Retail in India

TABLE OF CONTENTS

List Of Contents And Tables

EXECUTIVE SUMMARY

• Retail in 2024: The big picture
• Price, and level of involvement in the buying process are leading parameters when choosing a retail channel
• Evolving consumer preferences make an omnichannel presence imperative to drive strong demand
• What next for retail?

OPERATING ENVIRONMENT

• Informal retail
• Opening hours for physical retail
• Summary 1 Standard Opening Hours by Channel Type 2024
• Seasonality
• Diwali season
• End of season sale

MARKET DATA

• Table 1 Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2019-2024
• Table 2 Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2019-2024
• Table 3 Sales in Retail Offline by Channel: Value 2019-2024
• Table 4 Sales in Retail Offline by Channel: % Value Growth 2019-2024
• Table 5 Retail Offline Outlets by Channel: Units 2019-2024
• Table 6 Retail Offline Outlets by Channel: % Unit Growth 2019-2024
• Table 7 Sales in Retail E-Commerce by Product: Value 2019-2024
• Table 8 Sales in Retail E-Commerce by Product: % Value Growth 2019-2024
• Table 9 Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
• Table 10 Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 11 Sales in Grocery Retailers by Channel: Value 2019-2024
• Table 12 Sales in Grocery Retailers by Channel: % Value Growth 2019-2024
• Table 13 Grocery Retailers Outlets by Channel: Units 2019-2024
• Table 14 Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
• Table 15 Non-Grocery Retailers: Value Sales, Outlets and Selling Space 2019-2024
• Table 16 Non-Grocery Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 17 Sales in Non-Grocery Retailers by Channel: Value 2019-2024
• Table 18 Sales in Non-Grocery Retailers by Channel: % Value Growth 2019-2024
• Table 19 Non-Grocery Retailers Outlets by Channel: Units 2019-2024
• Table 20 Non-Grocery Retailers Outlets by Channel: % Unit Growth 2019-2024
• Table 21 Retail GBO Company Shares: % Value 2020-2024
• Table 22 Retail GBN Brand Shares: % Value 2021-2024
• Table 23 Retail Offline GBO Company Shares: % Value 2020-2024
• Table 24 Retail Offline GBN Brand Shares: % Value 2021-2024
• Table 25 Retail Offline LBN Brand Shares: Outlets 2021-2024
• Table 26 Retail E-Commerce GBO Company Shares: % Value 2020-2024
• Table 27 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
• Table 28 Grocery Retailers GBO Company Shares: % Value 2020-2024
• Table 29 Grocery Retailers GBN Brand Shares: % Value 2021-2024
• Table 30 Grocery Retailers LBN Brand Shares: Outlets 2021-2024
• Table 31 Non-Grocery Retailers GBO Company Shares: % Value 2020-2024
• Table 32 Non-Grocery Retailers GBN Brand Shares: % Value 2021-2024
• Table 33 Non-Grocery Retailers LBN Brand Shares: Outlets 2021-2024
• Table 34 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: Value 2024-2029
• Table 35 Forecast Sales in Retail by Retail Offline vs Retail E-Commerce: % Value Growth 2024-2029
• Table 36 Forecast Sales in Retail Offline by Channel: Value 2024-2029
• Table 37 Forecast Sales in Retail Offline by Channel: % Value Growth 2024-2029
• Table 38 Forecast Retail Offline Outlets by Channel: Units 2024-2029
• Table 39 Forecast Retail Offline Outlets by Channel: % Unit Growth 2024-2029
• Table 40 Forecast Sales in Retail E-Commerce by Product: Value 2024-2029
• Table 41 Forecast Sales in Retail E-Commerce by Product: % Value Growth 2024-2029
• Table 42 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 43 Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 44 Forecast Sales in Grocery Retailers by Channel: Value 2024-2029
• Table 45 Forecast Sales in Grocery Retailers by Channel: % Value Growth 2024-2029
• Table 46 Forecast Grocery Retailers Outlets by Channel: Units 2024-2029
• Table 47 Forecast Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029
• Table 48 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 49 Non-Grocery Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 50 Forecast Sales in Non-Grocery Retailers by Channel: Value 2024-2029
• Table 51 Forecast Sales in Non-Grocery Retailers by Channel: % Value Growth 2024-2029
• Table 52 Forecast Non-Grocery Retailers Outlets by Channel: Units 2024-2029
• Table 53 Forecast Non-Grocery Retailers Outlets by Channel: % Unit Growth 2024-2029

