Looking Ahead: Bridging Tech and Human Intelligence For Retail Success

Hello readers and industry colleagues,

As we step into February, all eyes are on the Interim Budget for the fiscal year 2024, which will be unveiled on the 1st. The anticipation is palpable amongst retailers who are seeking growth-oriented measures from the government. With the objective of stimulating demand and consumption while balancing inflation, the Retailers Association of India (RAI) calls for policies that will fortify the retail sector, simplifying regulations, and refine GST norms to catalyse development. This budget is not just a fiscal plan, but a beacon of hope for a more robust retail landscape.

Retail Leadership Summit (RLS) 2024: Inspiring Excellence

Looking ahead, the Retail Leadership Summit is a beacon of excellence for modern retail in India. RLS 2024 is set to ignite passion within the sector, promising over 1500 delegates, 150 speakers, and a plethora of brands and partners. ?

In a retail environment that's rapidly evolving, the agility to adapt to consumer behaviours and market trends is paramount. At RLS 2024, we delve deep into the essence of consumer-centric strategies, unpacking the art of personalization and customer engagement. Learn how sustainable practices are not just an ethical choice but a cornerstone for long-term growth and loyalty. As global insights make local impacts, it's critical to understand market adaptation strategies to fuel retail growth and navigate challenges.

The summit also casts a spotlight on the pivotal role of supply chain management in today's retail sector. We'll explore strategies for optimizing the supply chain, ensuring it remains agile, cost-effective, and customer-satisfying. Discussion points will include the impact of AI, machine learning, and how to mitigate disruptions, ensuring your supply chain is future-proofed against global shifts. Join us as we embrace the transformative potential of technology, sharing strategies for fostering customer-centric leadership, integrating tech wisely, and building resilience to stay ahead in a tech-driven era.

The dialogue extends to the food and footwear industries, where QSRs lead with innovative strategies like momentary menus and user-generated content, and the footwear sector sees a blend of global trends, consumer shifts, and technological advancements. These sectors exemplify the summit's ethos: to be engaging, rewarding, and retentive.

At RLS 2024, we will weave these threads into a narrative of strategic growth and profitability, charting the course for the future of retail. Join us at the Westin Mumbai Powai Lake on February 28 and 29, 2024.

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Join Us for the first-ever Retail HR Tech Summit

Join the vanguard of retail innovation at the Retail HR Tech Summit 2024, hosted by the Retailers Association of India (RAI).

This year, the theme "Future of Retail: Harmonizing Technology & Human Centricity" takes center stage, reflecting the delicate balance between advancing technology and the essence of human interaction in shaping retail experiences. The summit is also proud to introduce the inaugural HR Tech Start-Up Awards, offering a platform for pioneering startups to gain visibility and recognition. Finalists and winners can look forward to increased brand presence, network opportunities, and exclusive editorial features.

The agenda is brimming with inspiration, from the keynote address by Swaminathan R of WNS to multiple panel discussions tackling the selection of HR tech solutions, the use of HR analytics to boost retail performance, and strategies for upskilling in the digital era. Attendees can expect to engage with tech trailblazers, celebrate milestones, and forge invaluable connections that redefine the trajectory of Retail HR. As the summit concludes, we will honour the achievements of those leading the charge in retail innovation, setting the pace for the industry's future.

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New malls mean new destinations

As we understand the finer nuances of retail from our industry leaders at RLS and Retail HR Tech Summit, let’s also look at how the industry has performed in the past month. In 2023, the retail sector in India experienced a significant upswing, with a record-breaking leasing of 7.1 million square feet in the top eight cities, marking a 47% increase over the previous year. This surge was primarily fuelled by new mall completions, leading to substantial demand for retail spaces.

A key insight from 世邦魏理仕 's "India Market Monitor Q4 2023" highlighted that 30% of the total retail space absorption was in malls. A notable boost in leasing activity occurred in the latter half of the year, following substantial foreign investments in Indian companies.

Fashion and apparel led the sectoral growth in retail leasing, accounting for about 32% of the total. Mid-range and athleisure brands were the primary drivers of this trend. International brands also made significant strides.

Following fashion, homeware & department stores and food & beverage sectors contributed 17% and 12% respectively to retail leasing. The luxury segment, although smaller in percentage, expanded rapidly, witnessing a 162% increase in 2023. Experts have noted this as a promising trend, with international luxury brands increasingly entering and expanding in the Indian market.

What does the future hold?

The future of retail, however, is expected to be more nuanced. Consumer spending and retail sales might not match the heights of 2023 due to economic challenges and high inflation. Retailers across various sectors will have to adapt to this changing environment, balancing growth expectations with economic realities.

Retail's evolving nature means businesses will face complex challenges ahead. Success in this sector will depend on understanding and adapting to the changing markets, business models, and operational mechanics. Retailers will need to be agile, keeping the diverse and evolving consumer at the core of their strategies. The integration of different industries like info-tech and bio-tech, supply chain innovations, and an emphasis on sustainability are expected to be key drivers of change. Additionally, the use of advanced technologies like AI for enhanced efficiency and decision-making, as well as adapting to the changing dynamics of the workforce and financial landscapes, will be crucial for retailers to thrive in the upcoming years.