29 April 2023, Mumbai 

Zara has opened its latest concept store in Bengaluru, India, strategically choosing a city known as one of India's major business hubs and a hub for tech-savvy consumers.

The two-story store spans 23,000 square feet at Forum Mall and features advanced customer experience features, including the integration of online and in-store shopping, self-checkout services, and the Zara app's Store Mode functionality.

Customers can enjoy a seamless shopping experience by browsing items in-store via the app, ordering for collection in-store within two hours, and locating items in the store.

Moreover, the store's eco-friendly measures are expected to attract a significant number of customers looking for sustainable shopping options.

The store offers a wide range of clothing and accessories for women, men, and kids.

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26 April 2023, Mumbai 

H&M has opened its newest store in Indore, Madhya Pradesh, expanding its reach to 50 stores across 26 Indian cities.

Known for its wide range of fashion offerings, including formal wear, basic wear, accessories, and party wear, H&M has been operating in India for eight years. With the opening of its latest store in Indore, the brand remains committed to offering an expansive range of fashion products to its customers worldwide.

In addition to its wide range of fashion offerings, H&M has also been recognized for its sustainability efforts in recent years. In 2020, the brand was ranked as the top-performing company in the Fashion Transparency Index, which assesses how much information brands disclose about their social and environmental policies, practices, and impacts.

H&M has also made commitments to become more sustainable in its operations, including using only sustainable and organic cotton by 2020 and becoming climate positive by 2030.

The brand has also launched various initiatives to promote circular fashion, including a clothing collection program that allows customers to drop off old clothes for recycling.

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20 April 2023, Mumbai 

Retail leasing is expected to reach its highest level after the 2019 peak of 6.8 million sq ft, according to a report by CBRE. The report, titled "2023 India Market Outlook," predicts that primary leasing in newly-completed malls will continue to drive retail space demand in 2023.

What all you need to know

Supply is expected to increase as a significant amount of pent-up supply is due for completion this year and several investment-grade projects launched by reputable players in the past 1.5-2 years are expected to become operational. The report estimates that supply will touch approximately 6 million sq ft in 2023, the highest in the past five years.

Malls in general receive significant traction from fashion and apparel and homeware brands. Retail brands are scaling up measures to buy mall spaces to target new customers and expand their consumer base. The demand for commercial real estate has been doubling as customer demand continues to rise, proving to be a double-whammy situation for retailers and commercial real estate players.

In the pre-pandemic era, retail space leasing was recorded at 6.8 million sq ft in 2019. However, the pandemic caused a plateau in 2020, with figures of retail leases accounting for 20 lakh square feet. The post-pandemic scenario led to an increase in demand, with 39 lakh square feet being leased in 2021, which rose to 47 lakh square feet in 2022 across the eight major cities.

The report indicates that the National Capital Region has become a favorite expansion zone for brands due to growing connectivity corridors and infrastructural functionalities, which has brought a huge demand to the forefront.

The positive sign of growth in the commercial real estate revival is the expansion of retail brands.

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 29 April 2023, Mumbai 

Trent Limited, the retail arm of Tata Group, has reported its consolidated financial results for the period ended March 31, 2023. The company's total income for the quarter was Rs. 2,268.06 crores, down 4.11% from Rs. 2,365.24 crores in the previous quarter. The company's net profit for the quarter stood at Rs. 54.16 crores, down from Rs. 167 crores in the previous quarter.

On a year-on-year basis, the company's total income for the quarter has risen by 65.19% from Rs. 1,372.97 crores in the same period last year. The net profit for the quarter has surged by 33,750.00% to Rs. 54.16 crores from Rs. 0.16 crores in the same period last year.

For the financial year ended March 31, 2023, the company's total income stood at Rs. 8,502.94 crores, up 81.95% from Rs. 4,673.23 crores in the previous year. The net profit for the financial year was Rs. 444.69 crores, up from Rs. 105.83 crores in the previous year.

Trent Limited operates a range of retail formats in India, including Westside, Zudio, and Landmark, among others. The company has been expanding its presence in the Indian retail market through a combination of store expansions and e-commerce initiatives. As of March 31, 2023, Trent Limited operated 154 Westside stores, 53 Zudio stores, and 5 Landmark stores across the country.