DISCLAIMER

CONVENIENCE RETAILERS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Strategic consolidation, with the replacement of multiple small outlets with fewer high-performance stores
• Micro-fulfilment centres transform urban stores into quick-commerce delivery hubs
• 24/7 service model captures late-night urban consumer demand for essentials

PROSPECTS AND OPPORTUNITIES

• Integration of phygital retail models
• Strategic quick-commerce alliances may convert store locations into a competitive delivery advantage
• AI-driven virtual storefronts will create personalised shopping experiences

CHANNEL DATA

• Table 54 Convenience Retailers: Value Sales, Outlets and Selling Space 2019-2024
• Table 55 Convenience Retailers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 56 Sales in Convenience Retailers by Channel: Value 2019-2024
• Table 57 Sales in Convenience Retailers by Channel: % Value Growth 2019-2024
• Table 58 Convenience Retailers GBO Company Shares: % Value 2020-2024
• Table 59 Convenience Retailers GBN Brand Shares: % Value 2021-2024
• Table 60 Convenience Retailers LBN Brand Shares: Outlets 2021-2024
• Table 61 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 62 Convenience Retailers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 63 Forecast Sales in Convenience Retailers by Channel: Value 2024-2029
• Table 64 Forecast Sales in Convenience Retailers by Channel: % Value Growth 2024-2029

HYPERMARKETS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Growth in hypermarkets driven by groceries amidst slowdown in sales of non-grocery merchandise
• Wide range of products and expansion of retail footprint supports D-Mart's leadership in hypermarkets
• Demand for experiential shopping drives wider product portfolio for hypermarkets

PROSPECTS AND OPPORTUNITIES

• Expansion of hypermarkets beyond urban areas key to drive strong growth
• Loyalty programmes could help retain and expand consumer footfall
• Competition set to intensify further, driven by expansion plans of major hypermarket chains and growing penetration of quick-commerce

CHANNEL DATA

• Table 65 Hypermarkets: Value Sales, Outlets and Selling Space 2019-2024
• Table 66 Hypermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 67 Hypermarkets GBO Company Shares: % Value 2020-2024
• Table 68 Hypermarkets GBN Brand Shares: % Value 2021-2024
• Table 69 Hypermarkets LBN Brand Shares: Outlets 2021-2024
• Table 70 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 71 Hypermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029

SUPERMARKETS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Weak consumer sentiment and high food inflation limit growth for supermarkets
• Reliance Retail leads, driven by competitive price points and outlet expansion
• Consumers chase discounted prices, which leads to a new marketing approach

PROSPECTS AND OPPORTUNITIES

• Outlet expansion beyond major cities to support the growth of supermarkets
• Wide product variety, quality, and shopping experience will give supermarkets an edge over traditional retail channels
• Supermarkets will face strong competition from hypermarkets and quick-commerce

CHANNEL DATA

• Table 72 Supermarkets: Value Sales, Outlets and Selling Space 2019-2024
• Table 73 Supermarkets: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 74 Supermarkets GBO Company Shares: % Value 2020-2024
• Table 75 Supermarkets GBN Brand Shares: % Value 2021-2024
• Table 76 Supermarkets LBN Brand Shares: Outlets 2021-2024
• Table 77 Supermarkets Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 78 Supermarkets Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029

SMALL LOCAL GROCERS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Small local grocers dominates grocery retailing, driven by its wide reach, and continues to grow
• Small local grocers faces dual competition, from modern grocery retailers, and quick-commerce players
• Increasing price competition and high food inflation lead more consumers to switch channels

PROSPECTS AND OPPORTUNITIES

• Semi-urban and rural areas will continue to be lucrative for small local grocers
• Deep penetration of small local grocers and availability of offerings at entry price points will help withstand the growing competition
• Nevertheless, evolving consumer behaviour and growing penetration of modern grocery retailers will create challenges

CHANNEL DATA

• Table 79 Small Local Grocers: Value Sales, Outlets and Selling Space 2019-2024
• Table 80 Small Local Grocers: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 81 Small Local Grocers GBO Company Shares: % Value 2020-2024
• Table 82 Small Local Grocers GBN Brand Shares: % Value 2021-2024
• Table 83 Small Local Grocers LBN Brand Shares: Outlets 2021-2024
• Table 84 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 85 Small Local Grocers Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029

