More than 50 global retailers are planning to enter India within the next six months. Brands such as Korres, Migato, Evisu, Wallstreet English, Pasta Mania, Lush Addiction, Melting Pot and Monnalisa, many from the US and Singapore, are expected to open a total of 3000 stores.

These small and mid-sized brands are looking to cash in on the open retail policy and the huge gap in the market for branded products. Of the incoming brands, 18 are in the food and beverage space followed by 13 each in apparel and lifestyle products and education products. They have their eye mostly on smaller, untapped markets within the country.

As retailers struggle in their home markets, India could be the next bright spot for the industry, as it has allowed 100 per cent foreign ownership in business-to-business e-commerce businesses and for retailers that sell food products manufactured in India. The efforts to boost cashless payments and reform indirect taxation with a nationwide goods and services tax are also expected to accelerate adoption of modern retail.

The first retail wave happened a decade ago when bigger retailers and brands entered India. Earlier this month, India replaced China as the most promising retail market in the world.