Retail brands capitalise on spiritual tourism surge in holy cities: Report

Major retail brands are increasingly expanding their footprint in holy cities like Ayodhya, Varanasi, and others, catering to rising wave of spiritual tourism. A recent report by real estate consultant CBRE titled 'Decoding Real Estate through the Spiritual Tourism Lens' sheds light on rising phenomenon, highlighting the strategic efforts of retail chains to tap into the growing tourist population in 14 key cities across India.

The report reflects the strategic adaptation of retail brands to the unique needs of pilgrims, both in established mall clusters and high-street locations. Key cities such as Amritsar, Ajmer, Varanasi, and others have emerged as hotspots witnessing a retail boom driven by spiritual tourism.

In Ayodhya, a slew of prominent retail brands including Manyavar, Reliance Trends, Raymonds, and Market99, among others, have established their presence, recognising the potential of catering to the needs of pilgrims. Similarly, Varanasi boasts a diverse array of retail offerings, with brands like Manyavar, Reliance Trends, Zudio, and Burger King capitalizing on the city's spiritual tourism influx.

Anshuman Magazine, Chairman & CEO of CBRE India, South-East Asia, Middle East & Africa, notes that the rapid expansion of spiritual tourism is a key driver of the faith-based tourism market in India. Government initiatives aimed at promoting tourism and enhancing connectivity to pilgrimage sites further fuel this growth trajectory.

Magazine stresses on the role of online retail platforms in facilitating easy access to faith-based products and services, supplementing the efforts of brick-and-mortar retail establishments. Retail brands spanning various segments such as fashion & apparel, food & beverage, hypermarkets, and consumer electronics are tailoring their offerings to cater to the unique requirements of spiritual travellers.

Ram Chandnani, Managing Director of Advisory & Transaction Services at CBRE India, highlights the investment influx driven by the rising popularity of spiritual tourism. Investors are keen to capitalise on this market potential by focusing on delivering high-quality accommodations, enhancing infrastructure, and preserving heritage sites, thereby contributing to regional economic growth.

(With PTI inputs)