• Abstract and Figures
• Public Full-text

• Parama Island flyover, popularly known as East India, once one of India's most mystical and complicated Maa flyover Is a 4.5 kilometer long flyover In Kolkata.. From EM Bypass to Park Circus markets, is slowly but surely gaining prominence. As the Eastern 7-polnt crossing consumer is evolving and demanding better brands and products Pic: Rudra Narayan Ultra / Shutterstock.com in keeping with his lifestyle, this once untapped region has become a veritable diamond mine for retailers... -By IMAGES Retail Bureau ustomers in emerging cities of Patna, Bhubaneswar, Ranchi, Asansol, and Siliguri, along with Kolkata, want the best - then be it lifestyle, fashion, or health & beauty. The region, which once hesitated to experiment, is now displaying an impressive upward retail trend with retail pundits dubbing the East the 'retail market of the future.' WThe city of Kolkata has come a long way in terms of retail maturity with a plethora of brands, both international and national, paving the way for greater organisation of the sector across the region. Shopping trends in and around the city are witnessing a fundamental shift, from the conventional trader-run standalone shops to more organised and large retail formats. 34 I IMAGES RETAIL I FEBRUARY 2018 THE RISING EAST To a market strategist, successfully in the region East is undoubtedly an ideal since a decade. location for the growth of Many local retail chains the retail industry. Besides have also taken advantage being the principal retail- of this ascending growth and-services market to a vast trajectory, and have increased hinterland, there are cities operations to such a level that which can serve as a center they have become household of trade and commerce for names in Bengal and states the region. East's proximity to around the area. These Bangladesh, a country of 13 include Arambagh Food Mart, crore+ consumers, and to the Khadim's and Sreeleathers. South-East Asian markets, is Specialised markets another factor for which the have also cropped up in region is fast emerging as a many areas - the likes of vibrant business center. The Bowbazar market, Bagri Kolkata Port and the Haldia market, China bazaar, Lake Port are also instrumental market, Burrabazar market, in acting as gateways to Chandni market. Then there landlocked countries like are high streets like Park Nepal and Bhutan. Street, the Esplanade area, Emergence of new Camac Street, Shakespeare formats too have played a Sarani, Gariahat, all of major role in this progress. which are home to a wide Hypermarkets, large variety of retail stores that supermarkets with more than sell items like stationery, 5000 sq.ft. of retail space, dairy products, electronic mini markets/supermarkets, goods and appliances, Market Overview especially among the convenience stores with self- glassware, crockery, wooden East India, one of the most Millennial. service set-ups and value- furniture, jewellery, musical conservative markets till a According to a report by the added services including instruments, fruits, flowers, decade ago, is breaking the National Council of Applied home delivery, cash on vegetables, fish, flesh meat, shackles across all retail Economic Research (NCAER), delivery, easy returns and textiles, spices, dry fruits, platforms today. Despite approximately 62 percent replacements are doing sugar, salt, groceries, paints, being home to a very dense of Kolkata households had wonders for conservative hardware items etc. population, the city missed annual incomes of up to middle-class consumers in As retailers look for several glorious years in ?18,000 between 1985-86; both rural and urban areas of scale, sustainability and becoming a major retail while just a decade later, the the East. growth, Eastern India with hub of India. Nevertheless, figure had touched Prominent retail chains its huge population base this market has been on a ?25,000-77,000 for 61 percent like Bata, Reliancefresh, and untapped potential growth trajectory since the of the households. A similar Spencer's, Aditya Birla Group, is a budding 'market of turn of the new Millennium. transformation is being Shoppers Stop, Future Retail, tomorrow.' Many a retail Analysts have attributed witnessed in major cities of V Mart, Pantaloons, Liberty, brand - both national and this upward swing to the Bihar, Odisha and Iharkhand Provogue, V2, Joyalukkas, international have penetrated evolving middle-class, as well. As incomes increase, Bharti fabindia and Cantabill, the region, building their rising disposable incomes the consumer shops better, have established themselves presence, ready to reap the and growing aspirations for fulfilling basics and turning to as premium retail leaders rich demographic dividend improved living standards, luxury needs. and have been operating the East has on offer. FEBRUARY 2018 I IMAGES RETAIL I 35 THE RISING EAST The Rise of Shopping Centres & High Streets The East Indian retail market has gone through a long-drawn process of metamorphosis and has emerged in its current modern manifestation. The traditional retail through itinerant salesman, and office sales amongst all the formats of 'haats' and multiplexes in the region. 