brands stands out in the East

zone where it is second only to national brands. Nearly
60% of these brands are present in two locations of
Dilsukh Nagar and LB Nagar in the east
The Central zone that houses the oldest retail markets
of Hyderabad has the largest share of local brands
among all zones
Local
118
119
Chart 11

FOREIGN BRANDS
CATEGORIES
Hidesign
Accessorize
Forever 21
Kalanikethan
Landmark
Lifestyle
Da Milano
Raymonds
Tirumala
Music
Samsung
Croma
Mebaz
R S Brothers
Himalaya
Book Depot
Brand
Factory
Central
Baggit
Fastrack
Archies
Walden
Reliance
Trends
Westside
Reliance
Digital
Bajaj
Electronics
Yes Mart
Chart 12
Size-wise
split of
occupied
modern
retail stores
in malls
0 500
Asian
Cinema
INOX
PVR Cinemas
6%
3%
4%
34%
80%
>3000
9%
11%
2%
2%
7%
25%
Space in sq ft
0%
12%
50%
Cinemax
19%
Paradise
Caf Coffee Day
KFC
2000 3000
0%
40%
McDonalds
1000 2000
100%
60%
Cinepolis
500 1000
78%
78%
Karachi Bakery
20%
Bata
Reliance
Foot Print
Centro
Footwear
Fantoosh
Mochi
Home Centre
Bantia
Furniture
@ Home
Reliance
Living
Furniture
World
Spar
Big Bazaar
D Mart
HyperCITY
35%
25%
0%
Central
Enersys
Docomo
Apollo
Pharmacy
Woodland
Reebok
Nike
Joy Alukhas
Puma
Spice
Lakme
Salon
Health
& Glow
North West
East
Reliance
Mart
Vodafone Store
West
Airtel
Lawrence
& Mayo
Malls in the West and North West of Hyderabad are dominated by shops
measuring less than 500 sq ft
A substantial 47 per cent of the shops in Central Hyderabad measure over
1,000 sq ft, despite the comparatively higher rentals commanded by them.
East Hyderabad is next, with 25 per cent in the same size range
Titan
Eye+
Adidas
Tanishq
Kalyan
Jewellers
Mangatrai
Jewels
GRT
Jewellery
120
121
Chart 14

categories
Chart 13
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
100%
100%
6%
3%
7%
3%
4%
9%
9%
3%
80%
4% 3%
5%
5%
10%
11%
18%
17%
9%
3% 3%
18%
8%
67%
14%
72%
59%
15%
11%
9%
6%
19%
27%
6%
3% 5%
13%
73%
52%
60%
1%2%
Space in sq ft
3%
40%
65%
57%
60%
13%
5%
70%
11%
26%
35%
Central
West
North West
500 1000
1000 2000
2000 3000
7%
20%
35%
4%
84%
23%
74%
East
5% 2%
0 500
52%
14%
1% 3%
0%
19%
57%
21%
20%
2%
10%
27%
6%
6%
62%
19%
>3000
>3000
2000 3000
8%
1000 2000
64%
21%
500 1000
0 500
The most established shopping streets in the west zone like Banjara
Hills and Jubilee Hills have large format shops compared to the
other zones which is quite evident from the 27 per cent share taken
up by shops ranging between 5001,000 sq ft in size
22% of the stores in the North West zone and 21% of those in the
east are over 1,000 sq ft in size. Comparatively lower space
constraints and lower rentals encourage retailers to opt for larger
store sizes in zones
Supermarkets, entertainment and departmental stores

are the only categories that show a predominance of
large format spaces required for operations
Practically all of the stores in the accessories product

category measure less than 500 sq ft
122
123
HYDERABAD ZONE ANALYSIS

Chart 15
Chart 16

retail in 2014

Total retail
spending (` bn)
East
4%0%
106
96%
North West
17%
2%
14% 10%
45
7% 1%
84%
92%
E-tail
12% 9%
51
117
Central
6%
4%
Non-modern retail
124
76%
96
79%
96
Central Hyderabad map
The West and North West zones have 30 per cent of

the total population of Hyderabad but account for 56
per cent of the modern retail spending in the city. This
is largely due to the fact that the bulk of the malls and
premium high street stores are concentrated in the IT
corridor of the HITEC City road, Banjara Hills and
Jubilee Hills. Also, most of the commercial and
residential development in the city is concentrated in
these zones and attract the high income
earners/spenders of the city
Second only to the Central zone in terms of total retail
spending, the East zone has the lowest modern retail to
total retail spending ratio among all the zones of
Hyderabad
The Central zone accounts for the largest total retail
spending and the largest share of population as well
90%
E-tail
51
Non-modern retail
224
95%
West
2%
Central
Total retail
spending (` bn)
North West
81%
West
14%
East
3%
2%
Central Hyderabad
Zone Analysis
The total retail spending in Hyderabad is forecasted to

increase from `319 bn in 2014 to `692 bn in 2019 at a
compounded annual growth rate (CAGR) of 17 per cent
All zones will see growth in the share of modern retail
spending by 2019
The West and North West zones will see the most
spending on modern retail over the ve year period
from 2014 to 2019, as their rapidly growing residential
and commercial ethos continues to nurture modern
retail development. The West and North West zones
will see the share of modern retail spending increase to
21 per cent and 24 per cent respectively
The East and Central zones will see the share of
modern retail spending increase to 5 per cent and 10
per cent respectively
125
Central Hyderabad Zone Analysis
Chart 1
Chart 2

Central Hyderabad

Share in Percentage
Space in sq ft
Non-ethnic Menswear
39
21
Non-ethnic Unisex Clothing
22
65
Ethnic wear
Sportswear
10
Non-ethnic Menswear
Kids wear
Department Stores
F&B QSR
29
F&B Fine Dining
Sportswear
Eyewear
Salons & Spas
F&B QSR
8
Other Personal Care

Multiplexes
8
33
Home & Lifestyle
59
57
Electronics
2
Watches & Jewellery
87
27
23
20
40
60
32
F&B Cafes
0
3
45
126
30
53
33
Salons & Spas
48
Other Personal Care
47
Multiplexes
100
54
36
Home & Lifestyle
26
25
100
Electronics
29
25
Watches & Jewellery
80
Accessories
Share of mall space
Department stores take up the maximum share of the area in malls, at 34 sq ft per 1,000 population, and are followed by
hyper/supermarkets at 17 sq ft per 1,000 population
In the Central zone, Punjagutta, Begumpet and Somajiguda have many department stores, with national and foreign brands
like Central, Lifestyle, Max, Pantaloons and Shoppers Stop maintaining a strong presence
Department stores are second only to watches and jewellery as a category in terms of total modern retail space per 1,000
population
Due to little mall development in the Central zone, most of the product categories have a negligible presence in malls.
For instance, the personal care category has very little presence in malls located in this zone
There are very few accessories stores in the Central zone despite it having the highest proportion of households earning
more than `500,000
Footwear
Categories like sportswear, food and

beverage quick service restaurants
(F&B QSR) and electronic products are
dominated by foreign brands as
compared to national brands, while the
opposite is true for department stores,
accessories and multiplexes
The cosmetics and footwear categories
have a fairly uniform presence across
national and foreign brands in Central
Hyderabad
36
10
68
Hyper/Supermarkets
25
Footwear
57
F&B Fine Dining
Cosmetics
20
0
Eyewear
Hyper/Supermarkets
Accessories
74
Department Stores
Cosmetics
18
0
Kids wear
26
Ethnic wear
F&B Cafes
85
45
12
0
25
67
18
21
30

127
Central Hyderabad Zone Analysis
Chart 3
Chart 4


Future trends in
Central Hyderabad
Retail spending
in 2019 (` bn)
300
250
244
29%
200
50%
150
100
12%
9%
50
11
14
2014
< `300,000
> `1,000,000
128
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in the Central zone is forecasted to increase from `117 bn in 2014 to `244 bn in 2019 at a CAGR of
16 per cent - the least among all the zones
The share of spending on the brick and mortar modern retail format is expected to grow at 11 per cent in the ensuing ve
years, as this is already a densely-developed zone with limited potential for fresh building
The share of E-tail spending, however, will increase ve-fold, from 1 per cent to 5 per cent during the same period,
compensating for the limited growth in spending on the brick and mortar format of modern retail
There is little scope for any fresh development of malls and other large-format modern retail
brick and mortar shopping outlets in the Central zone. This zone will continue to be the bastion
of the famous but non-modern old city markets, which will never be replicated anywhere else
in the city.
129
East Hyderabad
Zone Analysis
Chart 1

East Hyderabad
Space in sq ft
Non-ethnic Menswear
16
5
East Hyderabad map
16
29
Ethnic wear
Sportswear
4
3
Kids wear
Department Stores
28
F&B QSR
11
F&B Fine Dining
F&B Cafes 0
Eyewear
Cosmetics 0
Salons & Spas
Other Personal Care
Multiplexes
14
Hyper/Supermarkets
19
Home & Lifestyle
24
31
Electronics
1
Accessories
Watches & Jewellery
Footwear
4
0
10
20
30
40
Share of mall space
130
The East zone is underdeveloped as a retail destination, as the focus of residential and commercial development has
gravitated towards the West zone
This zone is dominated completely by shopping streets the modern retail landscape of this zone is led by the electronics,
department stores and ethnic wear product categories in terms of total modern retail space per 1,000 population
131
East Hyderabad Zone Analysis
Chart 2
Chart 3
Chart 4


in East Hyderabad

in East Hyderabad
Share in Percentage
Retail spending
in 2019 (` bn)
250
229
20%
200
Non-ethnic Menswear
20
21
0
Ethnic wear
Sportswear 100
17
0
Kids wear
Departmental Store
F&B QSR
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
59
67
5
32
F&B Fine Dining
26
100
Multiplexes
Hyper/Super Market
Home & Lifestyle
3
18
59%
100
9%
50
2014
< `300,000
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
> `1,000,000
Total retail spend
E-tail
100
33
50
96
The total retail spending in the East Zone is forecasted to increase from `106 bn in 2014 to `229 bn in 2019 at a CAGR of
17 per cent
The share of spending on brick and mortar modern retail format is expected to grow at a 12 per cent CAGR till 2019
The growth of spending on modern retail in this zone will be complemented largely by E-tailing, whose share is expected to
increase from 0.4 per cent in 2014 to 2.2 per cent in 2019
44
27
Accessories
Watches & Jewellery
0
58
12%
60
Electronics
150
Foreign brands have little presence in

the East zone, with a few exceptions like
sportswear and footwear
National brands display a
disproportionate dominance in certain
product categories like accessories,
cosmetics and F&B cafes due to the
extremely few outlets that represent the
gamut of modern retail. However, the
proportion of hyper/supermarkets is
skewed towards national brands due to
the presence of prominent national
retailers like Big Bazaar, D-Mart,
Spencer's and More
58
13
Other Personal Care
Footwear
50
100
39
26
16

132
133
East Hyderabad Zone Analysis
Future trends
in East Hyderabad
West Hyderabad
Zone Analysis
West Hyderabad map
Despite the availability of land and a sizeable residential catchment, this zone has been
comparatively neglected by mall developers and big brands, as locations in West Hyderabad
attracted most of the action. This situation is not expected to change much over the forecast
period, but an increase in traction will be seen towards the end of the decade, as the progress
in the construction of the metro and other transport infrastructure initiatives, coupled with
cheaper land prices, encourages accelerated real estate development.
134
135
West Hyderabad Zone Analysis
Chart 1
Chart 2

West Hyderabad

Space in sq ft
Share in Percentage
39
Non-ethnic Menswear
41
35
71
Ethnic wear
Sportswear
21
13
Kids wear
Department Stores
156
F&B QSR
F&B Fine Dining
Sportswear
18
Kids wear
Department Stores
Salons & Spas
27
Other Personal Care
23
22
Multiplexes
19
62
0
Ethnic wear
15
Eyewear
51
43
36
114
62
23
76
Accessories
Watches & Jewellery
56
22
20
Footwear
15
27
F&B Cafes
13
29
Eyewear
11
50
100
150
5
0
Multiplexes
Hyper/Supermarkets
43
16
100
93
35
44
30
8
Accessories
136
26
200
Share of mall space
Department stores, home and lifestyle, and F&B QSR are the product categories with the highest modern retail space per
1,000 population
Most of these department stores are situated in City Centre, GVK One and Inorbit mall at Banjara Hills and HITEC City
On the other hand, almost all home and lifestyle retailers can be found on the shopping streets of Madhapur, Jubilee Hills
and Banjara Hills
Personal care products, especially salons and spas, and eyewear, have the highest presence in this zone
74
Other Personal Care
Electronics
35
26
Salons & Spas
Home & Lifestyle

0
11
F&B Fine Dining
Cosmetics
173
Electronics
Barring a few product categories like

multiplexes, and books, gifts and music,
most of them are well represented by
foreign and national retailers
Most of the foreign retailers are
concentrated in HITEC City and have a
slightly higher presence in the malls
compared to the shopping streets
In contrast, national retailers have a
markedly higher preference for the
shopping streets of Banjara Hills and
HITEC City, compared to the malls
44
Home & Lifestyle
45
24
73
F&B QSR
Hyper/Supermarkets
53
Cosmetics
63
6
126
F&B Cafes
23
Non-ethnic Menswear
Watches & Jewellery
Footwear
51
83
14
45
35

137
West Hyderabad Zone Analysis
Chart 3
Chart 4

in West Hyderabad

in West Hyderabad
Retail spending
in 2019 (` bn)
120
Future trends
in West Hyderabad
110
100
22%
80
55%
60
13%
40
10%
20
10
13
2014
< `300,000
> `1,000,000
138
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in the West zone is expected to increase from `51 bn in 2014 to `110 bn in 2019 at a CAGR of 17 per
cent, second only to North West Hyderabad
Modern retail spending is expected to grow at a rate of 23 per cent during the ve-year period ending 2019, bringing the share
of total modern retail spending as a proportion of total retail spending to 24 per cent in 2019 compared to 16 per cent in 2014
Locations like Banjara Hills, Jubilee Hills and HITEC City in the West zone represent the best of
the modern retail establishments in the Hyderabad market. The IT corridor, abundant Grade A
ofce spaces and premium residential locations in this zone ensure that the retail environment
in this zone will continue to grow in the coming years.
139
North West Hyderabad

Zone Analysis
Chart 1

Space in sq ft
33
Non-ethnic Menswear
North West Hyderabad map
56
58
72
Ethnic wear
Sportswear
13
6
Kids wear
Departmental Store
261
F&B QSR
51
F&B Fine Dining
10
4
F&B Cafes
Eyewear
10
Cosmetics 3
Salons & Spas
Other Personal Care

Multiplexes
93
Hyper/Super Market
203
Home & Lifestyle
58
88
Electronics
6
Accessories
Watches & Jewellery
38
12
21
Footwear
0
50
100
150
200
250
300
Share of mall space
140
The North West zone is the fastest developing retail market in Hyderabad. The abundant availability and low prices of land,
coupled with a fast-developing ofce and residential environment, makes it an attractive proposition for fresh, modern retail
development
Department stores and hyper/supermarkets are clearly the dominant product categories in the North West zone in terms of
total modern retail space per 1,000 population. Among all the retail zones in Hyderabad, the penetration of these two product
categories is also the highest in this zone
New mall developments, such as Manjeera Trinity and Forum, have induced major foreign hyper/supermarket retailers, such
as Spar and Hyper CITY, to take up bulk spaces in these zones
141
North West Hyderabad Zone Analysis
Chart 2
Chart 3
Chart 4



Share in Percentage
Retail spending
in 2019 (` bn)
120
109
19%
100
80
Non-ethnic Menswear
47
17
57
22
18
Ethnic wear
Sportswear
32
11
85
0
Kids wear
Departmental Store
43
73
20
F&B QSR
29
F&B Fine Dining
33
Eyewear
Cosmetics
20
11
52
`300,001 `500,000
`500,001 `1,000,000
> `1,000,000
2014
48
50
Other Personal Care
51
15
2015
2016
2017
2018
2019
Total retail spend
E-tail
Multiplexes
65
18
43
56
Home & Lifestyle
28
Electronics
26
Accessories
23
Watches & Jewellery
22

Footwear
40
39
Salons & Spas
Hyper/Super Market
10%
56
7
61%
60
< `300,000
25
F&B Cafes
10%
National and foreign brands have a

healthy presence in almost all the
product categories in the North West
zone
The overwhelming presence of major
international retailers, such as Adidas,
Nike and Puma, in the sportswear
category, has resulted in an 85 per cent
share for international retailers. There
are few sportswear outlets in the
modern retail format in the local and
regional brand categories
77
52
0
31
17

The total retail spending in the North West zone is forecasted to increase from `45 bn in 2014 to `109 bn in 2019 at a CAGR
of 19 per cent - the highest in Hyderabad
This massive growth in total retail spending will be spurred by market leading growth numbers in brick and mortar modern
retail, E-tail and non-modern retail spending, which we expect, will grow at a CAGR of 14 per cent, 64 per cent and 18 per
cent respectively
Note 2: Family entertainment centres and cosmetics

have a negligible presence in this zone
26
142
143
North West Hyderabad Zone Analysis
Future trends in
The abundant availability of land and proximity to upmarket residential locations like Kukatpally
and the IT corridor have encouraged mall developers to expand in this zone, and this trend is
expected to strengthen in the coming years. The North West zone has a lot of development
potential because of its strong catchment and increased focus on transport infrastructure by
the government.
144
145
OL ATA CITY ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
4,500
3,000
4,000
3,500
2,500
3,000
olkata city map
2,500
2,000
2,000
1,500
1,000
1,500
500
0
Kolkata
South
North
East
Central
1,000
500
0
148
Modern retail in Kolkata has evolved steadfastly over the

past few decades, and today, the city is considered by
retailers and developers as one among the top destinations
in the country to set up their retail establishments/projects
The city, on an average, has 569 sq ft of modern retail
space catering to the needs of every 1,000 of the
population, while around 1,588 sq ft is available per 1,000
of the population in households earning over `300,000
Interestingly, Central and East Kolkata have the highest per
capita modern retail space available in the city
While most parts of East Kolkata are relatively newly developed, it scored the highest penetration of per capita
retail space in the city owing to the presence of a number
of large-format malls there
In contrast, the long-standing region of Central Kolkata has
a larger concentration of shopping streets, thereby
augmenting the per capita modern retail space in the
region
South
North
East
Central

Kolkata
The average mall space availability per 1,000 persons

in Kolkata stands at 229 sq ft, while it is higher, at 637
sq ft, for households earning over `300,000
East Kolkata remains the region with the highest per
capita mall space availability. The presence of several
large-format malls catering to the retail needs of the
population, chiey employed in the IT hub of Salt Lake
Sector V and Rajarhat, has taken the per capita mall
space to a whopping 2,859 sq ft for households with
an income of over `300,000
On the other hand, the mall space availability of North
Kolkata per 1,000 persons is minimal owing to the
limited number of malls in the region
149
olkata City Analysis
Chart 3
Chart 5

shopping streets

space in East olkata
100%
70%
27%
87%
63%
80%
60%
40%
20%
30%
73%
OL ATA
CITY
SPLIT
37%
13%
0%
Central
Malls
East
North
South
Shopping Streets
Kolkata has a clearly demarcated shopping

street domination, with its share of modern
retail space skewed at 60 per cent. This
indicates the compliance of the traditional
markets of the city towards the demand for
modern retail
However, East Kolkata saw a reverse trend,
with a mall space of over 70 per cent leading
the way in modern retail space
The share of shopping streets is the highest in
North Kolkata, with only one operational mall in
the region. Central and South Kolkata have
higher shares, too, as these regions, although
substantiated with malls, have numerous
shopping streets adjacent to heavily-populated
residential areas
East Kolkata has a profusion of apparel stores, located mainly

in malls, and accounting for 22 per cent of the total modern
retail space in the region
Remarkably, the home & lifestyle, and entertainment avenues
were responsible for the next highest share, to the tune of 14
per cent each, both these product categories having a
considerable presence in malls and on shopping streets
This points towards a developing region that is witnessing
residential interest as well as an increase in modern consumers
who prefer to visit multiplex theatres for leisure
The region has a plethora of food & beverages joints, adding up
to 9 per cent of the retail space, patronised largely by IT
industry-employees at food courts
Department Stores
Food &
Beverages
Home &
Lifestyle
Apparel
Entertainment
14
Books,
Gifts & Music
22
14
Hyper/
Supermarkets
Watches &
Jewellery
Electronics
Personal
Care
10
Footwear
Sportswear
Accessories
Chart 4
10
26 10
17
Chart 6
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Central olkata
150
Apparel accounted for the highest share of the modern

retail space in Central Kolkata, primarily due to the
presence of several shopping streets in the area, some
of which specialised in apparel
Its share of 26 per cent is followed by the watches &
jewellery category at 17 per cent, jewellery being the
dominant factor
Department stores and food and beverages (F&B)

followed, with a 10 per cent share each of the total
modern retail space

space in North olkata
Apparel comprises the bulk of the modern retail space in

North Kolkata, accounting for 23 per cent of the total pie
The presence of a large number of furniture stores led this
category to account for 18 per cent of the total modern retail
pie - the second highest share in the region
Hyper/supermarkets, consisting mainly of brands like Big
Bazaar and Vishal Mega Mart, are third in the line - their
prominence pointing towards an increasing preference of
consumers to shop for their daily necessities in such largeformat stores
Department Stores
Food &
Beverages
Entertainment
Home &
Lifestyle
6
18
Electronics
Personal
Care
Books,
Gifts & Music
Apparel
Hyper/
Supermarkets
14
Watches &
Jewellery
10
6
Footwear
23
Sportswear
Accessories
151
11
11
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Home & Lifestyle
Entertainment
Apparel
26
Electronics
Hyper/Supermarkets

in South olkata
Food & Beverages
Chart 9
Department Stores
Chart 7
Central
38%
54%
5%
3%
East
16%
50%
15%
19%
North
4%
94%
2%
South
19%
Foreign
National
69%
Regional
7%
5%
Local
The malls in the Central Kolkata region accounted for the

highest share of foreign brands, primarily due to the
presence of the high-end Quest Mall, which has a host of
luxury brands
South Kolkata has the second highest share of foreign
brands, which can be attributed chiey to the presence of
South City, a large-format mall project
South Kolkata consists of some of the most preferred

residential locations in the city, the region boasting of a
number of major shopping streets, some specialising in
single-product categories like apparel and jewellery
Not surprisingly, modern retail space here is led by

apparel, at 26 per cent, followed by home & lifestyle,
and watches & jewellery, each with shares of 11 per
cent of the total pie
However, modern retail space in Kolkata's malls is skewed

considerably towards national brands, with its share in all
the regions upward of 50 per cent
North Kolkata has the largest share of modern retail space
occupied by national brands in mall space
Chart 8
Chart 10

shopping streets
Central
19%
27%
4%
50%
Central
East
12%
51%
14%
10%
23%
16%
4%
70%
East
North
7%
35%
9%
3%
49%
49%
14%
34%
North
South
12%
35%
8%
7%
45%
26%
10%
57%
South
Foreign
National
Regional
Local
8%
14%
9%
69%

