India replaces China as top retail destination in 2017

India has replaced China this year as the top retail destination as part of the study on global retail development index. AT Kearney partner Subhendu Roy said on the concluding day of the two-day India Retail Forum 2017. The change in ranking was an outcome of four factors including increased consumer spending, beyond essentials, rising mobile and internet penetration, favourable foreign investment climate and bold action on cashless transaction and GST.

According to India Retail Report 2017, over the past 12-15 months, 100 per cent cash and carry operations are gaining significance in India with Thailand’s Siam Makro being the latest entrant in this space following Metro, Walmart and Booker. Swedish-furniture maker Ikea plans to open its lone distribution centre or warehouse in the country in Pune by end 2017 and its first store in Hyderabad by early 2018 with overall plans to invest $1.56 billion to set up 25 stores in India. The mid-size brands are also looking to enter into India.

Four factors like increased consumer spending beyond essentials, rising mobile and internet penetration, favourable foreign investment climate and bold action on cashless transaction and GST have led to improvement in India’s ranking. According to India Retail Report 2017, over the past 12-15 months, 100 per cent cash and carry operations are gaining significance in India with Thailand’s Siam Makro being the latest entrant in this space following Metro, Walmart and Booker.

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