Likewise, UK's Marks & Spencer firmed up a joint venture with Reliance Retail, even as it looked to exit from franchisee agreement with Gurgaon-based Planet Retail.
All these were happening at a time when retailers were increasingly under pressure from high real estate rental costs, which forced even some of the players like Dabur's H&B Stores to go slow on expansion.
Yet, by the third quarter of the year, there was good news on the rental front. Global real estate consultant Cushman & Wakefield (C&W) reported that during the quarter, rentals in high streets of major cities, including Delhi, NCR, Mumbai, Bangalore and Pune, dropped by up to 20 per cent.
The year also witnessed last year's hangover of protests against organised retail, with Mukesh Ambani-promoted Reliance Retail continuing to bear the brunt. Its 'Reliance Fresh' outlets were attacked in Orissa, but compared to what happened in UP last year, it was less significant.
As unorganised and organised retailers learn to co-exist, it is the customers, who are having the last laugh.
Also read: This is the best time to buy a car!
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