Foreign
152
Kolkata has emerged as a sought-after retail market in

recent years, with several foreign and national brands
setting up their stores in the city. Today, the city provides
modern retail experience to buyers in various malls and
shopping streets, targeting both the luxury segment and
value shoppers
An analysis of retail brands across markets shows that the
majority of the foreign brands are located in the Central
Kolkata region, mainly in the newly-launched Quest Mall
and in high-end shopping streets such as Park Street
Interestingly, Central Kolkata accounts for the highest
share of local brands too, primarily due to the numerous
traditional shopping streets that have attuned themselves

to become modern retail spaces
East and South Kolkata have a fair presence of foreign
brands as well, with a share of 12 per cent each, which can
be attributed primarily to the malls in these regions.
The least share of foreign brands is observed in the
northern zone, owing to the relatively undeveloped modern
retail state of this region
National brands have a considerable presence across all
the zones, particularly in the east, while regional brands
have yet to gain condence
National
Regional
Local
Although the share of foreign brands is signicantly less in

the city's shopping streets, Central Kolkata, followed
closely by South Kolkata, emerged as preferred regions for
foreign retailers to set up their stores
High streets, such as Park Street in Central Kolkata and
parts of Rashbehari Avenue in the south, are responsible
for the presence of foreign brands in their respective zones
However, despite its share of foreign brands, the Central
zone has the highest share of local brands too, owing to

the presence of traditional markets in the region that have
adapted to modern retail
Meanwhile, East Kolkata, which boasted of a large share of
foreign brands in malls, has the minimum share of the
same on its shopping streets. Remarkably, the proliferation
of national brands stood at a considerable 49 per cent in
the region
153
Chart 11

FOREIGN BRANDS
Claire's
CATEGORIES
Gucci
Levis
Hidesign
Accessorize
United Colors of Benetton
Raymonds
Max
Starmark
bookshop
Shoppers Stop
Westside
Chart 12
The little shop
Prapti
Archies Landmark
Crossword
Lifestyle
Fastrack
M3 music
Pantaloons
Size-wise
split of
occupied
modern
retail stores
in malls
0 500
100%
3%
4%
8%
8%
80%
500 1000
1000 2000
>3000
12%
19%
27%
2000 3000
20%
57%
60%
Space in sq ft
Samsung
Reliance
Digital
Sony Center
LG
E Zone
40%
PVR
Cinemas
INOX
42%
Adventure
plex
Fun
Cinemas
Cinemax
29%
36%
29%
22%
20%
McDonalds
Caf Coffee Day
Pizza Hut
KFC
33%
Haldiram's
20%
14%
17%
0%
Bata
Reliance
Footprint
Clarks
Home
Town
Khadims
footwear
Metro Shoes
Estillo
furniture
Godrej
Interio
Mobel
(furniture)
Jagdish
Store
Central
Big Bazaar
VLCC
Woodland
Nike
Puma
Adidas
Vishal
Mega
Mart
GKB
Opticals
Spencers
Himalaya
Opticals
Food
Bazaar
More
The
Thai spa
Skysports
Senco
jewellers
Adrija jewel
East
North
South
South Kolkata emerges as the region with a fairly uniform share in the
mix of shop sizes in malls, as compared to the other zones
East Kolkata accounted for 69 per cent of the shops skewed towards
the lower size range of less than 1,000 sq ft, owing to the presence of
community malls like City Centre 1 and 2
On the other hand, North Kolkata has the highest share of shops with
sizes upwards of 3,000 sq ft. These large-size shops can be attributed
to hyper/supermarkets that require large areas to operate
Reebok
World
of Titan
Tanishq

154
155
Chart 14

categories
Chart 13
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
3%
100%
3%
8%
6%
6%
1%
4%
1% 5%
3%
6%
7%
10%
3%
13%
28%
10%
59%
13%
6%
36%
8%
45%
35%
80%
47%
67%
27%
27%
21%
9%
11%
16%
13%
31%
12%
5%
35%
31%
75%
60%
5%
Space in sq ft
34%
40%
6%
23%
13%
2%
East
Central
8%
5%
0%
33%
51%
25%
500 1000
36%
36%
47%
0 500
8%
55%
18%
20%
24%
26%
7%
6%
60%
57%
12%
17%
1000 2000
2000 3000
North
South
1%
2%
>3000
>3000
Owing to the presence of a number of heavily-populated traditional

shopping streets, Central and South Kolkata have a larger
percentage share of shops with average sizes less than 1,000 sq ft to the tune of 84 per cent and 82 per cent respectively, followed
closely by North Kolkata at 81 per cent
Despite its limited number of shopping streets, East Kolkata can be
considered as the region with a comparatively better mix of shops in
various sizes
It also has the highest share of shops with sizes greater than an
average of 3,000 sq ft, as the retail markets there have numerous
electronics stores and ne dining options
12%
7%
5%
5%
40%
38%
40%
15%
1000 2000
21%
38%
10%
2000 3000
21%
7%
75%
500 1000
0 500
Watches & jewellery, the product category with higher

average trading density (ATD), has been observed to be
housed mainly in shops with lower size ranges. A
whopping 75 per cent of these stores have sizes less
than 500 sq ft
Not surprisingly, entertainment avenues like movie
theatres, which require large formats, have the highest
share of sizes exceeding 3,000 sq ft
Department stores, another category that needs large
formats to showcase their product ranges, has the
second highest share of shop sizes that are greater than
3,000 sq ft
Interestingly, sportswear, which consists mostly of

foreign brands, has a considerable share of shops with
sizes in the range of 1,000-2,000 sq.ft to the tune of
38 per cent
The accessories category has been observed to
operate in small-size shops as well. Around 87 per cent
of this product category belong to a size range of less
than 1,000 sq ft
156
157
OL ATA ZONE ANALYSIS

Chart 15
Chart 16

retail in 2014

Total retail
spending (` bn)
olkata
16% 2%
South
13% 12%
85%
North
1%
6%
11% 10%
108
93%
141
East
4%
58%
North
4%
5%
6%
E-tail
45%
259
41%
28%
40%
35
Non-modern retail
64
At present, the total retail spending in Kolkata amounts to

`319 bn, with North Kolkata accounting for the largest
share at 44 per cent. This is in line with the population of
this zone, which stands at 45 per cent
The share of modern retail in Kolkata stood at 18 per cent
in 2014, of which brick and mortar is at 16 per cent, and
E-tail, at 2 per cent
Central Kolkata has the highest share of modern retail, at
55 per cent, followed by the eastern zone. The presence
of a large number of shopping streets in Central Kolkata
and several large-format malls in East Kolkata with a
substantial IT population seem to have tilted the balance
towards modern retail in these two zones
Signicantly, although non-modern retail accounts for
more than 90 per cent of the retail market in North
Kolkata, compared to less than 50 per cent in Central
Kolkata, its retail spending is much higher
37%
E-tail
23%
64
Non-modern retail
158
Central olkata map
Central
49%
203
91%
31%
34
Central
79%
East
38%
589
75%
South
13% 2%
Total retail
spending (` bn)
olkata
319
82%
Central olkata
Zone Analysis
The total retail spending in Kolkata is projected to

increase from `319 bn in 2014 to `589 bn in 2019.
The share of modern retail is estimated to increase
from 18 per cent to 25 per cent during this period
While the share of E-tail is expected to increase
exponentially by six times, from 2 per cent in 2014 to
12 per cent in 2019, the share of brick and mortar
modern retail is expected to fall correspondingly, from
16 per cent to 13 per cent during the same period
Central and East Kolkata are expected to witness the
maximum impact in terms of modern retail share
owing to the fast-paced growth of the E-tail segment
in the next ve years. On the other hand, North
Kolkata will continue to be dominated by non-modern
retail during the same period
159
Central Kolkata City Analysis
Chart 1
Chart 2

Central Kolkata

Share in Percentage
Space in sq ft
74
Non-ethnic Menswear
55
55
139
Ethnic wear
Sportswear
22
Kids wear
23
Department Stores
F&B QSR
58
F&B Fine Dining
17
Cosmetics
18
13
Other Personal Care

118
33
233
76
52
Footwear
50
160
63
10
12
56
37
5
150
200
250
39
0
It has been observed that for most product categories, shopping streets in Central Kolkata score higher on the availability of
modern retail space per 1,000 persons compared to malls
The highest per capita modern retail space availability in Central Kolkata is for watches and jewellery due to the large number
of stores located on the numerous shopping streets, some of them specialising only in jewellery. However, this share is
minimal on the mall space front
Conversely, modern retail space for department stores is predominantly mall-centric, with lesser shopping street penetration.
On an interesting note, the non-ethnic apparel for women's and unisex clothing categories have an almost equal share in the
modern retail space availability per 1,000 persons on the shopping streets as well as in malls
19
0 5
100
Multiplexes
100
Hyper/Supermarkets
Electronics
Accessories
Share of mall space
40
46
Home & Lifestyle

100
23
Other Personal Care
Watches & Jewellery
32
Salons & Spas
62
F&B QSR
Cosmetics
Home & Lifestyle
29
Eyewear
Accessories
14
51
Electronics
27
0
Department Stores
F&B Cafes
Multiplexes
F&B Fine Dining
Hyper/Supermarkets
15
Kids wear
30
Salons & Spas
67
Sportswear 100
13
Eyewear
14
Ethnic wear
67
49
26
132
F&B Cafes
29
Non-ethnic Menswear
11
17
16
45
34
30
Watches & Jewellery
6 12
Footwear
18
The highest percentage share of foreign

brands in Central Kolkata's modern
retail space is seen in the sportswear
segment, where the entire product
category is dominated by brands like
Nike, Adidas, Puma and others, leaving
no space for either national or local
brands
Foreign brands also scored signicantly
over national and regional brands in the
case of non-ethnic unisex apparel and
cosmetics, with shares of 67 per cent
and 46 per cent respectively. A majority
of these stores are located in malls
Meanwhile, quick service restaurants
(QSR) with foreign origins like
McDonald's, KFC and Pizza Hut
dominated the region, with multiple
outlets, both in the malls and on the
shopping streets
On the other hand, retail space in
national brands are more evident in
product categories like F&B cafe, ethnic
wear and department stores, besides
having a comprehensible presence in
categories like multiplexes and FECs
29
19

161
Central
Chart 3
Chart 4

in Central olkata

in Central olkata
Total retail
spending in 2019 (` bn)
70
Future trends
in Central olkata
64
60
10%
50
9%
40
11%
30
26
70%
24
20
10
2014
< `300,000
Total retail spend
> `1,000,000
162
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Central Kolkata has a select group of HIG-segment

dwellers, with a considerable chunk of the population
belonging to other income segments spread out across the
other parts of the region
While 10 per cent of the regions households have incomes
on the upper side of `1,000,000, a sizeable 70 per cent of
the households earned below `300,000
This explains the rather large concentration of local brands
on this zones shopping streets, and also the reason behind
the high per capita availability of modern retail space per
1,000 persons for households earning over `300,000
E-tail
The total retail spending in Central Kolkata is projected to

in an annual growth rate of 12 per cent
The most remarkable observation in this zone involves
the share of E-tail in total retail, which is estimated to
increase from 6 per cent in 2014 to a whopping 37 per
cent in 2019. Consequently, the share of brick and mortar
modern retail is estimated to witness a fall, from 49 per
cent to 40 per cent during the same period
Not surprisingly, the share of modern retail, which
includes both E-tail and brick and mortar, is expected to
increase substantially from 54 per cent in 2014 to 77 per
cent in 2019. This implies that modern retail will account
for a major share of the total retail spending in Central
Kolkata by 2019
The considerable growth of the

E-tail segment expected in
Central Kolkata over the next
ve years could result in
infringing on the brick and
mortar modern retail segment.
This will lead to a lower
requirement for brick and
mortar incremental space in this
zone.
Shopping streets will continue

to lead in terms of brick and
mortar modern retail owing to
the diversity observed in the
household incomes of this
region.
The region presently has

sufcient space in most of the
product categories, though
categories like cosmetics and
accessories have a good
potential for retailers to pursue
growth over the next ve years.
163
KOLKATA ZONE ANALYSIS
East Kolkata
Zone Analysis
Chart 1
Per capita occupied modern retail space in East Kolkata

Space in sq ft
86
Non-ethnic Menswear
23
67
123
Ethnic wear
East Kolkata map
Sportswear
30
39
Kids wear
Department Stores
146
F&B QSR
93
F&B Fine Dining
35
7
F&B Cafes
Eyewear
11
4
Cosmetics
Salons & Spas
39
Other Personal Care
40
14
Multiplexes
193
Hyper/Supermarkets
42
Home & Lifestyle
207
111
Electronics
9
Accessories
Watches & Jewellery
98
52
43
Footwear
0
50
100
150
200
250
Share of mall space
164
Owing to the profusion of large-format malls in this region, East Kolkata has a greater share of mall space availability per
1,000 persons in most of the product categories
This supports the nding wherein the zone had scored the highest availability of per capita retail space in the city in terms of
malls
However, the per capita retail space available in home & lifestyle stores is considerably more in the shopping streets than in
the malls
165
East
Chart 2
Chart 3
Chart 4


in East olkata

in East olkata
Share in Percentage
Total retail
70
64
60
12%
50
10%
16
63
0
Ethnic wear
Sportswear 92
37
8
Kids wear
Department Stores
F&B QSR
39
0
F&B Cafes
Eyewear
72
86
7
F&B Fine Dining
91
61
Cosmetics
Salons & Spas
Other Personal Care
27
31
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
Electronics
10
0
32
2014
< `300,000
41
Total retail spend
> `1,000,000
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
34
20
18
10
32
30
20
33
28
66%
12%
87
166
40
61
0
Accessories
Modern retail in the eastern region has a

dominance of foreign brands in
sportswear and non-ethnic unisex
apparel, while national brands led the
way in most other categories,
particularly in the non-ethnic menswear,
multiplex and F&B cafe segments
Footwear and electronics with foreign
origins, though outnumbered by national
brands in terms of retail space, had a
fair share in the pie owing to the number
of stores located in the malls
Another perceptible nding regarding
the share of retail space in the eastern
zone, is on the hyper/supermarket front.
National brands like Big Bazaar and
Spencer's accounted for 87 per cent of
the total share of space in that category
100
26
Watches & Jewellery
Footwear
0 3
87
Non-ethnic Menswear
Until a few decades back, most parts of East Kolkata were

sparsely populated. Presently, it is one of the prime IT hubs
of the city, with a fair share of households, viz. 12 per cent,
earning over `1,000,000
The establishment of the IT sector explains the hectic
development of large-format malls in the region, thereby
increasing its per capita modern retail space availability
On the other hand, a sizeable 66 per cent of the
households have incomes less than `300,000, which
introspects whether there is a potential scenario of
oversupply of mall space in the region
E-tail
Similar to Central Kolkata, the total retail spending in East

Kolkata is also expected to grow at the rate of 13 per cent
per annum. East Kolkatas total retail spending will rise
from `34 bn in 2014 to `64 bn in 2019
While the share of E-tail is estimated to increase seven
times, from 4 per cent in 2014 to 28 per cent in 2019, the
decline from 38 per cent to 31 per cent during the same
period, owing to the infringement of the E-tail segment
upon its share
However, the share of modern retail is expected to rise
from 43 per cent in 2014 to 59 per cent in 2019, on the
back of the burgeoning E-tail segment
167
East
OL ATA ZONE ANALYSIS
Future trends
in East olkata
North olkata
Zone Analysis
North olkata map
East Kolkata has ample brick

and mortar modern retail space
in terms of malls, and additional
mall space supply could result
in an oversupply situation,
impacting the rental values and
vacancy levels of the mall
space here.
168
On the other hand, the

expected drop in the share of
non-modern retail, from 57 per
cent to 41 per cent augurs well
for the modern retail sector and
implies that there is potential for
more modern retailers to enter
the zone.
The present low penetration

observed in product categories
like accessories and cosmetics
necessitate a high potential for
these categories to increase their
presence in East Kolkata in the
next ve years.
169
North Kolkata City Analysis
Chart 1
Chart 2

North Kolkata

Share in Percentage
Space in sq ft
Non-ethnic Menswear
11
1
28
Ethnic wear
Sportswear
Kids wear Department Stores
F&B QSR
F&B Fine Dining
Salons & Spas
F&B QSR
4
Multiplexes
13
Hyper/Supermarkets
27
Home & Lifestyle
36
12
Electronics
3
Watches & Jewellery
19
5
Footwear
0
10
100
20
30
40
50
North Kolkata is characterised primarily by shopping streets and hence, the per capita mall space share in the total modern
retail space availability is minimal in most of the product categories
The ethnic wear and home & lifestyle categories lead the market, with the highest modern retail space availability of 36 sq ft
and 28 sq ft per 1,000 persons respectively, of which the mall space share is almost negligible
Overall, modern retail space in the shopping streets is relatively undeveloped in North Kolkata, and its availability per 1,000
persons is signicantly lower for most of the product categories
48
33
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
100
Hyper/Supermarkets
100
Electronics
19
35
30
0
Watches & Jewellery
0 4
Footwear
The share of foreign brands in the North

Kolkata modern retail space, quite
plausibly, is marginal in most cases,
barring product categories like
sportswear, non-ethnic unisex apparel
and electronics, where the share
exceeds that of national brands
Other segments where foreign brands
have competitive shares with national
brands are footwear and F&B QSR
On the other hand, department stores
with national brands like Megamart,
Reliance Trends and Pantaloons
account for a 48 per cent share
Hyper/supermarkets such as Big Bazaar
and Vishal Megamart constitute 100 per
cent of the total modern retail space in
their respective categories, thereby
lling in for the malls in the region
21
42
Accessories
Share of mall space
16
Home & Lifestyle
170
0 7
Department Stores
71
12
Accessories
53
Kids wear
Cosmetics
Family Entertainment Centres -
Sportswear
Other Personal Care
Ethnic wear
F&B Cafes -
Eyewear
Non-ethnic Menswear
16
17
28

171
North
Chart 3
Chart 4

in North olkata

in North olkata
Total retail
280
Future trends
in North olkata
259
240
8%
10%
200
160
12%
120
80
70%
40
11 12
0
2014
< `300,000
Total retail spend
> `1,000,000
2017
2018
2019
North Kolkata has a fairly small number of households

earning over `1,000,000 in the region amounting to 8 per
cent
Meanwhile, a signicant 70 per cent of the households
have incomes less than `300,000, which explains the
presence of shopping streets and limited mall projects
Also, owing to the income prole of the region, the modern
retail space here is skewed more towards local brands
E-tail
172
2016
`300,001 `500,000
`500,001 `1,000,000
2015
The total retail spending in North Kolkata is projected to

in an average annual growth rate of 13 per cent
North Kolkata will continue to witness the domination of
non-modern retail in the retail market in this zone over the
next ve years, with the share of modern retail in the region
expected to increase to 9 per cent from 6 per cent by the
end of 2019
The E-tail segment will witness a relatively moderate rise in
the region, from 1 per cent in 2014 to 4 per cent by 2019,
largely at the cost of brick and mortar modern retail, which
is estimated to drop from 6 per cent in 2014 to 5 per cent
by 2019
As mentioned earlier,
North Kolkata will
continue to be led by
non-modern retail in the
coming years. The
dearth of brick and
mortar modern retail will
provide ample
opportunities for mall
space development in
the region.
Currently, most of the

product categories are
grossly under supplied in
the brick and mortar
modern retail space of
the region, which could
also be exploited by
modern retailers in the
coming years.
Fine dining options are

limited in this region,
while product categories
like watches & jewellery
are dominated by
regional and local brand
stores in this zone.
Thus, the potential for
foreign and national
retailers is very high in
these product
categories in North
Kolkata.
The absence of
substantial mall space,
restraining product
categories such as
FECs and multiplexes
that are generally
housed in malls, offers
an opportunity for mall
developers and retailers
to exploit these
categories in the
forthcoming years.
173
KOLKATA ZONE ANALYSIS
South Kolkata
Zone Analysis
Chart 1
Per capita occupied modern retail space in South Kolkata

Space in sq ft
Non-ethnic Menswear
21
21
16
66
Ethnic wear
South Kolkata map
Sportswear
Kids wear
Department Stores
41
F&B QSR
27
F&B Fine Dining
8
1
F&B Cafes
Eyewear
11
Cosmetics
Salons & Spas
8
10
Other Personal Care

