The modern retail space in India is all set to touch USD450 billion in 2015 from the present USD350 billion, an industry player today said.
"There was no reason to be bearish. The industry is all set to grow to USD450 billion in 2015 from the present USD350 billion," Pantaloon Retail India Limited, head corporate communications Atul Takle said at a three-day national level retail conference 'Retail Excellence - ICRE'09,' at the SRM University here.
"The industry should be optimistic as the opportunities are huge. The consumer space in the modern retail industry is going to grow by 15%, which means that there are huge opportunities still waiting", he added.
Stating that there are lot of opportunities for the organised retail players in the country, he said the tendency of the middle class to spend puts the organised retail industry in an optimistic mode.
Comparing with the scenario last year when the industry was adversly affected due to global recession and economic slowdown, he said, "The prices are controlled by the real estate developers because of the high demand. Post-2008, things have changed a lot."
The demand is not that high and the developers are looking at different revenue models since the capex costs are under control", he added.
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