GENERAL MERCHANDISE STORES IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Hyperlocal AI personalisation transforming shopping into a cultural experience
• Changes at the top, and sustainability programmes become fundamental to business strategies
• Private label becoming a strategic revenue driver for department stores

PROSPECTS AND OPPORTUNITIES

• Strategic expansion into tier-2 and tier-3 markets set to unlock new growth potential
• Regional retail chains will leverage their local expertise to challenge national players
• Predictive AI systems might revolutionise inventory control and minimise retail waste

CHANNEL DATA

• Table 86 General Merchandise Stores: Value Sales, Outlets and Selling Space 2019-2024
• Table 87 General Merchandise Stores: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 88 Sales in General Merchandise Stores by Channel: Value 2019-2024
• Table 89 Sales in General Merchandise Stores by Channel: % Value Growth 2019-2024
• Table 90 General Merchandise Stores GBO Company Shares: % Value 2020-2024
• Table 91 General Merchandise Stores GBN Brand Shares: % Value 2021-2024
• Table 92 General Merchandise Stores LBN Brand Shares: Outlets 2021-2024
• Table 93 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 94 General Merchandise Stores Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 95 Forecast Sales in General Merchandise Stores by Channel: Value 2024-2029
• Table 96 Forecast Sales in General Merchandise Stores by Channel: % Value Growth 2024-2029

APPAREL AND FOOTWEAR SPECIALISTS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Premium/affordable market bifurcation creates dual growth opportunities
• Revival of indigenous textiles connects traditional craftsmanship with contemporary fashion
• Emergence of quick-commerce in apparel and footwear retail: Transforming delivery expectations from days to minutes

PROSPECTS AND OPPORTUNITIES

• The competition from e-commerce, and AI-powered hyper-personalisation
• The rise of digital fashion and avatars in the metaverse, and the incorporation of technology in stores
• Data-driven decision-making will revolutionise regional inventory

CHANNEL DATA

• Table 97 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space 2019-2024
• Table 98 Apparel and Footwear Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 99 Apparel and Footwear Specialists GBO Company Shares: % Value 2020-2024
• Table 100 Apparel and Footwear Specialists GBN Brand Shares: % Value 2021-2024
• Table 101 Apparel and Footwear Specialists LBN Brand Shares: Outlets 2021-2024
• Table 102 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 103 Apparel and Footwear Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029

APPLIANCES AND ELECTRONICS SPECIALISTS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Heatwave-driven growth accelerates demand for energy-efficient cooling solutions
• Affordability and after-sales service drive customers to appliances and electronics specialists
• Circular economy initiatives are attracting customers and transforming e-waste

PROSPECTS AND OPPORTUNITIES

• Direct-to-consumer exclusive stores might elevate the brand experience beyond traditional retail
• Rental options will attract young customers seeking flexibility without commitment
• Premiumisation strategy will target environmentally-conscious consumers with smart, efficient technologies and drive value growth

CHANNEL DATA

• Table 104 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space 2019-2024
• Table 105 Appliances and Electronics Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 106 Appliances and Electronics Specialists GBO Company Shares: % Value 2020-2024
• Table 107 Appliances and Electronics Specialists GBN Brand Shares: % Value 2021-2024
• Table 108 Appliances and Electronics Specialists LBN Brand Shares: Outlets 2021-2024
• Table 109 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 110 Appliances and Electronics Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029

HEALTH AND BEAUTY SPECIALISTS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Omnichannel presence increasing in beauty specialists
• Apollo Pharmacy and Medplus extend their lead in pharmacies, offering stronger competition to independent operators
• Optical goods stores witnesses steady growth in demand, driven by evolving lifestyles

PROSPECTS AND OPPORTUNITIES

• E-pharmacies to further penetrate, leading to greater competition for pharmacies
• Offline-online integration to expand reach and coverage
• Expansion of footprint of beauty specialists beyond larger urban areas holds key to driving strong growth

CHANNEL DATA

• Table 111 Health and Beauty Specialists: Value Sales, Outlets and Selling Space 2019-2024
• Table 112 Health and Beauty Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 113 Sales in Health and Beauty Specialists by Channel: Value 2019-2024
• Table 114 Sales in Health and Beauty Specialists by Channel: % Value Growth 2019-2024
• Table 115 Health and Beauty Specialists GBO Company Shares: % Value 2020-2024
• Table 116 Health and Beauty Specialists GBN Brand Shares: % Value 2021-2024
• Table 117 Health and Beauty Specialists LBN Brand Shares: Outlets 2021-2024
• Table 118 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 119 Health and Beauty Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 120 Forecast Sales in Health and Beauty Specialists by Channel: Value 2024-2029
• Table 121 Forecast Sales in Health and Beauty Specialists by Channel: % Value Growth 2024-2029