Multiplexes
35
Hyper/Supermarkets
16
Home & Lifestyle
53
45
Electronics
5
Accessories
Watches & Jewellery
56
18
16
Footwear
0
10
20
30
40
50
60
70
Share of mall space
174
South Kolkata has been the traditional residential destination of the city owing to its developed social infrastructure
The region has numerous shopping streets and houses a few malls as well
In this zone, product categories like ethnic wear, watches & jewellery, and home & lifestyle have a high modern retail space
penetration per 1,000 persons, primarily in the shopping streets
While the shopping streets' domination is more apparent, a higher volume of modern retail space penetration per 1,000
persons in mall space is observed in department stores and non-ethnic menswear
Another important observation is the fairly low level of per capita retail space availability in the F&B cafe segment, while it is
quite high in the QSR segment
175
South
Chart 2
Chart 3
Chart 4


in South olkata

in South olkata
Share in Percentage
Total retail
220
203
200
11%
180
160
9%
Non-ethnic Menswear
21
21
10
22
48
0
Ethnic wear
Sportswear 88
Kids wear
76
24
12
41
59
Department Stores
F&B QSR
F&B Fine Dining
F&B Cafes
Eyewear
74
10
22
81
25
12
Cosmetics
34
29
Multiplexes
100
Hyper/Supermarkets
94
41
10
34

19
20
22
2014
176
40
24
1 7
31
60
23
7
100
80
21
Watches & Jewellery
Footwear
12%
2015
2016
2017
2018
2019
`300,001 `500,000
Total retail spend
> `1,000,000
68%
`500,001 `1,000,000
Other Personal Care
Accessories
120
< `300,000
Electronics
140
29
Salons & Spas
Home & Lifestyle
South Kolkata has a large share of

shopping streets owing to its longstanding residential markets that
comprise both national and foreign
brands
While foreign brands are dominant in the
sportswear, non-ethnic women's and
unisex apparel, and electronics
segments, it has a fair share in footwear
and kids wear as well
On the other hand, the share of national
brands is more evident in categories
such as non-ethnic menswear,
multiplexes, hyper/supermarkets and
F&B cafes
South Kolkata, one of the most favoured residential

markets of the city, has a relatively better concentration of
households earning over `1,000,000 to the tune of 11 per
cent
It enjoys proximity to the ofce hubs in Central Kolkata,
thereby accounting for a sizeable part of the high-income
households
On the modern retail space front, this region has a
predominant share of shopping streets, catering to the
needs of 68 per cent of the households that have incomes
less than `300,000
E-tail
The total retail spending in South Kolkata is projected to

in an annual growth rate of 13 per cent, similar to the other
regions of the city
While the share of E-tail in total retail is just 2 per cent
presently, it is estimated to increase to a signicant 10 per
cent in 2019, thus impacting the share of brick and mortar
modern retail, which is estimated to fall from 13 per cent to
11 per cent during the same period
E-tail and brick and mortar, is expected to increase
favourably from 15 per cent in 2014 to 20 per cent in 2019
Despite the fair growth in the share of E-tail in South
Kolkata, non-modern retail will continue to dominate 79 per
cent of the total retail spending in this zone
177
South
Future trends
in South olkata
The South Kolkata retail market

is a varied mix of malls and
shopping streets, with nonmodern retail being the
overriding factor. Nevertheless,
the estimated growth rate of
modern retail portends good
potential for retailers in the next
ve years.
178
Signicantly, although the

region has sufcient presence
of most product categories, the
relatively lower penetration of
product categories such as F&B
cafes and cosmetics as
compared to the other
categories offers opportunities
to modern retailers in the
coming years.
Besides, with numerous

traditional shopping streets in the
region, there exists enough scope
for developers and retailers. The
development of modern retail
space on the shopping streets
could help shift consumers from
non-modern retail towards
modern retail, in the forthcoming
years.
179
U AI ETROPOLITAN
REGION ( R)
MUMBAI METROPOLITAN REGION (MMR) ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
2,000
Mumbai Metropolitan Region MMR map
1,200
1,500
900
1,000
600
500
300
Island City
Bandra - Vile Parle
Andheri - Borivali
Peripheral Western
Suburbs
Central Suburbs
Thane & Peripheral

Central Suburbs
Navi Mumbai
Mumbai
Metropolitan region
Island City
Bandra - Vile Parle
Andheri - Borivali
Peripheral Western
Suburbs
Central Suburbs
Thane & Peripheral

Central Suburbs
Navi Mumbai
Mumbai
Metropolitan region

Note andra
ile arle is not represented in the above chart
as there are no malls within the zone
182
A comparison of the retail zones across the MMR

reveals that the BandraVile Parle zone has the highest
density of modern retail space despite the absence of
malls. This has been possible on the back of shopping
avenues on prominent shopping streets like Linking
Road, Juhu Tara Road and S. V. Road
Considering the income dynamics, the modern retail
space for households earning more than `300,000 is
the highest in Navi Mumbai a planned satellite city of
Mumbai. However, it still does not feature among the
top 15 zones in the country
While the MMR ranks second in the country in terms of

total mall space, it lags when compared with the
density of the population. At 350 sq ft of mall space
per 1,000 of the population, the MMR ranks fth,
lagging behind NCR, Bengaluru, Pune and Chennai
A comparison of the zones within the MMR indicates
that the Navi Mumbai zone, at 723 sq ft, has the
highest density of mall space. However, it still does not
feature among the top 10 zones in the country
183
Mumbai Metropolitan Region (MMR) Analysis
Chart 3
Chart 5
Chart 6

shopping streets

space in Bandra - Vile parle

in Andheri - Borivali
100%
45%
100%
59%
43%
7%
17%
31%
MUMBAI METROPOLITAN
REGION
80%
94%
60%
40%
55%
20%
41%
57%
93%
83%
69%
With a share of 59 per cent, malls dominate

the modern retail arena in the MMRclear
evidence of the acceptance of the mall culture
in the metropolis
Within the MMR, the Central Suburbs zone has
a signicantly higher proportion of mall space
in comparison to shopping streets. On the
other hand is the BandraVile Parle zone,
which has only shopping streets
The Island City and the Western Suburbs
beyond Vile Parle, including the peripheral
regions, show a better balance between
shopping streets and malls
Navi Mumbai
Thane & Peripheral

Central Suburbs
Central Suburbs
Peripheral
Western Suburbs
Bandra - Vile parle
Island City
Malls
Andheri - Borivali
0%
0%
Department
Stores
Food &
Beverages
22
Home &
Lifestyle
13
Hyper/
Supermarkets
Watches &
Jewellery
Electronics
Shopping streets
Apparel
Department
Stores
31
Entertainment
0
2
9
Food &
Beverages
17
Home &
Lifestyle
Electronics
16
Apparel
Entertainment
23
Hyper/
Supermarkets
Watches &
Jewellery
5
4
Personal
Care
Footwear
Sportswear
Personal
Care
Footwear
Sportswear
Chart 4
16 24 16
Books,
Gifts & Music
Accessories
Books,
Gifts & Music
Accessories
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Island City
184
185
9 12
12 16 13 13
15 10
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel

in Central Suburbs
Department Stores
26%
35%
5%
33%
14%
22%
50%
Andheri - Borivali
7%
44%
13%
37%
Peripheral Western Suburbs

in Thane & Peripheral Central Suburbs
4%
39%
14%
43%
Central Suburbs
4%
53%
28%
15%
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores
Thane & Peripheral Central Suburbs
Accessories
Sportswear
Island City
Chart 9
18
Chart 11
14%
9 11
namely apparel, F&B, home and lifestyle, and watches

and jewellery have taken up 75 per cent of the retail
space. In contrast, for the mall-dominated market of
the Central Suburbs, these categories contribute just
35 per cent
Apparel is the largest retail product category in four out of

seven zones across the MMR. Food and beverages
(F&B), department stores and entertainment are other
signicant categories in terms of their space presence
In the BandraVile Parle stretch, where only shopping
streets constitute modern retail, four product categories,
Bandra - Vile Parle
26 15
Chart 8
22 14 15 18
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Home & Lifestyle
Entertainment
21 17 16
Hyper/Supermarkets

in Navi Mumbai
Food & Beverages

in Peripheral Western Suburbs
Apparel
Chart 10
Department Stores
Chart 7
16%
Navi Mumbai
14%
Foreign
5%
59%
19%
53%
National
Regional
6%
26%
Almost all the zones have embraced

foreign brand outlets, as indicated in the
chart showing the space presence.
However, the Central Suburbs zone
needs a mention because its 28 per cent
space presence for foreign brand stores
in a zone is the largest, not only in the
MMR but also in the country
There is a signicant presence of
national brand outlets in most of the
zones of the MMR
The maturity of modern retail in zones
like BandraVile Parle, the Island City,
AndheriBorivali and the Peripheral
Western Suburbs is evident from the
sizeable presence of local brand outlets
in these zones
Local
186
187
Chart 11
Chart 14

in malls

FOREIGN BRANDS
CATEGORIES
Island City
40%
1% 6%
53%
Bandra - Vile Parle

0%
Andheri - Borivali
56%
16%
4%
25%

9%
48%
4%
39%
Central Suburbs
55%
29%
4%
12%

68%
22%
3% 6%
Navi Mumbai
13%
66%
Foreign
National
Regional
4%
In the case of mall space among all the

zones, the clear winners are foreign and
national brand outlets, which together
overshadow local and regional retailers
in terms of occupied space
The presence of local brand shops is
signicant in AndheriBorivali and the
Consumers in the Island city have
embraced foreign brand outlets very
well, and this is reected in its 40 per
cent share among the malls in this zone
Rhysetta
Forever 21
Accessorize
United Colors
of Benetton
Hidesign
Esbeda
Vero Moda
Baggit
Raymonds
Ethnicity
Hamleys
Crossword
Landmark
Lifestyle
Shoppers
Stop
Central
Archies
Hobby
Ideas
Pantaloons
Westside
Vijay
Sales
E Zone
Arcee
electronics
Cinemax
Big
Cinemas
No e: Bandra ile arle is n t re resented in the

chart a e as there are n alls ithin the ne
17%
Reliance
Digital
Local
Croma

PVR
Cinemas
INOX
Timezone
Chart 11

in shopping streets
McDonald's
9%
13%
11%
67%
Bandra - Vile Parle

14%
22%
14%
50%
Andheri - Borivali
11%
35%
8%
46%

22%
27%
3%
48%
Central Suburbs
32%
15%
4%
Local brand outlets dominate shopping

street-based modern retail. Together
with regional brand shops, they occupy
more than half of the space in each of
the retail zones in the metropolis
Among the shopping streets, the ones in
the Island City, and Thane and the
Peripheral Central Suburbs have a high
concentration of local brand outlets
13%
Mainland China
Reliance
Footprint
Metro Shoes
HyperCITY
Home
Stop
Big
Bazaar
Mochi
@ Home
Star
Bazaar
Easy Day
Tangent
Reliance
Mart
48%
Decathlon Sports
15%
Caf Coffee Day
Home
Town
Home Centre

5%
Pavers England
Bata
Island City
Dominos
KFC
Talwalkars
Enrich Salon
Kaya
Skin Clinic
Parcos
66%
Navi Mumbai
17%
Foreign
25%
National
Regional
11%
47%
Nike
Woodland
Adidas
Puma
Reebok
Local
Tanishq
Titan
Tbz
Jewellers
World
Of Titan
Reliance
Jewels
188
189
Chart 15
Size-wise
split of
occupied
modern
retail stores
in malls
Chart 16
100%
10%
7%
7%
3%
14%
11%
5%
11%
7%
4%
14%
25%
19%
10%
2%
8%
80%
13%
10%
15%
18%
60%
25%
Space in sq ft
34%
31%
33%
40%
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
2%
1%
8%
100%
2%
6%
8%
7%
4%
13%
80%
3%
3%
13%
9%
1%
4%
7%
10%
5%
10%
20%
25%
20%
23%
15%
39%
22%
60%
22%
37%
Space in sq ft
58%
40%
58%
43%
20%
39%
64%
42%
25%
58%
64%
58%
46%
41%
20%
Note: Bandra - Vile Parle is not represented in the above chart as there are no malls within the zone
0 500
In Mumbai, the majority of the shops in malls have sizes below 1,000 sq ft
58 per cent of the shops in malls in AndheriBorivali and the Peripheral
Western Suburb zones are in the 0500 sq ft category. In contrast, only 25
per cent of the shops in the Island City zone are in this category on
account of the premium market positioning of the malls in this market
The AndheriBorivali zone, an established residential catchment, has the
highest number of malls. This is followed by Navi Mumbai, and Thane and
the Peripheral Central Suburbs
190
500 1000
1000 2000
2000 3000
Navi Mumbai
Thane & Peripheral

Central Suburbs
Central Suburbs
>3000
Peripheral
Western Suburbs
2000 3000
Island City
Thane & Peripheral

Central Suburbs
Central Suburbs
Peripheral
Western Suburbs
1000 2000
Andheri - Borivali
500 1000
0%
Bandra - Vile Parle
0 500
Andheri - Borivali
Island City
0%
Navi Mumbai
31%
>3000
Navi Mumbai has the most evenly distributed mix of shop sizes across the MMR
Island City zone and Central Suburbs zone have the highest concentration of
0500 sq ft-shops
191
Chart 17
Chart 18
Chart 19

categories

retail in 2014

0%
0%
3%
17%
2%
3%
5%
80%
13%
29%
54%
Total retail
spending (`bn)
MMR
3%
12%
24%
12% 1%
56%
84%
6%
5% 2%
4%
Na i Mumbai
24%
10%
8%
10%
20%
3%
1%
1%
65%
9%
6%
23%
4%
16%
73%
9%
16%
49%
41%
14%
34%
15%
Peripheral Central Suburbs

2%
Thane
83%
141
Central Suburbs
45%
2%
22%
15%
2%3%
7%
181
13%
4% 0%
2000 3000
10%
13%
Andheri - Bori ali

16%
69%
60%
32%
1000 2000
500 1000
145
11% 9%
80%
328
8% 7%
85%
385

128
96%
2%
24%
18%
2%
3% 2%
278
94%
Andheri - Bori ali

82%
251
80%
69
12% 10%
77%
536
75%
145
Bandra - ile Parle

13% 12%
56%
Island City
>3000
67%
Central Suburbs
88%
Bandra - ile Parle
0%
2%
15%
46%
63%
2%
1% 6%
18%
64

5% 2%
2243
83%
Na i Mumbai
3%
11% 1%
11%
9% 8%
52%
Thane
1%
1037
86%
Total retail
spending (`bn)
MMR
6% 1%
0 500
Island City
93%
203
5% 4%
92%
426

The size of the stores is inuenced by the product

category and positioning of the brand. For categories
like department stores, hyper/supermarkets and
entertainment, which set up shop primarily in malls and
act as anchor tenants, the store size is more than 3,000
sq ft in most cases. Specically, in the case of
department stores, the average store size is around
11,000 sq ft In the case of hyper/supermarkets, it is

15,000 sq ft, and for entertainment, it remains at around
15,500 sq ft
Categories like accessories and personal care require
smaller spaces, and therefore, rank high in terms of the
shop size concentration in the 0500 sq ft range
Non-modern retail
The total retail spending in the MMR amounted to `1,037

bn in 2014.The AndheriBorivali zone was the largest
contributor, with a share of 24 per cent despite having a
20 per cent share in population
Modern retail's share in the MMR stood at 14 per cent in
2014, of which brick and mortar was at 12 per cent and
The Navi Mumbai zone has the highest share of modern
retail, followed by the BandraVile Parle zone. A planned
satellite city of Mumbai, Navi Mumbai has a large
number of organised shopping avenues in shopping
streets and malls
E-tail
Non-modern retail
192
E-tail
The total retail spending in the MMR is projected to

more than double, from `1,037 bn in 2014 to `2,243 bn
in 2019, primarily on account of an accelerated growth
in modern retail
While the brick and mortar modern retail spending will
increase from `126 bn in 2014 to `209 bn in 2019, its
share in the total retail spending will decline from 12 per
cent to 9 per cent in the next ve years
A rapidly-improving information technology
infrastructure, coupled with a favourable demography in
the city, would boost the fortunes of E-tail, leading to an
increase in its share in the total retail spending from the
current 1 per cent to 8 per cent in 2019
193
MUMBAI ZONE ANALYSIS

Chart 1
Island City
Zone
Per capita occupied modern retail space in Island City

Space in sq ft
27
Non-ethnic Menswear
13
16
26
Ethnic wear
Island City map
Sportswear
6
4
Kids wear
Department Stores
57
F&B QSR
38
F&B Fine Dining
15
F&B Cafes
Eyewear
5
6
Cosmetics
Salons & Spas
Other Personal Care

Multiplexes
26
Hyper/Supermarkets
17
Home & Lifestyle
19
13
Electronics
6
Accessories
Watches & Jewellery
22
16
15
Footwear
0
10
20
30
40
50
60
Share of mall space
194
Department stores have the highest density of retail space in the Island City zone, with a 100 per cent dominance of malls.
Similarly, the multiplexes category is found only in malls
Food and beverage quick service restaurants (F&B QSR) is another category that has a relatively higher per capita modern
retail space however, the presence of this category is primarily in the shopping streets
Categories like family entertainment centres (FECs), kids wear, salons and spas, eyewear and other personal care are under
represented, with a modern retail space of not more than 5 sq ft/1,000 population in this zone
195
Island City Zone Analysis
Chart 2

Chart 3
Chart 4

in Island City

in Island City
Share in Percentage
Retail spending
in 2019 (` bn)
450
426
400
350
29%
11
Non-ethnic Menswear
21
16
27
63
23
Ethnic wear
Sportswear 96
Kids wear
Department Stores
0
77
0
57
F&B QSR
20
56
56
16 19
0
2014
21
< `300,000
28
100
Multiplexes
100
Hyper/Supermarkets
0
16
18
24
Watches & Jewellery
12
65
17
2016
2017
2018
2019
Total retail spend
E-tail
The total retail spending in the Island City zone is projected to increase from `203 bn in 2014 to `426 bn in 2019, growing at
the rate of 16 per cent each year
At present, the modern retail spending in this zone is 7 per cent, which will go up to 8 per cent by 2019. E-tail will be the
largest contributor to this changing retail landscape
48
17
31
19
34
94
17
Electronics
> `1,000,000
53
2015
`300,001 `500,000
`500,001 `1,000,000
Other Personal Care
Home & Lifestyle
100
50
56
Footwear
150
16%
12%
Salons & Spas
200
14
0
Accessories
250
10
0
Eyewear
Cosmetics
43%
43
F&B Fine Dining

F&B Cafes
25
300
While multiplexes and FECs are

dominated by national brand stores,
sportswear is dominated by foreign
brand stores
Categories like salons and spas, ethnic
wear and eyewear are dominated by
local and regional brand stores, which
constitute 75 per cent or more in space
occupied
Note alance percentage in all the product categories

32
196
197
Island City Zone Analysis
Future trends
in Island City
Bandra- ile Parle

Zone
Bandra-Vile Parle map
Although the size of brick and mortar modern retail

will grow from `12 bn at present to `19 bn in the
next ve years, its share in the consumers' wallet will
decline, necessitating a rethinking of leasing
strategy for malls and shops.
198
The size of E-tail spending from this market is

projected to witness a phenomenal growth during
the next ve years.
199
Bandra-Vile Parle Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in Bandra-Vile Parle

Space in sq ft
Share in Percentage
58
Non-ethnic Menswear
89
68
103
Ethnic wear
Sportswear
12
5
Kids wear
Department Stores
55
F&B QSR
F&B Fine Dining
93
F&B Cafes
24
Eyewear
Salons & Spas
33
21
8
0
84
20
F&B Cafes
Home & Lifestyle
135
Cosmetics
Watches & Jewellery
95
9
28
Footwear
0
30
60
90
120
150
44
17
3
6
The BandraVile Parle zone, on the back of prominent high streets like Linking Road and S.V. Road, has more than
100 sq ft/1,000 population modern retail space in categories like ethnic wear, F&B QSR and home and lifestyle
Since the BandraVile Parle zone has no malls, the share of mall space analysis is not provided
71
Other Personal Care
10
27
Multiplexes
Hyper/Supermarkets
0
3
28
36
100
18
22
88
12
Watches & Jewellery
Footwear
26
29
13
Accessories
In terms of the origin of the stores, four

categories, namely accessories,
hyper/supermarkets, cosmetics and
kids wear, are under the complete
control of national and foreign brand
stores. There is no presence of local and
regional brand stores for these
categories
Within the F&B category, while F&B
cafes have a larger presence of national
and foreign brand stores, F&B ne
dining and F&B QSR are dominated by
local and regional brand stores
36
Salons & Spas
Electronics
22
37
Home & Lifestyle
Share of mall space
100
33
Eyewear
60
Electronics
26
9
F&B Fine Dining
Hyper/Supermarkets
F&B QSR
Multiplexes -
Department Stores
16
Kids wear
21
Other Personal Care
Accessories
Sportswear
41
Ethnic wear
19
Cosmetics
27
Non-ethnic Menswear
119
26
14
31

28
200
201
Bandra- ile Parle Zone Analysis
Chart 3
Chart 4

in Bandra-Vile Parle

in Bandra-Vile Parle
Retail spending
in 2019 (` bn)
160
Future trends
in Bandra ile Parle
145
140
120
32%
41%
100
80
60
15%
40
12%
17
20
19
2014
< `300,000
`500,001 `1,000,000
> `1,000,000
202
2015
2016
2017
2018
2019
`300,001 `500,000
Total retail spend
E-tail
The total retail spending in Bandra-Vile Parle is projected to increase two fold to `145 bn in the next ve years
Even as the modern retail market will grow 2.65 times during the next ve years, the share of brick and mortar modern retail
will shrink in favour of E-tail
The growth of the brick and mortar modern retail

market from `12 bn in 2014 to `19 bn in 2019,
coupled with the lack of land availability and malls in
this zone, will augur well for rent growth for shops in
this market.
The prominent high streets of Linking Road and S.V.

