The Kerala Retail Summit 2024, organized by the Retailers Association of India (RAI) in partnership with the Malabar Chamber of Commerce, took place on October 9 at Crowne Plaza Kochi. The event gathered industry leaders, experts, and retailers to discuss the evolving retail landscape and explore strategies for growth.
Key discussions at the summit focused on topics like branding strategies, social media, visual commerce, and technological trends. Expert panels offered insights on navigating challenges and leveraging innovations to drive sustainable retail growth.
Kumar Rajagopalan, CEO of RAI, highlighted Kerala’s potential for retail expansion, noting its consumer base’s readiness for modern retail formats. Deepak Aswani, Chairman of RAI Kochi Chapter, emphasized the importance of balancing tradition with modern consumer expectations. Mathew Joseph, COO of FreshToHome, and Nityanand Kamath, President of the Malabar Chamber of Commerce, echoed similar sentiments, urging retailers to focus on innovation while respecting Kerala’s unique retail culture.
The summit featured panel discussions on hyperlocal retail, digital payments, the relationship between small and large retailers, and more.

India’s premier fashion destination, Reliance Trends has launched its new Autumn/Winter collection, showcasing a captivating range of men’s, women’s, and children’s wear for the festive season. The brand also launched a new exclusive ‘Every Day Lower Prices’ concept that offers unbeatable deals on its latest collections.
Inspired by nature's timeless beauty, the menswear range in the new A/W collection reflects the essence of blooming flowers, serene rivers, and majestic mountains. Each of the garment pieces in this range offers a harmonious blend of classic and modern styles.
The women’s collection is a tribute to the enduring artistry of Indian craftsmanship, reinterpreted for the modern woman. Catering to diverse fashion choices, this collection offers varied styles ranging from side-gathered kurtas and layered kurtas to co-ord sets and ethnic dresses. It features antique metallic finishes fused with contemporary designs and floral prints, infusing nature’s beauty into various fabrics and silhouettes. The range blends the rich jewel tones of pinks, purples, blues, and ochres with neutrals and pastels in metallic hues to create a luxurious and sophisticated color palette.
Bringing to life the vibrant energy of meadows, the children’s wear collection offers playful patterns and cheerful colors that help brighten every child’s day. The soft and breathable fabrics used in this collection ensure easy movement for kids both while chasing butterflies and also building sandcastles. The dresses designed in whimsical patterns like twinkling stars and moonlit skies urge shoppers to explore the range, while T-shirts featuring friendly animal companions inspire curiosity about nature.
Crafted with utmost care, every piece in the children’s collection blends comfort with style. Minute details like tiny pockets perfect for storing treasures, seashell-shaped buttons, and embroidery help weave stories into every stitch, making the collection, a cherished addition to any child’s festive wardrobe.

A North India-based value fashion retailer, Citykart aims to open around 300 stores over the next three years, with plans to launch 40-45 stores by the end of the current fiscal year.
Founded in 2015 in Lucknow, Uttar Pradesh, Citykart offers affordable fashion for men, women, and children, along with footwear, accessories, home furnishings, general merchandise, toys, and recently, cosmetics and personal care products.
The company reached a significant milestone of 100 stores in 2023 and now operates 107 outlets across 76 cities in nine states, including Uttar Pradesh, Bihar, Odisha, Assam, and West Bengal, spanning 8.95 lakh sq ft. Citykart plans to deepen its presence in strongholds like Uttar Pradesh and Bihar while exploring over 15 new regions, primarily in North and Northeast India.
This expansion is expected to boost revenues to Rs 950-1,000 crore by FY25, up from approximately Rs 626 crore in FY24, reflecting a 20 per cent increase from Rs 523 crore in FY23. The company is currently focusing on fortifying existing markets while expanding into new regions, says Sudhanshu Agarwal, Director. Once it establishes a strong presence in North and East India, the retailer plans to expand into South and West India.
The value retail space in India is growing rapidly, particularly in non-metro areas, with competitors like V-Mart, Zudio, and Max also targeting this segment. Value retailers like Citykart serve as shopping malls for Tier II and III cities, offering organised retail and affordable fashion that local mom-and-pop stores struggle to compete with, states Agarwal.
Citykart employs around 2,800 people, with 30 per cent of the workforce being women. The retailer offers around 25,000 to 30,000 SKUs in the summer and 15,000 to 20,000 in the winter. Despite its broad product range, 82 per cent of its offerings are apparel. Citykart operates purely offline and focuses on weekly merchandise updates.
By the end of FY24, Citykart plans to open stores in 15 new cities with an investment of Rs 100 crore, creating 700-1,000 jobs. The company anticipates a 25-30 per cent increase in sales, driven by double-digit growth in same-store sales.

India's apparel retail industry has witnessed a remarkable growth over the past decade, growing at a compounded annual growth rate (CAGR) of 10.2 per cent. This increase is primarily due to rising disposable incomes, rapid urbanization, and a consequent shift from unorganized to branded retail, reveals a recent study by financial advisory firm Centrum Research.

