News
Luxury retailers upbeat on expansion, cautious on property choice
In India, preference for luxury goods is growing across all the metro cities, but most luxury retailers are mostly concentrated in Mumbai and Delhi. Luxury malls such as DLF Emporio in Delhi, Palladium in Mumbai and UB City in Bangalore are already operational. Luxury retailers generally open their stores in luxury hotels with increased preference from consumers as they are expanding their brand presence by starting their stores in high-end malls and high streets and sometimes opening their flagship stores in high-end residential neighbourhood. However, finding a space as per their standards and specifications is still a challenge in India, said the report.
Report suggests that luxury retailers are not only looking for properties that suit their operations and costs, but also their customers
As per industry estimates, India enjoys only 1%–2% of the global luxury market, but with better education and young age by their side, Indian consumers have emerged as potential spenders. With policy changes all set to attract more retailers into Indian market, a more clear picture on FDI policy is still awaited.
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