Road will benet on account of such development.
203

Chart 1
Andheri-Bori ali
Zone
Per capita occupied modern retail space in Andheri-Borivali

Space in sq ft
Non-ethnic Menswear
32
44
29
43
Ethnic wear
Andheri-Borivali map
Sportswear
Kids wear
Department Stores
77
F&B QSR
114
F&B Fine Dining
41
F&B Cafes
14
Eyewear
13
4
Cosmetics
Salons & Spas
30
32
Other Personal Care

25
Multiplexes
205
Hyper/Supermarkets
48
Home & Lifestyle
89
51
Electronics
8
Accessories
Watches & Jewellery
40
18
Footwear
19
0
50
100
150
200
250
Share of mall space
204
With a fairly large number of malls, this zone is represented by stores from all 23 product categories
Multiplexes have the largest presence in the zone, followed by F&B QSR and department stores
205
Andheri-Bori ali Zone Analysis
Chart 2
Chart 3
Chart 4

the overall brick and mortar modern retail space

in Andheri-Borivali

in Andheri-Borivali
Share in Percentage
Retail spending
in 2019 (` bn)
600
536
500
27%
26
Non-ethnic Menswear
34
24
17
0
Ethnic wear
Sportswear
Kids wear
19
44
24
F&B QSR
74
20
F&B Fine Dining
44%
300
13%
2014
29
48
< `300,000
44
Salons & Spas
Other Personal Care
4
11
Multiplexes
79
92
20
15
2017
2018
2019
Total retail spend
E-tail
The total retail spending in this market is projected to increase from `251 bn in 2014 to `536 bn in 2019. The Andheri
Borivali zone is the largest market in the MMR, with a share of 24 per cent. This dominance will hold true even during the
next ve years
The zone witnessed consumer spending of `41 bn in 2014 through the brick and mortar modern retail format. In contrast,
the size of consumer spending through E-tailing was `5 bn
56
52
24
Watches & Jewellery
38
36
36
> `1,000,000
Electronics
2016
10
25
2015
`300,001 `500,000
`500,001 `1,000,000
22
Hyper/Supermarkets
66
44
Home & Lifestyle
100
22
200
16%
56
31
Eyewear
Footwear
400
Foreign and national brand stores

together account for more than 90 per
cent of the store space presence in the
department store, cosmetics,
hyper/supermarkets and sportswear
categories
Other personal care and salons and
spas are the two top categories
dominated by regional and local brand
stores
13
13
F&B Cafes
Accessories
27
13
82
Department Stores
Cosmetics
51

34
206
207
Andheri-Bori ali Zone Analysis
Future trends
in Andheri Bori ali
Peripheral Western
Suburbs Zone
Peripheral Western Suburbs map
The zone has a modern retail density of 1,000

sq ft per 1,000 population, with a fair representation
from malls as well as shopping streets.
An established residential catchment, coupled with
a 63 per cent increase in brick and mortar modern
retail spending, will benet modern retail spaces
across malls as well as shopping streets.
208
While all the product categories have a presence in

this zone, new experiential brands will be willing to
take up space in this market.
209
Peripheral Western Suburbs Zone Analysis
Chart 1
Chart 2


Space in sq ft
Share in Percentage
14
Non-ethnic Menswear
1
11
Ethnic wear
11
Sportswear
4
2
Kids wear
Department Stores
17
F&B QSR
29
F&B Fine Dining
F&B Cafes
Eyewear
1
28
Hyper/Supermarkets
17
Home & Lifestyle
10
22
Electronics
0
3
1
4
Footwear
0
10
20
30
40
50
Share of mall space
This zone has the lowest modern retail density in comparison to all the 42 zones countrywide studied in the report. Despite
being a fast-growing residential catchment, the presence of few malls and major shopping streets in this zone has created
such a scenario
As many as seven retail product categories have a presence of 1sq ft/1,000 population or less in this zone. This clearly hints
at untapped opportunity
71
10
41
90
100
F&B Cafes
100
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
62
26
100
100
36
12
61
Accessories
Watches & Jewellery
Footwear
59
Six categories are completely

dominated by foreign or national brand
stores. These are: hyper/supermarkets,
other personal care, F&B cafes, F&B ne
dining, department stores and
sportswear
Categories that are completely
controlled by local and regional brand
stores are accessories, multiplexes,
FECs and non-ethnic women's wear
F&B Fine Dining
Electronics
12
0
F&B QSR
Watches & Jewellery
19
0
Department Stores
61
23
Kids wear
Multiplexes
Accessories
Sportswear 100
Salons & Spas
Ethnic wear
Other Personal Care
Cosmetics
Non-ethnic Menswear
38
33

12
210
211
Peripheral Western Suburbs Zone Analysis
Chart 3
Chart 4

in Peripheral Western
Suburbs

in Peripheral Western
Suburbs
Retail spending
in 2019 (` bn)
300
278
Future trends
in Peripheral
Western Suburbs
250
18%
200
14%
150
55%
100
13%
50
7
0
< `300,000
`300,001 `500,000
`500,001 `1,000,000
> `1,000,000
212
2014
2015
Total retail spend
2016
2017
2018
2019
E-tail
The total retail spending in this zone is projected to increase from `128 bn in 2014 to `278 bn in 2019, growing at a
compounded annual growth rate of 17 per cent
The brick and mortar modern retail spending is projected to grow from `5 bn in 2014 to `8 bn in 2019
The zone has the lowest penetration of modern retail

despite being a fast-growing residential catchment.
Such a scenario creates opportunity for brands
looking to expand their footprint across the MMR.
Many product categories are severely under

represented and modern format retailers are
expected to take cognisance of this opportunity.
213

Chart 1
Central Suburbs
Zone
Per capita occupied modern retail space

in Central Suburbs
Space in sq ft
27
Non-ethnic Menswear
Central Suburbs map
12
10
16
Ethnic wear
Sportswear
9
6
Kids wear
Department Stores
116
F&B QSR
46
F&B Fine Dining
26
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
5
8
Other Personal Care

32
Multiplexes
60
Hyper/Supermarkets
45
Home & Lifestyle
18
Electronics
24
7
Accessories
Watches & Jewellery
13
8
15
Footwear
0
30
60
90
120
Share of mall space
214
The Central Suburbs have 526 sq ft of modern retail space per 1,000 population. This zone has six malls, most of them lined
up at short distances on LBS Road
Among the 23 product categories studied in this report, the department stores category has the highest density they are
nestled predominantly in malls. The most under represented categories are eyewear, salons and spas and cosmetics
215
Central Suburbs Zone Analysis
Chart 2
Chart 3
Chart 4


in Central Suburbs

in Central Suburbs
Share in Percentage
450
Retail spending
in 2019 (` bn)
400
24%
32
Non-ethnic Menswear
48
47
39
60
34
Ethnic wear
Sportswear
16
78
19
Kids wear
Department Stores
69
44
F&B QSR
56
30
F&B Fine Dining
12
20
7
Other Personal Care
2
39
Hyper/Supermarkets
Footwear
< `300,000
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
> `1,000,000
Total retail spend
E-tail
32
56
97
The total retail spending in the Central Suburbs zone is projected to increase from `181 bn in 2014 to `385 bn in 2019,
growing at the rate of 16 per cent each year
The share of modern retail will grow from 12 per cent at present to 15 per cent in the next ve years
50
19
73
53
30
11
22
51
100
50
86
32
13%
Watches & Jewellery
150
2014
14
Accessories
200
26 31
10
Multiplexes
250
15%
43
Salons & Spas
Electronics
48%
39
43
Home & Lifestyle
300
44
Eyewear
350
41
18
F&B Cafes
Cosmetics
86
With the presence of a large number of

malls, the Central Suburbs have a fairly
large presence of foreign and national
brand stores
Stores in ve categories, namely
multiplexes, department stores, nonethnic unisex clothing, sportswear and
electronics have a 90 per cent or more
presence from foreign and national
brand stores. In contrast, 60 per cent or
more space in the salons and spas
category is contributed by local players
385
55
40

33
216
217
Central Suburbs Zone Analysis
Future trends
in Central Suburbs
Thane Peripheral
Central Suburbs Zone
Thane & Peripheral Central Suburbs map
The zone has a modern retail density of 526

sq ft/1,000 population. With an inux of new malls in
the last few years, the catchment of most malls in
this zone has shrunk, leading to increased vacancy
levels. Even the successful malls of yesteryear in
locations like Mulund have suffered.
218
The zone will see brick and mortar modern retail

spending increase by 62 per cent in the next ve
years. While this will improve occupancy levels in
the modern retail formats, the shrinking catchment
on account of new malls in the neighbouring zones
will keep a check on rent growth.
219
Thane & Peripheral Central Suburbs Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail spacein

Thane and the Peripheral Central Suburbs

Space in sq ft
Share in Percentage
14
Non-ethnic Menswear
10
11
27
Ethnic wear
Sportswear
5
8
Kids wear
Department Stores
117
F&B QSR
29
F&B Fine Dining
10
2
Eyewear
40
F&B Cafes
Hyper/Supermarkets
81
Home & Lifestyle
43
94
Electronics
15
Watches & Jewellery
Other Personal Care

11
30
10
35
10
60
90
120
Home & Lifestyle
47
0
58
21
63
25
58
0
With a mix of shopping streets and nine malls, this zone has a vibrant retail catchment. However, it is concentrated
predominantly in Thane. The mall culture in this zone has not spread beyond Kalyan, which has only one mall
The share of malls is fairly large in most of the product categories; none are less than 30 per cent
59
16
Accessories
56
21

Footwear
100
33
Watches & Jewellery
27
34
Electronics
Share of mall space
With a large number of malls, the

Thane and the Peripheral Central
Suburbs market has a high
representation from foreign and
national brand stores. As many as 12
of the 23 product categories have 70
per cent or more space occupied by
foreign and national brand stores
The high streets of Ram Maruti Road
and Gokhale Road in Thane have a
high concentration of local brand
stores, followed by an equal
representation from national and
regional players
40
35
Hyper/Supermarkets
30
33
65
Multiplexes
12
15
78
Salons & Spas
44
22
Cosmetics
20
20
6
Eyewear
22
Footwear
14
F&B Fine Dining
Multiplexes
50
F&B QSR
12
39
Department Stores
7
Accessories
Kids wear
4
Other Personal Care
35
Sportswear
Salons & Spas
Ethnic wear
F&B Cafes
Cosmetics
18
Non-ethnic Menswear
36
24
50

42
22
220
221
Thane
Peripheral Central Suburbs Zone Analysis
Chart 3
Chart 4

in Thane and the

in Thane and the
Retail spending
in 2019 (` bn)
350
328
300
19%
Future trends in
Thane and the
Peripheral Central
Suburbs
250
200
15%
53%
150
100
13%
50
37
29
0
2014
< `300,000
`500,001 `1,000,000
> `1,000,000
222
2015
2016
2017
2018
2019
`300,001 `500,000
Total retail spend
E-tail
The total retail spending in the Thane and the Peripheral Central Suburbs zone is projected to increase from `141 bn in 2014
to `328 bn in 2019, growing at the rate of 18 per cent CAGR, which is the fastest growth rate in the MMR
The share of modern retail will grow from the current 17 per cent to 20 per cent in the next ve years on account of a strong
E-tailing penetration
The zone is a fast-growing residential catchment,

thereby presenting an opportunity for modern retail
growth. Most of the malls in this zone have come up
in the Thane city region and indicate a polarised
performance on the occupancy front.
Going forward, modern retail spending in this zone

would grow by 75 per cent to `37 bn in 2019. While
premium brands will make inroads in locations like
Thane, mass market brands will tighten their grip on
the fast-developing residential catchments in
locations like Kalyan Dombivali and Ambernath.
223
Na i Mumbai Zone Analysis

Chart 1
Na i Mumbai
Zone
Per capita occupied modern retail space in Navi Mumbai

Space in sq ft
54
Non-ethnic Menswear
15
Navi Mumbai map
44
Ethnic wear
41
Sportswear
16
12
Kids wear
Department Stores
119
F&B QSR
83
F&B Fine Dining
34
F&B Cafes
13
Eyewear
5
6
Cosmetics
Salons & Spas
17
Other Personal Care
17
30
Multiplexes
96
Hyper/Supermarkets
153
Home & Lifestyle
63
101
Electronics
6
Accessories
Watches & Jewellery
36
26

19
Footwear
0
40
80
120
160
Share of mall space
224
The zone has nine malls, most of which are in close proximity to each other in Vashi. Together with avenues of high street
shopping, this zone has a presence of all 23 product categories
A total of 15 out of the 23 product categories have more than half of their retail space in malls
225
226
227
Na i Mumbai Zone Analysis
Future trends
in Na i Mumbai
Navi Mumbai, a planned satellite city of Mumbai,

was developed on the premise of an affordable and
quality residential alternative to decongest Mumbai.
It has witnessed unprecedented real estate growth
over the last decade. The same is expected to
accelerate further. With a modern retail density of
1,051 sq ft per 1,000 population and mall
developments limited primarily to Vashi, the zone
has scope for further modern retail growth.
228
We forecast brick and mortar modern retail

spending to increase from `16 bn in 2014 to `26 bn
in 2019. Such a growth will augur well for brick and
mortar modern retail stores.
229
NATIONAL CAPITAL
REGION (NCR)
NCR CITY ANALYSIS
Retail
Landscape
The 10 zones of the National Capital Region (NCR) have their own distinct retail character. Some are
dominant in malls, while others contain a mix of shopping streets and malls. In NCR, 57 per cent of the
modern retail distribution is in malls, and the remaining 43 per cent, in shopping streets.
The agglomeration of NCR outshines other Indian cities in the available modern retail space per
thousand of the area's population.
NCR city map
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
10000
8000
9000
7000
8000
6000
7000
5000
6000
5000
4000
4000
3000
3000
2000
2000
1000
1000
Central Delhi
Central Delhi
East Delhi
North Delhi
South Delhi
West Delhi
Faridabad
Ghaziabad
Greater Noida
Gurgaon
Noida
0
NCR
East Delhi
North Delhi
South Delhi
West Delhi
Faridabad
Ghaziabad
Greater Noida
Gurgaon
Noida
NCR

Note: Central Delhi is not represented in the chart above, as there are no
major malls in this zone
232
Gurgaon outdoes NCR and other Indian cities, with

3,775 sq ft of modern retail space per 1,000 population
Being a relatively young city compared to other cities
like Delhi, Mumbai and Hyderabad, most of Gurgaons
retail is in the modern format, and a striking 78 per cent
is concentrated in malls
The Millennium City, as Gurgaon is called, also leads in
the modern retail space for households earning more
than `300,000 per year, closely followed by Central
Delhi, Noida and South Delhi
North and East Delhi emerge as under served markets
for modern retail, with the lowest per square foot space
per 1,000 population
Similar to modern retail space, mall space in Gurgaon

outranks that in other Indian cities. Rightly called the
'City of Malls', Gurgaon boasts of 2,953 sq ft of mall
space per 1,000 population
The concept of mixed-use spaces has contributed to
the ample modern retail space in Gurgaon, and owing
to the corporate character of the city, ground oor retail
spaces in ofce buildings add to its modern retail
footprint
Noida and South Delhi follow Gurgaon, with 1,134 sq ft
and 656 sq ft of mall space per 1,000 population
respectively
East and North Delhi fall far below NCR's average of
536 sq ft of mall space per 1,000 population
233
NCR City Analysis
Chart 3
Chart 5

shopping streets

space in East Delhi
100%
4%
29%
80%
62%
48%
49%
10%
49%
22%
27%
43%
60%
40%
20%
100%
71%
38%
52%
51%
90%
96%
51%
78%
73%
57%
Central
Delhi
East
Delhi
North
Delhi
South
Delhi
West
Delhi
Faridabad
Ghaziabad
Greater
Noida
Gurgaon
Noida
NCR
NCR
CITY
SPLIT
0%
Malls
Shopping streets
About 20 per cent of East Delhi's modern retail space is

taken up by apparel and 19 per cent by department stores. It
can be assumed that department stores cater signicantly to
this zone's apparel demand
After Gurgaon, South Delhi and Noida, modern retail
penetration in the F&B category is the highest in East Delhi,
taking up 15 per cent of the total modern retail space
Electronics and white goods take up 22 per cent of East
Delhi's modern retail space
Approximately 59 per cent of the modern retail stores in NCR are on shopping streets. However, due to restricted store sizes,
the space occupied by modern retail stores in malls is much more, taking up 57 per cent of NCR's total modern retail space
The South and West Delhi zones show a better balance between shopping streets and malls. Around 48-49 per cent of modern
retail space in South and West Delhi is concentrated in shopping streets like South Extension, Greater Kailash, Shahpur Jat,
Sarojini Nagar Market, Defence Colony, Meherchand Market, Hauz Khas Village, Rajouri Garden Market and Janakpuri
The Central Delhi zone is almost entirely represented by shopping streets like Connaught Place, Chandni Chowk, Janpath and
Karol Bagh
More than 90 per cent of the modern retail space in Ghaziabad and Faridabad are concentrated in malls. Favourable
infrastructure and good customer experience have drawn modern retail formats to the malls in these zones
Food &
Beverages
Home &
Lifestyle
Note: 0% indicates negligible presence
15
19
Electronics
Apparel
Entertainment
Personal
Care
Department Stores
Books,
Gifts & Music
Hyper/
Supermarkets
Watches &
Jewellery
22
20
Footwear
Sportswear
Accessories
Chart 6
Chart 4
48 12
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Central Delhi

space in North Delhi
Apparel takes up 40 per cent of North Delhi's modern retail

space, while footwear takes up only 4 per cent of the total
share
After apparel, department stores take up 16 per cent of the
total modern retail space in North Delhi
The accessories, books, gifts and music, and home and
lifestyle categories have a negligible presence in North Delhi
Department Stores
Food &
Beverages
Home &
Lifestyle
234
Apparel dominates 48 per cent of Central Delhi's modern

retail space - the highest among all the zones in NCR
In Connaught Place, a high-end shopping street in Central
Delhi, 32 per cent of the modern retail space is taken up
by apparel and footwear, while another 32 per cent is
occupied by the food and beverage (F&B) category
Footwear takes up 8 per cent of the modern retail space in

Central Delhi, which is higher than the South Delhi and
Gurgaon zones
Modern retail formats of accessories, and books, gifts and
music have little presence in Central Delhi
Electronics
Personal
Care
10
Books,
Gifts & Music
16
Apparel
Entertainment
Hyper/
Supermarkets
Watches &
Jewellery
5
Footwear
40
Sportswear
Accessories
235
NCR City Analysis
14
31 17
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Home & Lifestyle
Entertainment
Hyper/Supermarkets

in Gurgaon
Food & Beverages

in South Delhi
Apparel
Chart 9
Department Stores
Chart 7
Apparel takes up 31 per cent of South Delhi's overall

modern retail space, while F&B occupies 17 per cent in
this zone
The share of F&B in South Delhi, along with Gurgaon, is
the highest among all the zones in NCR
Hypermarkets/supermarkets contribute only ve per
cent to the overall modern retail space in South Delhi,

as opposed to 15 per cent in Gurgaon
Footwear takes up only 2 per cent of South Delhi's
modern retail market, which is lower than NCR's city
average.
Gurgaon ranks the lowest in the share of the apparel

category across all the zones, comprising only 17 per cent of
its total modern retail space
Modern retail space in Gurgaon is dominated by the F&B
category, with a share of 17 per cent of the overall market
Gurgaon outshines the other zones in the share of
hypermarkets/supermarkets in NCR, with 15 per cent of its
modern retail space dominated by this format
This zone also accounts for the highest percentage share of
the personal care category (salons and spas) in NCR, which
takes up 8 per cent of Gurgaon's total modern retail space
Department Stores
Food &
Beverages
17
Home &
Lifestyle
Books,
Gifts & Music
17
Apparel
Entertainment
Hyper/
Supermarkets
15
Watches &
Jewellery
Electronics
Personal
Care
10
Footwear
Sportswear
Accessories
Chart 8
22 23 11
14
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in West Delhi
Chart 10

in Noida
Apparel takes up 23 per cent of the modern retail space

in West Delhi, which is higher than Gurgaon and Noida
Department stores have a dominant presence in West
Delhi, with 22 per cent of the total modern retail space
taken up by this category
The prominent Kirti Nagar Market in West Delhi

contributes signicantly to the share of the home and
lifestyle category
A 22 per cent share of the modern retail space in Noida is

occupied by apparel and footwear, while 15 per cent is taken
up by department stores
The F&B category takes up 15 per cent of the modern retail
space in Noida, second to Gurgaon and South Delhi
The home and lifestyle category in Noida accounts for 14 per
cent of the zone's total modern retail space, placing it
alongside West Delhi
236
Department Stores
Food &
Beverages
15
Home &
Lifestyle
14
Electronics
Personal
Care
Books,
Gifts & Music
15
Entertainment
Hyper/
Supermarkets
Watches &
Jewellery
8
Footwear
20
Apparel
Sportswear
Accessories
237
NCR City Analysis
37 18
10
Accessories
Department stores provide a variety of fashion trends

and discounts, making this category popular among all
age groups. The Ghaziabad zone is skewed towards
modern retail penetration in department stores,
accounting for 37 per cent of the zone's total market the highest among all the zones
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Entertainment
Home & Lifestyle

in Greater Noida
Food & Beverages

in Ghaziabad
Apparel
Chart 13
Department Stores
Chart 11
Ghaziabad has 9 per cent of its modern retail space

under F&B, which is on the lower side compared to the
other zones in NCR
The share of the accessories, sportswear, and watches
and jewellery categories is negligible in Ghaziabad
Department Stores
Modern retail space in Greater Noida is concentrated in the

apparel and footwear categories, with 54 per cent of the
market being dominated by them
Greater Noida has negligible entertainment options, and its
share of space in department stores and hypermarkets is
also signicantly low. This could be attributed to the fact that
this zone is still in the development stage, and though many
residential projects have come up, they are yet to be
occupied. It can be said that in the coming years, the modern
retail market of Greater Noida will develop signicantly
Home &
Lifestyle
Hyper/
Supermarkets
15
Watches &
Jewellery
Books,
Gifts & Music
Footwear
Sportswear
Accessories
11 25 10
12
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel

