India has surpassed China in the global Retail Development Index in 2017, indicating growing prominence of the country as a preferred retail destination for global brands, says a report by real estate consulting firm CBRE South Asia.
Seven new global brands entered the country during the first half of 2017 and investments into the segment touched $200 million, said the India Retail Market View Report. Besides, it added, international brands already present in the country also expanded their presence. Several hypermarkets, including Big Bazaar which opened new stores in Mumbai, Bengaluru and Chennai, expanded their presence, it said, adding that clothing retailers such as Max and Pantaloons were also active during the review period.
“Our ranking on the 2017 lobal Retail Index for developing countries, as well as continued investment by private equity players, is a demonstration of the sustained preference of international brands to set up, or expand their operations in India,” CBRE Chairman, India and South East Asia Anshuman Magazine said.
The brands which opened their first store in India during H1 include Kate Spade, Scotch & Soda, Pandora and Selected Homme while those who expanded operations were H&M, Jack & Jones, US Polo, Taco Bell and Forever 21, among others.