Retail Space Leasing Soars in India's Major Cities

Retail space leasing in Indian shopping malls and high streets increased by nearly 5% in eight major cities. This growth reflects consumer confidence and evolving preferences, influencing demand for premium retail spaces. However, there is a need for developing quality retail spaces to attract global retailers.

Leasing of retail space in shopping malls and high streets across eight major Indian cities rose by almost 5% from January to September this year, according to a report by Cushman & Wakefield.

The real estate consultant's data indicates that the leasing of retail space in Grade-A malls and main high streets stood at 5.53 million square feet for the period, up from 5.29 million square feet in the same time frame last year. The cities analyzed were Delhi-NCR, Mumbai, Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

Saurabh Shatdal, Managing Director of Cushman & Wakefield, observed that the continuous retail real estate growth is driven by factors such as increased discretionary spending and changing consumer preferences. However, he emphasized the necessity of accelerating the development of quality retail spaces to entice more global retailers. Meanwhile, key industry figures, including Akash Nagpal from Trehan Iris and Sameer Verma from Lulu Mall, highlighted the strong rebound and consumer demand for innovative retail experiences post-pandemic.

(With inputs from agencies.)