India’s retail landscape is in the midst of a profound transformation—and at the forefront of this shift are ‘Business Heads’ who are no longer just focusing on opening stores but building experiences, ecosystems, and scalable strategies. In the July edition of IMAGES Retail, we spotlight some of these leaders who are redefining how brands expand, engage, and evolve.

The days of expansion being solely about location and size are long behind us. Today’s retail growth is purpose-driven, data-backed, and deeply rooted in consumer insight. Business Heads are aligning with real-time customer behavior, omnichannel opportunities, and fast-changing market dynamics to design blueprints that go beyond square footage. From adopting new-age formats like kiosks and shop-in-shop models to unlocking value in Tier 2 and 3 cities, their strategies reflect a blend of ambition and agility. Technology, too, is not just an enabler; it’s the new foundation. These leaders are harnessing data analytics, AI tools, and seamless offline-online integrations to fuel growth, improve ROI, and build loyalty. Whether it’s using pin-code level insights to decide store locations or deploying AR for immersive in-store experiences, they are pushing boundaries like never before.

Complementing this feature is Next Stop: Retail; a curated showcase of India’s upcoming retail real estate destinations. As consumption expands and formats diversify, infrastructure must evolve in parallel. This second section dives into the projects poised to become tomorrow’s retail powerhouses—locations that will host the next wave of experiential, techforward, and community-centric retail.

Together, these stories underline one truth: retail in India is not just growing; it is growing smarter, faster, and more connected than ever. And the road ahead, led by the vision of these business heads and anchored by future-ready retail spaces, looks more promising than ever.

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Leaders of Digital Transformation
The rise of digital retail has significantly transformed the Indian retail landscape, ushering in a new era of convenience, efficiency, and customercentricity. With increasing internet penetration, smartphone adoption, and digital literacy, Indian consumers are more connected than ever, driving a shift from traditional retail to omnichannel experiences. Digital retail allows businesses to reach customers across geographies, personalise offerings, and streamline operations through real-time data and analytics.

For Indian retailers, digital transformation is no longer optional—it is a necessity. The pandemic accelerated this shift, highlighting the need for robust e-commerce platforms, contactless payments, digital supply chains, and virtual customer engagement tools. Technologies such as AI, machine learning, cloud computing, and automation have become integral to improving decision-making, enhancing inventory management, and delivering personalised customer experiences.

As India moves toward a digitally inclusive economy, embracing digital retail is critical for long-term sustainability, growth, and competitiveness. Retailers that invest in digital capabilities today will be best positioned to meet the evolving expectations of tomorrow’s consumer.

While technology drives transformation, it is people who power it— visionary individuals who harness digital innovation to make their businesses sharper, stronger, and more customer-focused. This edition is a tribute to those leaders who are championing digital change within their organisations and redefining the future of retail.

Unveiled at the prestigious Phygital Retail Convention (May 7–8) at the Jio World Convention Centre, this issue highlights the contributions of Chief Information Officers, Chief Marketing Officers, and E-Commerce Heads— the key pillars propelling this dynamic industry forward. Happy Reading.

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Here’s To The New Beginnings…
As we bring another transformative year in retail to a close, we want to take a moment to express our heartfelt gratitude to you, our readers. 2024 has been a year of remarkable innovation and evolution, and it has been our privilege to navigate this journey alongside you — exploring breakthrough strategies, celebrating milestones, and tackling challenges together.

Your unwavering support, engagement, and feedback have been the cornerstone of our efforts to deliver meaningful insights and impactful stories. This commitment from our community enabled us to host two highly successful retail events in November — the 2024 edition of Shopping Centres Next and the co-located India D2C Summit.

Held on the 13th and 14th of November at the Pullman Hotel, Aerocity, this year’s events introduced an exciting new dimension with the theme: “New Age Destinations Anchored by Experiences.” We were thrilled to bring together over 150 speakers, 50 exhibitors, and BD heads from 100+ brands and retailers, including fast-growing D2C brands eager to expand into India’s shopping centres.

Adding to the excitement, the events featured two prestigious award ceremonies — the IMAGES North India Retail Awards (NIRA) and the IMAGES Shopping Centre Awards (ISCA) 2024, celebrating excellence across the retail and shopping centre ecosystem. For a detailed look at these landmark events, don’t miss the December edition of IMAGES Retail, which captures the dynamic discussions and groundbreaking ideas that are shaping the next chapter of shopping centre models in India.

