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Retail Tracker: Store launches surged 44% in Q4 FY 24, East saw double growth

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Mannu Mathew
Mannu Mathew
With over four years of experience, Mannu Mathew specializes in business journalism with a focus on technology, the retail sector, D2C, and E-commerce brands. He is working as the Assistant Editor for India Retailing and Images Retail Magazine.

The fourth quarter of the FY 2023-24 also saw funds raised worth over Rs 1,100 crore by several D2C brands and retailers

IndiaRetailing Insights: Retail store expansion in India in the fourth quarter (Q4) of the financial year (FY) 2023-2024 surged by 44% with over 215 new stores opening in different parts of the country as per the data compiled by IndiaRetailing Insights, a retail intelligence unit.

This is in comparison to the new store additions in the third quarter (Q3) of FY 24, where the country saw the addition of over 150 new stores.

The newly-opened stores are in cities like Surat, Bengaluru, Aurangabad, Thiruvananthapuram, Vadodara, Gwalior, Gandhinagar, Coimbatore, Ahmedabad, Kochi, Delhi, Kolkata, Mumbai, Pune, Chennai, Latur, Satara, Nagpur, Kolar, Patiala, Vanastalipuram, Puducherry, Indore, Lucknow, Malleshwaram, Noida, Maharajganj, Kozhikode, Jaipur, Amritsar, Mohali, Hyderabad, Jodhpur, Murthal, Vashi, Gurugram, Visakhapatnam, Guwahati, Lakhimpur, Nadiad, Buxar, Hajipur, Ayodhya, Purnia, Jamshedpur, Patna, Chandigarh, Nashik and so on.

Growth drivers

“Q4 of the financial year often coincides with various festivals and celebrations in India, such as Makar Sankranti, Pongal and Holi. Many retailers strategically time their store openings to capitalise on increased consumer spending during these festive periods. Some retailers might choose Q4 to establish a stronger presence for the upcoming financial year,” said Berry Singh, chief operating officer (COO), Ace Turtle, a Benaguluru-based retail tech company.

Ace Turtle is the exclusive licensee of global brands like Lee, Wrangler, Toys R Us and Babies R Us for the Indian and South Asian markets.

Experts also attribute the surge to record leasing in 2023.

“The sector recorded an all-time high leasing in 2023, touching a historic level of 7.1 mn. sq. ft. across eight cities (Delhi, Bengaluru, Mumbai, Chennai, Hyderabad, Pune, Kolkata, Ahmedabad), an increase of ~47% on a Y-o-Y basis,” said  Anshuman Magazine, chairman & chief executive officer (CEO) – India, South-East Asia, Middle East & Africa, CBRE, a real estate consultancy service. “Primary leasing in newly completed malls was one of the key drivers of retail space demand in 2023, with a 30% share of overall absorption.”


In terms of different regions, store additions in the North went up by 57% to over 72 new stores in Q4 as compared to over 46 in Q3. This was closely followed by West, which saw around a 55% increase in Q4 with 62 new stores compared to 40 in Q3. However, South saw a marginal decline of 2% with new store launches limited to 55 compared to 56 in Q3.

Store launches in the East almost doubled in Q4 with the addition of nearly 15 stores compared to the eight stores launched in the third quarter. IndiaRetailing had earlier reported on how the northeast region is gearing up in terms of retail potential.

“Q4 is also the beginning of the Spring-Summer season and retail stores want to start with fresh merchandise. Additionally, Q4, the last quarter of the financial year, often sees retailers striving to open the maximum number of stores to meet their annual store launch targets,” added Singh of Ace Turtle.

