Retail market projected to touch USD 2 trillion by 2032: Report

The size of the country's retail market is expected to touch USD 2 trillion by 2032, growing from USD 690 billion in 2021, according to a joint report by Anarock and Retailers Association of India (RAI).

The report by property consultant Anarock and RAI said that real estate developers plan to add nearly 25 million square feet of new mall space across seven major cities over the next 4-5 years.

In 2022, these seven cities added over 2.6 million sq ft of mall space, up 27 per cent from the preceding year.

"The festive season, devoid of restrictions and any fear of the contagion, was exemplary with record high volumes and sales value," Anuj Kejriwal, CEO & Managing Director - ANAROCK Retail, said.

Sales value estimated during the festive season in late 2022 was Rs 2.5 lakh crore, nearly 2.5 times compared to the previous year, he said.