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* We visited Nashik in early Oct’26 to assess pre-festive demand, store-level growth and inventory trends across value fashion, branded apparel, footwear and eyewear. Our findings draw on store visits and discussions with sales associates and store/area managers.

* The checks cover key retail catchments across Pathardi Phata, Govind Nagar, Mumbai Naka, Hanuman Galli, Gangapur Road, Ashoka Marg, College Road, Nashik Road and City Centre Mall.

* Our interactions with store/area managers and sales associates covered

* Value fashion: Zudio, Intune, Ownd!

* Departmental stores: Westside, Shoppers Stop, Pantaloons ? Premium and mid-premium brand EBOs: Louis Philippe, Van Heusen, Peter England, US Polo, Allen Solly

* Footwear: Metro, Walkway, Bata, Campus

* Eyewear: Lenskart.

* As with any regional channel check, observations at the store, mall and catchment level may not extrapolate nationally, given inherent differences in consumer preferences and local nuances across the country.

Value fashion and Lenskart see robust trends, though festive demand outlook remains cautious

* As per our discussions with store managers, demand was healthy in July and improved further in Aug driven by EOSS and festive, before softening in Sep-Oct amid the festive shift and Pitrupaksha period weighing on footfalls.

* Retailers expect traction to pick up from mid-Oct, with the bulk of festive demand likely in early November on salary disbursements. Nonetheless, they remain cautious, as drought and water shortages in nearby villages could weigh on rural incomes and discretionary spending amid inflationary pressure.

* Value fashion leads in terms of demand trends, with Zudio witnessing doubledigit LFL growth at select stores and beauty driving frequent stock-outs. Intune is posting high single-digit LFL growth on a fresher kidswear assortment. Ownd! is delivering positive LFL growth, with beauty featuring in ~30-40% of bills.

* Departmental stores are witnessing steady trends, with Westside seeing healthy engagement, led by women’s western wear, though beauty is mixed. Pantaloons’ LFL growth is flat or mildly positive after a better Aug EOSS, while Shoppers Stop’s footfalls stay moderate due to its location constraints

* Branded apparel is witnessing divergent trends. Louis Philippe COCO stores, US Polo (30-35% FY26 growth) and Peter England (high single-digit YTD) are performing well. Allen Solly and Van Heusen remain weak on lower footfalls and inventory issues at the warehouse.

* Footwear is mixed, with Metro posting high single-digit LFL growth, Campus positive at mall stores but flat on the high street, and Bata still sluggish.

* Lenskart stands out, with top stores growing ~20-25% LFL and no major cannibalization despite aggressive expansion to ~19 stores.

Lenskart: Robust Demand and strong brand acceptance across Nashik

* Lenskart is the strongest performer in our Nashik channel checks, with top stores delivering 20-25% LFL growth and limited cannibalization despite aggressive expansion to ~19-store network.

* Free lens replacement drives repeat footfalls, with many customers upgrading to blue-cut lenses priced at ~INR649. Bi-monthly replenishment and regular launches keep the assortment fresh.

* Conversion varies by catchment. Stores near colleges attract walk-ins for free eye tests, but the conversion into purchases is lower.

Trent: Zudio drives growth; Westside sees healthy traction

* Trent’s formats continue to see healthy demand in Nashik, supported by value pricing, rising brand awareness and a strong EOSS response. Zudio is delivering double-digit LFL growth at select stores, while Westside is achieving sales targets, though performance varies by catchment and store maturity.

* Zudio’s acceptance is improving in middle-income catchments such as Pathardi Phata, home to its largest Nashik store. Store managers said cannibalization from new openings is limited to the first few months.

* Beauty is a key contributor for Zudio, with strong demand causing frequent stock-outs. Inventory availability and freshness improved in the Aug EOSS, supporting healthy target achievement across stores.

* Westside’s sales are led by women’s western wear, with its large 20,000-30,000 sqft formats supporting a wider assortment. The new store saw footfalls improve during Aug EOSS, while healthy weekday walk-ins indicate steady demand beyond peak hours.

