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RETAIL SNAPSHOT
CHENNAI, INDIA
Q4 2013
ECONOMY
Indias real GDP has been forecast at 5.0%
for the fourth quarter of 2013 and is
likely to increase by 0.6 percentage points in
the first quarter of 2014. HSBCs India
Composite Output Index inched up from
47.6 in last quarter to 48.5 in November, indicating a slight ease in
contraction. The Indian Rupee is currently range-bound at INR6163 against the US Dollar and has recovered from the lows of
INR67-69 last quarter. The Consumer Price Index (CPI) increased
further to 11.24% in November 2013, rising by 1.72 percentage
points from August 2013. Though the Reserve Bank of India had
revised the Repo Rate upwards by 25 basis points to 7.75% in
October to combat inflationary pressures, it left them unchanged in
December as it expects the inflation to start dipping soon. In single
brand retail, Hennes & Mauritz ABs INR700 crore foreign
investment proposal received a nod this quarter. This quarter, the
first application for FDI investment in multi-brand retail valued at
US$100 million was received from Tesco Plc. for a joint venture
with Tata Groups retail arm Trent.
2012
5.0%
2013F
4.8%
2014F
5.8%
CPI Growth
9.3%
10.0%
12.8%
10.2%
12.5%
5.1%
INR
SF/MTH
150
EURO
SF/YR
21
US$
SF/YR
29
Q-O-Q
CHANGE
7.1%
Y-O-Y
CHANGE
11.1%
200
28
39
0.0%
5.3%
150
21
29
0.0%
0.0%
125
18
24
0.0%
0.0%
140
20
27
0.0%
27.3%
150
21
29
0.0%
-6.3%
140
20
27
0.0%
-6.7%
110
16
21
0.0%
10.0%
Pondy Bazar
150
21
29
0.0%
0.0%
Velachery
135
19
26
0.0%
-3.6%
INR
SF/MTH
280
EURO
SF/YR
40
US$
SF/YR
54
Q-O-Q
CHANGE
0.0%
Y-O-Y
CHANGE
-6.7%
Western
210
30
41
-4.5%
-8.7%
South
225
32
44
0.0%
12.5%
MAIN STREETS
nd
MALLS
CBD
Note: Asking rents(INR/sf/month) on carpet area of ground floor Vanilla stores is quoted
Conversion Rate US$1= INR 61.87 and Euro 1 = INR 84.63
PROPERTY
LOCATION
OUTLOOK
Gold Souk
Vandalur
PROPERTY
LOCATION
TENANT
PS Grand Mall
Velachery
Shoppers Stop
SQUARE FEET
PS Grand Mall
Velachery
Croma
8,000
Express Avenue
Royapettah
Mango
4,000
50,000
COMPLETION DATE
500,000
Q2 2014
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