The Rising Demand for Retail Spaces in Bangalore
Driven by the high purchasing power and growing economic trends, the net demand for retail space in shopping malls is expected to rise by 81% this year. About 39 million sq.ft of space are expected to be added by India’s retail sector by the year 2022. When compared to other countries, India stands 5th among the largest global destinations in the retail space.
Bangalore is one of the fastest-growing metropolitan cities in India and is considered a hotbed of the retail revolution. This city has more than 25,000 retail outlets leaving all the other big cities behind.
With a diverse mix of consumers and a variety of preferences and choices, the ‘Silicon Valley of India’ serves as a great insight into consumer behavior in the retail as well as the fashion industry.
Not only is Bangalore the IT hub but it is also the nerve center for the retail fashion of India where many Indian, as well as International brands, have made their way to the city.
Bangalore has emerged to be an interesting retail market for analyzing customers, especially the youth who are taking the city by storm with their acceptance to fast fashion and new trends.
One very important reason for the growing demand for retail spaces in Bangalore is the availability of real estate property which is far more conducive compared to other cities. The real estate prices here are lesser when compared to other metropolitan cities like Delhi and Mumbai.
With the rapid increase in digitization, urbanization, the rising proportion of nuclear families, and various lifestyle changes, the retail industry is estimated to grow to 19% of the overall retail market by 2020. This was just 4% almost 10 years ago.
The past two decades have seen a huge change in the Indian retail industry. The traditional shops have transformed themselves into large multi-format stores across various shopping malls. This transformation is a major breakthrough for the retail sector and indicates long-term potential growth for the Indian retail sector.