As we also celebrated the milestone of completing 300 stellar editions last month, we are now embarking on an exciting new chapter. Starting in 2025, IMAGES Retail will transition to special issue editions, allowing us to provide in-depth, thematic explorations of the most critical developments and opportunities in the retail industry.

In the new year, we as usual will remain committed to offering you fresh perspectives, inspiring success stories, and thought leadership that empowers your business and the larger retail community. Thank you for being an integral part of our journey. Here’s to a bright and prosperous 2025 filled with innovation, growth, and new opportunities!

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The issue you hold in your hands is very special to the entire team at IMAGEs as it is the 300th edition of IMAGES Retail. The magazine, like the industry it covers, has evolved over the years to help our readers stay on top of their business and updated about the sector.

We celebrate this pivotal milestone with a special focus on North India’s dynamic retail sector. It is also the birthplace of many legendary entrepreneurs who’ve built massive retail businesses — from Biba to Lenskart and from Mohanlal to Haldiram’s, a region known for its entrepreneurial spirit and never-die attitude.

From Delhi to Chandigarh, the region has emerged as a hub for both domestic and international brands, driving growth and innovation in the retail space. This edition delves into key developments reshaping the market, from the rise of experiential shopping formats to the rapid expansion of luxury and e-commerce-driven retail.

Notably, the surge in retail real estate development is transforming cities like Gurugram, Noida, and Lucknow into retail hotspots, with landmark malls and mixed-use complexes offering cutting-edge experiences for consumers. The magazine features some of the retail stars of North India, showcasing their stories of how they have adapted to the changing consumer preferences.

As North India continues to be a vital growth engine for the Indian retail sector, this special issue of *IMAGES Retail* offers valuable insights for stakeholders, from brands to developers, in navigating the region’s unique opportunities and challenges. With its comprehensive analysis, the 300th edition underscores the magazine’s ongoing commitment to tracking and celebrating retail evolution across the country.

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Transit Retail Takes Off in India
As India embarks on a transformative journey of infrastructure development, the potential for transit retail is set to soar. According to a report by Knight Frank India, the enhancement of key transportation hubs—including airports and railway stations—could unlock nearly US$22 billion in retail opportunities by 2030. This growth is not merely a statistic; it represents a significant shift in the perception and potential of travel spaces.

As more travellers seek convenience and quality experiences, brands are recognising the advantages transit hubs offer them and are hence including these hot spots in their expansion plans.

One brand that has been strategically harnessing the power of these spots is McDonald’s, which embarked on its transit retail journey as early as 2001. With a dominant presence across highways, airports, metro stations and around railway stations and bus terminals McDonald’s is the undisputed leader of transit retail in India. Gracing the cover of IMAGES Retail this issue is Saurabh Kalra, the MD of Westlife Foodworld, which operates McDonald’s restaurants in West and South. Kalra shares the company’s Vision 2027, which prominently features the acceleration of its transit retail journey, this time with a focus on South India.

On the cover of the Shopping Centre News section, this issue is Bipin Gurnani, President & CEO, Prozone Realty Ltd., which is in the process of developing over 13.22 million sq. ft. across various phases to augment its existing malls portfolio.

Mohit Malik, Chief Technology Officer, Chaayos adorns the cover of the Phygital section while shedding light on the growing relevance of technology in the food industry and how Chaayos harnesses technology to achieve efficiencies and offer differentiated experiences. The issue features several brands and retail leaders who offer invaluable insights into their companies and Indian retail. Happy Reading!

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The rise and rise of D2C in India
The D2C phenomenon is nothing short of a revolution for consumerism and creation. Perhaps never before has India seen such energy in entrepreneurship and a bold generation of ideators and creators hoping to transform what and how Indians consume. Although only a recent development — under a decade old — the D2C business model certainly received fuel from challenges arising from the Covid-19 pandemic, but the seeds were sown earlier by digitalisation.

India is already the fastest-growing digital economy in the world, and as we aim for a $1 trillion digital economy target by 2027-28, we can look to our D2C brands as being the lag bearers of this transformation.

