Indian Retail Growth Spurt
Mumbai, India While the U.S. retail landscape goes through a period of rationalization, which in less subtle language means store closings and reduced store openings, India is going through a growth spurt.
More than 20,000 new exclusive brand outlets, 280 hypermarkets, 500 department stores, 1,200 mega specialty stores and 3,200 supermarkets are to be built in India by 2011, according to Images Group, organizers of the Retail India Forum scheduled for Sept. 16-18 at the Renaissance Hotel in Mumbai, India.
Conference organizers also project more than 10,000 existing stores will undergo a complete facelift during that time.
Overall, by 2010 and 2011, about 300 million sq. ft. of retail space will either be built or renovated, says Images Group.