Noida alongside Noida Expressway and Greater Noida is one of the fastest-growing retail markets in India. Proximity to the national capital, a population that is largely skewed to young demographics, lowered rates of real estate, and unprecedented growth in infrastructure, makes the metropolis of Noida, a thriving retail hub. Property prices in Noida are generally lower when compared to prominent markets in Delhi and Gurgaon. This has further resulted in the city being the preferred place of residence for many households in the Delhi NCR.
The metropolis of Noida has numerous popular malls such as Wave city center, DLF mall of India, Galleria Mall, Paras One33, and much more. Besides, it has multiple high street centers, food complexes, gaming zones, and shopping centers making retail and shopping a very enriching experience in Noida.
Like other major cities in India, e-commerce is thriving in Noida. Meanwhile, after the pandemic people have largely realized that the real-time experience of brick & mortar shopping can’t be replaced in the real world. This has once again resulted in a revival of physical retail with footfall growing significantly. This has also renewed investors’ and retailers’ interest in the Noida market with an extensive pipeline of Grade-A quality retail space.
Meanwhile, Noida will soon be a party to its airport, namely the Noida International Airport, NIA. The work is in progress and the airport is expected to start operating by the end of 2024. Once completed, it will manage 12 million passengers yearly. The mega project which is built in Jewar is expected to give a facelift, especially to the Greater Noida region and the Yamuna expressway. It will invigorate investments in new hotels, malls & hypermarkets, high streets, shopping complexes, food-cum-entertainment zones, pubs & fine dining restaurants, and much more.
Now, if you are planning to begin a retail business here, then you should know what is best for your venture.
Discover your Idea: It all starts with the idea of beginning a business. If you plan to enter the retail business, then you must decide whether you want to enter the lifestyle chain or the food & beverage business or the grocery retail. Is your plan to sell existing products at low prices or want to introduce the audience to international brands, etc.?
Evaluate your Product and Audience: Now that you have clarity on what your retail business will be all about, it is time to begin planning for the products and audience you want to target. Product research includes quality, price range, affordability, and usage; depending on the audience utilizing it. Your business idea is something that might seem exciting to you but is not necessary that the audience will like it too. Thus, surveys and research will be a great way to conclude what products and audiences will be an apt approach for your business’s success.
Cost Calculation: Capital matters a lot, especially when you plan to begin a business in a city like Noida. After you have concluded what products and audience will be on your target, it is time to make calculations about everything from zero to a hundred. From leasing/buying the space to crucial equipment to labour, transportation cost, bills, monthly salary of the staff, stock of inventory, etc. All these and many more such costs need your consideration so that you get an idea about how much money you need to meet all these costs plus your profit.
Sorting the Shipping Strategy: The products on display in your retail business need to be sourced from somewhere. Now, the task is to get them at the best price and in superb condition. This can only be achieved if you have a well-planned shipping strategy that costs you the minimum yet offers you optimum benefits.
Curating a Brand Strategy & Identity: To flourish in an already existing and quite successful retail business can be a tough & cumbersome task. However, one can succeed with a solid brand strategy & identity. A successful brand strategy to succeed in a competitive retail landscape such as Noida will require seamless usage of outdoor, print, and digital media. An Omni channel strategy can be instrumental in the right branding.
The India Watch is an India-centric market study and feasibility consulting company. Retailers, investors, and businesses which are planning to expand or start a new retail business in Noida can partner with professional advisories such as The India Watch to get access to valuable insights, actionable data, and tailor-made research studies.
This will enable businesses to make informed business decisions, better manage market threats & contingencies, and capture large market shares fast. The range of services will include: