Indian Retail Sector Witnesses Surge in Demand for Shopping Mall Spaces
Recent data from Cushman & Wakefield India reveals a 15% annual increase in demand for retail space in shopping malls across eight major cities.
Retail Space DemandShopping MallsCushman WakefieldIndian Retail SectorRetail LeasingReal EstateJul 11, 2024
During the second quarter of 2024, leasing activities in shopping malls rose to 6,12,396 square feet, a 15% increase from the previous year. High street locations also saw a 4% growth in leasing to 13,89,768 square feet. These figures indicate a significant shift in the retail landscape, with retailers increasingly focusing on main streets in prominent locations across India.
The eight cities that contributed to this growth include Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad. Saurabh Shatdal, Head Retail and Managing Director, Capital Markets, Cushman & Wakefield, attributed this growth to the vibrancy of India's retail landscape. He noted that the upcoming Grade A mall supply of 4.5 million square feet might stabilize rental costs in the short to medium term.
However, Shatdal also emphasized that main street activity is expected to remain healthy, driven by the dominance of domestic brands, which accounted for 53% of leasing volume. The strong performance of fashion and F&B retailers also highlights the evolving retail preferences in India.
information Cushman & Wakefield is a leading global real estate services firm that provides expertise to occupiers and investors around the world. With a presence in over 70 countries, the firm offers a range of services, including consulting, valuation, and project management.
Cushman & Wakefield is a leading global real estate services firm that provides expertise to occupiers and investors around the world. With a presence in over 70 countries, the firm offers a range of services, including consulting, valuation, and project management.
Frequently Asked Questions
What was the annual increase in demand for retail space in shopping malls during the April-June period?
15%
Which cities contributed to the growth in retail leasing activities?
Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad
What is the expected impact of the upcoming Grade A mall supply on rental costs?
Stabilization of rental costs in the short to medium term
What percentage of leasing volume was accounted for by domestic brands?
53%
Which categories of retailers demonstrated strong performance in Q2 2024?
Fashion and F&B retailers
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