* Beauty at Westside remains mixed, with some concerns around product quality and customer experience.

Departmental stores steady; value formats drive traction at ABFRL and Shoppers Stop

* Growth is increasingly driven by value formats, with Intune and Ownd! benefiting from fresher assortments and beauty. Intune is gaining footfalls from its adjacency to Zudio, while department stores’ performance is dependent on EOSS execution and store accessibility.

* Pantaloons’ LFL growth is flat or mildly positive. EOSS performance improved YoY, supported by better inventory management and display execution.

* Shoppers Stop’s footfalls remain constrained by its location away from City Centre Mall. Within the store, Louis Philippe and Van Heusen lead in formalwear, UCB and US Polo in casualwear, while ONLY and Vero Moda drive womenswear.

* Intune is delivering high-single-digit LFL growth, supported by shared walk-ins with adjacent Zudio. Kidswear (~35% contribution) is the anchor category, while fresher colors and designs (vs. Zudio) differentiate its offering.

* Ownd! is attracting healthy traffic, particularly on weekends, but modest conversion limits apparel sales. Beauty features in ~30-40% of bills, and is serving as a key traffic driver and basket builder

Branded fashion: Louis Philippe and US Polo outperform amid uneven demand

* Branded apparel trends remain divergent across key brands. The growth seems to be driven by brand strength, inventory freshness and store location.

* Within ABLBL portfolio, Louis Philippe continues to lead in formalwear, with COCO stores reporting healthy LFL growth and the top store growing in double digits. Franchisee-operated stores remain subdued due to limited inventory and difficulty in sourcing the required merchandise.

* Peter England is delivering high-single-digit YTD growth, supported by fresh inventory and healthy footfalls. Allen Solly and Van Heusen remain weak amid subdued footfalls; Van Heusen is also witnessing fresh inventory constraints.

* US Polo Association reported 30-35% YoY growth in FY26, driven by higher footfalls and fresh designs. EOSS delivered double-digit LFL growth, with mall stores outperforming high-street locations.

Footwear: Metro outperforms; Campus seeing divergent trends; Bata subdued

* Footwear trends are mixed and driven more by inventory availability and location than by demand. Metro leads, Campus is showing divergent trends between mall and high-street stores, and Bata is seeing muted traction.

* Metro Brands is posting high single-digit LFL growth YTD, as inventory has normalized after the Apr-May warehouse shift. Walkway's new stores are ramping up steadily, helped by discounts and stronger sales of shoe-care addons.

* Campus mall stores are posting positive LFL growth, while high-street stores remain flat on weaker footfalls. Weekly design refreshes and a ~10% EOSS uplift show the brand is leaning on freshness and promotions.

* Bata's early monsoon uptick did not sustain, and the ZBM model has yet to meaningfully lift footfalls or sales.

Our take: Value retail and Lenskart outperform; rural stress clouds festive demand outlook

* Demand in Nashik improved in Aug, led by EOSS, but softened seasonally in Sep and Oct. Retailers expect a festive recovery, with demand likely to peak in early Nov. Rural stress due to drought and water shortages remains the key downside risk.

* Lenskart stands out in our checks, with top stores delivering 20-25% LFL growth and limited cannibalization.

* Trent is best placed among apparel retailers. Zudio’s strong LFL growth, healthy Westside traction and limited cannibalization support continued expansion. Inventory freshness and value positioning remain key differentiators.

* Branded apparel growth is concentrated in brands with stronger pull and better inventory. Within ABLBL, Louis Philippe/Peter England are driving the growth, while Allen Solly/Van Heusen have been a drag. US Polo’s strong growth makes it a bright spot for Arvind Fashions.

* Footwear is likely to stay flat or mildly positive, with Metro best placed to sustain its high single-digit LFL growth as its inventory constraints have now normalized. Campus is seeing diverging trends at its mall and high-street stores.

* We prefer Trent and Lenskart, given their stronger store-level traction and execution. Near-term upside for apparel and footwear retailers is contingent on festive demand conversion, with rural purchasing power being the key monitorable amid weaker monsoon and inflationary pressure on household budgets

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