REAL ESTATE NEWS
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Retail Influx
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A strong economy, favourable demographics, rising wealth levels, and the rapidly changing lifestyles and consumer aspirations of an ever-growing middle class - all of these are reasons for the organised retail boom sweeping the cities and towns of India, alike. Rarely a week goes by without major announcements by retailers and property developers committing to aggressive programmes of retail expansion and shopping mall development; or announcements about the arrival of new market entrants or the forging of new joint ventures with foreign retailers, all eager to participate in an increasingly dynamic sector.
A simple example would be when buying a house, one of the major parameters for the ordinary consumer is the proximity of a shopping district or a mall, a simple kirana shop is just not enough. These aspirations have been planted and nurtured by developers, peer pressure or just the coming to fruition of a consumer society- take your pick. The end result is the same, a demand for newer retail formats, with a better shopping experience.
According to a recent study on ?Emerging City Winners Profiles? by the international property consultants Jones Lang LaSalle Meghraj, the booming retail sector is offering significant new property opportunities, but also many challenges for a new market that is going through structural change at an unprecedented rate. The demographic and economic statistics that underpin the growth of India's retail sector are truly impressive, basically the changing behaviour of the Indian consumer.
Source: The Times of India (Mumbai edition)
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