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Indian retail sales in May 2024 grew by 3% year-over-year, with South India leading at 4% growth. Food, grocery, and CDIT categories saw 6% increases

Mere 3% growth in retail sales in May: Retailers Association of India

<h2>Indian retail sales in May 2024 grew by 3% year-over-year, with South India leading at 4% growth. Food, grocery, and CDIT categories saw 6% increases</h2>

The retail sales in May 2024, grew by a mere 3% as compared to the sales seen in May 2023, revealed a survey by Retailers Association of India (RAI). As per RAI's CEO the consumer spending on non-essential items remain cautious and the retailers are looking forward to business post-election season. He also expressed optimism that the budget will provide incentives to bolster consumer confidence and support further growth
"While consumer spending on non-essential items remains cautious, categories such as food, grocery, and consumer durables have shown positive growth trajectory. Retailers are looking forward to business post-election season. Budget in July will hopefully provide much-needed incentives to bolster consumer confidence and support further growth in the retail sector,&rdquo; said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).
<h3>Retail sales in India</h3>
South India has recorded the highest growth of 4% in retail sales, followed by East and West India at 3% each, and North India at 2%. Among different categories, food &amp; grocery and CDIT products (consumer durables/electronics) reported a growth of 6% each, followed by QSR, which showed a growth of 5% compared to May 2023 sales levels.
Meanwhile, the retail sales in the US barely rose 0.1%, as still high inflation and high interest rates curbed spending. Excluding gas prices and auto sales, retail sales rose the same amount. Excluding sales from gasoline, whose prices have been falling, sales were up 0.3%.
Sales at clothing and accessory stores rose 0.9 per cent, while electronics and appliance stores posted a 0.4 per cent gain. Online sales rose 0.8 per cent. But business at building material and garden supplies fell 0.8 per cent. And sales at gas stations were down 2.2 per cent.
Also watch: <a href="https://www.editorji.com/business-news/passenger-vehicle-sales-decline-1-in-may-amid-these-reasons-1718005928888">Passenger vehicle sales decline 1% in May amid these reasons</a>
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The CBRE report mentioned that retail shops are modifying their offerings strategically in both established mall clusters and high-street locations to cater to the growing tourist population

Retailers hit religious destinations to create new growth avenues

<h2>The CBRE report mentioned that retail shops are modifying their offerings strategically in both established mall clusters and high-street locations to cater to the growing tourist population</h2>

Large retailers in India are hitting religious destinations to create new avenues of growth. This comes as these destinations have been ramped up with better infrastructure giving rise to increased tourism.&nbsp;
&ldquo;As more pilgrims and spiritual seekers visit holy cities in India, retail brands across segments, including fashion and apparel, food and beverage, hypermarkets, homeware and department stores and consumer electronics brands, are expanding by tailoring the offerings to the pilgrim&rsquo;s needs. This trend underscores the symbiotic relationship between spiritual tourism and the retail industry, benefiting both sectors from the increased foot traffic," real estate consulting firm CBRE South Asia said in a report.
The report is based on study on Amritsar, Ajmer, Varanasi, Katra, Somnath, Shirdi, Ayodhya, Puri, Tirupati, Mathura, Dwarka, Bodh Gaya, Guruvayur, and Madurai as Key cities witnessing this retail boom
<h3>Retailers flock to religious destinations</h3>
The report mentioned that retail shops are modifying their offerings strategically in both established mall clusters and high-street locations to cater to the growing tourist population.
&ldquo;Government initiatives to promote tourism and improve connectivity between pilgrimage sites are further boosting this growth. The rise of online retail platforms offering easy access to faith-based products and services is also a key factor," said Anshuman Magazine, chairman &amp; CEO, India, South-East Asia, Middle East &amp; Africa, CBRE.
Also Read: <a href="https://www.editorji.com/business-news/tourism-and-hospitality-sector-has-the-potential-create-50-million-jobs-hotels-association-of-india-1707806699484">Tourism and hospitality sector has the potential create 50 million jobs: Hotels' Association of India</a>
For instance, retailers such as Manyavar, Reliance Trends, Raymonds along with Pantaloons and Reliance Smart have expanded in Ayodhya. Meanwhile, large cities like Amritsar and Varanasi, already have the presence of established retailers such as Burger King, Domino's, Pizza Hut, McDonald's, Croma, Zudio, and others.
<h3>Enhanced Infrastructure</h3>
The report credited this expansion of retailers into religious destinations to the enhanced infrastructure like &nbsp;improved highways, upgraded railway stations, and new airports in cities like Varanasi, Ayodhya, Amritsar, etc. This is enabling better access and connectivity to such cities.&nbsp;
&ldquo;Additionally, streamlined travel services such as online booking systems, tourist information centres, and heightened security measures enhance the overall travel experience. This shift towards experiential travel is largely driven by younger generations seeking cultural immersion and spiritual growth," the report said.
Along with retailers, Hospitality companies are also trying to ride the boom wave as demand for hotels surge.
&ldquo;Several cities have a strong pipeline of new hotel projects, with well-known brands like Marriott, Taj, and Hyatt showing keen interest in entering this market. Branded hotels are emerging as key players, offering a blend of comfort and traditional hospitality tailored for spiritual seekers. Boutique and experiential hotels provide personalised services, curated spiritual activities, and authentic local experiences," the report added&nbsp;

