Domestic and Global brands flocked last year to Tier-II cities as E-commerce boom, growing Tech-savvy consumer base and surge in discretionary purchasing to cater to the population growth are redefining the retail growth in the country.
About three dozen domestic and global brands set up their business in 14 Tier-II cities in the first three quarters of 2023 to cater to the retail demand from smaller cities even after the pandemic.
According to data from CBRE, the brands include H & M, Marks & Spencer, GAP and Tasva established businesses Indore, Mangalore, Patna, Ranchi, Mysore and Coimbatore.
Most of the Tier-II cities have already established business hubs and Malls. These cities are now witnessing growth of multi-nationals and start-ups in their areas.
Total retail stock in these 14 Tier-II cities amount to 29 million square feet as on September 2023. Jaipur, Lucknow and Chandigarh each are having retail stock ranging between 3 to 7 million square feet. There are many Malls and Street Markets in these cities.
