National, September 27th, 2024:MAPIC India 2024 the premier retail event of the year, concludes with the much-anticipated Retail Awards, celebrating outstanding achievements and innovation in the retail sector. The two-day event highlighted the growing potential of Tier 3 and Tier 4 cities as key retail growth areas due to lower real estate costs and AI-driven demand forecasting. Industry stalwarts shared insights on luxury retail, mixed-use spaces, and technology’s role in enhancing customer experience. The event underscored that expanding into non-metro cities is essential for sustained growth, solidifying MAPIC India’s role in shaping the future of retail in the country.
The conference brought together over 1000 delegates, 150 speakers from 12 countries, and 300 exhibitors, all representing the dynamic and ever-evolving retail landscape. Over two days, industry leaders from retail, real estate, and technology sectors engaged in discussions and presentations that delved into the future of the Indian retail market.
As the retail sector in India undergoes rapid transformation, driven by rising domestic consumption and technological advancements, the Retail Awards 2024 highlighted brands that have embraced change and innovation. These awards celebrated the leaders who are not only redefining the future of retail but are also driving the industry toward more sustainable and customer-centric solutions.
Among the winners, Market 99 took home the award for MAPIC India Most Admired Specialty Stores Retailer of the Year, while Wow Momos was recognized as the Most Admired Food Service Retailer. Ab Coffee emerged as the Most Admired Retailer in the Cafes & Coffee Chains category, and Cinépolis India Pvt. Ltd. was celebrated as the top multiplex retailer. Other notable winners ( complete list attached ) included VLCC, which was honored in the Health, Wellness & Beauty category, and Mufti, recognized for its excellence in fashion retail. Tata Cliq was awarded the title of Most Admired Omni Channel Retailer, and Unicommerce stood out as the Most Admired Retail Tech Solution Provider.
These winners reflect the breadth and depth of the retail sector in India, which is expanding rapidly across various segments, including fashion, health, food service, and entertainment. Their achievements illustrate how brands are harnessing the power of technology and customer insights to drive growth, adapt to changing consumer behaviors, and explore new markets.
A key highlight of the event was the launch of reports by JLL, Delloitte and Cushman & Wakefield. The reports showcased the shift in consumer spending patterns, with urban Indians now prioritizing discretionary spending over essentials. Categories like travel, premium consumer durables, and food delivery services have witnessed a surge, driven by increasing consumer confidence and a growing preference for experiential retail. As the data in the report indicates, India’s retail sector is poised for significant growth, supported by favorable economic conditions and rising consumption.