India can have over 300 new hypermalls by 2011: Study

New Delhi, July 10

Indian cities have the potential to have over 300 new hypermarkets by 2011, mostly in tier-I and tier-II cities, according to a joint study by global auditor KPMG and the Associated Chamber of Commerce and Industry (Assocham).

The study, Reinventing India’s Retail Sector, said: "Even in 2008, 212 towns had sufficient market potential for hypermarkets for break-even existence. It is a different matter that this potential is yet to be realised."

Organised retail is growing at 20 percent annually, and encouraging mall building, which would ultimately amount to the creation of hypermarket chains, it added.

According to Assocham president Sajjan Jindal, given the expected growth in income and consumption in the 25 leading cities, five or more hypermarkets are feasible in every city even in 2009.

"Going forward, in 2011, this number is anticipated to grow to 52 cities as a few tier-III towns will also gain the market potential to support five or more hypermarkets," he said.

Jindal said after 2011, organised retail would grow at 15 percent as enough competition will have emerged by then.

Last updated on Jul 10^th, 2009 at 18:49 pm IST--IANS

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