Tuesday, May 5, 2009

Indian Retail inches up as preferred destination

India has moved up from 44th spot last year to 39th in terms of being the preferred designation ranking, according to global real estate consultant CB Richard Ellis (CBRE), which also adds that the ranking, does not justify the size of the country’s economy.

UK tops the global list while China is numero uno for the Asia Pacific region followed by Japan; India earns the 11th spot, Chairman and MD Anshuman Magazine  of CBRE reportedly said in a statement.

He said even China has moved to the 6th position globally from 10th place last year. Among the Asia Pacific countries too, India is behind the smaller countries like Singapore and Indonesia.

“This ranking is not only because FDI in retail is not allowed but also due to relatively lower purchasing power, cost and availability of real estate, besides infrastructure and supply chain management issues,” Magazine said.

However Magazine cautioned the retail business corporations outside India that adding a market like India could be not ignored too long and it would continue to move up in the ranking and attract more and more international players.

Addition to the organized retail will be a boom in disguise to the wine industry as it will increase the availability and ease the distribution blockages existing at the present moment. It is expected that states like Delhi will soon follow the example set by Maharashtra, Karnataka, Haryana, Punjab and Chandigarh

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