Need to tap potential in Tier-II and III cities: Bhumika MD Poddar

Mapic India organised a retail awards function on March 10, which saw participation from industry experts from retail and shopping centres. MoS in the Ministry of MSME Pratap Chandra Sarangi was the Chief Guest.

Speaking at a session organised as part of the event, Uddhav Poddar, MD of Bhumika Group, highlighted the fact that in Tier-II & III cities there is immense potential which needs to be tapped. In these cities, he said, the aspirations are as high as in metros. The demands are untapped and there is hardly any competition, he said.

“With e-commerce boom, it has been witnessed that more than 60 per cent sale comes from Tier-II and smaller cities. This has triggered the demand of retail space in these cities as more and more brands are now willing to expand their presence in these cities. Therefore potential in these cities are really high. Only important thing is to place the right product at the right price,” said Poddar.

He added that in Tier-II & III cities, the location is very important and one should aim for developing a small shopping centre or in phases. He also said that work-from-home is a temporary phenomenon and it’s not going to impact retail in the long run. People have started coming back to malls for food, entertainment and shopping, he said.