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New Delhi: In what seems to be a positive indication for the Indian market, more than 50 global retailing chains are set to open approximately 3,000 stores in India in the next six months, reports The Economic Times.
The report cites a data report compiled by Franchise India that has tied up with these 50-plus retailers to help them launch the stores in small and untapped markets in the country.
Some of the brands that customers will be able to avail include Korres, Migato, Evisu, Wallstreet English, Pasta Mania, Lush Addiction, Melting Pot, Yogurt Lab and Monnalisa. Some US and Singapore brands will also be a part of the retail chains planning to open stores in the country.
All the retailers are expected to invest about $300-500 million for opening roughly 3,000 stores, in the backdrop of India’s expanding economy and improved ease of doing business.
“The first retail wave happened a decade ago when bigger retailers and brands entered India,” Gaurav Marya, chairman of Franchise India Holdings, told ET.
Franchise India Holdings is a retail solutions provider that is helping these 53 brands find partners and get regulatory clearances.
“Now, it’s the turn of small and mid-sized brands as they look to cash in on the open retail policy and a huge gap in the market for branded products,” he added.
Brands in question
The ET report suggests that out of the incoming brands, 18 belong to the food and beverage sector, a total of 26 in…