Global Brands Coming to India: From Dunhill to Roberto Cavalli, about 24 internation brands to enter India this year.

International Brands Coming to India: 24 Global brands to Open Stores in India in 2023

24 international brands will have opened stores in India in 2023

<h2>International Brands Coming to India: In 2023, it's predicted that retail leasing would reach 5.5-6 million sq ft in 2023, with 30&ndash;35 multinational brands entering India between 2021 and 2023</h2>

International Brands Entering India 2023: Encouraged by a post-Covid consumption surge, almost two dozen foreign brands will have opened their stores in India this year. This is the highest number of foreign brands ever to &nbsp;enter India in a single year.&nbsp;
Earlier about 12&ndash;15 brands used to enter India annually prior to the pandemic.
Italian luxury fashion brand Roberto Cavalli, British luxury goods brand Dunhill, and American sportswear and footwear retailer Foot Locker are in talks to enter India
In addition, chains such as Lavazza and Armani Caffe of Italy, Jamba of the US and The Coffee Club from Australia are also likely to enter India this year.
'We expect food and beverage and a few entertainment brands to establish a presence in the Indian market in 2023,' said Anshuman Magazine, chairman and CEO, India, Southeast Asia, Middle East and Africa, CBRE.
'The year has already witnessed several established international brands enter India after a hiatus due to Covid.'
Over the past two months, more than a dozen foreign brands, including Valentino, McLaren, and Balenciaga, have made their debuts in India in an effort to capitalise on the rise in demand for luxury brands following the ease of Covid lockdowns.
'The fashion space is seeing periodic openings of new brands, particularly in partnership with the larger groups like Reliance and Aditya Birla,' said Pankaj Renjhen, COO and joint MD, Anarock Retail.
'Home interiors retail has seen interest from two large global brands in the last year - West Elm and Pottery Barn opened up in India in partnership with Reliance.'
Experts predict that between 2021 and 2023, roughly 30-35 multinational brands will open stores in India.
Recently, Aditya Birla Fashion and Retail Ltd (ABFRL) and Galeries Lafayette partnered to launch upscale department stores and a specific e-commerce platform in India.
Through a partnership, Reliance Retail plans to bring Shein, a major player in Chinese fashion, back to India, as reported by The Economic Times.

The retail sales of lifestyle products, apparel and discretionary products have moderated to 6% for the second consecutive month in April

Inflation subdues retail sales; retailers scale down expansion in tier-2, 3 markets

The retail sales of lifestyle products, apparel and discretionary products have moderated to 6% for the second consecutive month in April

The overall inflation has subdued the demand for non-essential items that include lifestyle products, shoes and apparels. Some retailers have now scaled down store opening guidance in tier-2 and tier-3 markets. The sales growth for non-essential items in cities have also come down.
The Retailers Association of India indicated the slowest sales expansion in March and April, compared to the last 14 months. The retail sales of lifestyle products, apparel and discretionary products have moderated to 6% for the second consecutive month in April. The sales grew in strong double digits over the past year.
However, the supply in value retail in tier-2 and tier-3 cities is more than the pre-covid times. In the last three years, these markets saw about 50% to 60% additional stores being built. However, the demand did not pickup as expected.
As per Economic Times, unlike the earlier slowdown in the value segment, Aditya Birla Fashion and Retail (ABFRL) saw growth tapering off across segments in the January-March quarter. Pantaloons expanded its stores by 40-50 stores as compared to 60-70 stores that were opened last year. ABFRL, however, is hoping for sentiment to improve by the festive period this year.
Most clothing stores also increased the prices over the past year as rates of cotton went up. However, retailers are expecting a reversal in the trend soon.&nbsp;&nbsp;