'mandis' are long forgotten. Keeping that in mind Semi-established formats Quest has brought brands like mom-and-pop, kirana like Breitling, Canali, Michael and convenience stores are Kors, Burberry, Emporio rapidly transitioning into Armani, Paul Smith, Super established formats like Dry, Hugo Boss and many hypermarkets and multi- more into the region. South storied malls offering a range City Mall took a very bold step of products and services. closing down the mall for a These store formats are year, in spite of being one of further blending into one the most successful malls in building - the mall. Today, India. They did so to take it popular retail hotspot in the Large format-shopping everything that a consumer up to the next level in terms east after Kolkata. The city is areas like 22 Camac Street are needs - from groceries, of look and experience and fast developing into a bustling the crowd pullers with retail apparels and accessories also for creating spaces for center of economic activity. brands establishing their to food and beverages, brands like Zara, Forever 21, This is giving rise to a new flagship stores of some of the multiplexes, electronic goods Sephora, Starbucks as well breed of consumers with leading retail outlets of India. and even salons and spas - as a lot of other international high disposable incomes, Even small towns like those can be found under a single brands which are totally new thereby creating lifestyle of Bhagalpur, Muzaffarpur, roof, the shopping mall. to Kolkata and Eastern India. and aspiration levels at and Gaya in Bihar are slowly In the East, it is the The retail business mainly par with other fast-moving opening up to the mall semi premium, large and revolves around Kolkata, metropolitan cities. culture, embracing online medium format malls with towns like Durgapur, Siliguri Bhubaneswar represents shopping and giving strong international, national and Haldia also have the two faces of retailing - one, competition to Patna in the and regional brands which potential of becoming a traditional store evolving retail sector. VMart and are holding centerstage, busy retail addresses. The with time, and another, a other regional marts are operating successfully. Malls Durgapur City Centre by recently inaugurated mall transforming the shopping like South City Mall and Quest Bengal Shristi Infrastructure from a group that is credited aspirations of the consumers - built over lakhs of square Development Ltd., is the with having revolutionized and are also offering value- feet area - are popular not cosmopolitan arcade of the the retail scenario in Kolkata. added services, enhancing only because of the brands city. The centre is a modern, Multi-brand shopping consumer experience with that they host but also for multi-facility, multi-utility, complexes like Satyam technology. other offerings including urban plaza, having a Shivam Sundaram store Apart from this, the dining options, entertainment confluence of shopping, and Forum Mart have now burgeoning jewellery zones and multiplexes. commerce, entertainment, become the shopping manufacturing sector of In fact, varied education, recreation, destination not only for the the East - from traditional entertainment choices have health, hospitality, medical people of Bhubaneswar, gold jewellery to modern led to an increase in sales in amenities, and premium but also for people from diamond designs - is growing many malls. For example, residential accommodation. surrounding areas like at a rapid pace, with the retail outlets at Forum had Lush green open spaces, an Cuttack. market in Kolkata pegged witnessed almost 30-35 integrated entertainment And malls alone have not at an approximate ?2,500 percent increase in sales after multiplex, and various other mono-polised the consumer crore. Around 95 percent of the opening of its multiplex urban amenities provide a of the booming retail market the retailers in Kolkata are in 2003. At INOX, ticket sales fascinating experience. in the East. High streets manufacturers of jewellery have been averaging at almost Bhubaneswar too is slowly with the best of brands and more than 50 percent of 90 percent of the theatre rising up the charts on and eateries are luring the the manufactured jewellery is capacity - the highest box becoming the second most consumer at an equal rate. sold outside the city. 36 I IMAGES RETAIL I FEBRUARY 2018 THE RISING EAST Eastern Challenges While the story of the rising East depicts a rosy picture, there are many challenges that still exist. The retail sector still has a long way to go, with manufacturing and services. retail development they need to have a strategy retailers pinning their hopes According to the programmes and courses, this in place to woo the somewhat on central and state aid - both Confederation of Indian needs to be taken up more shy market if they want to in terms of investment as well Industry report, the seriously.

Load more

  4

Copy Link