Department stores registered current value growth of 13% during 2016 and this growth was driven mainly by the increased number of Indian consumers who prefer to shop in department store as this enables them the convenience of shopping for more than one brand and product under the one roof. Furthermore, department stores give their customers the option to shop for clothes for men, women and children at the same time, which also contributed to its sustained strong growth over the forecast period.
Lifestyle, owned by Landmark Group, was the clear leader in mixed retailers in value terms in 2016. The company’s strong position is based on the company’s longstanding presence in the channel, which has led to strong brand recall among consumers. The retailer has also been partnering with Bollywood celebrities such as Kangana Ranaut and Deepika Padukone as brand ambassadors for its private label lines.
Mixed retailers is expected to increase in value at a CAGR of 6% in constant 2016 terms over the forecast period. This growth is expected to be driven mainly by the increased reach of department stores in India’s tier-2 and tier-3 cities, which allows the retailers behind them to attract a new consumer base.
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This industry report originates from Passport, our Retailing market research database.