Retail sector to cross $22 billion by 2010

According to industry association, Assocham, India's organized retail sector is likely to cross $22 billion by the year 2010, from its present $4 billion. The industry expansion is also going to require over 220 million sq ft of space as against the current amount of 40 million sq ft. The country's total retail market is estimated to be $16 billion, of which the organized retail market is only 25%.

It is expected that gradually the organized sector in small towns beyond metros would grow at a staggering level of 50-60% against less than 35% in the large cities. This is purely on account of land that is in abundance beyond metros with reasonable land prices and without cumbersome procedure for acquisitions.
Assocham president Venugopal Dhoot said, "India's vast middle-class and untapped retail industry are key attractions for global retail giants who want to enter new markets."