While Trent Limited's quarterly financial results show a decline in total income and net profit, the year-on-year comparison paints a different picture of significant growth in both areas. The company's strong performance over the financial year ended March 31, 2023, is a positive sign for the retail industry, which has been facing challenges due to the ongoing pandemic.

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 25 April 2023, Mumbai 

British brand Next marks its re-entry into the Indian market through Myntra. Next's return to the Indian market is significant, as it had previously exited the market in 2015 after operating in India for around eight years.

The brand's re-entry into India through Myntra's platform is expected to help it tap into the country's growing fashion market and cater to the demand for international brands.

The move aligns with Myntra's strategy of bringing in foreign brands to cater to the growing demand for high-quality and classic wardrobe staples. Myntra currently retails over 400 foreign brands, and the addition of Next will offer over 500 stock keeping units for men and women.

Next will also have a dedicated online brand store (OBS), making it easier for shoppers to discover the brand's offerings.

Next is a well-known British fashion and home retailer with over 500 stores worldwide, including the UK, Europe, Asia, and the Middle East. Founded in 1864, the brand has a long history of delivering quality products and innovative designs. Its product range includes clothing, footwear, accessories, and home decor.

The partnership with Myntra is expected to help Next establish a strong online presence in India and increase its reach to a wider audience.

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17 April 2023, Mumbai 

The Mumbai bench of the National Company Law Tribunal (NCLT) has granted Future Retail Ltd (FRL) a 90-day extension until July 15, 2023, to complete its insolvency resolution exercise. This move comes after the NCLT initiated insolvency resolution against FRL on July 20, 2022.

According to the Insolvency and Bankruptcy Code (IBC), the corporate insolvency resolution process (CIRP) must be completed within 180 days, with a one-time extension of 90 days granted by the NCLT. The maximum time given is 330 days, including litigation.

Future Retail stated in a regulatory filing that the NCLT had pronounced an oral order and is awaiting a written order. The deadline for sale was April 16. However, the lenders of FRL had earlier decided to invite fresh bids after dividing the company's assets into clusters, with bidders being able to bid for the entire company or specific clusters.

Earlier this week, Future Retail said that 49 entities, including Reliance Retail and the Adani group, had submitted expressions of interest (EoI) for acquiring its assets. On March 23, 2023, the resolution professional of Future Retail invited new expressions of interest, as the firm had failed to attract a resolution plan in over four months. Prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets."

Despite the legal hurdles, FRL has managed to attract interest from several potential buyers, including Reliance Retail and the Adani group.

FRL operates over 1,500 stores in more than 400 cities in India and has a market value of around $1.5 billion.

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29 April 2023, Mumbai 

Gap, the iconic American fashion brand, has opened a new store in UP at Lucknow's Lulu Mall, featuring its latest summer collections for men, women, and children.

What all you need to know

The new outlet boasts an open façade and bright interior designed in Gap's signature white and navy blue hues with pale wooden accents. It also includes dedicated sections for Gap Kids and Baby Gap lines, as well as a vast range of denim for both men and women.

Reliance Retail, one of India's leading retail companies, signed a franchise agreement with Gap Inc in July 2022 to retail the American brand in India. Since the tie-up, Reliance Retail has opened several Gap stores in different Indian cities, including Mumbai, Hyderabad, and Guwahati, along with various shop-in-shops for the brand.

With its latest store launch in Lucknow, Gap is expanding its reach and bringing its iconic fashion line to a wider audience across India.

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24 April 2023, Mumbai 

Trent, a subsidiary of Tata Group, has entered the ethnic wear market with the launch of its new brand, Samoh. The launch of Samoh is a strategic move for the company. Samoh's debut store in Lucknow will offer a range of modern and luxurious ethnic wear for both men and women.

The brand aims to offer a unique and differentiated shopping experience to its customers, with a focus on quality, design, and innovation. With its strong brand equity and extensive retail network, Trent is well-positioned to leverage the growing demand for ethnic wear in India.

The ethnic wear market in India is highly fragmented, with many regional and local players dominating the market. However, with the growing interest in traditional wear among younger consumers, there is a significant opportunity for organized players like Trent to enter the market.

