Among the newly opened stores, some brands fared well in January with opening multiple stores
IndiaRetailing Insights: Retail store expansion in India in January went up 29% to 62 new outlets rolled out that month compared to December 2023 as Indian and global brands continued scaling up their footprints nationwide, as per data compiled by IndiaRetailing Insights.
North India fared the best with a 22% increase in store openings as compared to the previous month. As many as 22 new stores were rolled out in north India this January. This was followed by 16 new stores in south and west India. East witnessed five new store openings.
The South, West and East regions have maintained consistency with a similar number of stores compared to the previous.
The newly opened stores are from cities like Chennai, Pune, Mumbai, Indore, Jaipur, Kolkata, Murthal, Bengaluru, Chandigarh, Trivandrum, Ahmedabad, Nadiad, Guwahati, Buxar, Hajipur, Ayodhya, Purnia, Delhi, Mohali, Kota, Aurangabad, Lucknow, Hyderabad, Jamshedpur, Patna.
The brands that opened outlets in January include Soch, Mamaearth, The Sleep Company, Samsonite India, Lenskart, Chaigram, Victoria’s Secret, Starbucks, Pret A Manager, Tupperware, Edrio, French Connection, Charles Tyrwhitt, Ilem Japan, P F Chang, American Eagle, Vedant Fashions, Domino’s, Mokobara, Kalyan Jewellers, Lee, Balenzia, WoodenStreet, Cinepolis, Barista, Raymond, R&B, Jaypore, Kapkids, Shoppers Stop, Nykaa, Nature’s Basket, Rare Rabbit, Dorby, Havmor, Triumph International, Tanishq, Zudio, Crocs, Tribe by Croma, Jack & Jones Junior, Misbu, Wow! Momo, Yousta, KFC, Maison Margiela, Hong’s Kitchen, Zegna and V-Mart among others.
In addition to this, Indian omnichannel player Lenksart and celebration wear brand Vedant Fashion opened stores in the Kingdom of Saudi Arabia and California, United States respectively.
This data has been compiled basis IndiaRetailing reports, company information via press releases and social media and other information shared by retail experts and officials.
An analysis of the data revealed that key players fared well in January 2024.
For instance, Gurugram-based personal care and beauty brand Mamaearth (Honasa Consumers) opened three stores in Pune, Ghatopar and Indore. Companies like Sleep Company, which specialises in sleep solutions, American coffee chain Starbucks, Kalyan Jewellers, ABFRL’s ethnicwear brand Jaypore, Bengaluru-based Pizza chain GoPizza, and Fashion and lifestyle brand Zudio have opened a minimum of two stores in January 2024.
Standing out as the biggest development, Consumer electronics giant Samsung opened its first company-owned store outside South Korea in the Bandra Kurla Complex (BKC) business district.
Tata group-owned beauty and cosmetic brand Misbu announced its plans to enter North India at the Reach 3road mall in Gurugram and Fashion brand and French luxury fashion brand Maison Margiela Fragrances entered India in partnership with Shoppers Stop and L’Oréal International Distribution.
Other notable developments include Swedish furniture retailer Ikea introducing doorstep delivery services and Zomato Payments Pvt Ltd (ZPPL) getting RBI authorization to become an online payment aggregator. Meanwhile, Kewal Kiran Clothing Ltd (KKCL) is in advanced discussions to acquire Kraus Jeans, signalling strategic expansions within the fashion segment. With the consecration ceremony of Ram temple in Ayodhya, the city has emerged as a focal point for national and international brands. The industry also witnessed some shifts, with reports indicating potential layoffs at on-demand platforms like Swiggy and Flipkart.
On the shopping centre side, real estate developer Ace Group has started work to build the first shopping mall along the Yamuna Expressway near the upcoming Noida International Airport and Multinational Conglomerate Lulu Group International has announced the construction of the largest shopping mall in Ahmedabad this year.
Account of loss and gain
January is also one of the most looked forward months with companies announcing third-quarter (Q3) results for the financial year (FY).
Some of the top performers in the Q3 FY 2024 include Kalyan Jewellers, PVR Inox, P&G Hygiene, Gillette India, Arvind Ltd, ITC, Sky Gold, Marico, Colgate Palmolive, Reliance Retail, D-Mart, Indiamart recoding profits in the range of 10% to around 40%.
Some companies that reported losses were Tata Starbucks and those who reported profit drop were Mahindra Logistics, Shoppers Stop, Metro Brands and Snapdeal.
In addition to this, brands and D2C companies like Fashion brand Unirec, clothing brand Kribea, Bakery brand The Baker’s Dozen, D2C brand Salty, food chain Wow! Momo, consumer electronics company Arzooo have raised funds that account for a total of over Rs 450 crore.