<p>Mumbai Metropolitan Region (MMR) has the highest potential for modern retail in the country, pegged at Rs 1,05,000 crore, followed by National Capital Region (NCR) and Bengaluru, a study said.<br /><br /></p>.<p>Mumbai region offers big opportunity for retailers across sectors like apparel, food and beverages, entertainment and daily needs, a joint report by global property consultancy Knight Frank and Retailers Association of India (RAI) said.<br /><br />"Even though the pace of modernisation of retail formats in the country is slow, Bengaluru and NCR are likely to experience a 50 per cent modern retail penetration by 2026 and 2028, respectively," said Samantak Das, Chief Economist and Director of Research, Knight Frank.<br /><br />The 'Think India, Think Retail, 2016' report pegged the modern retail penetration in India at 19 per cent in the top seven urban centers, which is extremely low, it said.<br /><br />In US, Singapore and China, modern retail penetration stands at 84 per cent, 71 per cent and 63 per cent, respectively, it said.<br /><br />The modern retail segment in NCR, MMR and Bengaluru has a potential of more than Rs 1,30,000 crore in the hypermarkets and supermarkets category, it said.<br /><br />Apparel and food and beverages have a combined potential of more than Rs 30,000 crore, it said.<br /><br />"In order to support the potential of these two categories, the three cities together would require approximately 20 million sq ft of modern retail space," the report said.<br /><br />It said the huge potential can be explored by the retail sector, provided a befitting policy framework for the modernisation of the segment is implemented by the authorities.<br /><br />"While there is potential for overall growth in the brick and mortar retailing methods, proper infrastructure and implementation of FDI retail policies and state-level policies is a must," said Aditya Sachdeva, Director of Retail, Knight Frank.<br /><br />This, in turn, will help in retaining the interest of developers to invest in these formats, he added.</p>
<p>Mumbai Metropolitan Region (MMR) has the highest potential for modern retail in the country, pegged at Rs 1,05,000 crore, followed by National Capital Region (NCR) and Bengaluru, a study said.<br /><br /></p>.<p>Mumbai region offers big opportunity for retailers across sectors like apparel, food and beverages, entertainment and daily needs, a joint report by global property consultancy Knight Frank and Retailers Association of India (RAI) said.<br /><br />"Even though the pace of modernisation of retail formats in the country is slow, Bengaluru and NCR are likely to experience a 50 per cent modern retail penetration by 2026 and 2028, respectively," said Samantak Das, Chief Economist and Director of Research, Knight Frank.<br /><br />The 'Think India, Think Retail, 2016' report pegged the modern retail penetration in India at 19 per cent in the top seven urban centers, which is extremely low, it said.<br /><br />In US, Singapore and China, modern retail penetration stands at 84 per cent, 71 per cent and 63 per cent, respectively, it said.<br /><br />The modern retail segment in NCR, MMR and Bengaluru has a potential of more than Rs 1,30,000 crore in the hypermarkets and supermarkets category, it said.<br /><br />Apparel and food and beverages have a combined potential of more than Rs 30,000 crore, it said.<br /><br />"In order to support the potential of these two categories, the three cities together would require approximately 20 million sq ft of modern retail space," the report said.<br /><br />It said the huge potential can be explored by the retail sector, provided a befitting policy framework for the modernisation of the segment is implemented by the authorities.<br /><br />"While there is potential for overall growth in the brick and mortar retailing methods, proper infrastructure and implementation of FDI retail policies and state-level policies is a must," said Aditya Sachdeva, Director of Retail, Knight Frank.<br /><br />This, in turn, will help in retaining the interest of developers to invest in these formats, he added.</p>