Lucknow Leads the Way in Shopping Centre Space Among Tier 2 Cities
Lucknow's high shopping centre density and growing aspirational population drive demand for retail real estate
LucknowShopping CentresRetail Real EstateTier 2 CitiesKnight Frank IndiaReal EstateAug 19, 2024
According to a research report by Knight Frank India, titled Think India, Think Retail 2024, Kochi secured the second spot with 2.3 million sq ft, followed by Jaipur with 2.1 million sq ft. The report is based on a primary survey of 340 shopping centres across 29 Indian cities, including 21 Tier 2 cities.
Lucknow's contribution to the total shopping centre stock across these 29 cities was 5% in 2023, with a total of 125.1 million sq ft. The city also ranked 7th in terms of gross leasable area of shopping centre stock in the country.
Looking specifically at the 21 Tier 2 cities, Lucknow accounted for an impressive 18.4% share of the total 30.8 million sq ft of GLA across these cities in India. The survey also revealed that Lucknow has achieved a notable shopping centre density of 1,439 sq ft in 2023.
The operational shopping centres in the city host more than 580 retail outlets, with half of them being of Indian origin, while those of international origin trail closely. Abhishek Sharma, Senior Director - Retail Agency, Knight Frank India, attributed Lucknow's high shopping centre density to its strong commercial infrastructure, which effectively meets urban needs.
As the capital of Uttar Pradesh, Lucknow plays a key role in driving the state's economic activities. The city faces increasing demand for retail real estate to serve its growing aspirational population. With its high shopping centre density, Lucknow is well-equipped to cater to this demand.
Knight Frank India is a leading international property consultancy, providing a comprehensive range of services across various sectors, including residential, commercial, and retail. The company has a strong presence in India, with offices in major cities like Mumbai, Delhi, and Bengaluru.
Frequently Asked Questions
Which city has the highest gross leasable area for shopping centres among Tier 2 cities in India?
Lucknow
What is the total gross leasable area of shopping centres in Lucknow?
Almost 5.7 million sq ft
Which city ranked second in terms of gross leasable area of shopping centres among Tier 2 cities?
Kochi
What is the shopping centre density of Lucknow in 2023?
1,439 sq ft
How many retail outlets are hosted by operational shopping centres in Lucknow?
More than 580
Related News Articles
IAS Trainee Puja Khedkar's Mother Detained in Maharashtra
Maharashtra police detains IAS trainee Puja Khedkar's mother, Manorama Khedkar, over misuse of licensed gun and other alleged offenses
Mortgage Rates Above 9% Could Shake Homebuyer Confidence: FICCI-Anarock Survey
A recent joint survey by FICCI and real estate consultant Anarock reveals that mortgage rates crossing 9% could significantly impact homebuying decisions. The survey, which involved 7,615 participants, highlights the concerns and sentiments of potential b
Sara Ali Khan Expands Her Real Estate Portfolio with Two Office Spaces in Mumbai
Sara Ali Khan, the talented Bollywood actress and entrepreneur, has added two new office spaces to her real estate portfolio in Mumbai. Her expansion into the commercial real estate market highlights the growing trend of film industry personalities divers
Lodha Group Acquires 2.82-Acre Land in Hinjewadi, Pune for ₹110 Crore
Mumbai-based listed real estate developer Macrotech Developers, commonly known as Lodha Group, has made a significant move in the Pune real estate market by acquiring a 2.82-acre land parcel in the Hinjewadi area for ₹110 crore.
Venetian Treasure Park Phase 3: A Luxurious Housing Project in Panchderiya, Indore
Venetian Treasure Park Phase 3, located in the heart of Panchderiya, Indore, promises to be a game-changer in the real estate sector. This luxurious housing project is set to benefit over 1,000 families with its state-of-the-art amenities and meticulously
Kamte, Shrivastava and Rohini Chatterjee Triumph at Royal Ranthambore BT Golf Mumbai Leg
The second leg of the Royal Ranthambore BT Golf’s 2024-25 silver jubilee edition in Mumbai saw intense competition, with Karan Kamte, Rajeev Shrivastava, and Rohini Chatterjee emerging as the top winners. The event, held at the historic Willingdon Sports