in Faridabad
Department Stores
Chart 14
10%
20%
9%
61%
East Delhi
16%
34%
14%
36%
North Delhi
10%
28%
14%
48%
South Delhi
25%
31%
9%
34%
West Delhi
27%
31%
8%
34%
Faridabad
12%
47%
14%
27%
Ghaziabad
A 28 per cent total of Faridabad's modern retail space

is occupied by apparel and footwear
The accessories, and books, gifts and music categories
have the least presence in this zone, with only a few
stores present in malls
After Gurgaon, the share of hypermarkets/supermarkets

in Faridabad's modern retail space is the highest
among all the zones. This category takes up 12 per
cent of the zone's total modern retail space
18%
47%
20%
15%
Greater Noida
16%
21%
1%
62%
Gurgaon
21%
38%
12%
29%
Entertainment
Chart 12
Central Delhi
47
Personal
Care
Apparel
Food &
Beverages
Electronics
NCR registers a signicant presence

of local and national brand outlets
Of the total foreign brand outlet
space in NCR, 55 per cent is
concentrated in South Delhi and
Gurgaon, followed closely by West
Delhi
The South and West Delhi markets
are similar in retail character, which is
substantiated by the brand category
split in these zones
The Ghaziabad and Faridabad
markets show a preference for
regional and local brand outlets, with
47 per cent of the stores retailing
national brands
A substantial 61 per cent of Central
Delhi and 62 per cent of Greater
Noida's modern retail stores are
operated by local retailers
Noida
28%
40%
9%
23%
Foreign
National
Regional
Local
238
239
NCR City Analysis
Chart 15
Chart 17
Central Delhi
0%
East Delhi
19%
33%
17%
31%
North Delhi
12%
43%
17%
28%
South Delhi
38%
45%
7%
10%
West Delhi
51%
26%
8%
16%
Faridabad
13%
51%
15%
21%
Ghaziabad
19%
49%
17%
15%
Greater Noida
29%
0%
25%
The West and South Delhi malls are

dominated by foreign brand stores,
which take up 38 to 51 per cent of
their total retail space. The preference
for these zones by foreign retailers is
substantiated by the concentration
and quality of the mall spaces here
It is observed that the presence of
local retailers in malls is reduced
signicantly when compared to
shopping streets. This decline can be
attributed either to higher rentals or
the location preference of these
retailers for shopping streets
45%
FOREIGN BRANDS
Accessorize
Claire's
Levi's
Forever 21
CATEGORIES
United Colors of
Benetton
Hidesign
Da Milano
Van Heusen
Hamleys
Lifestyle
Chhabra 555
Archies
Marks & Spencer
BG's
Central
Landmark
Shoppers
Stop
Om
Book Shop
Pantaloons
Kriti
Creations
Westside
Ritu
Wears
C&M
Gurgaon
23%
40%
12%
25%
Noida
Samsung
34%
46%
8%
Sony
12%
Foreign
Note: Central Delhi is not represented in the chart above as there are no major malls within this zone
National
Regional
Jumbo Electronics
Digitally
Wow
Reliance
Digital
Croma
Local
Fun City
PVR Cinemas
Blu O
Wave
Cinemas
DT Cinemas
Chart 16
Brand-wise split of occupied modern retail store space in shopping streets
McDonalds
Pizza Hut
KFC
Caf Coffee Day
Haldiram's
Central Delhi
10%
20%
9%
61%
East Delhi
8%
37%
6%
50%
North Delhi
9%
19%
12%
60%
South Delhi
12%
16%
61%
11%
West Delhi
3%
36%
8%
53%
Faridabad
8%
10%
5%
77%
Shopping streets across NCR, such

as Chandni Chowk, Sarojni Nagar
Market, Lajpat Nagar, Connaught
Place, Rajouri Garden Market and
Lakshmi Nagar, are dominated by
local brand outlets
A massive 94 per cent of the
shopping streets in Ghaziabad are
occupied by regional players
National brand outlets have a good
presence in the shopping streets of
East Delhi, West Delhi and Gurgaon
Liberty
Bata
Home Centre
Samsonite
Red Tape
Stilettoes
Home Saaz
Spencer's
Looks
Salon
Body Shop
Ghaziabad
94%
Home
Town
Big
Bazaar
Fitness First Platinum
Reliance
Footprint
Easy Day
EVOK
Reliance
Mart
Afnity
Salon
More
New U
6%
Greater Noida
2%
18%
2%
Woodland
79%
Nike
Puma
Adidas
Reebok
Gurgaon
11%
31%
14%
44%
Noida
8%
11%
Titan
37%
22%
13%
17%
53%
38%
Foreign
National
Regional
Tanishq
PC
Jewellers
Gitanjali
Hazoorilal
Jewellers
Local

240
241
NCR City Analysis
Chart 18
100%
9%
6%
14%
3%
12%
16%
14%
27%
32%
37%
60%
30%
35%
81%
40%
40%
77%
20%
50%
84%
36%
2%
Noida
10%
Gurgaon
6%
Greater Noida
Ghaziabad
Faridabad
3%
9%
0 500
A prominent 68 per cent of the stores in NCR malls are in the range of 500-2,000
sq ft, while only 10 per cent of the stores are less than 500 sq ft in size
A 15 per cent share of the modern retail formats in Ghaziabad are above 3,000
sq ft in size, justifying the fact that 46 per cent of the total modern retail space in
the city is taken up by department stores and hypermarkets/supermarkets
22%
17%
1%
500 1000
North Delhi
0%
6%
12%
28%
18%
242
11%
55%
39%
1000 2000
2000 3000
>3000
Note: Central Delhi is not represented in the chart above, as there are no major malls in this zone
Note: Central Delhi is not represented in the chart above, as there are no major malls in this zone
12%
33%
47%
32%
West Delhi
East Delhi
12%
9%
43%
62%
27%
South Delhi
Central Delhi
12%
6%
47%
46%
40%
North Delhi
8%
12%
32%
60%
20%
0%
19%
6%
21%
25%
31%
10%
4%
82%
65%
15%
4%
20%
40%
47%
11%
13%
80%
Space in sq ft
0%
15%
3%
6%
Gurgaon
24%
27%
10%
2%
1%
3%
Greater Noida
80%
15%
Size-wise
split of
occupied
modern
retail stores
in shopping
streets
3%
3%
Ghaziabad
8%
11%
6%
Faridabad
13%
7%
3%
100%
West Delhi
11%
12%
6%
>3000
South Delhi
10%
8%
2000 3000
Noida
1000 2000
500 1000
East Delhi
Space in sq ft
0 500
Central Delhi
Size-wise
split of
occupied
modern
retail stores
in malls
Chart 19
Shopping streets can be organic, like Khan Market, or planned, like

Connaught Place, and their store sizes are smaller than those of malls.
Markets like South Extension and Greater Kailash have buildings with
xed oor plates that are small in size. The retailer either takes up a single
shop or combines two or more shops to create a store. This is evident
from the fact that 75 per cent of the total stores in NCR's shopping streets
are less than 1,000 sq ft in size
Stores that are larger than 3,000 sq ft in size on the shopping streets of
NCR are either stand-alone buildings or a combination of small stores for
a single brand. Only 5 per cent of the stores on shopping streets in NCR
are above 3,000 sq ft in size
243
NCR City Analysis
Chart 20
Chart 21
Chart 22

categories

retail in 2014

10%
22%
3% 7%
46%
21%
22%
42%
27%
Total retail
spending (` bn)
NCR
23%
4% 3%
19%
56%
18%
87%
7%
3%
1%
4% 1%
5%
64%
13%
40%
31%
68%
10%
4%
11%
48%
6%
46%
23%
14%
25%
24%
10%
10%
39%
47%
44%
3%4%
9%
20%
18%
20%
42%
33%
87%
Ghaziabad
36%
4%
59%
88%
West Delhi
20%
2%
23%
5%
>3000
2000 3000
20%
42%
78%
7
43
Ghaziabad
28%
61
Faridabad
8% 7%
126
West Delhi
15%
13%
179
South Delhi
23%
8%
8%
North Delhi
7%1%
93%
196
East Delhi
5%1%
95%
134
11%
1000 2000
31%
91%
33%
500 1000
46%
4%
66%
It is observed that only 5 per cent of watch and

jewellery stores are above 3,000 sq ft in size, while this
size bracket has negligible presence in the accessories
category
Stores sizes in the range of 500-1,000 sq ft are more
dominant in product categories like sportswear, books,
gifts and music, home and lifestyle, electronics,

footwear and personal care
Department stores, hypermarkets/supermarkets and
entertainment take up more space in the modern retail
format, with more than half the stores being above
3,000 sq ft in size
244
36%
16%
22%
96
50%
129
85%
269
72%
20%
172
17
85%
North Delhi
5%
4%
East Delhi
4%
3%
E-tail
42%
41%
52
Non-modern retail
380
57%
91%
414
93%
281
In 2014, the total retail spending in NCR is estimated to be

`899 bn, with a massive 42 per cent share taken up by North
and South Delhi. The share of retail spending is explained by
the population concentration in these zones
NCRs 26 per cent of the total retail spending is taken up by
modern retail formats in 2014, of which brick and mortar
accounts for 23 per cent, and 3 per cent is represented by
E-tail
An impressive 67 per cent of Gurgaon and 58 per cent of
Central Delhis total retail spending is on modern retail in
NCR. It is interesting to note that though both these zones
account for a mere 11 per cent of NCRs population base,
the modern retail penetration in these zones is the highest
The huge share of modern retail penetration in Central Delhi
points to the fact that not only the zones own population,
but also the catchment population of NCR shops in this
zone, thereby creating a sustained demand for quality retail
Modern retail penetration in North Delhi is estimated to be 8
per cent, while a huge 93 per cent of the zones spending is
on non-modern retail
34%
E-tail
26%
108
Non-modern retail

6%
0 500
56
33%
Central Delhi
52%
8%
29%
48%
Greater Noida
9% 6%
Central Delhi
2% 4%
38%
76
South Delhi
30%
31%
1,919
67%
Gurgaon
7%
Faridabad
11% 1%
28%
28%
7%
5%
24
Gurgaon
Greater Noida
12% 1%
16%
15%
Noida
60%
10%
899
74%
Noida
Total retail
spending (` bn)
NCR
18%
By the year 2019, modern retail in NCR will grow at a

CAGR of 22 per cent, with the total retail spending
projected to increase from `899 bn in 2014 to `1,919
bn in 2019
The E-tail frenzy will overrun the spending in brick and
mortar retail by 2019 across the zones. Projected to
grow strongly at 64 per cent annually, E-tail will
dominate the modern retail landscape in NCR.
Currently, E-tail takes up 10 per cent the overall
modern retail spending in NCR and it is projected that
by 2019, the online retail platform will increase its
share to 45 per cent
It is estimated that brick and mortar modern retail
spending will grow at 11 per cent CAGR, while its
overall share will decline from 23 per cent in 2014 to
19 per cent by 2019
Gurgaon, Central Delhi and Noida will see an increase
in their share of modern retail spending in the next ve
years, while no signicant change is expected in the
other zones
245
NCR ZONE ANALYSIS
Central Delhi
Zone Analysis
Chart 1
Per capita occupied modern retail space in Central Delhi

Space in sq ft
Non-ethnic Menswear
101
419
102
Sportswear
Central Delhi map
36
7
Kids wear
Department Stores
143
F&B QSR
132
F&B Fine Dining
75
51
F&B Cafes
Eyewear
7
33
Cosmetics
Salons & Spas
25
Other Personal Care
29
Multiplexes
19
Hyper/Supermarkets
Home & Lifestyle
190
95
Electronics
7
Accessories
Watches & Jewellery
59
32
161
Footwear
0
100
200
300
400
500
Share of mall space
246
Central Delhi does not have malls, but consists of shopping streets like Chandni Chowk, Connaught Place, Janpath, Khan
Market and Karol Bagh
This zone ranks the highest in NCR in the available modern retail space for women's non-ethnic wear, at 419 sq ft per 1,000
population
Central Delhi also boasts of the highest per square foot modern retail space for footwear in NCR, with 161 sq ft per 1,000
population
247
Central Delhi Zone Analysis
Chart 2
Chart 3
Chart 4


in Central Delhi

in Central Delhi
Share in Percentage
120
Retail spending
in 2019 (` bn)
108
100
21%
80
1
41
13
Sportswear 98
9
19
21
0
47
Salons & Spas

Other Personal Care
Multiplexes
12
60
12%
56%
44
40
11%
37
20
2014
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
> `1,000,001
100
2015
Total retail spend
E-tail
Home & Lifestyle
39
15
77
9
18
30

Footwear
National brand outlets dominate the

modern retail space in the men's nonethnic wear category in Central Delhi
Modern retail space in the women's
non-ethnic wear category is driven by
regional and local brands
Around 32 per cent of the quick service
restaurant (QSR) space in Central Delhi
is dominated by brands of foreign origin
- the highest among all the zones in
NCR
National accessory brands like Esbeda,
Hidesign and Da Milano occupy 77 per
cent of the modern retail space in
Central Delhi
< `300,000
Hyper/Supermarkets
Watches & Jewellery
34
Eyewear
Accessories
21
F&B Cafes
69
32
F&B Fine Dining
Electronics
86
Department Stores
Cosmetics
Kids wear
F&B QSR
67
` bn
12
Non-ethnic Menswear
0
8
24
Growing annually at 22 per cent, spending on modern retail in Central Delhi is expected to increase from `30 bn in 2014 to
`80 bn by 2019
By 2019, 74 per cent of the total retail spending will be on modern retail, comprising both brick and mortar, and
E-tail, respectively
E-tail will form a major component of total retail spending in 2019 in Central Delhi, while the spending on brick and mortar
retail is expected to decline gradually to 41 per cent from the current 52 per cent
13

248
249
Central Delhi Zone Analysis
NCR ZONE ANALYSIS
Future trends
in Central Delhi
East Delhi
Zone Analysis
East Delhi map
Central Delhi, like the other zones

in NCR, is seen to transcend
towards E-tail by 2019, but retail
spending in the modern brick and
mortar formats will continue to act
as a magnet for the other zones of
NCR.
Since Central Delhi is an

administrative zone, modern brick
and mortar retail will continue to
ourish on the shopping streets of
Connaught Place, Khan Market
and Karol Bagh.
Large-format categories like hypermarkets, family

entertainment centres and department stores will
continue to have a negligible presence in Central
Delhi due to the lack of availability of such large
spaces.
250
Apparel and F&B dominate

Central Delhis modern retail
space currently, and this is likely
to continue over the next ve
years.
Rental values in shopping streets like Connaught

Place and Khan Market will see an upward trend due
to the non-availability of quality shopping street
options in Central Delhi.
251
East Delhi Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in East Delhi

Space in sq ft
Non-ethnic Menswear
12
Share in Percentage
Ethnic wear
12
Sportswear
5
3
Kids wear
Department Stores
39
F&B QSR
19
F&B Fine Dining
11
1
F&B Cafes
Eyewear
Sportswear
Department Stores
Multiplexes
F&B QSR
Hyper/Supermarkets
Home & Lifestyle
45
14
Footwear
6
0
10
20
30
40
50
Share of mall space
14
86
24
The East Delhi retail is overshadowed by that of Ghaziabad due to their uid boundaries. The actual available modern retail
space in East Delhi is 169 sq ft per 1,000 population, which increases signicantly if the modern retail space of Ghaziabad is
added to it. Since East Delhi's population shops in malls that adjoin both zones, such as East Delhi (EDM) Mall, Shipra Mall
and Pacic Mall, the share of its modern retail space is signicantly low across the product categories
Most of East Delhi's modern retail space is concentrated in malls like V3S Mall, since there are only a few good quality
shopping street options in this zone
While almost all the department stores in East Delhi are concentrated in malls, 75 per cent of the electronics space is
concentrated in shopping streets like Lakshmi Nagar
The modern retail space distribution of salons and spas is concentrated wholly in malls across East Delhi
In the watches and jewellery category, Gili and PC Jewellers are some of the leading national brands present in the shopping
streets here
19
25
18
50
A massive 83 per cent of the men's nonethnic wear space is dominated by

national brands like Cantabil, Cobb and
Peter England
On the other hand, the unisex nonethnic wear category is dominated by
foreign brand stores like Levi's, Pepe
and Wrangler
National brand stores dominate the kids
wear category in East Delhi
A major 57 per cent of the total footwear
space in East Delhi is dominated by
national brands like Action Shoes,
Liberty and Red Tape
36
100
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
12
84
Accessories
Watches & Jewellery
3
9

37
62
29
13
Electronics
Footwear
27
Home & Lifestyle
252
Cosmetics
Watches & Jewellery
100
Eyewear
Accessories
23
F&B Cafes
Electronics
36
F&B Fine Dining
13
52
Kids wear
Other Personal Care
83
Ethnic wear
Salons & Spas

2
Cosmetics
Non-ethnic Menswear
100
64
39

57
253
East Delhi Zone Analysis
Chart 3
Chart 4

in East Delhi

in East Delhi
Retail spending
in 2019 (` bn)
300
Future trends
in East Delhi
281
250
20%
` bn
200
150
13%
57%
100
10%
50
9 11
2014
< `300,000
> `1,000,001
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
East Delhi sees a 16 per cent increase in its total retail spending, increasing `134 bn in 2014 to `281 bn in 2019
Currently, 94 per cent of East Delhis retail spending in on non-modern retail, and this pattern is likely to continue in the next
ve years
However, E-tail is seen to alter the percentage share of brick and mortar retail spending in 2019 signicantly, increasing its
share from 10 per cent in 2014 to 46 per cent by 2019
Since most of the retail spending in this zone is on

non-modern retail, there is a good potential for
modern retail formats in the form of shopping
streets or malls in this zone.
Currently, the East Delhi market is dominated by

apparel and electronics, and there is a huge
potential for categories like home & lifestyle,
footwear and personal care.
254
255
NCR ZONE ANALYSIS
North Delhi
Zone Analysis
Chart 1
Per capita occupied modern retail space in North Delhi

Space in sq ft
Non-ethnic Menswear
12
37
19
Ethnic wear
North Delhi map
36
Sportswear
Kids wear
Department Stores
45
F&B QSR
19
F&B Fine Dining
F&B Cafes
Eyewear
1
5
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
17
Home & Lifestyle
Electronics
14
Accessories
Watches & Jewellery
13
Footwear
12
0
10
20
30
40
50
Share of mall space
256
Around 16 per cent of North Delhi's modern retail space is concentrated in department stores, of which 75 per cent are
located on shopping streets. These include brands like Bindals, Ritu Wears, Stanmax, Pantaloons and C&M
Only 18 per cent of the overall footwear space in North Delhi is present in malls, while the rest is distributed on shopping
streets like Kamla Nagar
Eyewear and sportswear stores, and salons and spas have a negligible presence in North Delhi
It is observed that ne dining restaurants in North Delhi are concentrated mostly in malls
A prominent 90 per cent of the cosmetics stores in this zone are spread over the shopping streets of North Delhi
With very little space per 1,000 population, hypermarkets/supermarkets are concentrated only in malls
Watch and jewellery stores are located mainly on the shopping streets in North Delhi
The modern retail space for footwear across NCR is the lowest in North Delhi
257
North Delhi Zone Analysis
Chart 2
Chart 3
Chart 4


in North Delhi

in North Delhi
Share in Percentage
Retail spending
in 2019 (` bn)
450
414
400
21%
350
300
61
5
23
20
16
Ethnic wear
Sportswear 96
4
18
Kids wear
Department Stores
F&B QSR
26
10
37
20
44
F&B Fine Dining

F&B Cafes
58
National brand stores, such as Peter

England, John Players and Raymond,
dominate the men's non-ethnic wear
space in North Delhi
National brands like Barista and Cafe
Coffee Day take up 71 per cent of the
F&B caf category in North Delhi
Approximately 61 per cent of the
footwear space in North Delhi is driven
by local brand stores
Family entertainment centres and
multiplexes in North Delhi are
dominated by regional and local brands
57%
10%
100
18
0
2014
< `300,000
> `1,000,001
Multiplexes
Hyper/Supermarkets
100
Home & Lifestyle
Electronics
Accessories
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
23
Other Personal Care
21
50
Salons & Spas
200
150
38
Cosmetics
250
12%
71
23
Eyewear
Total retail spend
E-tail
With an increase in retail spending from `196 bn to `414 bn in 2019, the share of modern retail spending only sees a
marginal increase, from 7 per cent in 2014 to 9 per cent in 2019
It is to be noted that in the coming ve years, non-modern retail will continue to dominate the North Delhi zone
2
48
28
Watches & Jewellery
18

Footwear
` bn
Non-ethnic Menswear
57
20
19

Note: Balance percentage in all product categories

258
259
North Delhi Zone Analysis
NCR ZONE ANALYSIS
Future trends
in North Delhi
South Delhi
Zone Analysis
South Delhi map
North Delhi is currently

dominated by retail spending in
non-modern retail, just like East
Delhi, and the situation is
expected to change only
marginally over the next ve
years.
260
Over the next ve years,

shopping streets like Kamla
Nagar and Rani Bagh will see
an increased penetration of
national, international and
regional brands in the apparel
category, while footwear will
continue to be served by local
brands.
More
hypermarkets/supermarkets
and discount-oriented
department stores are
expected to come up in Rohini
and Pitampura.
261
South Delhi Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in South Delhi

Space in sq ft
Share in Percentage
55
Non-ethnic Menswear
93
75
Ethnic wear
137
Sportswear
34
Kids wear
21
Department Stores
168
F&B QSR
92
F&B Fine Dining

