Retail sales have rebounded in the past two months, according to Kishore Biyani, managing director of India’s largest retailer Pantaloon.

Biyani said that shoppers returned with a vengeance in October, November and the beginning of December. As a result, Pantaloon has raised its annual revenue and retail space projections by 30% to 35% for the next three years.

He added that average monthly rent is about 25% lower compared with two years ago, reducing costs. “People costs have come down, property costs have come down,” he said.