Indian retail to exceed $22 bn by 2010: Assocham

New Delhi -- Size of organised retail in India will exceed $22 billion by 2010 from the current level of $4 billion, says an industry report.

Requirement of space for the retail is also going to touch a whopping 220 million sq ft, according to the Associated Chambers of Commerce and Industry of India (Assocham).

Currently, within the organised retail sector about 40 million sq ft of space is generating a revenue of almost $4 billion.

The total size of retail in India is $16 billion of which 25 percent is in organised sector, the report said.

According to Assocham, smaller towns will experience a retail boom of 50-60 percent where over 1,000 malls are expected to come up due to availability of land and increase in purchasing capability of people.

However, growth level in metros will remain less than 30 percent, where 600 malls are in the pipeline, mainly due to scarcity of space.

"India's vast middle-class and its almost untapped retail industry are key attractions for global retail giants wanting to enter newer markets and India provides for the ideal locations," said Assocham president Venugopal N. Dhoot.

According to the report, some of the key areas in which retail boom will prevail are food items, consumer goods, grocery, sportswear, outerwear, tailored clothing, eyewear, watches, footwear and accessories.