HOME PRODUCTS SPECIALISTS IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Omnichannel integration transforming the browsing experience into a seamless purchasing journey
• Home products specialists continues to see strong competition from e-commerce
• Growth in pet ownership creates new market for premium products

PROSPECTS AND OPPORTUNITIES

• Smart home technology displays might create interactive experiences that drive higher-value sales
• Recurring revenue through pet care subscriptions, and the DIY trend set to drive growth
• Ikea will continue to adapt its products to the local market to drive growth

CHANNEL DATA

• Table 122 Home Products Specialists: Value Sales, Outlets and Selling Space 2019-2024
• Table 123 Home Products Specialists: Value Sales, Outlets and Selling Space: % Growth 2019-2024
• Table 124 Sales in Home Products Specialists by Channel: Value 2019-2024
• Table 125 Sales in Home Products Specialists by Channel: % Value Growth 2019-2024
• Table 126 Home Products Specialists GBO Company Shares: % Value 2020-2024
• Table 127 Home Products Specialists GBN Brand Shares: % Value 2021-2024
• Table 128 Home Products Specialists LBN Brand Shares: Outlets 2021-2024
• Table 129 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space 2024-2029
• Table 130 Home Products Specialists Forecasts: Value Sales, Outlets and Selling Space: % Growth 2024-2029
• Table 131 Forecast Sales in Home Products Specialists by Channel: Value 2024-2029
• Table 132 Forecast Sales in Home Products Specialists by Channel: % Value Growth 2024-2029

DIRECT SELLING IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Health and beauty direct selling continues to dominate overall direct selling
• Weak consumer sentiment and high food inflation limit discretionary spending, influencing the growth of direct selling
• Players increasingly adopt a multi-channel approach, with a strategic focus on an online presence

PROSPECTS AND OPPORTUNITIES

• Direct selling to benefit from self-employment and female empowerment opportunities
• Loyalty programmes tailored to end consumers will help tackle growing competition from other retail channels
• Diversification beyond traditional product range to offer opportunities for growth

CHANNEL DATA

• Table 133 Direct Selling by Product: Value 2019-2024
• Table 134 Direct Selling by Product: % Value Growth 2019-2024
• Table 135 Direct Selling GBO Company Shares: % Value 2020-2024
• Table 136 Direct Selling GBN Brand Shares: % Value 2021-2024
• Table 137 Direct Selling Forecasts by Product: Value 2024-2029
• Table 138 Direct Selling Forecasts by Product: % Value Growth 2024-2029

RETAIL E-COMMERCE IN INDIA

KEY DATA FINDINGS

2024 DEVELOPMENTS

• Grocery e-commerce drives growth, on the back of the rising penetration of quick-commerce
• Walmart maintains its lead with Flipkart and Myntra despite growing competition
• Speed of delivery and enhancing the user experience remain priorities

PROSPECTS AND OPPORTUNITIES

• Retail e-commerce offers strong growth opportunities, driven by convenience, a wide product assortment, and better financing options
• Competitive landscape set to intensify, with the entry of new brands, and government-backed ONDC platform
• Promotional shopping festivals will remain a focus area to drive continued growth

CHANNEL DATA

• Table 139 Retail E-Commerce by Channel: Value 2019-2024
• Table 140 Retail E-Commerce by Channel: % Value Growth 2019-2024
• Table 141 Retail E-Commerce by Product: Value 2019-2024
• Table 142 Retail E-Commerce by Product: % Value Growth 2019-2024
• Table 143 Retail E-Commerce GBO Company Shares: % Value 2020-2024
• Table 144 Retail E-Commerce GBN Brand Shares: % Value 2021-2024
• Table 145 Forecast Retail E-Commerce by Channel: Value 2024-2029
• Table 146 Forecast Retail E-Commerce by Channel: % Value Growth 2024-2029
• Table 147 Forecast Retail E-Commerce by Product: Value 2024-2029
• Table 148 Forecast Retail E-Commerce by Product: % Value Growth 2024-2029