Apparel sector growth to continue

The study says, the apparel market is poised to continue growth, driven by favorable demographics, increasing incomes, and a growing demand for affordable fashion, particularly among Gen-Z consumers. The organized retail sector has experienced significant expansion, with major players increasing their store footprint by 15.7 per cent CAGR over the past five years.

One of the notable trends in the industry is the rising popularity of private-label apparel, which offers price and product differentiation. While customers in smaller cities prioritize quality and value-for-money, affordable fashion has emerged as the dominant force in the market, accounting for 56 per cent of the total apparel sales.

Mass market to see substantial growth
The mass market segment has witnessed substantial growth, growing at 28.4 per cent in FY23 with a projected CAGR of 13.7 per cent for FY23-FY27. Similarly, the economy segment recorded a 28.7 per cent increase in FY23 and is expected to grow at a CAGR of 14 per cent over the next five years. In fact, value fashion is projected to bounce back as inflation eases, while premium segments will benefit from a growing brand-conscious consumer base.

The mid-premium and premium segments have also demonstrated impressive growth, with FY23 figures showing increases of 37.9 per cent and 45.1 per cent, respectively. The projected CAGRs for these segments are 21.7 per cent and 25 per cent for FY23-FY27. And the premium+ category grew by 33.0 per cent in FY23 and is expected to grow at a CAGR of 35.9 per cent by FY27.

The organized market has witnessed segmentation, with categories like western wear, ethnic wear, and athleisure experiencing rapid growth. As inflation eases, value fashion is expected to rebound, while premium segments will benefit from a growing brand-conscious consumer base. Private brands are poised to capitalize on evolving consumer lifestyles and fashion trends, driving further growth in the market. Looking ahead, the apparel market is expected to continue growing, with rising incomes, favourable demographics, and increased demand for affordable fashion, particularly among Gen-Z consumers.

A recent report by Cushman & Wakefield has shed light on the pressing issue of India's limited retail space, particularly compared to its South Asian counterparts. The report highlights a substantial gap in the Retail Space Per Capita (RSPC) and underscores the urgent need for significant expansion in the sector. India's RSPC, currently is at a dismal 2.8 sq ft per person. This falls considerably behind other South Asian nations such as Indonesia (1.0), the Philippines (0.7), Thailand (0.9), and Vietnam (0.4). This disparity highlights the vast potential for growth in India's retail sector.

City-wise breakdown

Hyderabad, leads the pack with an impressive RSPC of 4.7 sq ft per capita, showcasing its thriving retail scene. The city's impressive RSPC can be attributed to several factors, including a growing IT sector, rising disposable incomes, and planned retail developments like Sarath City Capital Mall. Pune follows closely with 4 sq ft per capita, reflecting its growing consumer base and retail expansion. Retail growth is getting a boost from the young population, increased urbanization, and the influx of international brands. Phoenix Marketcity Pune stands as a testament to the city's retail dynamism.

Bengaluru stands at 3.8 sq ft per capita, indicating a robust retail market. The thriving retail scene is driven by its cosmopolitan population, strong IT sector, and the presence of major retail players like Orion Mall and Mantri Square Mall. Chennai records 3.6 sq ft per capita, showcasing steady growth. Mumbai maintains a healthy 3.2 sq ft per capita, despite space constraints. Delhi NCR stands at 2.7 sq ft per capita, revealing room for further retail development.
And Kolkata records 2.2 sq ft per capita, indicating potential for retail expansion.

Metro’s face space crunch
The report reveals, despite being major metropolitan areas, Mumbai and Delhi-NCR are facing acute shortages in quality retail space. This is particularly evident in the lack of Grade-A malls, which are essential for attracting international brands and providing a world-class shopping experience. The report also points to a growing demand for organized retail spaces in Tier-II and Tier-III cities. However, the lack of adequate infrastructure and investment poses a significant challenge to expansion in these areas.

In fact, select malls like Phoenix Marketcity in Mumbai and DLF Mall of India in Noida have demonstrated the potential for success in the Indian retail market. These malls have achieved high occupancy rates and strong footfall by offering a diverse mix of brands, entertainment options, and a premium shopping experience. On the other hand, several malls across the country are grappling with low occupancy rates and declining footfall. This can be attributed to factors such as poor location, inadequate tenant mix, and a lack of innovation in design and offerings.

The Cushman & Wakefield report serves as a wake-up call for industry stakeholders. To bridge the RSPC gap and meet the growing demand for retail spaces, a concerted effort is required from developers, investors, and policymakers. It shows significant investment is needed to develop Grade-A malls and other organized retail formats across the country. Expansion in Tier-II and III cities must be prioritized to tap into the vast untapped potential in these areas. Meanwhile malls need to differentiate themselves by offering unique experiences, focusing on entertainment and leisure activities, and adopting innovative design and technology. Government policies need to be streamlined to facilitate faster approvals and encourage investment in the retail sector.

India's retail sector is poised for significant growth in the coming years. However, to realize its full potential, the industry must address the pressing issue of limited retail space. The Cushman & Wakefield report provides valuable insights into the challenges and opportunities facing the sector and calls for a concerted effort from all stakeholders to bridge the RSPC gap and create a thriving retail ecosystem in India.