The retail landscape in Mumbai is undergoing a vast transformation, with the burgeoning growth of service providers, comprising both domestic and global shops and retail outlets, competing for a slice of the City of Dreams. Mumbai boasts of a humongous population that is discerning and cash rich, and the retail outlets are queuing up to offer innovative products and services to this populace. Add to it the fact that online retailers and e-commerce platforms are seeing a boost due to the pandemic and social distancing, and it becomes imperative that retail outlets create a strong presence in the city.
According to a Forrester Research report, India’s retail market was pegged at about 883 billion dollars in 2019, and grocery shops made up 608 billion dollars of the total. The report states that the Indian retail market is likely to expand to 1.3 trillion dollars by 2024. Given India’s booming population, and the rise of the affluent middle class, it is no surprise that analysts predict massive growth for the retail segment.
Even as retail outfits attempt to create a major presence in the lives of shoppers, most of the crowd that has resided in the city for long already have their own preferred kirana or mom-and-pop stores that provide them all the necessary services. From a friendly face, to personalized services, and a feeling of oneness with the community, the ubiquitous mom-and-pop stores, present in every street and colony, is a place where neighbours congregate and discuss the events of the day.
However, the new-age crowd that is moving to the city at a fast increasing pace, is not charmed by these grocery outlets. They are looking for seamless services, discounts, and optimal availability, and that is where global retailers come in. A visit to the nearest D-Mart will offer you everything you need for your house, but without the warmth or personality seen at the neighbourhood mom-and-pop store.
It is, now, up to the customers to choose which option they prefer. All things considered, Mumbai, and all other major cities, offer customers a gamut of choices to select from, based on their convenience and requirements.