40
Eyewear
Sportswear
Kids wear
34
11
Multiplexes
13
Hyper/Supermarkets
67
Home & Lifestyle
21
29
F&B QSR
20
F&B Fine Dining
26
F&B Cafes
20
Watches & Jewellery
36
50
100
150
200
Share of mall space
262
33
3
18
60
82
0
57
Hyper/Supermarkets
Electronics
16
53
87
Home & Lifestyle
25
Multiplexes
30
10
Other Personal Care
58
69
12
Salons & Spas
20
22
66
Cosmetics
37
Electronics
Footwear
78
Eyewear
102
Accessories
16
24
Department Stores
17
Other Personal Care
63
17
Salons & Spas
13
Ethnic wear
Cosmetics
28
42
76
F&B Cafes
56
Non-ethnic Menswear
The modern retail distribution of ethnic wear stores in South Delhi indicates a preference for shopping streets, with 80 per
cent of the stores located on streets like Shahpur Jat and Mehar Chand Market, which house a mix of designers. On the
other hand, national designers targeting the luxury segment have conglomerated at DLF Emporio in Vasant Kunj
Department stores in South Delhi take up 168 sq ft of the modern retail space per 1,000 population. These stores are
concentrated in the mall format, with 79 per cent of them based in the malls of Saket and Vasant Kunj
Around 52 per cent of the F&B category in South Delhi is concentrated in malls. Brands like Pizza Hut, McDonald's, Sagar
Ratna, Domino's, Haldiram's and KFC dominate the F&B QSR category in this zone
Owing to good quality spaces and good infrastructure, the ne dining category prefers the malls in South Delhi
The shopping streets of Greater Kailash and Ghitorni contribute signicantly to the home and lifestyle category in South Delhi
Accessories
Footwear
28
34
47
Watches & Jewellery

12
37
10
21
29
45
Modern retail space in the men's nonethnic wear category is represented

equally by foreign and national brands in
South Delhi
Unisex non-ethnic wear is dominated by
foreign brands like United Colors of
Benetton, Calvin Klein and Levi's
Department store space in South Delhi
is controlled by national brands, with
Pantaloons, Westside and Shoppers
Stop leading the pack
South Delhi has the highest percentage
share of foreign brand stores in the ne
dining category, such as La Tagliatella,
Yauatcha and Sakae Sushi
A total of 70 per cent of the QSR space
in South Delhi is driven by regional and
local brands, and most of them are
located on shopping streets
A major 86 per cent of the cosmetics
stores in South Delhi are dominated by
national and foreign brands, with brands
like Forest Essentials, The Body Shop,
Color Bar and Mac in the lead
Around 62 per cent of the modern retail
space in the footwear category is taken
up by foreign and national brands, while
the remaining 38 per cent is occupied
by regional and local retailers. Steve
Madden, Aldo, Rosso Brunello,
Christian Louboutin, Charles & Keith
and Jimmy Choo are some of prominent
foreign brands in this category
40
17


263
South Delhi Zone Analysis
Chart 3
Chart 4

in South Delhi

in South Delhi
Future trends
in South Delhi
Retail spending
in 2019 (` bn)
400
380
350
25%
300
` bn
250
200
53%
12%
150
100
89
10%
75
50
2014
< `300,000
> `1,000,001
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
In line with the zones vibrant retail landscape, total retail spending in South Delhi is projected to increase from `179 bn in 2014
to `380 bn in 2019
It is to be noted that South Delhis non-modern retail spending is much lower than other parts of Delhi, and this percentage is
expected to go down even further to 57 per cent in 2019 from the current 66 per cent
It is estimated that 43 per cent of South Delhis retail spending will be on modern retail by 2019, increasing from the current
share of 34 per cent
With a healthy modern retail mix of

malls and shopping streets, South
Delhi will continue to reign as the
major shopping zone of NCR.
E-tail is expected to bring down the

share of modern retail spending in
this zone, which may have an
impact on the rental values of the
shopping streets in particular.
International brands will continue

their preference towards malls in
South Delhi due to an afuent
residential catchment and the
absence of any other matched
quality retail spaces in NCR.
264
265
NCR ZONE ANALYSIS
West Delhi
Zone Analysis
Chart 1
Per capita occupied modern retail space in West Delhi

Space in sq ft
Non-ethnic Menswear
35
44
West Delhi map
41
60
Ethnic wear
Sportswear
18
11
Kids wear
Department Stores
177
F&B QSR
56
F&B Fine Dining
26
9
F&B Cafes
Eyewear
3
10
Cosmetics
Salons & Spas
15
14
Other Personal Care

12
Multiplexes
20
Hyper/Supermarkets
64
Home & Lifestyle
115
31
Electronics
5
Accessories
Watches & Jewellery
27
Footwear
24
0
50
100
150
200
Share of mall space
266
Department stores in West Delhi's modern retail space are fairly distributed across malls and shopping streets
The modern retail space distribution of ethnic wear is concentrated more on the shopping streets of Rajouri Garden Market in
West Delhi
Hypermarkets/supermarkets like Auchan, Big Bazaar and More are concentrated in malls like Moments Mall, Pacic Mall and
Westgate Mall
Kirti Nagar, the famous furniture market, contributes signicantly to the home and lifestyle category in West Delhi
Foreign footwear brands are located in the malls in West Delhi, while regional and national brands like Stilettoes, Roush,
Delco, Kins and Red Tape occupy the shopping streets
267
West Delhi Zone Analysis
Central Pune Zone Analysis
Chart 2
Chart 3
Chart 4


in West Delhi

in West Delhi
Share in Percentage
Retail spending
in 2019 (` bn)
300
267
23%
28
29
60
21
55
27
0
Ethnic wear
Sportswear 99
51
45
52
F&B QSR
19
F&B Fine Dining
33
13
19
18
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
15
Around 55 per cent of the non-ethnic

unisex clothing space in West Delhi is
dominated by foreign labels like United
Colors of Benetton, Van Heusen and
Levi's
West Delhi has the highest percentage
share of space taken up by foreign
brand department stores like Marks &
Spencer and Lifestyle, as compared to
the other zones of NCR
An enormous 98 per cent of the modern
retail space in the home and lifestyle
category is dominated by local brand
retailers in West Delhi
Of the total modern retail space of
footwear in West Delhi, 34 per cent is
catered to by foreign brands like Bata,
Aldo and Clarks
200
150
100
10%
50
2014
< `300,000
38
25
Watches & Jewellery
2016
2017
2018
2019
> `1,000,001
Total retail spend
E-tail
22 per cent of West Delhi retail spending in 2014 is on modern retail, of which the majority is on brick and mortar formats.
This pattern is likely to change moderately by 2019, with the share of modern retail spending increasing to 28 per cent
However, due to the growing popularity of electronic retailing, the share of retail spending in the brick and mortar formats in
West Delhi is expected to decline in the next ve years
36
48
2
20
34
2015
`300,001 `500,000
`500,001 `1,000,000
32
0 1
41
35
30
29
54%
13%
33
68
Home & Lifestyle
Footwear
51
55
Eyewear
17
0
F&B Cafes
Accessories
21
Department Stores
Electronics
31
1
Kids wear
Hyper/Supermarkets
` bn
Non-ethnic Menswear
250
41
12

Note: Balance percentage in all product categories

268
269
West Delhi Zone Analysis
NCR ZONE ANALYSIS
Future trends
in West Delhi
Gurgaon
Zone Analysis
Gurgaon map
With its proximity to South Delhi,

modern retail penetration in West
Delhi is seen to increase over the
next ve years.
270
Rajouri Garden will continue to

dominate the modern retail of
West Delhi, with more
concentration on the women's
ethnic wear and footwear
categories.
Any new mall space in West Delhi

will get absorbed gradually, as
there are good mall options for its
catchment in the adjoining South
Delhi zone, which means that
rental values on the shopping
streets of West Delhi will hold
steady.
271
Gurgaon Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in Gurgaon

Space in sq ft
Share in Percentage
Non-ethnic Menswear
144
144
174
Ethnic wear
125
Sportswear
78
Kids wear
Department Stores
382
F&B QSR
363
F&B Fine Dining
Salons & Spas

119
F&B Cafes
148
580
Home & Lifestyle
231
178
100
272
27
38
46
18
37
23
49
5
12
8
6
8
48
15
Home & Lifestyle

200
300
400
500
600
Gurgaon ranks the highest among all the zones, with 3,775 sq ft of modern retail space per 1,000 population
With 22 malls and limited shopping street options, this zone is rightly called the 'Mall City of India'
Gurgaon has the highest per square foot of modern retail space in F&B in NCR, with 646 sq ft per 1,000 population in the form
of QSRs, ne dining options and cafes, among others. Cyber Hub and Sector 29 are the prominent F&B hubs in this zone,
along with Sohna Road, which has a number of QSR options coming up on it
Large hypermarkets like More, Spencer's and Auchan account for the 580 sq ft of hypermarket space per 1,000 population in
Gurgaon
75
18
Electronics
22
41
Watches & Jewellery
Footwear
9
31
29
Accessories
Share of mall space
21
8
Hyper/Supermarkets
102
22
Multiplexes
121
72
Watches & Jewellery
28
Other Personal Care
31
Footwear
Cosmetics
30
Salons & Spas
210
Electronics
16
Eyewear
Hyper/Supermarkets
F&B Fine Dining
111
Multiplexes
31
F&B QSR
143
Other Personal Care
20
Department Stores
26
Accessories
12
57
Kids wear
18
Cosmetics
19
Sportswear 89
46
Eyewear
50
Ethnic wear
238
F&B Cafes
40
Non-ethnic Menswear
42
About 57 per cent of the unisex nonethnic wear space in Gurgaon is

dominated by brands like United Colors
of Benetton, Levi's, Van Heusen, Lee,
Allen Solly and Wills Lifestyle
A total of 72 per cent of the modern
retail space of the cosmetics category in
Gurgaon is represented by foreign and
national brands like Bobbi Brown, Mac,
Sephora, The Body Shop and Forest
Essentials
Foreign and national brands like Bata,
Metro Shoes, Aldo, Geox and Charles &
Keith account for 69 per cent of
Gurgaon's footwear category, while the
remaining 31 per cent is taken up by
regional and local retailers
49
40
50
20


273
Gurgaon Zone Analysis
Chart 3
Chart 4

in Gurgaon

in Gurgaon
Future trends
in Gurgaon
Retail spending
in 2019 (` bn)
200
172
180
18%
160
140
10%
` bn
120
63%
100
82
80
9%
62
60
40
20
2014
< `300,000
> `1,000,001
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
By the year 2019, 84 per cent of the total retail spending in Gurgaon will be on modern retail, comprising both brick and mortar
and E-tail formats - the highest among all the zones
Brick and mortar retail in Gurgaon is projected to grow by 13 per cent annually, while the format will also see a decline in the
overall retail spending pie. Currently, 60 per cent of Gurgaons retail spending is served by brick and mortar formats, and the
share is expected to decrease to 48 per cent by 2019
The share of retail spending on E-tail in Gurgaon is expected to increase to 36 per cent in 2019 from the current share of 7 per
cent
With the highest mall

space across all Indian
cities, Gurgaon's share
in the modern retail
space of NCR is
projected to increase
by 2019.
However, to keep
vacancy levels in check,
the scale of malls will be
toned down to meet the
requirements of a
particular sector cluster,
while shopping street
retail will nd space in
ground oors of
upcoming commercial
developments.
Space-hungry
hypermarkets and
department stores will
continue to expand and
locate on newer
residential
developments.
With a cosmopolitan,
mix-culture feel to the
city, product categories
like food and beverage,
and ne dining in
particular, will continue
to nd patronage in this
ever-expanding zone.
274
275
NCR ZONE ANALYSIS
Noida
Zone Analysis
Chart 1
Per capita occupied modern retail space in Noida

Space in sq ft
Non-ethnic Menswear
89
26
Noida map
101
63
Ethnic wear
Sportswear
33
Kids wear
31
Department Stores
230
F&B QSR
122
F&B Fine Dining
82
26
F&B Cafes
Eyewear
8
5
Cosmetics
Salons & Spas
36
49
Other Personal Care

11
Multiplexes
65
Hyper/Supermarkets
106
Home & Lifestyle
223
127
Electronics
6
Accessories
Watches & Jewellery
52
27
36
Footwear
0
50
100
150
200
250
Share of mall space
276
Ranking third, after Gurgaon and Ghaziabad, Noida has 230 sq ft of department store space per 1,000 population
A total of 93 per cent of the modern retail space in Noida is concentrated in malls
Unlike the other zones in NCR, the modern retail space occupied by the men's non-ethnic wear category is the highest in
Noida, with 89 sq ft per 1,000 population
QSRs in Noida offer 122 sq ft of modern retail space per 1,000 population. This makes Noida the third zone, after Gurgaon
and Central Delhi, to have such concentration of this category
277
Noida Zone Analysis
Chart 2
Chart 3
Chart 4


in Noida

in Noida
Share in Percentage
Retail spending
in 2019 (` bn)
70
10%
60
19
18
74
29
39
28
0
Ethnic wear
Sportswear
91
29
Department Stores
75
45
F&B QSR
30
10
6
F&B Cafes
49
F&B Fine Dining
32
17
49
Eyewear
40
12%
National brands like Cantabil, Octave,

John Players, Cobb and Colour Plus
dominate the men's non-ethnic wear
category in Noida
Kids wear in Noida is driven by national
brands, which take up a signicant 75
per cent share of the overall kids wear
space
The home and lifestyle category in
Noida has equal representation of
national and foreign brands
About 68 per cent of the modern retail
space in footwear is dominated by
foreign and national brands like Liberty,
Bata and Crocs
50
40
11%
21
20
16
10
2014
< `300,000
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
47
Electronics
51
12
6
39
20
0
95
47
Accessories
Watches & Jewellery
> `1,000,001
38
100
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
6 0
Other Personal Care
67%
30
33
67
Salons & Spas
Footwear
Kids wear
Cosmetics
` bn
Non-ethnic Menswear
56
Total retail spend
E-tail
Growing at 23 per cent, modern retail spending in Noida is projected to increase from `13 bn in 2014 to `37 bn by 2019
In 2014, the share of E-tail in the total retail spending of Noida is a mere 6 per cent, which is projected to increase to 29 per
cent by 2019
In line with the current retail scenario, retail spending in the brick and mortar format is seen to decline from 48 per cent in
2014 to 38 per cent in 2019
30
33
29


278
279
Ghaziabad Zone Analysis
NCR ZONE ANALYSIS
Future trends
in Noida
Ghaziabad
Zone Analysis
Ghaziabad map
Apart from a central mix-retail core in the form of

Sector 18, modern retail penetration in Noida is only
limited to the sector market. It is estimated that with
the addition of DLF's Mall of India, modern retail
penetration in Noida will increase in the next ve
years.
280
Located at a considerable distance from the Central

and South Delhi zones, any additional modern retail
supply is expected to be taken up by brands eyeing
expansion in Noida.
281
Chart 1
Chart 2
Per capita occupied modern retail space in Ghaziabad

Space in sq ft
Share in Percentage
Non-ethnic Menswear
55
30
30
Ethnic wear
37
Sportswear
22
Kids wear
17
Department Stores
F&B QSR
18
F&B Cafes
Eyewear
Cosmetics
14
F&B Fine Dining
Multiplexes
33
F&B Cafes
Hyper/Supermarkets
91
Home & Lifestyle
Cosmetics
50
10
15
14
86
0
73
27
0
Hyper/Supermarkets
100
200
300
10
Electronics
Share of mall space
Ghaziabad has a negligible distribution of modern retail space on its shopping streets. Most of its retail is concentrated in its
malls
Ghaziabad ranks second, after Gurgaon, with 344 sq ft of modern retail space per 1,000 population in the department store
category
Ghaziabad's modern retail footprint across all the product categories is more than East Delhi. This is attributed to the
distribution of retail space in Ghaziabad where Ghaziabad has nine malls, East Delhi has only three
81
0
71
62
26
0
Watches & Jewellery
Footwear
67
19
Accessories
0
0
Home & Lifestyle
400
21
0 2
Multiplexes
33
81
282
44
Other Personal Care
Watches & Jewellery
42
Salons & Spas
74
Eyewear
17
Electronics
60
3
Department Stores
34
15
37
Kids wear
F&B QSR
29
Other Personal Care
57
Ethnic wear
16
Footwear
Sportswear 97
Salons & Spas
Accessories
74
58
F&B Fine Dining
22
Non-ethnic Menswear
344
Local retailers cater to 85 per cent of the

women's non-ethnic wear modern retail
space in Ghaziabad, while only 4 per
cent of the space is taken up by foreign
labels
National brands like Globus, Fashion @
Big Bazaar, Pantaloons, Shoppers Stop
and Reliance Trends dominate 42 per
cent of the department store space in
Ghaziabad
National brands like Red Tape, Reliance
Footprint and Metro Shoes contribute to
70 per cent of the footwear space in
Ghaziabad
20
56
64
70


283
Chart 3
Chart 4

in Ghaziabad

in Ghaziabad
Future trends
in Ghaziabad
Retail spending
in 2019 (` bn)
96
100
18%
80
17%
53%
` bn
60
40
27
12%
21
20
2014
< `300,000
> `1,000,001
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in Ghaziabad is projected to increase from `43 bn in 2014 to `96 bn in 2019, resulting in an annual
growth rate of 18 per cent
While the share of E-tail in total retail spending in Ghaziabad is estimated to increase from 4 per cent in 2014 to 22 per cent
in 2019, the share of brick and mortar modern retail is estimated to fall from 36 per cent to 28 per cent during the same
period
However, the share of modern retail is expected to increase from 41 per cent in 2014 to 50 per cent in 2019. It is to be noted
that though the share of modern retail registers a growth, the non-modern retail will take up 50 per cent of the total retail
spending in this zone
Ghaziabad will continue to be

dominated by non-modern retail in
the coming ve years. Hence, the
scope for brick and mortar modern
retail is still very high in this zone.
Currently, department stores

dominate the modern retail space
of Ghaziabad, with limited scope for
single-brand stores, and this trend
is expected to be maintained in the
next ve years as well.
The negligible presence of

accessories, cosmetics, watches
and jewellery in this zone offers
an opportunity for retailers to
exploit these categories in the
coming years.
284
285
NCR ZONE ANALYSIS
Faridabad
Zone Analysis
Chart 1
Per capita occupied modern retail space in Faridabad

Space in sq ft
Non-ethnic Menswear
28
29
Faridabad map
26
Ethnic wear
21
Sportswear
18
Kids wear
Department Stores
49
F&B QSR
40
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
14
Other Personal Care
Multiplexes
34
Hyper/Supermarkets
50
Home & Lifestyle
37
Electronics
36
Accessories
Watches & Jewellery
Footwear
13
0
10
20
30
40
50
60
Share of mall space
286
Faridabad is seen as an industrial hub, with many small scale industries and auto showrooms. Owing to this character, this
zone does not have dened or continuous stretches of shopping streets, and most of its modern retail is concentrated in
malls
The modern retail space in Faridabad across categories like F&B, footwear and apparel is the lowest in NCR
287
Faridabad Zone Analysis
Chart 2
Chart 3
Chart 4


in Faridabad

in Faridabad
Share in Percentage
Retail spending
in 2019 (` bn)
140
129
19%
0 8
24
39
0
Ethnic wear
Sportswear 100
37
0
Kids wear
Department Stores
F&B QSR
28
66
42
10
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
39
100
8%
80
66%
7%
60
40
20
2014
< `300,000
36
80
64
68
Watches & Jewellery
34
43
100
21
> `1,000,001
100
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
11
100
Accessories
41
Faridabad has a negligible presence of

foreign brands in the women's nonethnic wear category, while 8 per cent of
this category's space is taken up by
national brands like Peter England, John
Players, Mufti and Cantabil
Foreign retail stores take up 28 per cent
of the F&B QSR category, with the
presence of brands like Pizza Hut, KFC
and McDonald's
Faridabad has a negligible presence of
ne dining options, with most of its F&B
outlets opting for the QSR or cafe
formats
22
19
Electronics
Footwear
72
` bn
17
Non-ethnic Menswear
120
Total retail spend
E-tail
The total retail spending in Faridabad is projected to increase from `61 bn in 2014 to `129 bn in 2019
Unlike other zones in NCR, the share of modern retail in Faridabad will increase to just 15 per cent by the end of 2019, and
non-modern retail will continue to dominate the retail market in this zone over the next ve years
The share of brick and mortar in Faridabad will be impinged on by E-tail, whose share will increase from 1 per cent in 2014 to
7 per cent by 2019


288
289
NCR ZONE ANALYSIS
Future trends
in Faridabad
Greater Noida
Zone Analysis
Greater Noida map
Retail spending in non-modern

retail will continue to dominate
Faridabad in the next ve years.
290
Currently, all the malls in this zone

are located along Mathura Road,
and due to the lack of
infrastructure and the on-going
construction, vacancy levels in
Faridabad have been increasing.
Modern retail in Ghaziabad is

players, and the completion of the
metro is expected to infuse fresh
national and international leasing
in the current retail supply.
291
Chart 1
Chart 2
Per capita occupied modern retail space in Greater Noida

Space in sq ft
Share in Percentage
Non-ethnic Menswear
53
127
70
Ethnic wear
37
Sportswear
32
Kids wear 0
Department Stores
16
F&B QSR
48
F&B Fine Dining 0

8
45
23
Cosmetics 0
Salons & Spas
19
11
Kids wear
Department Stores
F&B QSR
61
F&B Fine Dining
Multiplexes 0
F&B Cafes
Hyper/Supermarkets 0
Eyewear
Cosmetics
Salons & Spas
Other Personal Care
11
Electronics
90
Accessories 0
Watches & Jewellery
16
26
Footwear
47
0
30
60
90
120
Share of mall space
Note: Kids wear, F&B ne dining, cosmetics, family entertainment centres, multiplexes,
hyper/supermarkets and accessories have a negligible presence in this zone
292
The men's non-ethnic wear category is distributed across shopping streets and malls, while women's non-ethnic wear is
concentrated only in malls in Greater Noida
The available square feet for department stores is the lowest in Greater Noida, at only 16 sq ft per 1,000 population
Categories like ne dining, kids wear, accessories, hypermarkets/supermarkets and entertainment have a negligible presence
in Greater Noida
0
100
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
Electronics
Accessories
Watches & Jewellery
Footwear
Home & Lifestyle
43
Sportswear 100
Other Personal Care
Ethnic wear
F&B Cafes
Eyewear
65
Non-ethnic Menswear
Greater Noida is dominated by local

brand stores across the product
categories
National brand stores with men's nonethnic wear take up 65 per cent of the
market space, while local brand stores
occupy the remaining 35 per cent
Women's non-ethnic wear stores are
concentrated in malls and showcase
only regional and local brands
The modern retail footwear space is
dominated by national brands in Greater
Noida
entirely by foreign brands in this zone
10
Note1: Balance percentage in all the product categories

