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Motilal Oswal Report
In the backdrop of weak rural market environment (contrary to the urban market condition), we spoke with the management of One India Family Mart – a prominent fashion retailer in North/East India to gauge the market situation and growth outlook. Key highlights of our interaction are furnished below:
Rural market is still struggling with footfalls at 30-35% below pre-Covid, given the adverse impact of the pandemic and high inflation. The market, however, hopes to recover in a couple of months.
Looking at the market opportunity, there is enough space for multiple fashion retailers to thrive across price points. National retailers are growing aggressively but their two-three times higher price points are catering to a different customer set.
Online retailing is not a threat yet as the customers still prefer shopping offline and the high delivery cost of Rs 75/order is difficult to be met with low ticket size and gross margin.
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