New Delhi is now among global retail hotspots
New Delhi now shares with Beijing the top position as the most targeted emerging markets retail destination among Asia-Pacific markets in 2012, a CBRE survey has found. Rachit Vats reports. Retail detailbusiness Updated: May 09, 2013 22:54 IST
New Delhi now shares with Beijing the top position as the most targeted emerging markets retail destination among Asia-Pacific markets in 2012, a CBRE survey has found.
Around 13 new global retailers entered the national capital last year, similar to Beijing, according to the report titled Retail Hotspots in Asia Pacific.
Mumbai bagged the second spot for the same period with 10 international retailers making a debut in the city.
"So far most international players showed interest in India but the opening up of foreign direct investment in India has encouraged them further," said Anshuman Magazine, chairman and MD, CBRE South Asia.
While Hong Kong, Japan and Singapore - characterised as mature retail markets - top the list of cities for new retailer entries across Asia Pacific, New Delhi saw more entries compared to other South East Asian markets such as Bangkok and Jakarta.
"International retailers now see India as a mature and viable market to expand their businesses," said Magazine. "They know the country is seeing a growth in purchasing power and that India is poised to witness a retail revolution. With the government permitting FDI in multi-brand retail, we can expect more international retailers to seriously consider the growing consumer base here."
According to the report, even as established locations such as Singapore and Hong Kong witnessed steady expansion, maturing/emerging markets also saw a steady increase of activity, especially in tier II cities in China and Southeast Asia.
Luxury and business retailers accounted for the highest portion (26%) of new entrants in the Asia Pacific in 2012, followed by mid-range fashion (18%), specialist clothing (13%), coffee and restaurants (13%) and value and denim (11%).
First Published: May 09, 2013 22:08 IST