Trent Limited, a subsidiary of the Tata Group, is a leading retail player in India. The company operates a range of retail formats across various categories, including apparel, footwear, accessories, and more. Trent's portfolio includes brands such as Westside, a popular department store chain; Landmark, a bookstore and lifestyle store; Zudio, a fast-fashion brand; and Star, a hypermarket chain.

In addition to its focus on expanding its portfolio, Trent is also committed to sustainability and ethical sourcing. The company has implemented several initiatives to reduce its carbon footprint, conserve natural resources, and promote responsible sourcing practices across its supply chain.

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14 April 2023, Mumbai 

Indian retailer V-Mart is optimistic about the growth potential in tier two and tier three cities, where the majority of the country's population and consumption is located.

CMD Lalit Agarwal as quoted in TOI, noted that while there are some challenges, such as the slow return of consumer spending ability, there are positive indicators such as an increase in consumer confidence.

Raw material prices are still higher than pre-COVID levels, but V-Mart is innovating with blending and machinery to keep prices at similar levels without compromising profitability. Despite the pressure on margins, V-Mart plans to continue with its expansion plans, while keeping a cautious approach to its margins.

The expansion plan for the retail chain includes adding more than 65-70 stores in the current year.

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29 April 2023, Mumbai 

Shoppers Stop, the leading department store operator, reported a quarterly profit of INR 14.26 crore for the period ended March 31, 2023, as compared to a loss of INR 15.85 crore during the same period last year.

The company attributed this to strong demand for beauty products and private-label clothing from high-income shoppers, who splurged on clothes and accessories as they resumed their pre-pandemic lifestyles during the wedding season between January and March.

Cooling inflation and softening raw material costs also helped the company achieve higher profits.

Shoppers Stop's revenue for its beauty segment, which includes brands like L'Oreal, Clarins, Earthi, and its private label Arcelia, grew by 29% to INR 1.97 billion, compared to 18% growth in the previous quarter.

The company has been focusing on private-label apparel, which includes brands such as STOP, Fratini, and Bandeya, to increase its margins. Revenue from this segment grew by 35% to INR 1.58 billion, compared to 23% growth in the previous quarter.

The company's average selling prices rose by 9%, while revenue stood at INR 9.24 billion, up nearly 30% from a year ago.

The CEO and Managing Director of Shoppers Stop, Venu Nair, stated that this is the highest sales and sales growth, with all key performance indicators consistently improving. As of March 31, 2023, the company had 142 beauty stores across the country, compared to 98 department stores.

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24 April 2023, Mumbai 

India's e-commerce market is rapidly expanding, with over 125 million online shoppers added in the past three years and another 80 million expected to join by 2025, according to a report by Kantar.

What all you need to know

The growth is being driven by affordable smartphones and low-cost data plans, with major retail and consumer goods makers investing more in the online space. India has over 530 million active social media users, of which 52% are millennials, and the number is projected to reach 600 million by 2025. Social media is expected to boost e-commerce sales, with 77 million shoppers purchasing from social platforms in 2021.

The country is on track to have 900 million internet users by 2025 and leads in digital ad spending at 22%, ahead of the UK, US, Australia, France, and China. The report also highlights India's D2C ecosystem as being at an "inflection point," with D2C brands generating $4 billion in FY2022 and an addressable market size predicted to exceed $100 billion by 2025.

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12 April 2023, Mumbai 

A total of 49 players have submitted expressions of interest (EoIs) for Future Retail Limited, including Reliance Retail, WH Smith, JC Flowers, Jindal Power, and a Gordon Brothers-led international consortium. The other players that have submitted EoIs include some scrap dealer firms and individual investors like Harsha Vardhan Reddy, according to sources.

This comes after the first round of EoIs failed to attract enough participants, prompting to invite interested parties to formally express their interest again.

Future Retail, which has a debt of around Rs 21,000 crore, is known for its popular Big Bazaar brand of large and small format stores. It also operates a subsidiary that runs close to 100 stores under the WH Smith brand, in addition to a small number of stores under the Foodhall brand.

The company was admitted for insolvency proceedings after it failed to meet its loan obligations. Reliance Industries had made an offer to acquire the company for Rs. 24,713 crore, but the deal fell through.

The increased competition in the bidding process could improve prospects for lenders to recover their dues.

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