Vineet Jain, COO, V-Mart Retail believes Tier II and III towns will become even more important in the new retail landscape, as they have almost 40 per cent share in consumption spending on a pan-India basis. Moreover, the rate of growth in consumer spending, driven by younger demographics, rising per capita income, and growing aspirations will spur organized retail growth, he adds.
Jain says, in the six months since Unlock 1.0 in June, the retail revival followed the pandemic trajectory with sales picking up during June-August when the pandemic subsided temporarily. Sales gathered strong momentum by October-end. V-Mart saw a strong demand revival during October-December, buoyed by festive shopping, early arrival of winters, and a significant backlog of marriages happening, that were canceled during Summer 2020.
The retailer recently opened four new stores, three in Uttar Pradesh and one in Jharkhand. The retail brand continues to target the Tier-II and III markets and plans to scale up its outlets in the next fiscal.