India: retail sales have rebounded in the past two months

Retail sales have rebounded in the past two months, according to Kishore Biyani, managing director of India’s largest retailer Pantaloon.

Biyani said that shoppers returned with a vengeance in October, November and the beginning of December. As a result, Pantaloon has raised its annual revenue and retail space projections by 30% to 35% for the next three years.

He added that average monthly rent is about 25% lower compared with two years ago, reducing costs. “People costs have come down, property costs have come down,” he said.