Harjit Singh, the owner of Planet Harjit in Sambalpur, Orissa, is an ambitious man. In a city of 2 lakh people, he owns the biggest store spread over 8000 sq ft of retail space taken up by brands like Colour Plus and Arrow.
He is also busy chalking out plans to set up franchises in Raipur and Bhubansehwar for a Mumbai-based discount chain store, The Loot.
On a list of top 10 retail destinations in the country at least three spots are occupied by tier two cities - Ludhiana and Chandigarh, with cities like Amritsar and Nashik rank not too far behind.
On the same list, the top three positions are occupied by small but concentrated retail developments spread over 50-odd acres.
The Indian retail is indeed booming. A total of 70-80 million sq ft of mall spaces are coming up all over urban India, servicing a population close to a quarter billion. Chain stores like Pantaloon, Big Bazar, Shoppers' Stop, West Side, Trinetra, Food World, Sunday-to-Monday have all announced huge expansion plans.
While Westside is looking at growing to a 100 stores in the next two years, Shoppers' Stop is looking at multiplying to 39 from the current 20 stores.
But a closer to look at the numbers reveals a more interesting trend. While the macro India story is fuelling growth in the smaller cities where spending power is increasing, it is also fuelling growth in micro markets in established retail destinations like Delhi.
The Saket and Vasant Kunj District Centres in Delhi are a case in point.
In an area spread over just a few acres, nearly 1 million sq ft of premium mall space is coming up with DLF putting up two malls in each of the destinations. With top Indian retailers looking for good quality space, these destinations have seen a quick sell outs, says an industry analyst.
The 100 ft Road in Koramangala in Bangalore is emerging as a niche spot for sports and apparel, with international brands like Nike and Adidas and Levi's taking up space. The emergence of the area as a niche shopping destination has also seen prices spurt by 15-20 per cent, analysts point out.
In Kolkata, the Eastern Metropolitan bypass is emerging as a hi-street destination in the absence of a hi-street within the city. The 30 km stretch is witnessing huge mall and other commercial developments, with just retail accounting for 2.5 million sq ft of space.
Says Santosh Kumar of Trammel Crow Meghraj, real estate consultants, "It is the big India growth story that is still inspiring the retail. We are already seeing destinations like Nashik and Nagpur, Siliguri and Amritsar booming. Over the next two or three years, we will also see tier three towns like Raipur, Guwahati and Salem take off."
Already cities like Amritsar and Ludhiana are witnessing a major mall growth - 18 malls each, while Lucknow has 6 malls coming up - two from the Zee stable alone.