India's size of the country's retail market is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021

Retail market projected to touch USD 2 trillion by 2032: Report

India's size of the country's retail market is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021 as per a joint report by Anarock property cosultants and retailers association of India.&nbsp;

The size of the country's retail market is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021, according to a joint report by Anarock and Retailers Association of India (RAI).
The report by property consultant Anarock and RAI said that real estate developers plan to add nearly 25 million square feet of new mall space across seven major cities over the next 4-5 years.
In 2022, these seven cities added over 2.6 million sq ft of mall space, up 27 per cent from the preceding year.
"The festive season, devoid of restrictions and any fear of the contagion, was exemplary with record high volumes and sales value," Anuj Kejriwal, CEO &amp; Managing Director - ANAROCK Retail, said.
Sales value estimated during the festive season in late 2022 was Rs 2.5 lakh crore, nearly 2.5 times compared to the previous year, he said.

The 'Saffola' brand is now a Rs 2000 cr brand says Macrico MD & CEO. On inflation, he says that a gradual recovery is on the cards for the FMCG sector, with rural demand making a comeback

The worst of inflation is over, says Marico chief

The 'Saffola' brand is now a Rs 2000 cr brand says Macrico MD & CEO. On inflation, he says that a gradual recovery is on the cards for the FMCG sector, with rural demand making a comeback. 

The 'Saffola' brand is now a Rs 2000 cr brand says Macrico MD &amp; CEO. On inflation, he says that a gradual recovery is on the cards for the FMCG sector, with rural demand making a comeback.&nbsp;

Saffola, the master brand under which Marico offers healthier food options, is now worth Rs 2,000 crore-plus, said Marico MD &amp; CEO Saugata Gupta.
About inflation, Gupta told PTI the "worst" is behind and he sees a gradual recovery for the FMCG (Fast Moving Consumer Goods) segment with rural market making a comeback.
The rural FMCG market, which has witnessed a decline in the last 4-5 quarters, is expected to have a turnaround in the next 2-3 quarters, he said.
"I think the worst is behind," said Gupta, adding, "Overall for FMCG, we see a gradual recovery, but that has to be led by rural. Urban has been decent." At the industry level, food continues to do well and HPC (home and personal care) category is struggling a bit. This is because, last year, there was significant inflation, he said.
As inflation eases, now he expects "better margins" in top-line and said the urban market and modern trade channels are recovering and going back to pre-Covid levels while the general trade is doing well in food.
Marico, which is expanding the addressable market in the food segment, said it has been a "significant success" and is on track to meet the aspiration of having Rs 850-crore-plus revenue in FY24 from the present level.
Marico plans to add more products into the food segment under its master brand Saffola, expanding its addressable market.
In the last two years, Marico has introduced several new products under Saffola, ranging from honey to peanut butter, soya chunks to instant noodles, making it as a healthy lifestyle advocating premium food brand from being just an edible oil brand.
"Saffola master brand, if we put together, it is a Rs 2,000-crore-plus brand," said Gupta.
In the latest December quarter Marico's food business grew 31 per cent in value terms. However, hair oils posted a value decline of 3 per cent.
Its sales from channels such as general trade declined in mid-single digits and rural is still behind urban. While sales from modern trade channels and e-commerce grew in high double digits.
Marico, which owns brands such as Parachute, Saffola, Hair &amp; Care, Nihar, Nihar Naturals, Livon etc., get around one-third of its domestic sales from the rural markets.
"Our rural contribution is lower because of our food and Saffola business. Out rural contribution is in the mid-30s," he said, About the outlook, Gupta said: "You will see a growth improvement as we move forward in the next couple of quarters in the India business and as far as international business is concerned, there are some inflation and currency headwinds. "

After Swedish major IKEA set up shop, another global furniture retail giant is all set to make its debut in India. Reliance Brands Limited will sell products of popular American furniture brands Pottery Barn, West Elm, and Pottery Barn Kids. The first Indian store will open in Mumbai in 2020 and all products will also be available online. //

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