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The size of the retail market in India is expected to grow to USD 2 trillion by 2032, a testament to the burgeoning consumer demand in the country. Despite the rise in online retail in the total organized market, India continues to be a dominant offline retail market. The contribution of online retail is expected to grow to 10.9 percent in the total retail market by 2024 compared to 4.7 percent in 2019, as per a report by Anarock and Retailers Association of India (RAI). Notably, offline retail will contribute to approximately 89.3 percent of the total Indian market by 2024. It is amply clear that offline retail is here to stay and continue to grow.
In this conversation with Colonel Chandhoke, Managing Director and Chief Executive Officer, Victorinox India, and Naveen Malpani, Partner and Sector Leader - Consumer and Retail, Grant Thornton Bharat LLP, we explore the various facets influencing the future of offline Retail in India.