Active brands in Q4 FY 23-24

Brands that opened new stores in Q4 FY 23-24 include Snitch, Lifestyle, Intune, Starbucks, McDonald’s, R&B, Zudio, Yousta, Gap, Levi’s, Breitling, Tanishq, Laura Mercier, 7-Eleven, Malabar Gold and Diamonds, Hamleys, Recode Studios, Bad Monkey Beer, Louis Philippe, Van Heusen, Dr. Rashel, Bata, Hong’s Kitchen, HT Interiors, The Beer Cafe, Nykaa, Puma, Relaxo, SSBeauty, Dunkin, Kalyan Jewellers, Sai Silks Kalamandir, Giva, Flyrobe, Wooden Street, Fenesta, Smartsters, Bombay Brasserie, Style Bazaar, Miraj Cinema, Power, Foodstories, Tasva, Chalu Aapna Desi Chinese, Popeyes, H&M, Toys”R”Us, Lee, Soch, Mamaearth, The Sleep Company, Samsonite India, Pret A Manger, Tupperware, Edrio, French Connection, Charles Tyrwhitt, Ilem Japan, P F Chang, American Eagle, Vedant Fashions, Domino’s, Mokobara, Balenzia, Cinepolis, Barista, Raymond, Jaypore, Kapkids, Nature’s Basket, Rare Rabbit, Dorby, Havmor, Triumph International, Crocs, Tribe by Croma, Jack & Jones Junior, Misbu, KFC, Maison Margiela, Zegna, V-Mart, Lenskart, Victoria’s Secret, Good Flippin’ Burgers, Avantra By Trends, Asus, Adidas, Satya Paul, IGP, Chumbak, Caprese, Gokyo, Stovekraft, Bombay Shirt Company, Zara, Jimmy Choo, Rangita, Shoppers Stop, Max Fashion, Nothing Before Coffee, Tweak Salon, MillerKnoll, US Polo Assn., Kate & Oscar, Marks & Spencer, Fresh Signature, Turtle, Foodhall, Le Marche, Tim Hortons, Michael Kors and Barbeque Nation.

Retail Tracker: Store launches surged 44% in Q4 FY 24, East saw double growth
Image Credit: IndiaRetailing

IndiaRetailing’s analysis of the data revealed that some key players opened multiple stores in the quarter as part of their retail expansion plans. This includes Malabar Gold & Diamonds, Tasva, Starbucks, Chalu Aapna Desi Chinese, Intune, Good Flippin’ Burgers, Gargi by P N Gadgil & Sons, Asus, LoveChild by Masaba, Victoria’s Secret, Rangita, Foodhall, Le Marche, Mamaearth, Sleep Company, Jaypore, GoPizza, Zudio, Snitch, Lifestyle, Intune, Gap, Kalyan Jewellers, Popeyes.

International expansion

The total number of stores by Indian companies outside India in the Q4 of FY 2023-24 stood at over 15. Lenskart continued its Middle East expansion with new stores in the United Arab Emirates (UAE) and the Kingdom of Saudi Arabia (KSA). Other international forays included Tanishq in Chicago, United States (US); Hamleys in Rome, Italy; Louis Philippe and Van Heusen in Qatar; and Bombay Brasserie in Singapore. Malabar Gold & Diamonds expanded to Australia, while restaurant chain Moti Mahal expanded in Europe. ABFRL’s Louis Phillipe and Peter England opened stores in Mauritius, and its brand Jaypore expanded in the US. This also includes new brands like Chalu Aapna Chinese, Adil Qadri, and many others planning to enter different global markets.

Key Developments

In addition to store launches, the country also saw the entry of some global brands to India. This includes:

Some of the major acquisitions in the fourth quarter include Reliance Brand acquiring Luxottica-owned LensCrafters India business and UK online fashion retailer Asos. The retail giant also has made significant steps in acquiring Kiko Milano’s India beauty business.

Tata group-owned beauty and cosmetic brand Misbu announced its plans to enter North India at the Reach 3road mall in Gurugram. French luxury fashion brand Maison Margiela Fragrances entered India in partnership with Shoppers Stop and L’Oréal International Distribution. Swedish brand Kiabi entered India in collaboration with Myntra. Swedish brand Gaston Luga entered with Maison ID8 Brands. American casual wear brand Dockers re-entered India.

“Foreign retailers are increasingly entering the Indian market through strategic local partnerships, driven by factors such as a growing middle class with higher disposable incomes, the widespread adoption of digital technology boosting e-commerce, a cultural shift towards international brands among the youth, and supportive government policies on foreign direct investment (FDI),” added Magazine. “International luxury labels such as Brioni, Roberto Cavalli, and Dunhill are poised to debut in 2024,” he added.

Tech Giants like Apple and Alphabet planned to open stores in India, whereas Samsung opened its first company-owned store outside South Korea in the Bandra Kurla Complex (BKC) business district.

Fund raises

In the fourth quarter of the last financial year, several D2C brands and other retail players like Bummer, abCoffee, Subko, The Ayurveda Experience, JustDeliveries, SuperK,  Iluvia, Kushal, Koparo, The Baker’s Dozen, Salty, Wow! Momo and Arzooo have all raised funds totalling over Rs 1,105 crore.

The analysis is based on the data compiled basis IndiaRetailing reports, company information via press releases and social media and other information shared by retail experts and officials.

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