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Retail &
Modern
Trade.

Deep sector expertise across organised grocery, fashion retail, electronics retail, quick commerce, value retail, and retail real estate — for retailers, brand manufacturers, retail investors, and technology platforms competing for India's 1.4 billion consumers at every price point.

90+
Retail engagements completed
15yr
Sector experience
8
Retail markets covered
$800M
Decisions supported
Coverage Areas

Every format in
modern retail.

01 · Grocery & FMCG Retail

Grocery, Supermarkets & Kiranas

Consumer grocery shopping behaviour, kirana vs modern trade switching dynamics, private label adoption, and competitive benchmarking for grocery retailers, FMCG distributors, and retail technology companies mapping India's complex grocery landscape.

Shopping behaviourKirana dynamicsPrivate label research
02 · Fashion Retail

Fashion, Apparel & Footwear Retail

Consumer fashion occasion research, mall vs high street vs online channel preference, brand affinity mapping, and competitive positioning for fashion retailers and apparel brands optimising their Indian physical and digital retail mix.

Occasion researchChannel preferenceBrand affinity
03 · Electronics Retail

Consumer Electronics & Durables Retail

Purchase journey research, in-store vs online decision triggers, EMI behaviour, extended warranty acceptance, and competitive intelligence for electronics retailers and brand manufacturers competing at India's retail touchpoints.

Purchase journeyEMI behaviourWarranty adoption
04 · Quick Commerce

Quick Commerce & Dark Stores

Q-commerce consumer demand research, basket size and occasion mapping, dark store economics benchmarking, and competitive intelligence for quick commerce platforms, FMCG companies, and retail investors evaluating India's q-commerce opportunity.

Q-commerce demandBasket researchDark store economics
05 · Value & Mass Retail

Value Retail & Discount Formats

Bargain-hunting consumer behaviour, value format adoption in Tier 2 and Tier 3 cities, category and assortment strategy intelligence, and competitive positioning for value retailers and discount format investors entering India's mass market.

Value consumer researchTier 2/3 formatsAssortment strategy
06 · Retail Technology

Retail Tech & Omnichannel Platforms

Retailer technology procurement behaviour, POS and inventory management adoption, loyalty platform effectiveness, and competitive benchmarking for retail technology companies targeting India's rapidly digitising retail ecosystem.

Retailer tech procurementLoyalty researchOmnichannel benchmarks

Questions we've answered for
retail clients.

These are the actual questions clients bring to us. We've answered some version of each of them, multiple times, across multiple geographies.

What is the real path to profitable grocery retail in India's Tier 2 cities — and does the unit economics model require a neighbourhood format, a large-format hypermarket, or a hybrid approach?
We're a global fashion retailer opening in India. Which 8 malls are the right first locations, what price architecture works for Indian fashion consumers, and how do we protect the brand from the fast-fashion copycats who'll arrive in 6 months?
Our quick commerce platform is growing at 80% but losing ₹45 on every order. Tell us at what basket size and order density the unit economics actually work — and whether that city exists in India today.
We're acquiring an organised retail chain with 120 stores. How real is the like-for-like growth, which stores are genuinely profitable versus cross-subsidised, and what does the lease renewal cliff look like in years 3 and 5?
Who will own India's organised fashion retail market in 2028 — the domestic conglomerates, the global fast fashion brands, or the digital-first vertical brands building offline — and what is the remaining white space?
Our kirana-tech platform claims 80,000 active kirana partners. Tell us what 'active' actually means, whether the kiranas are actually ordering through us or using us as a price reference, and what the real retention rate is.
Retail Case Studies

Evidence of
decisions made better.

RET.01 · Fashion Retail · India

$60M Fashion Retail India Entry

Global fashion retailer mapping India entry format, price positioning, and mall selection strategy. NEO ran consumer preference research across 8 cities, mall catchment analysis, and competitor positioning benchmarking. 12-store Phase 1 approved.

Phase 1 approved · 12 mall locations selected
Read Case Study
RET.02 · Quick Commerce · India

Q-Commerce Unit Economics: Independent Verification

Growth equity fund commissioning independent Q-commerce unit economics research. NEO ran consumer basket research, dark store cost structure benchmarking, and city-level order density analysis to stress-test the platform's breakeven assumptions.

Breakeven model corrected · Investment repriced
Read Case Study
RET.03 · Organised Retail · M&A DD

$90M Grocery Retail Chain Acquisition DD

PE fund acquiring a 120-store organised grocery chain. Store-level profitability validated through primary research, lease renewal concentration assessed, and private label margin quality verified.

15 underperforming stores identified · Price reduced 12%
Read Case Study
Retail Intelligence

Latest retail
thinking.

Market Report

India's Organised Retail Land Grab: Which Formats, Which Cities, and Which Consumer Segments Are Actually Ready

March 2026
Strategy Brief

Quick Commerce in India: The Unit Economics Reality, the City Density Problem, and the Path to Profitability Nobody Has Drawn

January 2026
Due Diligence Note

Retail M&A DD: Store-Level Profitability, Lease Renewal Risk, and Private Label Margin Quality

November 2025
Retail Practice Leadership

The team behind
the intelligence.

NG
Partner & Retail Practice Lead
Neeraj Gupta

16 years in retail strategy and consumer research. Led 50+ market entry, store network strategy, and M&A mandates across grocery, fashion, electronics, and value retail in South and Southeast Asia. Former McKinsey Retail Practice.

PR
Director — Fashion & Electronics Retail
Payal Rana

Specialist in fashion and consumer electronics retail market intelligence. 12 years of purchase journey research, channel preference analysis, and competitive positioning for retail brands entering and scaling in Indian physical and digital retail.

AK
Director — Quick Commerce & Retail Tech
Akash Kumar

10 years in digital retail and quick commerce market intelligence. Specialist in Q-commerce unit economics, dark store benchmarking, and retail technology procurement research across India's rapidly evolving modern trade landscape.

A retail decision
you need to get right.
Brief the Retail Practice →

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Rights to print / edit
40 hours of post-sales assistance by Market Analyst
20% or 70 hours customisation
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