Mumbai, Sep 21 (PTI) India's retail sector is expected to grow at a slower rate of around 16 per cent over the next three years as against 18 per cent previously, according to India Retail Report. The retail market, which is currently valued at Rs 3,893,425 crore, has grown by an average of around 18 per cent to reach where it is today, said India Retail Report, which is published once in two years by the Images Group. It is estimated that by 2017, the country's retail market would be at Rs 6,156,333 crore and may pick up even further, the report said. The total apparel retail market is valued at Rs 324,500 crore and is growing at around 21 per cent. It is expected to be worth Rs 564,792 crore by 2017.
Modern retail is estimated at 43.1 per cent of this total market and is expected to grow by much higher growth rate, it said. There has been no slowing down in modern retail which is led by this category. The industry estimates the category would grow at around 40 per cent, it said. Total fashion accessories retail market is worth Rs 15,557 crore. Modern retail is estimated at 13.3 per cent of this total market and is expected to grow by around 23 per cent. Retail expansion grew by around 18 per cent in terms of number of outlets and retail space with store growth being around 32 per cent, the report said. Total food service retail market is worth Rs 204,438 crore, growing at around 24 per cent and is expected to touch Rs 380,000 crore by 2017.
Modern retail is estimated at 13.3 per cent of this total market and is expected to grow by around 31 per cent, a much higher growth rate, the report said.