60
67
Note2: Kids wear, F&B ne dining, cosmetics, family

entertainment centres, multiplexes, hyper/supermarkets
and accessories have a negligible presence in this zone
293
Chart 3
Chart 4

in Greater Noida

in Greater Noida
Future trends
in Greater Noida
Retail spending
in 2019 (` bn)
20
12%
18
17
16
15%
14
58%
` bn
12
10
8
15%
6
4
2014
< `300,000
> `1,000,001
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
Growing annually at a healthy 20 per cent, the total retail spending in Greater Noida is projected to increase from `7 bn in
2014 to `17 bn in 2019
Currently, Greater Noida has negligible retail spending on E-tail. It is projected that by 2019, the online platform will take a 6
per cent share from the total retail spending of the zone, which is at the cost of brick and mortar formats, whose share is
expected to come down from 12 per cent in 2014 to 9 per cent in 2019
Greater Noida is still in the development stage, with many under-construction and undelivered residential
projects. While the zones' basic retail needs are met by the local sector retail, most of its residential
catchment is dependent on the Noida market for variety and options across product categories. With only a
few upcoming retail projects, the next ve years will not bring any signicant change in the modern retail
landscape of this zone.
294
295
PUNE
PUNE CITY ANALYSIS
Retail
Landscape
Chart 1
Chart 2
Per capita occupied

modern retail space
Per capita occupied

mall space
Space in sq ft
Space in sq ft
5,000
7,000
6,000
Pune city map
5,000
4,000
4,000
3,000
3,000
2,000
1,000
0
2,000
Pune
South
North
West
West
East
Central
1,000
298
The modern retail landscape of Pune is highly skewed

towards the central and eastern part of the city, with the
population of the western region highly underserved
Central and East Pune have the second and third
highest modern retail space per 1,000 population
respectively among the top seven cities in India. This is
true even for modern retail space for households
earning more than `300,000
North West Pune is the most underpenetrated modern
retail market in the city, with just 433 sq ft of space per
1,000 population. This, despite the fact that this zone
accounts for more than 40 per cent of Punes total
population
South
North
West
West
East
Central


Pune
Similar to modern retail space, mall space is also

highly skewed towards the central and eastern zones
of the city. Moreover, the western region accounts for a
miniscule amount of mall space per 1,000 population
North West Pune has two major malls while South
Pune zone has none
East Pune has the highest number of malls in the citynine-thus, the mall space per 1,000 population is the
highest in this zone compared to the other zones of the
city. Even among the top seven cities of India, East
Pune ranks second, after Gurgaon, which ranks rst
299
Pune City Analysis
Chart 3
Chart 5

shopping streets

space in East Pune
100%
49%
27%
73%
94%
100%
80%
60%
PUNE
CITY
SPLIT
40%
51%
20%
73%
27%
6%
0%
Central
Malls
East
West
North
West
South
Shopping streets
The modern retail market of Pune city is

divided evenly between malls and shopping
streets. However, there is a huge variation at
the zone level, with the South and North West
zones highly skewed towards shopping streets
The majority of the modern retail space in East
Pune is represented by malls, with less than
one-third of the space occupied by shopping
streets, while it is the opposite with West Pune,
which has some of the major shopping streets
of the city like JM Road, FC Road and Karve
Road
Central Punes modern retail space is
distributed uniformly across malls and
shopping streets
The presence of a large number of malls in East Pune has

ensured that the zone has a healthy mix of product categories,
as each mall thrives to maintain this in order to attract
maximum footfall
At 17 per cent, the share of the entertainment category is the
highest compared to the other zones of the city. The presence
of many malls in this zone seems to have attracted a large
number of multiplexes and family entertainment centres here
The watches & jewellery category accounts for less than 2 per
cent of the total share in this zone, which is relatively low
compared to the other zones of the city. The absence of any
major shopping street could have contributed to this scenario in
East Pune
Department
Stores
18
11
Apparel
Food &
Beverages
12
Home &
Lifestyle
14
Hyper/
Supermarkets
11
Watches &
Jewellery
Electronics
Personal
Care
Entertainment
Footwear
17
Sportswear
Books,
Gifts & Music
Accessories
Department
Stores
Apparel
Chart 4
22 18 11 10
11
Chart 6
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in Central Pune

space in West Pune
300
Department stores and apparel are the two biggest

product categories in Central Pune, accounting for
more than 40 per cent of the total modern retail space
in this zone. Shopping streets such as MG Road and
Laxmi Road, which are occupied predominately by
apparel retailers, contribute towards this in a signicant
way
While product categories like footwear, sportswear and

books, gifts & music account for a miniscule 2 per cent
share each, the share of accessories is below 1 per
cent in this zone
The rest of the product categories are represented fairly
in the zone, signifying a balanced mix of product
categories in Central Pune
West Pune is heavily skewed towards apparel and food &

beverages, as some of the largest shopping streets of the city,
such as JM Road, FC Road and Karve Road, are located in
this zone
Apart from accessories, the product categories are distributed
fairly within the zone
The watches & jewellery category has a massive share of
more than 12 per cent of the total modern retail space in West
Pune. The large number of jewellery stores on Karve Road
skews this number towards this product category
Food &
Beverages
19
Home &
Lifestyle
Electronics
Personal
Care
Books,
Gifts & Music
Entertainment
13
Hyper/
Supermarkets
Watches &
Jewellery
12
9
Footwear
18
Sportswear
Accessories
301
Pune City Analysis
18
15 12 11
21 3
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages

in North West Pune
Apparel
Chart 9
Department Stores
Chart 7
Central
24%
47%
5%
23%
East
18%
61%
5%
16%
West
18%
34%
20%
28%
North West
12%
42%
20%
26%
South
8%
37%
Foreign
National
17%
Regional
38%
While Central Pune has the maximum

share of foreign brand stores compared
to other zones of the city, South Pune
has the highest share of local brand
stores
West Pune has a relatively better
representation of foreign, national,
regional and local brand stores
compared to the other zones of the city.
However, this is highly lopsided towards
national brand stores for East Pune
Local

The food & beverages category dominates among all

the product categories in North West Pune, with a share
of 21 per cent. This is followed by apparel and home &
lifestyle product categories
The absence of major malls in this zone could have

resulted in the minimal share of product categories like
department stores and entertainment. Since these
categories require large, contiguous space to become
viable, the lack of such space could have contributed
towards their low presence in this zone
Chart 10

Central
30%
65%
1% 5%
East
21%
Chart 8
67%
3% 9%
West
10 11 16
16 24 11
Accessories
Sportswear
Footwear
Personal Care
Watches & Jewellery
Electronics
Hyper/Supermarkets
Home & Lifestyle
Entertainment
Food & Beverages
Apparel
Department Stores

in South Pune
7%
40%
49%
4%
North West
10%
24%
32%
33%
Note: South Pune is not represented in the chart above as there are no major malls within this zone
Foreign
The absence of major malls in South Pune has resulted

in its modern retail space being distributed haphazardly
across the product categories in this zone
While the hyper/supermarkets category accounts for a
lions share of 24 per cent, it is barely 1 per cent for the
department stores category. The presence of large-
format stores like Big Bazaar and D-Mart has skewed

this number towards the hyper/supermarkets category
A large number of home furnishing stores on Satara
Road and Sinhgad Road has resulted in a relatively
higher share of 16 per cent for the home & lifestyle
product category within this zone
Regional
Local
Chart 11

shopping streets
Central
29%
10%
42%
East
National
19%
While malls in Central and East Pune

have a greater presence of national
brand stores, they are dominated by
regional brand stores in West Pune
Malls in North West Pune have a
relatively better representation of all the
brand categories, such as foreign,
national, regional and local
10%
45%
11%
34%
West
22%
32%
10%
37%
North West
12%
43%
19%
25%
10%
South
8%
Foreign
37%
National
Regional
17%
38%
The share of local brand stores in Punes

shopping streets across all the zones is
relatively higher compared to their share
in the malls of the respective zones. This
indicates that local brand stores are still
restricted largely to shopping streets in
Pune
The share of local brand stores is the
highest in Central Pune. This is in
contrast to the share of such stores in
the malls of Central Pune
Local
302
303
Pune City Analysis
Chart 12

FOREIGN BRANDS
CATEGORIES
Hidesign
Accessorize
Vero Moda
United Colors of Benetton
Hallmark
Esbeda
Jai Hind
Lifestyle
Max
Ethnicity
Vama
Hobby Ideas
Crossword
Landmark
Shoppers Stop
Central
Ayesha
Fastrack
Archies
Pantaloons
Chart 13
Size-wise
split of
occupied
modern
retail stores
in malls
0 500
500 1000
1000 2000
2000 3000
>3000
100%
13%
4%
7%
4%
5%
14%
11%
6%
80%
15%
24%
24%
28%
60%
10%
Space in sq ft
LG
Croma
Cinepolis
City pride
multiplex
Reliance
Digital
Vijay Sales
E Zone
19%
40%
INOX
PVR Cinemas
70%
Cinemax
20%
McDonald's
Dominos
KFC
Caf Coffee Day
31%
39%
41%
Mainland China
21%
17%
0%
Shoe
Express
Inc 5
Tangent
Rawat
Star Bazaar
HyperCITY
Reliance
Mart
Vision
Express
Jawed
Habib
Bata
Reliance
Footprint
Shoe
World
Home Centre
Home
Town
@ Home
Auchan
Big Bazaar
Gold's Gym
Solaris
Central
Woodland
Nike
Puma
West
North West
Note: South Pune is not represented in the above chart

as there are no major malls within this zone
Titan
Eye +
East
Malls in West Pune have a good mix of all shop sizes compared to
malls in East Pune, which are dominated by stores less than 500 sq ft
in size
40 per cent of the shops in Central Punes malls are above 1,000 sq ft
in size, which is very high, considering that the rentals in this zone are
much steeper than the other zones. In contrast, only 16 per cent of the
shops in East Pune are above the size of 1,000 sq ft, indicating better
designed malls in the zone
Planet Sports
Adidas
Time Out
Kalyan
Jewellers
Tanishq
Ranka
Jewellers
PN
Gadgil

304
305
Pune City Analysis
Chart 15

categories
Chart 14
Size-wise
split of
occupied
modern
retail stores in
shopping streets
Space in sq ft
3%
100%
3%
5%
3%
9%
5%
8%
8%
12%
11%
4%
3%
17%
91%
3% 5%
8%
80%
6%
5%
11%
5%
24%
7%
20%
63%
13%
70%
16%
25%
16%
60%
58%
13%
10%
7%
7%
14%
16%
26%
2%
40%
8%
1%
3%
14%
8%
5% 2%
60%
67%
25%
9%
8%
21%
4%
4%
17%
55%
24%
64%
68%
56%
62%
11%
11%
15%
23%
40%
47%
20%
64%
38%
1% 3%
3%
0%
Central
East
West
North West
1%
1%
South
3%
0 500
500 1000
1000 2000
2000 3000
14%
14%
11%
79%
14%
8%
11%
32%
17%
51%
16%
56%
>3000
>3000
2000 3000
1000 2000
500 1000
0 500
A substantial 38 per cent of the stores in North West Punes

shopping streets are above 1,000 sq ft and 11 per cent of them are
above 3,000 sq ft in size. Relatively lower rentals and the ample
availability of space on this zones shopping streets seem to have
induced retailers to occupy larger spaces here
In contrast to North West Pune, the majority of the retailers in the
shopping streets of Central, East and South Pune have preferred to
occupy shops below 500 sq ft in size
A massive 97 per cent of the total number of shops in

the accessories category is below 1,000 sq ft in size.
In the personal care category, this gure stands at 93
per cent
Only 3 per cent of the total number of stores in the
apparel and watches & jewellery categories are above
3,000 sq ft in size compared to 5 per cent in the books,

gifts & music category
While 70 per cent of the department stores are above
3,000 sq ft in size, only 64 per cent of the
hyper/supermarkets are larger than that
306
307
Pune City Analysis
Chart 16
Chart 17

retail in 2014

Total retail
spending (` bn)
Pune
19%
2%
79%
238
91%
42
92%
89
South
14%
North West
West
85%
45
East
6%5%
6%
46%
38
52%
6%
42%
24
5% 4%
10% 8%
37%
E-tail
40%
Non-modern retail
91%
218
82%
96
Central Pune map
30%
33%
84
Currently, the total retail spending in Pune amounts to

`238 bn, with North West Pune accounting for the lions
share at 38 per cent. This is in line with the population
of this zone, which stands at 42 per cent
The share of modern retail in Pune stood at 21 per cent
in 2014, of which brick and mortar is at 19 per cent and
Central Pune has the highest share of modern retail,
followed by East Pune. The presence of a large number
of malls seems to have tilted the balance towards
modern retail in these two zones
While West Pune accounts for only 17 per cent of the
citys population, its share in total retail spending is
higher, at 19 per cent
More than 90 per cent of the retail market in South and
North West Pune is serviced by non-modern retail,
compared to less than 50 per cent in East and Central
Pune
34%
E-tail
26%
51
Non-modern retail
308
96
Central
89%
East
48%
Central
545
West
13% 2%
74%
North West
7%1%
12%
Central Pune
Zone Analysis
South
8% 1%
Total retail
spending (` bn)
Pune
PUNE ZONE ANALYSIS
The total retail spending in Pune is projected to

increase from `238 bn in 2014 to `545 bn in 2019. The
share of modern retail is estimated to increase from 22
While the share of E-tail is expected to jump six times,
from 2 per cent in 2014 to 12 per cent in 2019, the
fall from 19 per cent to 14 per cent during the same
period
Central Pune is expected to witness the maximum
gain in terms of modern retail share during the next
ve years. On the other hand, North West Pune will
continue to be dominated by non-modern retail over
the next ve years
309
Chart 1
Chart 2
Per capita occupied modern retail space in Central Pune

Space in sq ft
Share in percentage
110
Non-ethnic Menswear
83
188
104
Ethnic wear
Sportswear
56
Kids wear
56
Department Stores
668
F&B QSR
215
F&B Fine Dining
Non-ethnic Menswear
31
29
F&B Cafes
23
Eyewear
26
Sportswear
19
Kids wear
30
40
Other Personal Care

27
Multiplexes
320
Home & Lifestyle
227
70
Footwear
75
0
100
200
39
300
400
500
600
700
800
Share of mall space
F&B QSR
23
72
13
36
0
20
21
13
35
45
0
Other Personal Care
94
Multiplexes
100
Hyper/Supermarkets
33
20
43
53
Home & Lifestyle
24
Electronics
23
15
57
17
83
Watches & Jewellery
Footwear
While product categories like

accessories, cosmetics and sportswear
are dominated primarily by foreign and
national retailers, it is the opposite for
the non-ethnic womenswear and F&B
ne dining categories in Central Pune.
These two categories are highly skewed
towards regional and local retailers
Kids wear and cosmetics stores in
Central Pune are represented uniformly
by both foreign and national retailers
While the multiplexes and accessories
categories are highly skewed towards
national retailers, sportswear and
electronics are skewed towards foreign
retailers
55
Salons & Spas
Accessories
Central Pune has a good mix of mall and shopping streets across most of the product categories, with hyper/supermarkets,
accessories and kids wear highly skewed towards malls
All the F&B ne dining outlets are located on shopping streets like Koregaon Park Road, Bund Garden Road and East Street.
These roads have historically been prime retail destinations in Pune, and they continue to attract shoppers, thereby providing
higher footfall and enhanced visibility to the outlets located in this zone
The penetration of product categories like accessories, cosmetics and F&B cafes is extremely low in this zone despite it
being located in the centre of the city
42
28
Cosmetics
10
Watches & Jewellery
27
Eyewear
90
Electronics
51
73
F&B Cafes
209
Accessories
310
21
Department Stores
F&B Fine Dining
280
Hyper/Supermarkets
36
Ethnic wear
Salons & Spas
88
Cosmetics
47
24
36
62
26
Note: Balance per centage in all the product categories

311
Chart 3
Chart 4

in Central Pune

in Central Pune
Retail spending
in 2019 (` bn)
60
Future trends
in Central Pune
51
50
20%
54%
13%
` bn
40
30
20
20
17
13%
10
2014
< `300,000
> `1,000,000
312
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in Central Pune is projected to increase from `24 bn in 2014 to `51 bn in 2019 resulting in an annual
While the share of E-tail in total retail is estimated to increase from 6 per cent in 2014 to 34 percent in 2019, the share of
brick and mortar modern retail is estimated to fall from 52 per cent to 40 per cent during the same period
However, the share of modern retail, which includes both E-tail and brick and mortar, is expected to rise from 59 per cent in
2014 to 74 per cent in 2019. In other words, around three-fourths of the total retail spending in Central Pune will be towards
modern retail by 2019
The E-tail segment is expected

to infringe signicantly on the
brick and mortar modern retail
segment over the next ve
years. This will result in a lower
requirement for incremental
space in this zone.
Any new mall space supply

could result in an oversupply
situation, as the need for space
is likely to reduce in the near
future. The impact of this would
be felt on the rental values of
the brick and mortar space,
which are expected to come
under immense pressure.
The penetration of product

categories like accessories,
cosmetics and F&B cafes is still
low in this zone, and we foresee
tremendous potential for them
over the next ve years.
313
PUNE ZONE ANALYSIS

Chart 1
East Pune
Zone Analysis
Per capita occupied modern retail space in East Pune

Space in sq ft
80
Non-ethnic Menswear
53
81
54
Ethnic wear
East Pune map
Sportswear
40
Kids wear
37
Department Stores
496
F&B QSR
232
F&B Fine Dining
77
F&B Cafes
26
Eyewear
35
11
Cosmetics
Salons & Spas
30
Other Personal Care
32
86
Multiplexes
383
Hyper/Supermarkets
302
Home & Lifestyle
401
122
Electronics
26
Accessories
Watches & Jewellery
65
36
64
Footwear
0
100
200
300
400
500
600
700
Share of mall space
314
The per capita penetration of product categories that require large-format stores, such as department stores, multiplexes,
hyper/supermarkets and home & lifestyle, is very high in East Pune. This zone has nine malls, and the strong preference for a
mall location among these product categories is reected here with a high per capita penetration
While categories like accessories, family entertainment centres and cosmetics are present only in malls, eyewear and other
personal care categories are highly skewed towards shopping streets
The cosmetics category has a very low presence in this zone, as only 11 sq ft per 1,000 population is available for this
product category
315
East Pune Zone Analysis
Chart 2
Chart 3
Chart 4


in East Pune

in East Pune
Share in Percentage
Retail spending
in 2019 (` bn)
90
84
80
20%
70
60
45
28
32
23
0
Ethnic wear
Sportswear
75
23
Department Stores
64
19
F&B QSR
81
32
F&B Fine Dining
21
12
F&B Cafes
34
55
30
Eyewear
11
29
25
10%
20
10
2014
2015
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
> `1,000,000
Total retail spend
E-tail
80
63
Home & Lifestyle
98
62
67
24
62
34
Watches & Jewellery
10
7
50
31
30
45
23
Hyper/Supermarkets
Accessories
40
< `300,000
Electronics
50
31

Multiplexes
14%
43
0
Other Personal Care
56%
30
57
Salons & Spas
Footwear
25
Kids wear
Cosmetics
68
The combined share of national and

foreign retailers is very high across most
of the product categories, indicating the
preference for branded stores among
shoppers in East Pune
The home & lifestyle category is
dominated primarily by regional and
local retailers, as the share of national
and foreign retailers is less than 35 per
cent
The presence of Big Bazaar, Reliance
Mart and Star Bazaar has skewed the
hyper/supermarkets category towards
national retailers, with a minuscule
presence of regional and local retailers
` bn
57
30
Non-ethnic Menswear
52
72
33
The total retail spending in East Pune is expected to grow at a marginally higher rate of 17 per cent per annum as compared
to Central Punes 16 per cent per annum growth. East Punes total retail spending will rise from `38 bn in 2014 to `84 bn in
2019
While the share of E-tail is estimated to jump by ve times, from 6 per cent in 2014 to 30 per cent in 2019, the share of brick
and mortar modern retail is expected to fall from 48 per cent to 37 per cent during the same period
However, the share of modern retail is expected to rise from 54 per cent in 2014 to 67 per cent in 2019 on the back of higher
growth in the E-tail segment. This will result in the E-tail segment eating into brick and mortars share over the next ve years
Note: Balance per centage in all the product categories

316
317
East Pune Zone Analysis
PUNE ZONE ANALYSIS
Future trends
in East Pune
West Pune
Zone Analysis
West Pune map
East Pune will, to a

great extant, mirror the
trend observed in
Central Pune, as the
characteristics of the
retail market in both
zones are similar.
318
Brick and mortar

modern retail space is
already in ample supply,
and any new supply
could hamper the
vacancy levels of the
mall space here. The
primary reason for such
a trend is the growing
emergence of E-tail in
this zone and its adverse
impact on brick and
mortar modern retail.
Rental values in the

brick and mortar space
could come under
immense pressure in the
coming years due to the
dynamics mentioned
above.
The potential for

additional space in
watches & jewellery and
cosmetics are high,
since these categories
are still under-supplied
in this zone.
319
West Pune Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in West Pune

Space in sq ft
Share in Percentage
31
Non-ethnic Menswear
22
49
22
Ethnic wear
Sportswear
18
4
Kids wear
Department Stores
58
F&B QSR
95
F&B Fine Dining
15
10
Multiplexes
Department Stores
4
34
Home & Lifestyle
10
34
Footwear
0
20
40
60
80
100
Share of mall space
Product categories like family entertainment centres and cosmetics have a negligible presence in West Pune, as mall
presence in this zone is marginal
The per capita penetration of accessories, salons & spas and kids wear is also signicantly low in this zone
The presence of a large number of jewellery stores on Karve Road and Paud Road has resulted in a relatively higher per
capita penetration of the watches & jewellery category here
Multiplexes and F&B QSR are the other categories with a relatively higher per capita presence in West Pune
30
0
8
Multiplexes
Hyper/Supermarkets
Home & Lifestyle