Driven by purpose and a deep desire for authenticity and change, D2C founders and inventors are leading the charge towards India’s next-generation avatar as a role model of responsible product creation and ethical business practices. These young dreamers and doers are the leaders of tomorrow’s India, and the pillars of what is expected to become a $61 billion-plus sector by 2027. Riding on the success of our recently-concluded India D2C Summit, we dedicate this issue to the country’s D2C ecosystem.

Gracing the cover of IMAGES Retail are Priyanka and Harshil Salot of The Sleep Co., one of the fastest-growing D2C brands to reach `500 crore ARR in less than five years. And although they are an omnichannel business with 100 stores, a milestone they reached in just 26 months since their offline foray in 2022, they continue to serve as an inspiration for the young D2C entrepreneurs aspiring to achieve their dreams.

On the cover of Shopping Centre News Section this issue is 24-year old Sanya Runwal, Director-Retail, Runwal, who with her global exposure, fresh approach and attention to detail, is leading the transformative journey of the Mumbai-based real estate major’s retail business.

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O2O Crossovers
About 90% of the Indian retail market will remain offline even as it scales to $2.2 trillion in size by 2030, according to a joint report by Accel, Fireside Ventures, and market research firm Redseer.

Offline, thus presents a large opportunity for online-first businesses—and this criticality is not lost on them as they are busy raising funds for their offline expansion.

Lenskart, Mamaearth, and Nykaa are shining examples of an online-to-offline (O2O) strategy done right. Hundreds of such success stories are being written as we speak. As the convergence of online and offline retail channels continues to shape the future of commerce, we dedicate the issue to businesses that have successfully made the transition, emerging as omnichannel players, enriching retail as well as the lives of consumers offering them a shopping experience without barriers.

Ghazal and Varun Alagh of Honasa Consumer Ltd., who grace the cover of IMAGES Retail, exemplify the successful integration of online and offline strategies. Their leadership reflects findings from a recent Harvard Business Review study, which indicates that companies with a unified omnichannel approach experience 30% higher customer retention rates and a 20% increase in revenue. Honasa’s strategic expansion from a robust digital presence to physical retail spaces aligns with this research, highlighting the effectiveness of a cohesive, integrated strategy.

No discussion on offline expansion is complete without the mention of tier 1 and tier 2 cities. Karan Dhillon, Principal of the Dhillon Group, who graces the cover of the Shopping Centre News Section, is demonstrating the aspirational power of non-metros to the world by the work his company is doing with some of the world’s leading brands like Starbucks, Adidas and Decathlon among others.

The cover of the Phygital section features Maruthy Ramgandhi, Chief Technology Officer of Snitch, who throws light on how the digital-first men’s apparel brand is bridging the online-offline gap with the help of technology.

The issue has a lot of other informative and insightful content to help you navigate your business through an increasingly digital and competitive world. Happy Reading!

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The Value of Value Retail
Indians are value-conscious people. We seek value in anything we purchase,and this has driven the growth of value retail in the country not just in the hinterlands but also in the metros.

Backed by our voracious appetite for value, the country’s value retail market, which is currently valued at US$112 billion, is forecasted to surge to US$170 billion by 2026, at a robust compound annual growth rate (CAGR) of 15%, which far outpaces the broader retail sector’s expected CAGR of 10%, underscoring the sector’s resilience and potential.

The July issue of IMAGES Retail magazine, which is a Value Retail Special, presents a compelling narrative of a format poised for exponential growth. In recent times, Zudio by Trent Ltd. has emerged as the poster boy of the format, achieving unprecedented success and tempting heavyweights like Reliance Retail, Shoppers Stop, and Aditya Birla Fashion and Retail to step into the game with their value formats viz. Yousta, InTune and StyleUp respectively. V-Mart and V2 Retail have been leveraging the format for years.

In the online space, the success of Meesho and Snapdeal has compelled Walmartbacked Flipkart to come up with Shopsy. Once considered among the top 3 in India, online marketplace Snapdeal too has turned to value retail for redemption from its fall from the pedestal.

