Food Retail Market Analysis, Development, Growth and Demand Forecast to 2020 by P&S Market Research

In reference to growing fashion of hypermarkets and supermarkets, the retailers have started using big data to understand the needs of consumers by providing answers to their questions. Hypermarket and supermarket retailers assist consumers in deciding the item to buy by telling them about the quality and benefits of the items with the help of trained personnel at the stores. At these foods retail markets, food products and items are available in large quantities and at cheaper prices.

Additionally, large food market retailers can afford to offer huge discounts to sell off their stocked items at reasonable prices and are therefore driving the growth of food retail market.

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Based on distribution channel, global food retail market can be divided into convenience food stores, hypermarkets and supermarkets, specialists and independent retailers, and others.

Global food retail market is tremendously contributing in the growth of several other industries such as food packaging and food processing industries. These industries are responsible for creating jobs and generating employment at a large scale. Large food retailers usually offer their own brands along with well established brands. Governments of different countries have taken various measures to ensure food safety and hygiene of food products; these are some reasons fueling the growth of food retail market.

Some of the major factors that are driving the growth of global food retail market include growing consumer preference for private label brands, growing supermarket shopping culture and increasing consumers spending on food products.

The demand for high quality food packaging and food retailing services, easy to use products, freshness and food safety assurance are some of the trends that can be seen in the global food retail market.

Rapidly increasing middle-class population in the emerging markets and expanding online grocery retail shopping are the factors laying opportunities for the growth of global food retail market.

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Lack of proper upstream and downstream supply chain distribution system in emerging countries, high inflation, lack of widespread retail markets, quality control and unauthorized food retailers; are the factors creating hindrances to the growth of global food retail market.

Geographically, Asia Pacific dominated the global food retail market in 2014; it is then followed by Europe. Growth of food retail market in Asia Pacific region is attributed to growing consumer awareness, nuclear families, increasing per capita income and increasing western culture. China and India are the most populous countries of Asia Pacific region, small and local retailers are dominating the food retail market in these countries. Europe is the second largest food retail market. It has large number of branded retail stores and shops such as Tesco, Carrefour, Aldi and Auchan.

Some of the major competitors for the global food retail market include Costco Wholesale Corporation, Wal-Mart Stores Inc., AEON CO., LTD., The Kroger Company, Carrefour SA, Seven & i Holdings Co., Ltd., Groupe Auchan, Metro AG.

Virtuous Retail Boosting Growth

According to the Indian Council for Research on International Economic Relations (ICRIER), India is the seventh-largest retail market in the world. No doubt that luxury retail is not just here to stay, but is the future of modern Indian economy.

The organized Indian retail sector has developed exponentially due to globalisation, high economic growth, changing consumer preferences. Even Tier II towns have witnessed have thus emerged as attractive markets for premium retail shopping outlets and superb retail spaces.
Virtuous Retail, an offshoot of global investment firm Xander Group, specializes in Retail Management and Leasing, Tenant Relationship Management, and neighbourhood shopping centres. The company currently has around 8 luxury shopping malls in various stages of construction in Pune, Mumbai, Bengaluru, Kolkata and Udaipur, which will be given to luxury brands as retail space on lease.

The company’s flagship mall is in Surat; a total of 6,00,000 square feet of luxury retail spaces. VR Surat celebrated its first anniversary last year, and is drawing customers in large throngs. It is the largest shopping centre in Surat – 3 storeys high and 45,000 square feet of open area. 90 per cent of the total retail space for lease has been booked by 11 renowned anchor stores, 2 mid-sized units and 78 inline stores. This contemporary, premium lifestyle retail centre has already won an award for the ‘Most Admired Shopping Center Launch’ award at the Indian Shopping Centre Awards 2014.

In Pune, another fast-growing tier II city, Virtuous Retail is currently developing “My Mall.” The Pune mall is spread over 17 levels including 3 basements. A mixed-use format, My Mall also houses the upmarket Marriott Hotel within its premises. The Epicentre at Kolkata too, is a mixed-format project where the mall houses Grade A residential premises as well as a star hotel. Both the malls are expected to launch in 2016. The opulent retail shopping outlet in Bengaluru, VR Bengaluru promises to be an ‘it’ destination with luxury and premium retail brands and even a microbrewery. What sets it apart is that this 1-million square feet mall, which will be operational in 2015, will have a dedicated 50,000 square feet plug-and-play workspace for bootstrapped entrepreneurs. The Boulevard in Mumbai is spread over 16 floors and houses a high-end sports club, hotel and banquets, top-class luxurious residential units.

It is not just enough to built swanky malls and rent out commercial space on lease; the success also depends largely on the brand mix and primary market. Virtuous Retail is also a specialist in the niche field of Tenant Relationship Management, which plays a crucial role in anchoring the mall’s success.

Today, mall management and marketing is not just retail space for rent, but all about Consumer experience design- where the overall experience of the consumer plays an important part in the buying process. Virtual Retail has not just mastered the art, but has perfected it.

For more info visit: http://www.virtuousretail.com/