Electronics
11
21
93
17
47
49
Accessories
Watches & Jewellery
Footwear
39
Other Personal Care
84
The non-ethnic menswear, accessories

and books, gifts & music categories are
dominated primarily by national retailers
in West Pune
Foreign and national retailers have a
negligible presence in the salons & spas
and multiplexes categories, as only
regional or local retailers are present
here in this case
Sportswear has the highest number of
foreign retailers, followed by electronics
and non-ethnic unisex clothing
82
16
Salons & Spas
Watches & Jewellery
12
Cosmetics
64
Electronics
84
10
Eyewear
48
76
F&B Cafes
18
F&B Fine Dining
93
Accessories
0 9
Kids wear
F&B QSR
Hyper/Supermarkets
20
Sportswear 88
Other Personal Care
41
Ethnic wear
Cosmetics 0
Salons & Spas
20
Eyewear
84
4 0
21
F&B Cafes
Non-ethnic Menswear
21
100
41
92
Note 1: Balance per centage in all the product categories

22
320
321
West Pune Zone Analysis
Chart 3
Chart 4

in West Pune

in West Pune
Retail spending
in 2019 (` bn)
96
100
Future trends
in West Pune
80
27%
` bn
60
48%
40
16%
9%
20
2014
< `300,000
> `1,000,000
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in West Pune is projected to increase from `45 bn in 2014 to `96 bn in 2019, resulting in an annual
Unlike Central and East Pune, the share of modern retail in West Pune will increase to just 18 per cent by the end of 2019.
Non-modern retail will continue to dominate the retail market in this zone over the next ve years
Although share of the E-tail segment will witness a phenomenal rise, from 2 per cent in 2014 to more than 8 per cent by 2019,
it will be largely at the cost of brick and mortar modern retail, which is estimated to fall from 13 per cent in 2014 to less than
10 per cent by 2019
322
West Pune will continue to be

dominated by non-modern retail
in the coming years. Hence the
scope for brick and mortar
modern retail is still very high in
this zone, and any new supply
of mall space will be absorbed
easily.
Currently, product categories

like non-ethnic womenswear
and salons & spas are
brand stores in this zone. Thus,
the potential for foreign and
national retailers is very high in
these product categories in
West Pune.
The negligible presence of

accessories, family
entertainment centres and
cosmetics in this zone offers an
opportunity for retailers to
exploit these categories in the
coming years.
323
PUNE ZONE ANALYSIS

Chart 1
North West Pune

Zone Analysis
Per capita occupied modern retail space in North West Pune

Space in sq ft
11
Non-ethnic Menswear
7
20
Ethnic wear
North West Pune map
Sportswear
4
3
Kids wear
Department Stores
F&B QSR
39
F&B Fine Dining
15
F&B Cafes
Eyewear
Cosmetics 0
Salons & Spas
3
10
Other Personal Care

Multiplexes
Hyper/Supermarkets
32
Home & Lifestyle
40
31
Electronics
1
Accessories
Watches & Jewellery
15
3
5
Footwear
0
10
20
324
40
50
Share of mall space
30
The penetration of ethnic wear is the highest in North West Pune compared to the other apparel sub-categories. A large
number of traditional wear stores on the Old Mumbai Pune Highway in Pimpri-Chinchwad has resulted in such a skewed
number for this category
Cosmetics and family entertainment centres have a negligible presence in this zone. This is similar to the West Pune zone,
where both these categories have a negligible presence. Moreover, this has deprived the entire western part of the city of
these product categories
Since there are only two major malls in the North West zone, the share of malls in most of the categories is negligible. The
home & lifestyle and F&B QSR categories have a relatively higher penetration as compared to other product categories in
North West Pune
325
North West Pune Zone Analysis
Chart 2
Chart 3
Chart 4


in North West Pune

in North West Pune
Share in Percentage
Retail spending
in 2019 (` bn)
250
218
200
19%
61
31
20
Ethnic wear
Sportswear 100
Kids wear
Department Stores
F&B QSR
35
65
Cosmetics
Salons & Spas
0
16
57
150
59%
12%
100
10%
50
11
8
0
2014
< `300,000
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
60
2015
> `1,000,000
Total retail spend
E-tail
Multiplexes
Hyper/Supermarkets
Home & Lifestyle
100
72
63
0
Watches & Jewellery
0
10
29
24
Accessories
Footwear
54
26
9
Electronics
100
Eyewear
Other Personal Care
75
12
F&B Fine Dining

F&B Cafes
12
Apart from electronics, sportswear, F&B

QSR and non-ethnic unisex, all the
categories have a miniscule presence of
foreign retailers in north west Pune
While 31% and 7% of the retailers in
non-ethnic unisex and non-ethnic
menswear categories respectively are
foreign, it is negligible for non-ethnic
womenswear category. Moreover, the
non-ethnic womenswear category is
highly lopsided towards regional and
local brands in this zone
While accessories, multiplexes and
department stores categories are
represented entirely by national retailers,
sportswear is represented completely
by foreign retailers
` bn
Non-ethnic Menswear
100
34
72

North West Pune is expected to continue having a dominant share in the total retail spending in Pune, moving to `218 bn in
2019 from `89 bn in 2014. Additionally, the retail spending in this zone is projected to witness the fastest annual growth rate
in Pune, at 20 per cent from 2014 to 2019
Non-modern retail will continue to lead in terms of retail spending within North West Pune over the next ve years, with its
share remaining above 90 per cent by 2019
While the share of E-tail is estimated to increase from 1 per cent in 2014 to 4 per cent by 2019, the share of brick and mortar
modern retail will drop marginally, from 7 per cent to 5 per cent during the same period
45
326
327
North West Pune Zone Analysis
PUNE ZONE ANALYSIS
Future trends
in North West Pune
South Pune
Zone Analysis
South Pune map
The potential for brick and

mortar modern retail is
tremendous in this zone, as the
impact of E-tail will not be as
harsh as is expected in the
Central and East Pune zones.
328
The new supply of mall space

could help shift consumers from
non-modern retail towards
modern retail, as more than 90
per cent of the existing retail
demand is still catered to by
non-modern retail space.
Similar to West Pune, this zone

has a negligible presence of
accessories, family entertainment
centres and cosmetics in brick
and mortar modern retail. Hence,
the potential for retailers to
expand in these categories is
expected to be lucrative in the
coming years.
329
South Pune Zone Analysis
Chart 1
Chart 2
Per capita occupied modern retail space in South Pune

Space in sq ft
Share in Percentage
Non-ethnic Menswear
3
14
16
Ethnic wear
Sportswear
Kids wear
Department Stores
F&B QSR
34
F&B Fine Dining
11
F&B Cafes
Cosmetics 0
10
8
Multiplexes
67
Hyper/Supermarkets
100
Home & Lifestyle
67
47
Electronics
Accessories 0
4
10
20
40
60
80
100
120
Kids wear
Department Stores
Share of mall space
Note: Accessories, family entertainment centres and cosmetics have a negligible presence in this zone
330
The absence of any major malls has resulted in the majority of modern retail space of South Pune being located on shopping
streets
Most of the product categories have a poor penetration in this zone, with certain categories like accessories, family
entertainment centres and cosmetics non-existent here
The presence of Big Bazaar and D-Mart on Satara Road has helped this zone report a higher space per capita in the
hyper/supermarkets category
In apparel, ethnic wear has the highest penetration. This is similar to North West Pune, as the demographics of these two
zones are very similar
33
100
17
27
F&B Fine Dining
F&B Cafes
Eyewear
Cosmetics
0
0 8
58
Multiplexes
Hyper/Supermarkets
99
0 9
10
Electronics
62
Accessories
Watches & Jewellery
21
20
Footwear
While foreign retailers are missing from

most of the product categories in South
Pune, categories like non-ethnic
womenswear, F&B ne dining, F&B
cafes and multiplexes do not have
national retailers either
The footwear category is dominated
mainly by foreign retailers, with a share
of 75 per cent
The majority of the retailers in the salons
& spas and ethnic wear categories are
either local or regional, with a miniscule
presence of national retailers
29
11
Home & Lifestyle

Other Personal Care
12
22
0 5
Salons & Spas
Watches & Jewellery
56
22
F&B QSR
Footwear
Sportswear 100
Salons & Spas
Ethnic wear
6
Other Personal Care
Eyewear
Non-ethnic Menswear
75
Note 1: Balance per centage in all the product categories

Note 2: Accessories, family entertainment centres and
cosmetics have a negligible presence in this zone
0
331
South Pune Zone Analysis
Chart 3
Chart 4

in South Pune

in South Pune
Retail spending
in 2019 (` bn)
120
Future trends
in South Pune
96
100
22%
54%
14%
` bn
80
60
40
10%
20
6
5
0
2014
< `300,000
> `1,000,000
332
2016
2017
2018
2019
`300,001 `500,000
`500,001 `1,000,000
2015
Total retail spend
E-tail
The total retail spending in South Pune is projected to increase from `42 bn in 2014 to `96 bn in 2019, resulting in an annual
While the share of E-tail in total retail is estimated to increase from 1 per cent in 2014 to 5 per cent in 2019, the share of brick
and mortar modern retail is estimated to fall from 8 per cent to 6 per cent during the same period
However, the share of modern retail, which includes both E-tail and brick and mortar, is expected to rise from 9 per cent in
2014 to 11 per cent in 2019. Therefore, despite the phenomenal growth in the share of E-tail within South Pune, non-modern
retail will continue to be the dominating segment of the total retail spending in this zone
Similar to North West Pune,

non-modern retail will continue
to dominate the retail landscape
of South Pune. This provides
ample opportunities for mall
space development, as there is
severe shortage of modern
retail space in this zone.
Foreign brand stores are

missing from most of the
product categories, providing
ample opportunities for foreign
retailers to increase their
presence in this zone.
Most of the product categories

are grossly under supplied in
the brick and mortar modern
retail space, which could be
exploited by modern retailers in
the coming years.
333
Chart 1
Crystal-Gazing
Indias Retail
Potential
Our research, based on a mammoth survey of more than
30,000 modern retail stores across the top seven cities in India,
presents interesting insights. The dynamics of the 23 retail
product categories and their nuances across 42 distinct retail
catchments offers food for thought. Certainly, with the
emergence of new models to reach out to the consumer, the
Indian retail market is poised for a tectonic shift. We project the
retail market across the top seven cities to clock a
compounded annual growth rate (CAGR) of 16 per cent over
the next ve years (2014-2019), catapulting from `3,568 bn to
`7,650 bn. On the back of a 22 per cent CAGR, the modern
retail segment is estimated to increase its share in total retail
from the present 19 per cent to 24 per cent by 2019.
Retail landscape:
Top 7 cities
In ` bn
2014
2019
3,586
7,650
Total Retail
615
Brick & mortar

modern retail
1,029
839
72
E-tail
334
335
Chart 2
Share of the Top

7 cities retail
market
A phenomenon that is
emerging as a strong
contender in the retail
market and will gain
further momentum is
E-tail. Encapsulating the
sale of retail products
through online channels
like the Internet, mobile
phones and television,
E-tail differs from
e-commerce
2%
17%
2014
81%
11%
E-commerce, a wider term, also

takes into account the online sale
of services like travel, matrimonial
services and classieds, by players
like irctc.co.in, makemytrip.com,
olacabs.com,
bharatmatrimony.com and olx.com.
For the 23 product categories
studied in the report, e-tailing
across the top seven cities
amounts to `72 bn, with a modest
share of 2 per cent in total retail
spending. Growing at a CAGR of
64 per cent, this will increase to
`839 bn in the next ve years,
taking the share of E-tail to 11 per
cent by 2019.This ascent in the
fortunes of this retail constituent
336
will happen on account of multiple

factors. While the learnings of the
dot-com bubble 15 years ago
served as a caution, the current
phase is different.
There are several catalysts playing
concomitantly in favour of E-tail,
the most signicant being the
strengthening ecosystem that
makes buying online better every
day. Information technology (IT)
infrastructure has improved
signicantly over the last decade.
High-speed Internet connections
through broadband networks have
not only become better but also
more affordable. While the
introduction of 3G networks
improved connectivity on handheld
devices signicantly, the
commercial rollout of 4G networks
this year will make on-the-move
online shopping even more
convenient.
While private capital is leading the
cause, the government is stepping
in wherever necessary. In fact,
through its ambitious National
Optical FibreNetwork programme,
the Government of India intends to
connect 250,000 villages at a cost
of `200 bn. In the state of Gujarat,
the last assignment of Prime
Minister Narendra Modi, all the
18,000 villages are equipped with
13%
2019
Non modern retail

E-tail
76%
Brick & mortar modern retail
broadband connectivity. What

we are now talking about are WiFi enabled airports, hotels,
schools, railway stations and
cities.
Hardware devices, the interface
for connecting to virtual stores,
have also become more
technologically advanced and
affordable. So, desktop
computers, laptops, television
sets, tablets and mobile phones
used by online shoppers have
improved on count, efciency
and cost. In fact, subsidised or
free tablet/laptop schemes by
the central/state governments
have become successful, and
the trend is expected to grow
stronger.
The other catalyst strengthening
the e-tailing segment is the
countrys favorable demography.
While 1.25 billion people always
meant a big consumption
market, being one of the
youngest nations in the world
bodes well for the e-tailing
phenomenon. 65 per cent of the
countrys population is below the
age of 35 years. The acceptance
of e-tailing is expected to be
higher among the younger
generation which is more techsavvy and open to
experimentation.
Smartphone adoption is faster
even in the large section of the
population that is not computer
literate, thus addressing the
problem of computer illiteracy.
Additionally, on the operational

side, the e-tailers have taken
landmark measures to enhance
customer experience. Payments
through online banking, credit
and debit cards were the initial
methods used for online
transactions.
Newer modes of payment have
now been introduced to make
online purchases easier for
prospective consumers that are
uncomfortable with online
payments or not covered by
formal banking channels. As a
result, cash on delivery (COD), a
method wherein the customer
pays in cash or via a card at the
time of delivery of the product at
his doorstep, has worked
wonders for e-tailers.
A signicant number of
transactions now happen
through COD. Third-party wallet,
a mechanism wherein money is
stored in a prepaid wallet, has
also emerged as a seamless
instrument of payment.
Customer experience has also
become enhanced due to
customer-friendly policies
regarding the exchange of
goods, quick delivery and others.
Events like the Great Online
Shopping Festival (GOSF) by the
biggest search engine, Google,
and ash sales by individual
rms have seen customers
rushing to grab the best online
deals. The GOSF, now in its
fourth year, has become bigger
and stronger with each edition.
337
The growth of E-tail has expanded

the retail market by increasing the
impulse to purchase and reaching
out even to the most remote rural
customer, who would otherwise not
have had access to such products.
However, it also had a gatecrashing
impact on brick and mortar modern
retailers. Between the two sets of
retailers, the scales seem to be
tilting towards e-tailers on account
of several factors, the foremost
being the expanse of the retail
catchment for e-tailing, which has
no boundaries compared to brick
and mortar retailers, who have a
comparatively much smaller
catchment. This provides etailerswith an unprecedented
scalability, which creates
economies of scale, translating into
cost benets, a large portion of
which is being passed on to
consumers. In contrast, brick and
mortar stores serve a much smaller
catchment and do not have such
cost leadership.
Another advantage that e-tailers
enjoy over brick and mortar stores
pertains to the cost of real estate.
Retail properties in the top cities
are quite expensive and setting up
shop in these markets is essential
for retailers. By contrast, e-tailers
do not need to set up stores to
serve consumers. They operate
from virtual stores over the Internet
and require a very limited amount
of warehousing space to store
goods. Warehouse rents, even in
the top cities, are a fraction of retail
rents, and thus translate into
savings of 2 to 10 per cent of the
sales, which most retailers spend
on retail rents. Incidentally, the
ascent of E-tail will translate into
338
foregone retail space to the extent

of market diversion from brick and
mortar modern retail to E-tail. While
established malls and shopping
streets are likely to weather the Etail storm, the growth of new retail
properties will be stunted, though
the impact will vary across
markets.
The changing urban landscape has
also worked in favour of E-tail. Top
cities grapple with trafc issues,
and E-tail provides the
convenience of shopping from
home or the ofce, thereby
bypassing the need to confront
heavy trafc and the entailed cost
to buy a product. Further, checking
store timings in advance is never a

consideration for online shopping.
While brick and mortar stores serve
during xed hours, e-tailers serve
round the clock throughout the
year, without any holidays or
renovation shutdowns.
Many e-tailers have initiated certain
measures to attract the section of
customers that remains cynical
about the quality of products sold
online. While brick and mortar
stores offer a no questions asked
exchange policy, some e-tailers
went a step ahead, offering a no
questions asked money back
policy in a bid to instill trust in
online purchasing.
Chart 4
Risk factors that could create a bumpy ride for E-tail
Inbeam
Pepperfry
HomeShop18
Myntra
Jabong
eBay
Local
banya
Flipkart
Firstcry
Amazon
Snapdeal
BigBasket
Logistics and
supply chain
ramp up remains
a challenge.
Stretched
valuations could
undermine further
investments.
Success not
spread to all
retail product
categories.
Limited players
thriving.
Despite its
scale, protability
is still distant.
Select list of
e-tailers serving
Indian consumers
Chart 3
E-tailers are also expected to

combat the risks encountered in
the complex Indian retail
landscape. Weak logistics and
warehouse infrastructure in the
country pose risks of delays and
cost overruns. Unied taxation
regimes on the movement of
goods, such as the Goods and
Services Tax (GST), could eliminate
the need for multiple warehouses
in different states. A delay in the
implementation of GST would
imply a sub-optimal supply chain
strategy for e-tailers, thereby
increasing costs. The breakthrough
for e-tailers has been achieved in

limited product categories, such as
electronics and books, which have
the element of standardisation.
Going forward, e-tailers would
need to rethink their strategies for
greater success in categories such
as apparel and footwear, where
product heterogeneity creates the
need for touch and feel and puts
online vendors in a relatively
weaker position in contrast to their
ofine counterparts.
Clearly, several catalysts have
created a competitive advantage
for e-tailers over their brick and
mortar counterparts, and our

projections indicate that they (etailers) are indeed on a strong
footing. From the retail industrys
perspective, such a changed retail
landscape would prompt more
brick and mortar retailers to either
start selling in the online
marketplace or start E-tail ventures
to remain relevant for the changing
consumer tastes. Eventually, it
would become an omni-channel
strategy, where brands would
deploy ofine and online stores to
service the king - the consumer in the way he demands.
339
Report Authors
Ankita Nimbekar
Ankita Sood
Lead Consultant - Research

ankita.nimbekar@in.knightfrank.com
+91 22 6745 0102
Consultant - Research
ankita.sood@in.knightfrank.com
+91 124 4075030
Hetal Bachkaniwala
Hitendra Gupta
Assistant Vice President - Research

hetal.bachkaniwala@in.knightfrank.com
+91 22 6745 0102
Consultant - Research
hitendra.gupta@in.knightfrank.com
+91 22 6745 0102
Sangeeta Sharma Dutta
Vivek Rathi

sangeeta.sharmadutta@in.knightfrank.com
+91 80 4073 2636
Assistant Vice President - Research

vivek.rathi@in.knightfrank.com
+91 22 6745 0102
Yashwin Bangera
yashwin.bangera@in.knightfrank.com
+91 22 6745 0102
Copy Editors
340
Rhea Pinto
Maunesh Dhuri
Lead Editor
rhea.pinto@in.knightfrank.com
+91 22 6745 0102
Copy Editor
maunesh.dhuri@in.knightfrank.com
+91 22 6745 0102
341

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THINK INDIA.

A DEFINITIVE VIEW ON INDIAS RETAIL MARKET

Think India. Think Retail.

Share Brick and

Retail s ending acr ss

se en cities ill re uire retail s ace

Think India. Think Retail.

Chie E ecuti e O cer

A Note from Retailers Association of India

Indian retail is an incredible

From personalized service to cash-on-delivery and

for overseas investors who are looking to foray

Retail in India is at an interesting juncture. Space has

Think India. Think Retail.

Think India. Think Retail.

Knight Frank presents this report in response to the

Structure of retail market proling and analysis

India level dynamics

City level dynamics

Dening modern retail has always been an ambiguous area.

parameters such as brand origin, product category and

Zone level dynamics

Think India. Think Retail.

Retail product categories presented in the report

Non-ethnic nise Clothing

A eld survey across the seven metropolitan centres was

Watches & Jewellery

Watches & Jewellery

List of terms used in the report:

Home & Lifestyle

Home & Lifestyle

Brand categorisation of retail stores

Salons & Spas

ther Personal Care

photo studios, gyms, sports facilities,

F&B Fine Dining

Brick and mortar modern retail

Food & Beverages

Books, Gifts & Music

Books, Gifts & Music

Family Entertainment Centres

Occupied modern retail space

Think India. Think Retail.

Total retail spending and penetration of modern retail

Brick and mortar modern retail

Note: Brick and mortar modern retail + E-tail = Modern retail

Currently, the total retail spending in the top seven cities

modern retail, at 23 per cent, followed by 21 per cent in

Think India. Think Retail.

Projected total retail spending and penetration

Incremental requirement for brick and

Brick and mortar

Note: Brick and mortar modern retail + E-tail = Modern retail

The total retail spending in the top seven cities of India is

While E-tail will gain primarily at the expense of brick and

Source: Knight Frank Research

Considering the impact of E-tail, the requirement for brick

NCR will require the maximum amount of incremental

Think India. Think Retail.

Per capita occupied

Per capita occupied

Split of occupied modern retail space

Source: Knight Frank Research

Mumbai has the highest proportion of