In the cover interview of IMAGES Retail, Venkatesalu P, CEO and Executive Director of Trent Ltd., offers profound insights into the strategies and innovations driving the success of one of India’s leading value retail brands. The cover interview of the Shopping Centre News section delves into the India plans of global shopping centre player Ingka Centres, which has 35 malls across three continents. Vasco Santos, Global Sales & Leasing Director of Ingka Centres speaks about the Ikea Parent Ingka Group’s upcoming malls in Gurugram and Noida.

In the Phytigal section, Satish Karunakaran, Director – Transformation at Pepe Jeans India, gives insights into the brand’s digital transformation journey. The issue has a lot of other informative and insightful content to help you navigate your business through an increasingly digital and competitive world.

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Accelerating Retail @Scale
In a dynamic landscape where retail is undergoing a profound transformation, the Phygital Retail Convention (PRC) emerged as a beacon of innovation, insight, and collaboration. Held on 7 – 8 May at Jio World Convention Centre in Mumbai, PRC stood as the largest retail business intelligence extravaganza ever witnessed in India. With over 3,000 delegates, 200 partners and exhibitors, and representation from over 1000 organizations, the event served as a nexus for industry leaders, visionaries, and stakeholders to converge, exchange ideas, and chart the course for the future of retail. One of the defining features of this year’s PRC was the stellar lineup of speakers. From international leaders like Paul Warren of Reliance BP Mobility and Indian heavyweights like Venkatesalu P of Trent, Kunal Behl of Snapdeal, Harpreet Singh Tibb, of Tibbs Frankie to new-age entrepreneurs like Aastha Almast of The New Shop, the event brought together luminaries who shared invaluable insights and strategies on growing a retail business.

Moreover, the PRC served as a platform for the unveiling of pivotal reports that offer deep insights into the evolving retail ecosystem. The India Phygital Index by PWC and Fynd and Retail In India by IMAGES Group provide comprehensive analyses, trends, and projections that help navigate the complexities of retail in the digital age. They not only serve as guideposts for retailers but also as catalysts for innovation and strategic decision-making.

Furthermore, the theme ‘Accelerating Retail @Scale’ permeated the convention, emphasising the urgency and importance of swiftly scaling up retail operations to meet the demands of an ever-evolving and dynamic market like India. Discussions, workshops, and showcases at PRC underscored the imperative for retailers to embrace innovative strategies, technologies, and partnerships to accelerate growth, enhance efficiency, and deliver exceptional experiences to consumers at scale.

While the issue brings you curated highlights from PRC 2024, it also features three leading lights of retail gracing the covers of our three sections: Vineet Gautam, CEO, Bestseller India, on IMAGES Retail; V Muhammad Ali, CEO, Forum Malls, Prestige Group on Shopping Centre News and Suman Guha, CPTO, Reliance Retail on Phygital. The issue is packed with insights from PRC and retail leaders—intelligence to help you accelerate your business at scale.

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The Trailblazers of Digital Transformation in Indian Retail
The digital transformation of Indian retail continues at a rapid pace. According to a report by McKinsey & Company, digital channels are expected to influence 30% of all retail sales in India by 2025, highlighting the significant role of digital transformation in shaping consumer behaviour and market dynamics.

In addition to influencing how customers shop, the digital wave is sweeping all functions of retail including marketing, HR, supply chain, e-commerce and IT. In the realm of marketing, retail companies are leveraging data analytics, artificial intelligence, and machine learning algorithms to gain deeper insights into consumer behaviour.

In digital retail, companies are investing heavily in robust online platforms and seamless omnichannel experiences. Digital commerce solutions are revolutionising the way retailers conduct business, enabling transactions to occur seamlessly across multiple channels and touchpoints. While technology is at the heart of the transformation, what’s behind it is people—individuals who recognise the power of digital and use it to help their businesses become sharper, stronger, more customer-centric and better. The issue you hold in your hands is an ode to the contribution of several such individuals who are leading the digital charge in their function for their organisations. Featured here are chief information, product or technology oficers, e-commerce, marketing, digital and business heads and other leaders from thelength and breadth of the industry.

Through their vision, expertise, experience and ingenuity these experts are helping their companies transform and succeed while redefining retail in India. Unveiled at the coveted Phygital Retail Convention at Jio World Convention Centre on 8-9 May 2024—this issue is dedicated to the pillars of digital transformation of this dynamic industry. Happy Reading!

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